Explain how you will monitor the financial results of the business to ensure two business goals can be met. Indicate how regularly the business will evaluate financial reports to evaluate how the company is progressing in achieving its business goals.
my business is a small clothing business that offers teens ECO friendly clothing at a cheap price
here is my answer and feedback from my teacher
Autosavem r3] [f3 5") V 3 Financial Strategy Plan Template Home Insert a v A P t [B as e g Draw Design Layout References Mailings Review View 9 Tell me 13 Share 3 Comments ' \" V :: l: V: = : A Helvetica N... v 11.5 v A A Aa v A) __ v ,_ v '.. v '-_ "_ zl Tl mm\". \"31,540,152 AaBchDdE AaEchDdEe AaBchl AaBchDdE > k!) g B I U v ab x x2 A v I v A v E E E TE v 0, V Bodyfooter Guidetaxt Normal Nospacing Headingi Heading: szes morale Editor 1 7 ' g Pane Financial performance is measured through monthly analysis of the CFO report, with the CEO, CFO and preparation of the company forecast. This will help Young & Unique to predict their expected downturn or upturn of revenuer in the future. also, it is expected that this will help Young & Unique to focus refining the supplies efficiencies and inventory management, to main profits, as well as invest in Young & Unique's staff to differentiate themselves from other competitors, both domestic and online. In relation to measuring performance, Young & Unique should focus on the following: Sales Cost of doing business (dollar and rate) Working Capital Cash Flow Management of Young & Unique will review these metrics as against budget and prior year monthly as part of the CFO report. Young & Unique will continue to strive to transform the fashion retail industry, with plan to provide cheap, environment friendly clothing with every pace of clothing be unique. Also, Young & Unique must Establish a clear, balanced, and integrated marketing strategy based on a Unit name: Manage Small Business Finances Page 16 of 19 Unit code: BSBSMB421 STU DENT NAME: deep understanding of our current and future customer, to meet the business goals. Apart from that, Young & Unique should utilise enhanced customer insights to develop a short-, medium- and long-term merchandise strategy, built by vendor channel/group to optimise profitability and build a team of dynamic people offering a superior customer experience and delivering operational brilliance. Page 16 of 19 162% Focus n LET; 4865 words [B \\/ + English (Australia) 4.2 Develop a suitable plan to monitor the financial results of the business. Mention how regularly you will evaluate the nancial reports to ensure that the financial goals of the business are met. Rebecca as this plan is about a small business I would be surprised if you have CFO and CEO. This answer it would be more suitable for a large organisation please review the section and write how are you will monitor your financial results based on your small business please. Will you monitor your expenses and revenue on a monthly basis basis or maybe more frequently. When will you report on your cash flow and when will you make changes to your budget
