Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.
The Clinical Health Group director has the mandate to ensure that the company makes a step forward to profit. In any case, the loss is noted. Various factors have influenced the loss, and because he is a new director, an operation carried out reveals that the loss is cognitive and notable. Therefore, in this particular case, the director’s reputation and job security will be of much help to help him sustain and maintain the position. There are financial strategies that are to reduce the losses incurred in the foodservice budget. Among the economic plan, the commitment of the stakeholders in the company will be essential to enhance the integration of those strategies so that the losses can be reduced strategically.
One strategy would be avoiding taking impulsive actions. When the director acts quickly with no thoughts about future consequences would be unsafe for the company. Such actions are termed suicidal thoughts, which can harm others, the firm, and even oneself. It is advised that intensive thinking should be enhanced to ensure good health in budgeting and companies’ financial status (ASC 326 financial instruments—Credit losses, 2020).
The second strategy is by considering professional support with the aid of emotional support. Professional help will be accosted with experience from other directors in a similar field and how they cope with losses. Assessing the situation will be a strategy to enhance that the director knows well the problem causing losses and how to change and overcome the loss challenge. Another approach will be keeping book records so that the director can analyze and evaluate the possibilities of failures and how the losses are incurring. With the documents, it is easier to close those gaps well.
It ensures that they cut back on non-essential expenses for some time to enhance recovery from such loss. This will reduce financial losses in activities that are not beneficial at the time. Increasing other sources of income will promote closing ports of losses and cover up the problem (Vijaya Kumar, C., 2018). After ensuring that the company is recovering, it is advisable to make sure measures are strictly put in place to ensure similar losses are not experienced in the future. The company should also take a loan in preparations to mend that challenge and ensure they cover up the problem to make a profit.
The loss incurred in Clinical Health Group has been because of poor utilization of resources. The company is intensively investing in places that are not making profit well (ASC 326 financial instruments—Credit losses, 2020). This causes drainage in the capital set to enhance the smooth progress of the firm. While budgeting, they were planning to make the company budget for non-essential places that will drain resources aimed for profit-making channels. However, there is no way to eliminate losses permanently. It is crucial to minimize losses because of the many channels available to cut losses challenges (Vijaya Kumar, C., 2018).
The director will therefore invest in better stock management and offer security around their products. The challenges when dealing with the organization are enjoying the four financial principles: consistency, revenue recognition, objectivity, and matching.
In conclusion, companies may suffer losses due to poor management and investing in areas not making profits well. To enhance this challenge is controlled the organization will be required to stand firm and ensure that they check intensively on areas that contribute to such losses. With that, the overall financial health will be outstanding.
References
ASC 326 financial instruments—Credit losses. (2020). Wiley GAAP, 239-249. Web.
Financial functions. (2018). Principles of Financial Modelling, 243-255. Web.
Vijaya Kumar, C. (2018). Public Financial Accounting and Auditing: Principles and Practices. Public Budgeting in India. India Studies in Business and Economics. Springer, New Delhi. Web.
Do you need this or any other assignment done for you from scratch?
We have qualified writers to help you.
We assure you a quality paper that is 100% free from plagiarism and AI.
You can choose either format of your choice ( Apa, Mla, Havard, Chicago, or any other)
NB: We do not resell your papers. Upon ordering, we do an original paper exclusively for you.
NB: All your data is kept safe from the public.