The mainresponsibility and task of this business function is to turn inputs intofinished outputs. Operations is the activity that manages the resources thatcreate and deliver products and services (management Brandon-Jones, Johnstonand Slack 2013). Every business has an operation function, whether its finalproduct is a tangible object or a service.
Improving this function can turn abusiness more efficient. The inputs can be considered the materials orcustomers. The transforming resources is represented by the facilities andemployees/staff. The output is the service or product provided.The staff is animportant piece, as they’re the ones who operate and manage everything. Theymust be experienced and friendly to clients.
It is essential for Monica to beable to maintain the quality of her services for her clients (improving theoperations function). She can do so by making sure that her equipment andtechnology is up to date. An upgrade could improve productivity. Anotherimportant aspect is the communication coordination.
Improving communicationwithin an organization can increase productivity. When information travels fromone department to another accurately and fast, it can speed up the pace at whichthe company can operate, insuring that all necessary parties receive theinformation they require in order to be productive (Chron 2018). Accounting/Finance. Businesses make profit by selling goods orservices.
Profit is key and so money is the lifeblood of any business, bringingfinance and accounting and its center. One important role of business financeis to identify the ways in which the company can save on expenses and enhanceprofitability by performing financial analyses. Business finance departments alsocreate budgets as part of their financial planning strategies (Bizfluent,2017). A current problem for Monica is the newEntertainment License just introduced by the government. This affectsorganisations offering the use of sun beds. They must each pay a fee of £700.It is also essential that they offer showering facilities to theirclients.
Monica does not have the spaceto install showers in her current premises. Because Monica has decided to leaselarger premises nearby that have just been vacated by a bank, allowing spacefor the showering facilities. Due to the requirement of a huge capitaloutlay/ money for the alterations such as installation of showers and otherfacilities, Monica could contribute money out of her own capital up to acertain extent and the rest she could acquire from issuing debentures to thepublic or she could borrow from a bank, whichever has a lower rate of return.Another option would be entering into partnership with someone in order toboost up the capital.
Regarding the fee for the sunbeds, Monica should pay thisfee only if she decides to keep her sunbed facility, the reason being if it ispopular among the clients, the profit thus exceeding the paid fee. In anybusiness, there are certain risks and you must always take precautions in orderfor you to minimize them. You must make sure you are informed and up to dateabout what is happening and what is new in that particular business. Also, in orderfor a business to flourish, every key function should be analyzed and any issueshould be addressed and fixed. Such is the case for Monica’s beauty therapybusiness, as she is currently facing a number of problems in the differentfunctions. The main points have been discussed in each section.
Shortlysummarizing, she must attend to her customer’s needs, improve marketing, hireexperienced staff, maintain the industrial relations and make a decisionregarding the finance function (either by issuing debentures or borrowing froma bank). By fixing these issues, Monica’s business is sure to continueflourishing and expanding.