Finance - Development Challenges - Managing budgets
Managing budgets
Using Development ChallengesÉ
Development challenges are designed to encourage you to think about your performance, identify opportunities and take action to make improvements that will have a positive impact on your business.
This is a practical, hands on way of learning by experience and trying something different or new. Therefore the more you put into this the more you will get out in terms of your personal development.
You are challenged toÉ
The aim of this challenge is to analyse your stores current performance, identify opportunities in which you can allocate resources to maximise profit, operations, and customer service but still remain within budgets. Once identified devise an action plan to ensure these opportunities are maximised.
This will allow you to experience:
● Analysing the performance of your store using a range of resources e.g. reporting etc
● Identifying where and how you can access all the relevant reports.
● Considering a range of solutions that could be implemented to maximise these opportunities
● Planning effective use of budgets to maximise return on investment.
● Preparing and implementing an action plan based on your findings and chosen solution
● Tracking and reviewing the results of your actions and taking subsequent action if required
You may have already learnt and demonstrated some of these things and therefore you will want to design your challenge and personal objectives to focus on the areas most relevant to you.
Sources of Reference
Whilst completing this challenge you may find it useful to have a look at the following Top Tips:
● Store reports including the P + L
● Controlling costs
● Analysing data
● Effective rostering
● Commercial awareness
● Decision making
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Logged in as: Adam Bramwell
Finance - Development Challenges - Managing budgets
Managing budgets
Case Study
Consider the following questions in relation to this challenge and record your answers in the space provide. Working through each question will enable you identify the current situation and possible options you have for completing this challenge to reach a positive end result. You should then select which of the options you are going to put into action.
Goal
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What specifically do you want to
learn/develop/achieve through this challenge?
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How will this improve you personally and your
performance?
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How will you know when you have achieved your
goal?
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What is your measurement of success?
Reality
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What do you know about these
tasks/subjects/areas already?
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What experience have you had of these before?
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What are your thoughts or feelings about
undertaking this challenge?
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What is your motivation for learning these
things?
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What budgets do you have control over? What /
who do you take into consideration when allocating these budgets?
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Options
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What are all the options you have to achieve
this challenge?
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Which is the best way for you to do this?
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Who do you know who could help?
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Will
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What are your next steps and how committed are
you to them?
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How will you feel once youÕve achieved it?
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How will it be different when you are confident
and capable to do these things?
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What are your time-scales for completing this
challenge?
Planning
In order to complete your challenge successfully it is important that you create a plan capturing each of the actions you need to take in order to achieve your goal. There are two methods of planning that you can choose from when completing this challenge, these are explained below.
Outcome, Performance and Process Goals
ÒDreams without goals are just fantasy; goals without dreams are a waste of timeÓ. This planning technique ensures we have both, enabling you to record your overall vision/dream, the performance measures to make the vision/dream a reality and the next steps required to ensure we achieve our performance measure. These are your outcome, performance and process goals.
An Outcome Goal (vision/dream) captures the overall vision that you have in terms of performance. For example you may want to grow profit year on year.
Performance Goals (performance measures) identify objectives / targets to achieve in specific areas of the business that will enable the overall vision to be achieved. One example is you may want to increase conversion to contribute to profit growth.
Process goals are all the next steps that need to be carried out in order to achieve a performance goal and in turn impact upon your outcome goal. For example you may want to observe and coach your team on approaching customers.
All of this information should be captured in the format
shown below.
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Logged in as: Adam Bramwell
Finance - Development Challenges - Managing budgets
Managing budgets
Next Steps / Action Plan
If you are working towards a goal that relates to one specific area of your business it may be more appropriate to simply record what you need to do as next steps in the form of a table as shown below.
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What |
Who |
By When |
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Review
Having carried out the required actions you should review how this challenge has gone, measure the results of your actions and decide if any further actions are required in order to achieve the original goal. Use the section below to record this information.
What worked well for you during this challenge?
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What didnÕt work well for you during this challenge and what would you do differently next time?
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What feedback have you received from your team and line manager during this challenge? (You may want to ask for feedback now if you have not already done so)
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Are any further actions required in order to complete this challenge? If so please outline them in the space below.
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Further Information
If you would like to learn more about managing budgets the following resources are recommended:
● Speak to your line manager/ Mentor
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