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    BSBFIN501 Contingency Plan TASK 3 Assessment 1

    Uploaded by

    Ivson Silva
    The contingency plan outlines strategies Big Red Bicycle can take if sales are projected to be 20% below targets due to an unfavorable economy. These include enhancing efficiency to minimize costs, reducing the number of bikes transported to market by storing excess inventory, decreasing promotional activities to save on marketing expenses, and not hiring additional employees for now. An interim budget will also be prepared to allow the company to use minimum resources when the economy is unfavorable.

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    BSBFIN501 Contingency Plan TASK 3 Assessment 1

    Uploaded by

    Ivson Silva
    277 views2 pages
    The contingency plan outlines strategies Big Red Bicycle can take if sales are projected to be 20% below targets due to an unfavorable economy. These include enhancing efficiency to minimize costs, reducing the number of bikes transported to market by storing excess inventory, decreasing promotional activities to save on marketing expenses, and not hiring additional employees for now. An interim budget will also be prepared to allow the company to use minimum resources when the economy is unfavorable.

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    Contingency plan

    Original Title

    BSBFIN501 Contingency plan TASK 3 Assessment 1

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    The contingency plan outlines strategies Big Red Bicycle can take if sales are projected to be 20% below targets due to an unfavorable economy. These include enhancing efficiency to minimize costs, reducing the number of bikes transported to market by storing excess inventory, decreasing promotional activities to save on marketing expenses, and not hiring additional employees for now. An interim budget will also be prepared to allow the company to use minimum resources when the economy is unfavorable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    277 views2 pages

    BSBFIN501 Contingency Plan TASK 3 Assessment 1

    Uploaded by

    Ivson Silva
    The contingency plan outlines strategies Big Red Bicycle can take if sales are projected to be 20% below targets due to an unfavorable economy. These include enhancing efficiency to minimize costs, reducing the number of bikes transported to market by storing excess inventory, decreasing promotional activities to save on marketing expenses, and not hiring additional employees for now. An interim budget will also be prepared to allow the company to use minimum resources when the economy is unfavorable.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Contingency plan template

    Contingency Plan

    Company name: Big Red Bicycle Pty Ltd

    Person developing the plan:

    Name: Nayara Silva Position Analyst

    Risk identified: There is unfavorable economic climate that is likely to affect the company
    sales by 20% below the projected sales volume. This will severely affect the target profit
    by the company.

    Strategies/activities to minimize the risk By when By whom

    Q1 Production
    manager
    Enhance efficiency: This will minimize costs in the
    organization

    Q1 Operations
    manager
    Reduce amount of bikes transported to the market:
    Finished products to be stored in the company
    warehouse until the economy is favorable. This will
    reduce the cost of transporting to the market and
    renting storage space

    Reduce promotional activities: This will save the Q1 and Q2 Sales General
    company resources that are allocated for Manager
    marketing and advertising. Reducing promotional
    activities when the economy is unfavorable is
    logical because few customers afford to buy
    products.

    Q1 HR Manager

    Not to hire more employees for now

    Q1 and Q2 Accountant

    Prepare an intermediary budget; The intermediary


    budget will enable the company use minimum
    resources when the economy is unfavorable.
    ASSESSMENT COVER SHEET
    You must copy, fill out and attach the below table to your assessment:

    STUDENT NAME: Nayara Cristina da Silva


    STUDENT NUMBER: 202005115
    BSB51918 Diploma of Leadership and
    COURSE:
    Management
    UNIT OF BSBFIM501
    COMPETENCY:
    TITLE OF BSBFIM501 Assessment 1 - Monitor
    ASSESSMENT TASK: and control finances
    DATE DUE: 14/11/2021
    DATE SUBMITTED: 30/11/2021

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