I am the financial manager of the business. I help the business to prepare adequate budgets by setting practical financial goals through efficient allocation of financial resources. Besides, I ensure that every ingredient sourcing and product selling activity maximizes the profitability of the business. In addition, I ensure that the cash flow management is alligned with the financial goals. Proper monitoring of the cash flow ensures that there is always a cash balance in the business's account.
I contributed to the business by recording the amount of expenses in a detailed way. It ensures effective cost management by preventing unnecessary spending on raw materials. I have also calculated the break-even point to determine the minimum amount of products required to be sold to avoid any loss. Besides, I have recorded the sales from every batch of product sold. It ensures effective revenue management by determining the suitable sales strategy to maximize the business's profitability. In addition, I have summarized the financial situation at the end of the business. The financial summarization includes the income statement, cash flow statement and balance sheet. The situation depends highly on the sales performance of the products and is important for the future planning of the business.
Attitude
Before the practicum, I had a mindset that entrepreneurship is a business that only requires a large sum of budget to be successful. After I experienced the entrepreneurship project, I realized the necessity of efficient financial management and teamwork to form a successful entrepreneurship.
Skills
I have learned about communicating with other members who are managing different roles in the entrepreneurship project. As a financial manager, I need to consistently update the total costs and sales to the other members. Besides, I have learned to think critically about the feasibility of the product proposition. I realized that the frozen curly fries, which are the main raw materials, will increase the product selling prices due to high prices. Thus, I proposed that the fries preparation using a hand grater machine by using fresh potatoes that costs much lower than frozen fries.
Knowledge
I gained knowledge in doing competitive analysis by comparing prices of fries with some popular competitors such as UncleBob and McDonald's. Besides, I learned to assess the risks of operating a Food & Beverage business. There would be possibly some unfavorable incidences, such as food poisoning and equipment failure. The risk assessment helps to determine the possible solutions to mitigate the negative effects of the conditions.
Prepared by: Chuah Shang Jin (BS24110147)