Operations and Budget Planning
Post 1
I agree with Yentran’s fundamental choices for increasing business revenue and profits. The number of customers contributes significantly, accompanied by increasing average transaction size and amount. However, I cannot entirely agree that raising prices will secure higher revenues and profits because if the quality does not match the amount, customers will seek alternatives. I support the writer’s reward option based on operational objectives because it will increase productivity. Spath and Abraham agree the approach would likely lead to cost-saving and quality improvements. However, I have to add that not all financial rewards are appealing to employees. Reilly suggests mutual respect and understanding as part of an effective reward strategy (56). I agree that extra pay can show appreciation, but it does not provide a lasting impact compared to the non-financial incentives mentioned above. In my opinion, people respond distinctly to reward programs.
Post 2
I support all four fundamental ways to grow a business that Victoria suggests. Corporate focus provides a clear direction which creates opportunities and map’s success in the chosen strategies. The alignment process Victoria describes provides a way to position products or services, add value, and find the right speed to deliver. Brunner believes that corporate focus, alignment, price for value, and execution speed are ideal for revenue growth and sustainable performance. The writer chooses a fair and individualized reward system, which I support. According to her, most executives expect bonuses for accomplished tasks, but low-level employees lack such guarantees. Chapter 2 suggests that leaders hold reward power, and therefore, they can construct incentives matching individual appeal (41). The writer echoes my opinion that people respond distinctly to different forms of rewards. Ideally, the appreciation should be equal to others for similar accomplishments but also accustomed to one’s desires.