Financial projections are very essential for

This preview shows page 13 - 16 out of 18 pages.

Financial projections are very essential for achieving the long goal terms. A good and properly prepared financial projection helps a lot in taking the business in successful path. It also helps to predict the pitfalls that are BBQfun are heading to in future and helps to avoid it well before and provides a way to correct the path and take the business in the right direction, before it is too late.
It is important to note that financial projections are made only after analysing completely about the organizational functions to make it more efficient. As, know the organizational functions helps to get a clear idea on business strategy, which could be very helpful in making an accurate financial projection. Thus, a good financial projection is very important for the business to run successfully and saves the company from travelling in wrong direction. d. List of Approaches to develop Key Performance Indicators (KPI) Key Performance Indicators can be developed in a number of ways. Some approaches are broad enough to be used in any organisations and across any industry. Approaches that develop Key Performance Indicators are strategic approach, operational approach, leading indicators, and lagging indicators. Strategic approach also known as a top-down approach. A strategic approach is normally used to develop targets and associated Key Performance Indicators involve developing Key Performance Indicators that cascade down from organisational goals and strategic objectives. This considered a top-down approach as it begins with consideration of top-level organisational vision. Operational approach is to develop Key Performance Indicators starts from the ground-up, by using the key operational activities to determine how to indicate success. An operational approach is also known as a bottom-up approach. Operational approach is totally different from the strategic approach as it is opposite of the strategic approach. Another approach that can develop Key Performance Indicators is leading and lagging indicators. Leading indicators can indicate future success at achieving key organisational goals. They are in-process measures and are predictive. In contrast, lagging indicators indicate past performance. It is an after-the-event measurement, essential for charting progress but useless when attempting to influence the future.
e. An outline of risks to the organization of not implementing the proposal Proposals are offers to perform a service or to do something or a submission for approval such as a credit proposal. It is derived from the word propose and makes a proposition to the reader that can be accepted or rejected. Writing a good proposal is a very important tool for organizing time and resources to complete a project which fully realizes your objectives. A project proposal will be invaluable in structuring ideas about carrying out research and writing conclusions. Some faculty use it as an informal "Contract" to establish an agreement about the content and limits of the final project report. Also, the project

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture