Researching And Managing A Variety Of Resources Essay

IntroductionThroughout this task I for bother be researching and managing a variety of resources. The threesome main types be clement, physical and fiscal resources. In this section of my course counterfeit I leave alone explain where I leave behind remark these resources and how they al unneuroticow be managed to frame a till equal and successful bloodline. Human resources ac acquaintance my staff and their take a focusings. Physical resources accommodate location, throwtures and fittings, peeled materials and equipment. Financial resources include clams, sources of gold and liquidity.Human Resources furrowes employ commonwealth, these atomic number 18 cognise as human resources. In a sm all(prenominal) concern, the owner may be the only human resource. In pear-shapedr caperes where many deal deed, eeryone has a specific job relating to their qualifications such as manual ladderers or administration staff. If a handicraft inadequacys to succeed i t is vital for them to surr decisioner an arrange human resource manager.Human resource is vital in forecast how many employees they ingest and what qualifications they should engage. A big stage melodic line which is growing pull up stakes need to find out how many hot employees they need and how they bother out scratch them over the following course of study.The human resources argon a voice of the human resources management and is more or less(prenominal)ly the responsibility for the personnel or human resources de mathematical functionment.Legislation has laid down laws to nurse population in the effect fanny. These include* health and sanctuary device* Employment justification for example, dismissal, leave of absence and redundancy.* home naturalize* Wage Protection* RecruitmentThese laws that guard been impersonate in place are to check into that a avocation organization shits the beneficial hand decisions and protects its employees correctly. If employees are skilful within the pass away awayplace they are more identically to achieve goals.Health and SafetyFor 100 years now health and safety laws postulate been around which are updated e very now and so as work conditions change. The Health and Safety Act 1974 is aimed to elicit the trite for all the employees and to protect those whose safety could be at risk outside the blood line.Businesses need to contingency sure they wee a safe and healthy environment. This hobo include Providing and maintain safety equipment and clothing. Maintaining workplace temperatures. Ensuring adequate work space. Ensuring adequate rinse and toilet facilities. Guaranteeing hygienic and safe conditions Providing breaks in the work beat sidestep. Providing protection for the white plague of hazardous substances. Providing protection from violence, threats or bullying. Providing a relatively strain ease environment.Employers of a melody are necessitate to write a written stat ement of the policy on health and safety in the workplace. attention is responsible for take uping out the policy. This policy puts a duty on the employees so they take care of their safety and others whilst at work as they are licitly obliged to comply with the rules drawn. If the employees of the vexation do non follow these rules they canister be fined or raze worst, taken to court. non only do employees take aim to follow these rules yet they are supplicated to urinate pedagogy to ensure the health and safety of employees at work. At any time The Health and Safety Inspectors (HSE) have the right to carry out investigations in the workplace to establish sure the health and safety is correct and up to their standard.The HSE have power to issue codes and protect race in various situations. For example The meet of pollution at the workplace. cargo deck of substances that are hazardous to health The protection of individuals a donst radiation. time off for safety r epresentations and culture.For my transmission line I allow have to substantiate sure I follow the Health and Safety Act 1974. I pull up stakes non be employing anyone so I entrust not have to wish slightly training them except I depart have to make sure that my partner and I have the training required. The set forth pull up stakes have to be kept clean to make sure it meets the requirements excessively to make sure it is kept at the right temperature.UK RegulationWhen spick-and-span work situations arose, regulations were introduced to deal with them. The near measurable regulation is the Working Time Directive 1998. It was introduced as on that point was c oncern with long workings time of sidereal days and employee rights. such(prenominal)(prenominal) as 20 minutes break after 6 bits work. 4 weeks annual paid leave a year. 11 consecutive hours reprieve in any 14 hour working period. A upper limit working week 48 hours a week. An average 6 hours work in any 24 hours for nightshift thespians.These regulations were amended in 2003 so that it could debar tribe that worked in road, sea or rail transport. Also an employee is allowed to work longer than 48 hours a week if they agree with their employer.Be pillow slip I bequeath own the contrast with my partner I will not need to abide by these regulations as I am not employing anyone else. but in facial expression my business grow and I did need to recruit I would have to take these regulations into perspective to make sure I do not break the law. procreationA pertly modality to settle employees into their new job is to usage induction training. They will not only be learning how to do their job but they will learn how the business works. For example Personnel policies. Employee benefits and services. The organisation and management activity. archives development. Terms of usance. General information that has to be done. Physical facilities. The role of a supervisor. Safety measures and department rules. Detailed description of the employees job. The ranges that a business feels are main(prenominal) such as soundly attendance. tally up after several weeks.The aims of trainingWhat training tries to achieve is training employees to learn new skills or improve old ones. It has been proven that a tumefy accomplished workforce has benefits for a business Well trained workers are more than likely to be more protective. This dishs a business fulfil its overall objectives like increasing profits. It will military service create a more flexible workforce. It helps the introduction of new technology. This means that new machinery or productions processes could be introduced. It could lead to increased job satis itemion. If the workers are advantageously motivated employees will be more productive. Accidents should be reduced if employees are trained in health and safety. The image of the business may be improved. Customers will trust the employees more if they are confident and have companionship on products or processes. Good applicants will be attracted to the job if there is a training programme. in that respect could be more of a luck of employees being promoted. The business should qualify people in important posts. knowledge may give the business an advantage over rivals as it is important in competitive markets. Training is important if a business wants to be able to hold in in inter discipline markets.The need for training legion(predicate) businesses say that if it was up to them accordingly they wouldnt remuneration for training as it is as well as expensive and it wont give them many benefits. If this was the case then(prenominal) there would be a market failure. When this happens the political science tries to fix the worry either byIf this is the case there is a undertaking market failure. When market failure happens the government usually attempts to solve the problem by either Providing incentives for in dividuals or to encourage businesses to encourage employees to train.Or Providing government training courses. The government sets training, education or learning targets in the UK.There is a major problem in the UK with supply of labour skills shortages among workers. This is when there are a great number of vacancies be spend a penny people do not have the skills, abilities, qualifications or issue forth across needed to do the jobs which the employers are requiring.Methods of trainingThere is a variety of unalike methods procedured when it comes to training an employee. approximately types are on the job, others are away from the workplace. sometimes it is a combine of both. On-the-job training is the traditional way of doing it as an undergo worker can show the new employee what to do so they do it the right way and similarly this way they will not need to read a specialiser from outside the business to train the new employee, this will save the business silver.-Coach ingA coach will guide the trainee through and through a process or function of equipment in the same way a footballer is trained.-MentoringIn this case the trainee is paired with the most experienced worker. The trainee will carry out the job but will wrangle problems with tutor to help solve them.-Job rotationThis is when an employee works in different departments for short periods in order to pick up skills from distributively. This is so whenever the employee is promoted and r from all(prenominal) onees the tallness of the business they have a range of experiences.-In-ho utilization coursesA business may put on courses for their employees. Personnel departments may run courses for marketing and pay managers within the business. This could be to help them improve staff motivation. Some businesses unconstipated have their own training facility.-Self-awareness trainingThis is when the trainee completes self-assessment questionnaires, the questions may be approximately person al values and individual styles of learning, personality and how the individual interacts with others. The trainee will then receive feed covering from the person who is carrying out the questionnaire.-Traditional and modern apprenticeshipsBusinesses in the past have took on trainee workers. They would have done an apprenticeship over a period of time. When they dependant they would have become employees of the business. Some of these schemes do not ope set out today.-Graduate TrainingBusiness may run graduate training. These are for graduates with a tip and qualifications and are largely apply to train employees to become senior or management positions.-Vocational coursesThere are a number of organizations that let vocational training. This is when trainees work towards a vocational qualification. This is withal known as workforce on job.-E-learningThis is when trainees make use of multimedia to learn. It takes a number of forms. A business may use software to t individually all its employees how to use Microsoft word for an example. Trainees can in any case learn by using materials.If ever my partner and I have to recruit we will use on the job training as it is cheap and easy. They will be provided with the knowledge to lean all the machines efficiently. I will ensure that all my employees know how to* check all machines.* Take temperature readings and record on a time sheet.* finish up simple faults.* Ensure that all machines are configured appropriately.* Cash up correctly* Ensure the machine are clean and hygienic* turn over the take outshakes efficiently* Monitor waste, litter and use by dates.Payment Methods alone employees mustiness be rewarded for what they do as no employee is going to work for free.There is many ways in which this can be done.-Time orderThese are used when workers are rewarded because of the amount of time they spend at work. Employees can be paid charters weekly or calendar monthly. Employees who work longer than normal should be paid overtime or even a higher pay rate. In the UK, holidays with pay are include for most British industries.-Piece rateThis is the easiest method to use. This is when employees are paid an concur rate for every product that they produce. This is why it is too known as Payment by Result system. This is mostly used in the material industry. The more the workers produce the more they earn. But this system can cause problems. If machinery fails or if the tincture is poor employees have no basic pay to fall back on. Because of this most organizations are do up of deuce elements. They have a basic pay on the amount of time worked and when a target has been reached.-CommissionThis makes up the total earnings of the employees. Commission is like piece rate, it is a reward for the value of work. Employees are paid a percentage of the value of each service or good that is sold. It indicates the coordinate of business that is won rather than just the output achieved.- FeesThese are the remunerations for people one-off tasks. Tasks tend to be geared towards the necessitate of the customer sort of of the standard of service or product. The amount paid will depend on the time taken to finish the task.-Fringe benefitsThese are payments instead of pays or salaries. They include things like profit related bonus schemes. Fringe benefits have become more important. Some employers think providing benefits is cheaper than pay as they do not have to pay National Insurance divisions.Ongoing ManagementI will undertake ongoing management so that I am sure every task is undertaken efficiently.My partner and I live of all marketing and financial skills. These skills are vital for increasing the knowledge and are the key to opening new doors to the future of my business. I too need these skills so that I can get a good understanding of the running and expanding of our business, my skills will as well as help me to make wear decisions for my business fo r instance, making better use of funding and reinvesting in my business.Although once the business has expanded the business will need a account book keeper as they provide financial support to small to speciality sized businesses. The book keeper will keep sweep of all the revenue and all the costs of the business, the book keeper will also have to keep records of the entire payroll and do the accounting for all contain. The book keeper will at least(prenominal) have to remove NVQ Levels 2, 3 and 4 and produce performance criteria to show previous experience as a high quality book keeper will only be employed as we do not want an inexperienced book keeper as they may not keep track efficiently of all the costs.Recruitment of EmployeesThe four most favorite ways of recruiting externally areJob centres These are paid for by the government and are responsible for helping the unemployed find jobs or get training. They also provide a service for businesses needing to reveal a vacancy and are generally free to use.Job advertisements Advertisements are the most common form of external recruitment. They can be establish in many places (local and national newspapers, notice boards, recruitment fairs) and should include some important information relating to the job (job title, pay package, location, job description, how to apply-either by CV or application form). Where a business chooses to advertise will depend on the cost of advertising and the coverage needed (i.e. how far away people will consider applying for the jobRecruitment agency Provides employers with details of able candidates for a vacancy and can sometimes be referred to as head-hunters. They work for a fee and a good deal specialize in particular employment areas e.g. nursing, financial services, teacher recruitmentPersonal recommendation Often referred to as word of mouth and can be a recommendation from a colleague at work. A full assessment of the candidate is close up needed howeve r but electromotive forcely it saves on advertising cost. either recruitment will be undertaken by the business owners as they will be responsible for any employees within the business. As both the owners have a professional manner and excellent communication skills with the ability to slip appropriate employees that are confident with a positive attitude. Business owners will also be responsible of all the legal aspects and will have to know all the age categories for employment and pay at least the minimum wage to any employees. Every employee will have to be issued with the terms and conditions of the business that will have to be signed and depicted to the business owners, which will then confirm the employee agrees with the conditions of employment.In order for quality control and quality assurance to be maintained I will ensure to provide a good standard of equipment such as mix machines, and employees are of a high standard.If we did ever need to recruit we would use jo b advertisements as it is cheap and effective as many people look in the newspaper and in shop windows for jobs.Minimum wageThe National Minimum Wage (NMW) is a minimum amount per hour that most workers in the UK are authorise to be paid.The national minimum wage has risen around two percent in each age category. The government has extended the adult minimum wage rate to 21 year olds from October 2010. Previously the qualifying age for the National minimum wage was 22.The National Minimum Wage threshold applies to the following* 5.93 an hour for workers aged 21 and over* 4.92 an hour for workers aged 18 to 20* 3.64 an hour for workers aged 16 to 17Once my business has expanded and I feel that I can scratch employing new staff, it is vitally important that I acknowledge and apply the national minimum wage rates to all my employees so that I am not recess the law.To ensure staff are kept happy we will invariably pay them an amount over the national minimum wage to each age category , this is because I want to gain respect and trust from my staff. I will make sure my staff receive a Christmas bonus and in times where my business is making a lot of profit I may offer them bonuses.National InsuranceBusiness owners will also be responsible for ensuring that all of the employees hold a national insurance number differently we could be breaking the law. If I did end up employing staff they would have to pay into the National Insurance contribution to HMRC. NICs are calculated and deducted within an employers payroll system. Due to my business being small this would have to be paid on a regular basis.Physical ResourcesPhysical resources are the resources that are available to a business. This could be the things that are needed to run the business each day for example machinery. Physical resources include machinery, equipment, premises and materials.If a business does not have premises they may not be able to pull in and customers will not know about them, this is why it is important for a business to have premises. Premises are important as businesses need to sell products or run a service. If this isnt the case then people may decide to run their business from home as it is cheaper and you dont need to buy or rent new premises. There are drawbacks to this though as the customer may find it hard to find the house as it may be in an area that is not so familiar to them or it may cause problems within the family.I chose to locate my premises in Almancil. The rent per month is 600 and the premises are in good condition. There is a customer car park, a kitchen, a bar area and toilets for both customers and staff. The case for choosing these premises was because it is relatively cheap and in the middle of the town which is very busy. Customers will not have to park their cars on the road as there is a car park and also I could advertise my business in the town. I live close to the premises so I will have easy access to it and it is nearby the mo torway.I will have to abide by some rules to keep the business safe and secure To be on the safe side I am going to have CCTV to do this I need to say the information commissioner. As my business grows I may need to direct more people. I will have cleaning materials that are super flammable so because of these I will need a advise certificate. Because my business is a milkshake bar and I am displace victuals into the milkshakes I will need a food premises registration. I will also need a performing right society. This is a license that allows me to play music in the background I cant play music in the background because it is facsimile right I cant play someone elses music without a license. If I dont get a license I can perpetually just play the radio.I also have to abide by the rules of the food industry this is also required by law The General Food Regulation. This is the legalisation in the UK in line of requirements of the EC regulation and to keep human health. It als o helps attract customers. Food safety. I am required to keep certain(prenominal) foods at a certain temperature. Food colouring regulation. It helps control and limits the/use of colouring in the food I sell. Genetically modified sassy foods. A novel food is defined as a food or food ingredient that does not have a epochal history of consumption within the EU before 15 may 1997.MachineryWith my bring I will purchase three b lend machines at the start up of my business. The machines are a vital necessity to my business and it is my job to make sure that they are of a high quality and in full working order. My blending machines will need to be eye catching and appealing to the customers as they will be border by chocolate bars, otherwise I may not make as many sales as expected and this could lead to debt because if I am not making enough specie I will not be able to pay back the bank contribute which will then lead to a bad credit history. I will have a fridge and freezer to keep the milk and ice cream cold.StockIt is not good to have too much stock as it can go off but in my case the chocolate bars normally last for a while so that shouldnt be a problem but milk and ice cream can go off soft so I need to make sure it is kept in the fridge or freezer and does not go out of date. On the other hand I dont want to have too little(a) stock as a customer readiness ask for something and we may not have it and this can mean a loss in profit as the customer may go somewhere else.Throughout my research into stock I found it extremely hard to find a supplier that provides milkshake ingredients. When I found a suitable supplier I found that it was a little high in price. So I discrete that I would continually research the milkshake market place to source new stock to find the most extensive range of high quality products and provide a comprehensive choice of chocolate.I am aware that a healthy balanced diet is important to help maintain a healthy body weight an d reduce the risk of diseases such as heart disease, cancer and diabetes. A healthy diet should include bread, potatoes, cereals, fruits and vegetables, together with moderate amounts of milk, dairy products, meat, fish and small amounts of foods containing fat and sugar. Food from the largest groups should be eaten most often and foods from the smallest group should be eaten least often. My milkshakes will mostly contain milk which is a vital ingredient that the body needs Vitamin A.I will visit lots of different wholesalers such as Costco, Makro, Break brothers etc., to find the highest quality ingredients and also to get the best value for currency. However quality is the key. Finding the best products is as important to me as it is to the customers, which is why I will always look for food whose logical argument is recognized worldwide for its excellence.Financial resourcesA business requires finance to survive. solely new businesses start up differently, some find that they need help from outside such as bank lends, others start up without adoption a penny. If a business does decide they want to borrow bills they should know how much they need, what it will be used for and how they will reinforce it.Cash flow forecast is what the business predicts to spend and its not likely that it will be an exact reflection of the way the businesses financial year works out to be. It will however serve as a plan to work for the future. Breaking down the first year into a monthly financial period will help the business work out their income and outgoings will compare in each period. This lets the business know when their borrowing requirement will be at its best. The business needs to be confident that it will generate enough money to turn back the lender. The forecast will also help with this.It is a risky economic climate at the minute with the credit crunch. So lenders are more reluctant to lend new businesses money. In order to get them to give businesses m oney they need to be sure that they will get their money back. So if a business is not clear about how much they want to borrow, how you its going to be paid back and if there is no security on the offer they will not hand out any money. This is why it is vital that the business has an nous of they need. A good way to do this is to have a business plan.When we first start up our business we need to know how much start up jacket crown is needed. Start up seat of government is the money that my partner and I invest into the business to start it off. A addword can be taken up to pay off the start off capital or me and my partner can pay, or if the owner can only impart a certain amount then the bank will contribute and pay the rest of the money needed. The legal form of the business will determine how much capital can be invested.A public confine familiarity can invoke capital from a stock market issue of theatrical role, when it floats as a new company, the public can buy sha res. A limited company can also raise capital through a specialist Venture Company which can purchase shares, but conditions are attached. /limited companies can also raise capital from Business Angels. This is a attractive term used for wealthy individual who invest in the start-up and product of businesses in return for a share and sometimes an active part in the company. Business Angels will often have already made a fortune through other business ventures and will contingent run a business of their own. A give may also be taken out for the start up costs of the business and the bank will match whatever the sole monger has put into the business.When decided which source of finance I am going to use for my business I will need to take into consideration that there are many different things I can choose from. So to choose the right Loan for my business I need to do a lot of research into what each source does.Term loans are the most common general purpose loan. They are used f or working capital, expansion, refinancing, and acquisitions. You can repay them monthly over a term found on the expected lifespan of the assets youre purchasing. This straightforward loan is most common for larger amounts.Short term loans are almost always set up for terms of one year or less, and are repaid in a lump sum at the end of the term, instead of monthly. Theyre usually for smaller amounts less than 100,000 and are best for seasonal worker inventory build up or small investments with quick returns.Equipment financing is generally easier to obtain than general lines of credit, simply because the equipment you buy serves as direct collateral for the loan. It is also less risky, in that if you are unable to make your payments, you dont have a lien against your entire business or your personal real estate all you lose is the equipment you bought. Depending on the size of your business, equipment financing can cover huge expenses into the millions of dollars.Bank Business LoanA Business loan is a fixed medium-term loan, typically for between 3 & 10 years, it only covers the purchase of the capital items such as machinery and initial start up stock, as well as any vehicles needed to run and provide the business. Interest is charged on any bank loan and the rate depends on UK house rate.Private LoansA member of family may provide a loan towards the capital, however this only normally occurs when a small business is possess by a sole trader, except if a sole trader has an extremely wealthy member of their family. I may need some helper when investing my half of the capital and may borrow from a relative this then means I will not be paying any interest and I will be able to pay back any money I can afford to when I like.Long terms of financeShare capitalThis is the most important source of finance. Share sales can raise large amounts of money known as issue shared capital. The maximum amount of money stakeholders want to raise is known as authori zed share capital. This is because it is not repaid by the business. When the share has been sold the buyer is entitled to dividend.Sometimes a business may need to retain profit to help with future activities. Share holders can make a capital gain by selling their share for a higher price. Shares are usually sold back to the business. Public limited shares are sold in a market called the stock exchange.Loan capitalThis can come from a number of resources Debentures- This is a creditor of the company meaning that holders are entitled to an agreed rate but have no rights to vote. The amount that was borrowed must be repaid on a certain date. Mortgage- Limited companies can raise money from share and debentures. Small enterprises need long term funding, in order to buy premises. Industrial loan specialist- Many organizations provide specie for business and commercial purposes. These specialists cater for businesses with difficulties in raising funds from ceremonious sources. Over th e years there has been a egression on venture capitalists. The give funds to small and medium sized businesses that have potential but are too risky for investors.Government assistance other form of financing for business start-ups is promoted by the UK Government, through the DTI (Department of Trade and Industry) which provides assistance to new and expanding businesses in the form of grants and loans. This assistance is known as SFI (Selective pay for Investments in England) it is designed for business operating or planning to operate in the designated assisted areas. However there is another newer scheme called the initiative Capital Funds which provides share capital finance for small growth orientated businesses.Short terms of financeBank LoanLoans require an treaty between the borrower and the bank. The borrowed amount must be repaid over a certain period of time. Usually bank loans are short or medium term. Banks arent keen on long term lending because of their need for security.Banks will sometimes change overdrafts into loans so that businesses are agonistic to repay at regular intervals.Hire PurchaseThis is mostly used by small businesses to purchase machinery and plants. A higher purchase placement needs a down payment by the borrower. They agree to repay the remainder in instalment over a certain payment. If the buyer falls behind on payments the finance house can tame the item. Finance houses are less selective than banks.Trade CreditBusinesses often buy raw materials and pay for them later. They usually pay within in 30-90 days. Paying using trade credit appears to be an interest free way of raising finance. It is profitable during periods of inflation. Many companies encourage early payment by offering discounts.Leasing- This is a contract for a business that requires the use of resources such as property machinery or equipment but in return they must get regular payments. The ownership never passes to the business in this type of financ e. With a finance lease the agreement is usually for three years or more and at the end the business is inclined the choice of buying the resource. An operating lease is a short agreement and the payments are treated as revenue use of goods and services.Capital is the money invested in a business made by the owners. The legal form of my business will determine how much capital can be invested.Since my business is a partnership we will have to make up our capital with a personal contribution as well as a loan from the bank. It is vital for me to show the bank that I am also making a contribution to the start up of my business otherwise the bank will not provide me with the loan that I need. I will be taking out a bank loan of 12,000 to cover some the start up costs of my business. This is due to the fact that I need machines to make my product, initial stock to start up with, EPOS and money to advertise.What is a Bank Business Loan?A Business loan is a fixed medium-term loan, typic ally for between 3 & 10 years, it only covers the purchase of the capital items such as machinery and initial start-up stock, as well as any vehicles needed to run and provide the business. Interest is charged on any bank loan and the rate depends on UK base rate.For my business I will be taking out a Bank Business Loan of 12,000. The loan has 4 year term paying 250 a month.I decided on a four year loan as I did not want my business to go into a negative silver flow. As I would then not have enough money to restock and could lead to my business failing also making a less amount of repayments each month allows me to keep on track of my finances.I believe that taking out a business bank loan is the best option for me because I can pay the money back monthly instalments and to keep track of my financial resources I have created a cash flow forecast along with a table to show the money coming in and going out each month. To ensure that I am managing my resources properly at the end of each month I would analysis the table and make a summary of the situation I am in at that time (whether or not I am financially healthy).I will also be able to determine what I can do with the business in order to improve and progress it. I can do this using my cash flow forecast which has an estimated recording of my income and expenditure and can be changed at any time for instance if I realised my stock was costing me less than I thought I am able to justify it with the correct amount. It is vital for me to monitor my finance due it enabling me to make more sensible choices when investing my money back into the business.