Strategies And Reports To Meet Performance Indicators: A Comprehensive Essay.

Once the performance indicators have been determined, you are required to:

1. Prepare strategies to assist the company in meeting the set performance indicators.  These can be in the form of detailed written reports or writing relevant company policies.

• Strategies should be detailed and directly linked with company performance indicators as set by TMH management (role-played by their instructors)
• Appropriate timeframes, strategies should be relevant to these timeframes.
• Discuss how performance indicators can be regularly reviewed in order to keep them relevant and updated as performance trends change & company resources change.

2. Write a detailed report on how company performance can be improved to better meet performance indicators. You should include the following:

•  What factors may impact on financial performance?
•  What non-financial factors are also important to meeting company goals?
•  What strategies can be put in place to encourage staff to work towards achieving performance goals?
•  How can company performance and relevant information be communicated to appropriate personnel to ensure relevant steps are taken to meet performance indicators?
•  Discuss how capital budgeting can assist in the financial decision making process

Preparing Strategies to Meet Performance Indicators

Current Assets:

Cash                                                        52,000                                  46,000

Accounts Receivable                         _$124000                                134,000

Inventory                                              156,000                                176,000

Total Current Assets:                      _332000_                                356,000

Land                                                   $140000_                                140,000

Buildings                                            $415000_                                290,000

Less Accumulated Depreciation        (120,000)                              (105,000)

Total Land and Buildings                __$435000                                325,000

Total Assets:                                       _767000                                681,000v

Liabilities

Current Liabilities

Expense Payable                                   155,000                                124,000

Accounts Payable                                _167000                                197,000

Total Current Liabilities                     322,000                                321,000

Long-Term Borrowings                       _192000                                139,000v

Owner’s Equity

Ordinary Share Capital                           50,000                                  45,000

Retained Earnings                              _203000_                                176,000

Total Owner’s Equity                        _253000

                                                           221000 

As the balance sheet for 2009 has been prepared according to the Standards

The accounts receivable has been decreased by $10000 for 2009. With the retained earning we have added 2009 profit with last year retained earnings minus the dividend that has been paid. Accounts payable balance have been taken out with the help of total current liabilities minus the expense payable  

The AASB makes Australian Secretarial Standards, including Understandings, to be applied by:
(a) units required by the Corporations Act 2001 to prepare monetary reports;
(b) managements in preparing monetary declarations for the whole of management and the General Administration Sector (GGS); and
(c) objects in the private or public for-profit or not-for-profit subdivisions that are reportage entities or that prepare general determination financial declarations.

The balance sheet has been prepared according to the standards. All the rules procedures have been followed and has been prepared accordingly .

TMH management  wanted the following aims for 2009

They wanted to reduce the liabilities by 5 percent by 2009 , but as we can see from the financial statements the liabilities was not  reduced. AS we go on to the profits , the profits have been increase by about 10 percent which is as per the goal of 2009.  If wee closely see the financials for 2009 .The sales for this years would be

Debtors ledger account

Cash received from debtors - $330000

Closing balance of debtors - $124000

(-) Opening balance of debtors 134000

Total sales would be $320000

Sales in 2008 would be 30000 as the inventory has lowered from  176000 to 156000

• The liabilities have not been reduced. Last year it was 321000 and this year it was 322000. There was an increase of .3 percent change all over

There has been 15 percent  increase in the profits compared to 2008

The sales have been increased  by 6.66 percent compared from last year.    

The objectives should be retention of staff as much time have been put on them or rather invested on them so it better if we invest on them and retain them. Proper training should be given to new persons or individual appointed as they are going to be the future of the company . Employees are like the assets of the company , the more time invested on them the more they prove to be assets for the company. So proper induction and proper training should be done so that they prove good for the company in future. Skilled staff are like asset to the company .They have good knowledge , leadership skills and will provide good return to the company . the company generally offer them with a good package as they don’t need much training and are skilled (tresury 2010)

Writing a Detailed Report on Improving Company Performance

It is very important to comply with the administration rules and regulations as they are the one who let us run our company in peace. Proper taxes should be paid in time such as GST or income tax. The reporting of financial statements should be actually done according to the regulations made by the laws.

Proper strategies need be made by the company to acheieve the desired objective. Strategies should be linked with the company performance indicators. Strategies should be cutting of cost by proper allocation of resources, by proper management techniquees imparted. Proper training and proper know how of the company should be set in.

This Framework for Planned Plans and Yearly Presentation Plans outlines key notions that should guide organizations when emerging Planned Plans and Yearly Presentation Plans. It recognises that administration organizations vary greatly in rapports of their roles and errands, and therefore develop their tactics, rules and programmes in wide-ranging ways and over opposing timelines.

Annual Presentation Plans classify the presentation pointers and boards that the organization will pursue to attain in the imminent economical year. It is significant that these presentation pointers and marks are united across an organization twelve-monthly strategies, finances, in-year and yearly intelligences. In totaling, the procedure for the manufacture of the Annual Performance Plan should be aligned to the budget process. It is expected that most of the expansion pointers that have been amassed by the Premiership to provide “evidence-based batons to the development of our civilization” will be encompassed in the essential programme presentation needles for each sector in future. An institute’s budget programme structure should run a stable agenda linking following plans and strategic significances to budget apportionments and routine indicators that track delivery over the average to long term.

In most industries, the workers represent both an government's biggest expenditure, and its most appreciated asset. It actually means that the company's output, and eventually, its effectiveness relies on making sure all of its employees achieve and perorm very nicely and productively. To endure and flourish in today's financial times, businesses can no lengthier accomplish using financial actions alone. Industries have to trail non-financial measures such as rapidity of reply and product superiority; superficially fixated trials, such as buyer consummation and product preference; and forward seeing actions, such as worker satisfaction, retaining and succession planning. Key Performance Indicators (KPIs) are a business's quantifiable goals, characteristically tied to an government’s plan, as exposed through presentation organization tools such as the Balanced Scorecard. The factors that can impact the financial performance are the employee satisfaction, proper redressal of grievances , proper feedback, good working environment is very much necessary. Non financial factors are the behaviour iof the management as we all know the employee leave due to managers and not due to the company.  Good ethics culture are the other non financial factors. The strategies can be put is proper motivation. Proper redressal of grievances are made so that the employees can express what they feel. They should be allocated with proper coach so that they feel comfortable and be able to put up their points. Proper feedback and problem solving techniques needs to be introduced to them. Proper incentives and monthly appreication should be given to them so that they can feel more motivated and challenged.

Applying the key performance pointers of a balanced tally typically includes four procedures:

The business interprets its business vision into measurable functioning goals that are interconnected to staffs.

These goalmouths are related to separate presentation goals which are assessed on an recognized intermittent foundation.

Internal procedures are recognized to meet and / or surpass the strategic goalmouths and purchaser expectations.

Finally, Key Presentation Pointers are analyzed to assess and make recommendations to recover future corporation recital

Goals are not ahcieved by one single performance. They are achieved by numerous people in a variety of branches across an organization.  Proper training needs to be given to the manger and other authorities so that they can well manage their employees and staffs. he business then uses its Key Presentation Pointers as the foundation to examine and track act and base key strategic choices regarding recruitment and capitals. Capital budgeting helps in proper decision making as it helps the organisation to know if the investment is profitable or not by taking out appropriate NPV and IRR; (Eckerson 2009) 

References

Eckerson, W 2009, 'Performance management strategies', Microstrategy, Renton. Retreived from https://www.microstrategy.com/strategy/media/downloads/white-papers/tdwi_performance-management-strategies.pdf

tresury, N 2010, 'Framwork for plans', South Africa. Retreved from  https://www.treasury.gov.za/publications/guidelines/SP%20APP%20Framework.pdf