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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 tackle employee issues, it is vital to create and maintain employee motivation. This can be achieved through implementing wage and productivity agreements, offering profit-sharing schemes, and providing job enrichment opportunities. Furthermore, establishing a recognizable and credible channel for communication, such as regular meetings with unions and worker representatives, can enhance employee participation.
Step 2
Employee Participation
Answer
Encouraging employee participation is crucial. Peter should adopt a participative management style where employees, particularly representatives, are involved in decision-making processes. This could alleviate stress and enhance the workplace environment, leading to better performance and motivation.
Step 3
Market Analysis
Answer
Conducting a thorough market analysis is essential. Peter must identify his target market and learn more about customer preferences. By exploiting market structures and understanding potential customer bases, he can better strategize for product offerings and channel distributions.
Step 4
Financial Planning and Forecasting
Answer
It's necessary to have effective financial planning and cash flow forecasts. Peter should create a detailed cash flow statement to understand the financial health of the business and prepare for upcoming expenses. Utilizing predictive analysis tools can aid in understanding future trends and making informed decisions.
Step 5
Supplier Relationships
Answer
Establishing strong relationships with suppliers is vital. Peter should negotiate better terms with suppliers, ensuring he can maintain a profitable margin while minimizing risks associated with price fluctuations. A detailed evaluation of the supply chain will help identify potential areas for efficiency improvements.
Step 6
Work-Life Balance
Answer
To combat stress and improve work-life balance, Peter must set boundaries for working hours. He should consider delegating tasks effectively and perhaps hiring additional managerial support to free up his time. This will allow him to focus on strategic areas of the business and reduce time spent working outside regular hours.