Financial planning

Mann, Sandeep and Al Hazaima, Huthaifa (2018) Financial planning. Applied Management Conference, Hamilton, New Zealand, 23-25 October, 2018.

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Abstract or Summary

This research study is based on a small outlet. The company has many outlets all over New Zealand and expanded business to Australia through an online website. Financial planning has been proved to be one of the important factors for any organisation. A firm with a good or viable financial plan grows at a very fast pace and minimises its losses to some extent. The aim of this study is to evaluate the financial planning part of the internal control system of the organisation. It helps to understand the way organisation works and to determine the shortfalls of its system. The research focused on challenges and difficulties faced by vaping industries and suggested solutions to improve their financial planning. This research is qualitative in nature. Data collection was made through semi-structured interviews. The assistant manager of the company was interviewed using a series of questions. It was found that the company has some major problems in the area of finance as well as with its inventory control system. It was found that the company had no proper inventory system and was not able to generate targeted sales. It is recommended that the organisation should work upon lowering the prices of products and focus on different strategies of marketing. The organisation also should follow an established inventory system (LIFO, FIFO) in order to avoid wastage and random transactions.

Item Type:Paper presented at a conference, workshop or other event, and published in the proceedings
Keywords that describe the item:financial planning, accounting, business, retail, online
Subjects:H Social Sciences > HF Commerce
Divisions:Schools > Centre for Business, Information Technology and Enterprise > School of Business and Adminstration
ID Code:6529
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Deposited On:18 Dec 2018 00:20
Last Modified:18 Dec 2018 00:20

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