chapter  2
2 Pages

Action plan

Use the plan on page 91 to develop further for yourself a course of action that is relevant to your task of understanding more about finance and the financial environment.

First, describe the outcome you would like to achieve as a result of the plan, and its expected benefits. Some possible outcomes you could identify are career advancement or improved efficiency of your work team. For example, you might like to suggest ways in which stock levels could be reduced, minimizing the costs of storage and possibilities of obsolescence. This would reduce both costs and help the organization run with less working capital. You would need to ensure that sufficient stock, of the correct types, is maintained to meet orders, so careful planning and liaison with your line manager would be important.