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You are Peter's business advisor - Leaving Cert Business - Question B - 2004
Question B
You are Peter's business advisor. Draft a short report for Peter identifying remedies for the challenges he is encountering.
Worked Solution & Example Answer:You are Peter's business advisor - Leaving Cert Business - Question B - 2004
Step 1
Employee Issues
Answer
To address employee motivation, Peter should create and maintain programs that enhance motivation through wage agreements, productivity incentives, and job rotation. It is essential for him to establish clear communication channels and to involve employees in decision-making to foster a participative management style. Additionally, he should negotiate with unions effectively to streamline processes and empower workers.
Step 2
Market Analysis
Answer
Peter needs to conduct a thorough market analysis to evaluate demand for his services. This includes identifying potential clients and understanding market trends. He should analyze competitors and seek to differentiate his services in the market to attract more clients.
Step 3
Financial Management
Answer
Improving financial management is crucial. Peter should develop accurate financial forecasts and regularly review cash flow statements. Training in financial literacy might be beneficial for him to better understand the financial mechanisms of the business. Establishing more robust budgeting processes will contribute to long-term sustainability.
Step 4
Time Management
Answer
To tackle time management issues, Peter should prioritize his tasks and delegate effectively. Implementing time-tracking tools and frameworks will enable him to gain better control over his workflow. He might also benefit from scheduling regular breaks to manage stress and maintain productivity.
Step 5
Future Management
Answer
For future management improvements, Peter should develop a strategic plan that outlines objectives and key performance indicators. Regularly reviewing this plan will help him remain focused on business growth while adapting to any arising challenges. Involving his team in this process will also enhance commitment and ownership.