Company corporate governance
Corporate governance can be defined as the process by which organization are managed by their stakeholders or even head of department in their quest to achieving their corporate goals. Corporate governance refers to the way organization are directed and controlled with focus on customer satisfaction with offering better services to the client with effective results. In the case of Timothy’s fine Tobaccos company the proprietor and business owner has used an excellent way to manage the business and the customer service offered has attracted a good number of loyal customers. Since the time he started the business in 2003, Tim Socier has continued to develop and expand his business with a clear direction and control combined with excellent decision making. The policies he set for the governance of the business has paid off in increase in customer numbers which also translates to considerable sales turnover over the years. Although he started the business as a part time job to provide humidors in local establishments, the business has grown in size and it finally moved out of his home to a more convenient location closer to its customers. Immediately he moved the location from his home to a street in downtown Bay City, the business had a sale increase of over 200% as more customer were able to access the facility and sample the product and services offered. The service offered improved from offering humidors to selling cigarettes, cigars and their accessories like the humidor, cutters and lighters. New customers were attracted due to the new services offered and their relaxation combined with interacting with other customers. New customers required anew work force and that is why Tim employed his daughter and his friend to the business. The business offers some extra special offers like hosting the Cigar night which attracts a large clientele in the business as a guideline to making customers more loyal to the service offered. The customers see it as a place of relaxation and enjoyment of the various products offered, the proprietor has an eye on excellent customer service that is paying off with more sales and a large clientele (Monks et al., 2011).
Issues facing the company
The company seems to be facing some issues regarding expansion and a possible relocation to a larger space that will offer more comfort for the customers and an increase in sales. The business owner has been uncertain of the current place because of a possible increase in rent by the landlord. The business lacks experienced tobacconist who are advanced in offering their special skill to the customers. The work force in the company lack skills in handling the sale and the technical know how of selling cigars. The manager, Tim is an experienced engineer with very little knowledge of how to purchase and sell cigar products but over time he has had an on job self training. Another issue that comes up is the issue of competitors but it’s not a worry to the business because the company seems to have a competitive advantage over the other businesses. Offering unique services has been the success of the company as customer associate the company with excellent services and a competitive price fro the products as compared to the other business. Tim is considering moving to anew location with a larger space and a convenient location. The moving idea has been a dilemma to the manager because he is not sure if the loyal business customer will shift together with the business. The new location might not offer the same relaxation offered in the Downtown Bay City Street (Tricker, 2012).
Managerial accounting concept
Management accounting concept can be applied by the company management to address some of the issue that the company is facing. The term management accounting can be used to mean how mangers use accounting information to make decision for the company that are better equipped to handle issues that affect the business. It includes drawing up policies that will help the business to expand with offering better product and services. The policies are supposed to help with better decision making through reliable data and problem definition. The company needs to identify and estimate its costs that will be incurred before the company moves to anew location and the benefit that the company is likely to enjoy with the new location. Time is also a factor to consider before moving to a new location and how customers will be able to access the relaxation facility. Most of the policies discussed must be kept secret to avoid being used by competitors against the operation of the company. Management accounting concept may be used to identify some of the issue that the company will face in future through forecasting their sales in the next financial year and calculate if the move will be a cost benefit to the operation of the company. If the company decides to move the benefits accrued to it must outweigh the risk involved for the continuity of the business and eventual growth (Weygandt, 2009).
Managerial accounting tools
Management accounting tools refer to the technique and concepts that managers of companies use to plan manage and control company resources through clear strategy that will help the company to achieve its set goals and objective both in the short time and the long time. Managers must apply tools that help run the organization through consultation before decision making on critical matters that are important to the company. These tools may include among many other; Job order costing method that guides the company management on how to manage their stock. Stock to a business is vital as it ensures continued business without delays and the customers are able to find satisfaction in large supply to choose from. The management of Timothy’s fine Tobaccos has implemented a job order costing method to ensure that there is supply to the organization and the customers find their favorite choice with ease. Job order costing method has also helped the organization to mark the profitable products and thus emphases on them are crucial as they sustain the business all year round. Budgetary planning is also a vital managerial tool that will be helpful to budget the company resources through allocation of funds to profitable projects. Budgeting is useful in the planning to introduce a new product or even move the business to a new location and the implication it will have on the financial position of the company. Tim is planning to move the location of the business to a more convenient location where large space for expansion is available. Cost volume profit analysis is another managerial tool that the manager of Timothy Fine Tobaccos may apply to analyze the effect of relocating the business. Tim is planning to purchase a new building that will be used to house growing business venture. Cost volume profit will help determine if the move is a profitable one and the implication it will have on the business activity (Balakrishnan et al., 2009).
Managing the employees
In order to manage employee well Tim may use managerial tools that will help to empower the company employees so as to raise their efficiency in carrying on their duties in the organization. There needs to be an employee evaluation analysis done often so as to assess each employee o the strength and weakness when handling the clients. This will help the business to identify the crucial areas to train the employee so that he or she delivers as the required working standards. The business gains new customers each day and thus the workforce should be empowered on way to deal with new challenges that face the organization daily. Although Tim is an experienced engineer he needs to undertake managerial courses that will help him on different areas of running the tobacco business and these skills will be vital to the growth and expansion of the company. In order to empower the company employees the management should set up a training facility to train the employees on customer service and management of the business. Trained employees deliver better results than untrained ones and thus for the growth of the business is emphasized with an empowered workforce. Its known fact that tobacconists play a major role in helping customers to make their choice on the best cigars in the market and thus training the employees is vital process for the organization operations. Customer satisfaction will be achieved through empowered employees and thus the business future is protected. A better pay would be offered to the employees as a reward for good work and sustainability for the industry. Reward scheme should emphasized for the employees and this will go a long way to making sure that the company loyal customer keep flowing in all year round due to welcoming customer service (Hansen, et al., 2006).
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