This is the money paid to purchase a capital asset or fixed asset. Robert Brown has to give advice on what the capital of the company should be used for. It will be invested by the directors and owners into the sections that they see fit. Robert’s suggestions will also affect the director’s decisions as he is known more by the public and the employees. They trust him to make the right choice on what to invest in.
Robert Brown has set objectives for each department to work towards. These objectives will be achieved faster and more efficiently if each department had a bit of investment into their methods, equipment and technology. The department managers will tell Robert at their monthly meetings what they need and he will take it into consideration and offer up other solutions. Robert Brown made investments into training his staff with extra courses for the use of new equipment or induction training for new employees which is done by Robert himself, to give his employees a little assurance. Robert Brown also invests in advertisements and the company’s product range.
Before he can invest or give advice on anything he has to run it by the directors, research all alternatives, weigh up the costs and predict the return on any investments made. He has to be able to provide all the necessary information to his superiors before they can invest or consider investing into anything. The directors with their options can now choose to purchase many different applications that can help the company grow and succeed. They could by more land to expand their company’s facilities and production factories or in machinery to make the production line more efficient and faster.
LIAISING WITH OUTSIDE AGENCIES
As the enterprising manager of Tayto, Robert Brown has to communicate with all the stakeholders in the business both internally and externally. Here are some examples of outside agencies that Robert would communicate with: banks, suppliers (farmers), accountants, distributors, customers, recruitment agencies, Invest NI, market analysts. It is necessary for Robert to communicate with these outside agencies as they bring advice and expertise that can help with the methods and smooth running of Tayto. Bank- The bank is one of the most important agencies for Robert as they will keep his company running as they cash cheques and keep their money in a safe and secure location.
Suppliers- The suppliers of Tayto are mostly farmers as they produce the raw materials and products that Tayto need to produce their final product. It is important for Tayto to liaise with their suppliers as they will get the maximum return from them. The supplier will be able to estimate how much of their product they will need to last them the whole year. Tayto would also get a discount for buying in bulk (economies of scale). It is essential that Robert Brown has a good reliable supplier and by liaising with them it will increase their reliability.
Accountants- The accountants of Tayto will be able to keep their cashflow managed and recorded so that Tayto can make necessary changes that will benefit the company. Distributors- The distributors will take Tayto’s products and get them the best stores to sell their product and the best place in the store as well. They will aid with the selling and marketing of the product.
Customer- Tayto’s customers are also important liaise with as they are the ones buying and eating the product that Tayto manufacture. It is necessary to have their advice and complements about the quality, price, advertising, taste and packaging of the product. Recruitment Agencies- If Tayto are liaising with the recruitment agencies they will go to Tayto first if they get people who fit the criteria of Tayto’s vacancies. Tayto will get the best people first before their competitors. They provide them with employees.
Market Analysts- These people are very important for competing with the other companies. They can give Robert Brown information on their competitors, the customers’ demands and what section of the market is the most interested in Tayto’s crisps; this is so Tayto know how to advertise and market their product. Managing Other Resources
MANAGING INFORMATION SYSTEMS
Robert Brown needs to manage and maintain his information systems and other technology within Tayto well as they are an intricate part of the daily running of our business allowing them to run the company more efficiently and to build databases. This is one of the key factors to be an entrepreneurial manager; the ability to run and maintain other resources than just people. Machinery and IT equipment are very expensive, so to get the most time possible out of it the equipment must be treated right; this will also ensure that Robert Brown gets his money’s worth.
There is a couple of ways of doing this. Robert Brown could hire a maintenance crew who would check up on the equipment daily, weekly or monthly depending on the type of equipment. He could also train his employees on-the-job to make more comfortable when using the new machinery. This type of training is usually used to train older members of staff on the new technology. The new technology and the use of ICT in Tayto have helped them to react with their customers’ needs quicker and more efficiently. Being able to this will help to sell their product and give them a good corporate image and public image.
ICT has also helped the company to communicate easier, which would get tasks and shipping orders done quicker. Robert Brown can also organise his workforce and daily routines easier. He’ll be able to give each individual department a separate job at the same time.