Essay on Blueprint for Professional and Personal Growth

Executive summary

In this course, much that has been discussed is geared towards ensuring one becomes competent when it comes to managing a business or an organization. The course ensures that it has given the learner necessary skills which will see me do better even when it comes to managing accounts. Having learnt quite a lot within the duration of the course, it is notable to say that, accounting knowledge acquired is important when it comes to making decisions. Content like budgeting, bookkeeping, financial statement formulation and cost valuation have been so instrumental in the understanding of accounting concepts in a broader context.

Having understood the above-mentioned concepts in accounting well, it’s notable to say that they can help one be able to make decisions when it comes to managing any given business or organization. This improved understanding will ensure faster and efficient process of decision making in an organization. This means better performance which will see the business doing even better.

A manager’s ability to create a positive change within a working environment depends much on the content of this course. For instance, it has made me be more vigilant and informed. Equally, the content attained here can help me become more responsible when it comes to responsibilities in the society. This creates a positive mood in the community about the organization or the management and the outside community. The information is important when it comes to making management decisions and at the same time, it has shaped goals that one would want to achieve as an accountant. Management requires more than just making decisions as it will require one to ensure that organizational and individual goals are arrived at.

Blueprint for Professional and Personal Growth

Strategy to Reduce Expenses

One way to ensure that a company or an organization is doing better when it comes to business is to formulate a working strategy. A strategic plan is important to ensure that all goes well when it comes to making managerial decisions. In this particular area, we look at a strategy geared towards ensuring that expenses in the organization are well reduced. Too many expenses can even lead to reduced revenue or losses to an organization in business. To avoid such circumstances, it should be in my strategy as a manager and any other stakeholder to ensure that expenses in the organization are reduced or rather minimized so as to project a better result. This strategy will see the organization increase its profitability at the same time ensuring that my personal life is also improved whether professionally or socially.

To reduce the expenses in the organization, I have to focus on some areas so as to ensure production is not reduced or quality is not compromised. Three major areas that I need to focus for me to effectively implement the said strategy include proper budgeting, ensuring efficiency and proper time management. These three areas are key to the success of any given organization if they want to reduce their expenses.

Proper Budgeting

Proper budgeting will see the organization doing very well when it comes to spending and this will ensure the right decisions regarding expenses are made. Without a budget, one or an organization can waste resources easily due to lack of proper accounting. This can lead to the organization making losses as not expected. A budget is an important aspect of any accounting process as it takes care of most of the expenses in a more organized manner (Bhatti &Phaup, 2015). To ensure that resources are well used by the management, there is need to adopt a working budget. A budget ensures that one knows the amount of money to be used as expenses within a certain period of time. Impulse spending can lead to increased expenses for an organization hence the need for a budget to reduce this risk of increased expenses. A budget can also help me exercise and take part in the community social responsibility. This is because it is easier for me to spend resources to do various projects in the society when it is budgeted for. Getting the funds to do the same when not budgeted for can be so difficult sometimes. For instance, if one wants to support a football club within the community, it’s easier when they have the expense budgeted for in their plans for that financial period. This will help the organization be able to strengthen their relationship with the outside society.

Ensuring Efficiency

Ensuring efficiency is one area that needs much focus as it definitely affects the whole idea of costs. When efficiency is ensured in any setting, there is a likelihood of reducing expenses at large which is the main strategy for the business. Efficiency does not only refer to expenses but rather in every aspect. Efficiency can also ensure that social responsibility and positivity become achieved in the sense that one cannot effectively execute a responsibility without ensuring efficiency in terms spending resources. Efficiency is key when it comes to ensuring that all expenses are well reduced (Systems, 2010). A good example to demonstrate how efficiency is key is when one wants to spend a given amount of resources to execute a certain task. If the resources are not well used, be sure more funds will be required for the same. This shows that the set resources were not put into a more efficient use.

Time Management

Time is an important aspect of any given workplace since every single task depends on time for execution. Managing time well can see expenses for the company or organization well utilized. The importance of ensuring proper time management is projected on the overall productivity of the company. Proper time management will see the business or organization do better than it can do when people waste too much time on things that do not promote business. Time will help one be part of the social responsibility in the community which is desirable.

To measure the success of the strategy that has been put in place, I have to employ an assessment scheme which will reflect the achieved goals and those that have not been achieved. To properly ensure that I assess performance, I have to look at the main objective which is to reduce expenses. The success of the strategy purely depends on the fact that it has to reduce the total cost as expected. The success of the business or organization will be measured by looking at the total expenses in the end. If they have reduced notably, then the business is headed in the right direction with the strategy.

Action Plan

Being a rapidly changing world, I will have to adopt the right action plan for me to achieve the set goals for the business. The major goal that needs to be met is to reduce costs and at the same time maximize the revenue obtained from the organization. The goal was selected because it consists of the major interest of the business. It is in every business’s desire to ensure that their costs are reduced while their revenue is maximized. I cannot be able to maximize revenue while the expenses are high at the same time (Kwon, 2017). The best scenario will have to indicate a case where the expenses are kept low and the revenue high. That explains why this goal becomes the best to ensure that it has been achieved well. The importance of ensuring low costs is to ensure that the profits are maximized which is a good indicator that the business is doing good. This goal can be a good indicator of positive social change in the society.

It can be noted that with minimal costs and high revenues, one can become motivated in the society to start something that can be beneficial. A business will want to make the profit for it to continue running at any particular time. However, without proper a proper goal, it will be difficult for anyone including me to establish the importance of the business in the society. The goal has a direct impact when it comes to positivity and change in the society. It can encourage upcoming entrepreneurs who want to venture into the business too.

Achieving each goal listed in this paper means that a business would have become a success. Less cost for more revenue and at the same time encouraging change and positivity in the society is the sole value of the goals. Better productivity and proper financial management are key to the success of any given business (Presutti, Boari&Majocchi, 2011). For accountability, each goal listed should be achieved so as to use the right channels of implementation and at minimal cost. The essence of any strategy or goal that I have applied in accounting is to come up with an accountable system for the organization.

One of the objectives for the goal is to ensure that accountability is observed at every stage of spending. This will help reduce all the unnecessary expenses which could otherwise lead to very high expenses hence less income in the end. Another objective that should be achieved is to ensure that losses or wastage of resources is minimized. This can be attained by administering efficiency when it comes to operations of the company. A good example where efficiency works is a scenario where one wants to hire a truck to do work while there is a company truck which is in good condition. Looking at the same, it’s evident that one can make the right decision and ensure that the available truck is used efficiently.

In conclusion, the knowledge that has been availed in this course provide an opportune moment for all the learners to do even better in the field. Knowledge of budgeting and bookkeeping are important as they enable me administers accountability in any given organization. For personal growth, all these listed strategies can help one be able to do even better in business as a manager. They provide an avenue for one to become the best in the accounting field by providing the necessary professional skills to all of us studying the course.

References

Bhatti, I., &Phaup, M. (2015). Budgeting for Fiscal Uncertainty and Bias: A Federal Process Proposal. Public Budgeting & Finance, 35(2), 89-105. http://dx.doi.org/10.1111/pbaf.12065

Kwon, G. (2017). The Impact of Human Resource Expenses on Business Value: Focus on Welfare and Training Expenses in Listed Korean Stock Markets. Global Business Review, 097215091772179. http://dx.doi.org/10.1177/0972150917721798

Presutti, M., Boari, C., &Majocchi, A. (2011). The Importance of Proximity for the Start-Ups’ Knowledge Acquisition and Exploitation. Journal Of Small Business Management, 49(3), 361-389. http://dx.doi.org/10.1111/j.1540-627x.2011.00331.x

Systems, S. (2010). The CEO’s Guide to Succession Planning: Managing Risk & Ensuring Business Continuity. SSRN Electronic Journal. http://dx.doi.org/10.2139/ssrn.1633523