Business Management Plan (BMS)

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Policy

This Business Management Systems (BMS) Policy Statement has been established in line with our company’s Vision, Mission, Values and objectives for our business strategy. Our policy for maintaining our Business Management System is based on the fundamental principles of measuring and planning for continual improvement in the service we provide, quality of product, care for the environment and the health, safety, welfare for all our staff and all other areas of our business. This is achieved by establishing objectives and measuring performance.

Communication

Dreamcarz ltd must over-communicate so that somewhere in excess of 10,000 very interested people know where we are going and why. It has to keep everyone on the team. It can never make every individual happy but you must take the stakeholders with you. That always comes down to communication. It’s not rocket science. Good strategy well executed and properly communicated keeps everyone focused. This policy is available and communicated to all employees working on our behalf. The policy is reviewed annually by top management for suitability and effectiveness in achieving our goals and objectives.

We have built a strong reputation and is renowned for high levels of service, operating with integrity and honesty, whilst striving for excellence to offer quality products on consistent basis. A strong network of office has helped the company source the best suppliers and also represent the best of clients’ interest.

The Directors will report on performance and review the effectiveness of this Policy and of our Health and Safety performance at Management Review Meetings.

Business Management Plan (BMS):

The purpose of Business Management System (BMS) is to support or activities so that our imported cars, services and interactions are consistent, effective and generate sustainable profit in our business and provide compliance with all relevant laws and regulations.

Business units and Departments of the company shall organise the planning, tasks, monitoring, checks and continual improvement within the BMS in particular by utilising the tools and methodology set up for it.

The Business Management System encompasses as a minimum:

  • A planning process that ensures the consistency of all objectives defined across various fields and at various levels [strategic, operational (processes), Operational, individual];
  • A system of checks and measurements, including key performance indicators and data analysis
  • Management of adequate resources in line with the objectives, justified accordingly and with the possibility of adaptation in subsequent reviews
  • A development process that confirms the stability of all points defined across various fields and at various levels [planned, operating (processes), Operational, distinct]
  • A review of the BMS at planned intervals by the Directors to ensure its continuing suitability, adequacy and effectiveness (management review process);
  • A system to manage changes

The Business management system is applicable to all present and future operations performed by or on behalf of the cooperatives. This include all activities related to exporting and importing of the products that are mentioned in the product section, starting from the first contact made to the customer, through order procurement, purchase &sourcing, processing till the goods are shipped and payment is collected from the customer.

It applies to all rules, regulations, and policies, procedures of importing & exporting country for:

  • 100% compliance
  • Profitable & successful completion of all business activities for each transaction.

Export / Import compliance policy

Consistence is a legitimate commitment and lack of awareness is no safeguard. Abandoning it to maybe a couple unadulterated "agreeability individuals" who guarantees that the group is educated of changes, is insufficient. It needs to swarm over the helpful.

Consistence is past the organization. It is a fundamental connection in importing/ sending out chain and requests due time and consideration. Guarantee consistence (practical judgment skills, cooperation 7 record-keeping), play by the standards and be proactive to changes in the tenets and you will get a notoriety for spot-on conveyance without additional cost, fines or punishments and be esteemed by your clients.

Agreeability is an absolute necessity for exporters/merchants and thus is "a lifestyle".

Essential components of compliance

  • Understand what you are importing
  • Understand what you are selling.
  • Understand needs of your customer & destination country.
  • Understand keep up-to-date with laws and regulations.

Financial Compliance

Compliance issues related to financial management of sale/purchase, most stringent being illegal movements of money. Aspects to be kept in mind

  • Money laundering
  • Customs Duties & Excise
  • Guarantee & credit insurance compliance
  • Bribery & Client entertainment
  • Information Security &Data Protection
  • Trade finance & L/C
  • Taxes: VAT and indirect taxes
  • Exchange controls
  • Intellectual Property

Custom compliance

Custom consistence, a specialized territory, can be overseen by frameworks, precise paper work, preparing and counsel (both inside and outside).

For using Expeditors for your traditions needs, you can better deal with your project and Meet the prerequisites of the continually changing administrative environment. Record your import, fare and security affirmations electronically. Improve existing traditions agreeability projects, for example, organized commerce zones, uncommon administrations, fringe intersection and exchange inclination. Minimize danger and future potential expenses of rebelliousness.Export/ Import entry type

  1. Export/ Import declaration
  2. tariff No./Code/Unit
  3. Standard tariffs and concessions
  4. Value of goods and method of valuation
  5. Weight of the shipment
  6. Tex number/ IRD No.
  7. Country of Origin
  8. Country of shipment
  9. Method of transport
  10. Trade terms
  11. Dangerous/ Hazardous goods
  12. Special Exports/ Imports: Foods

Organisational Structure

Organisation structure is based on the business process and functions & the structure identifies individual, team & department authority, responsibility & coordination for all export compliance activities. Authority and responsibility, coordination:

The export import Compliance officer is dedicated and empowered to carry out all compliance related activities related to all business transactions.

Standard Operating Procedures (SOPs)

Quotation

  • Pro-forma invoice is generated by Sales and marketing
  • Quotation contains Customer, Product and country
  • According to Trade terms cost will be decide ( Cost of goods, Freight, Transportation, Margins, and other cost will be added)
  • Match Quote with Agreement Approval from the marketing head and finance departments.

Contract

  • Contract is made by Sales and marketing team
  • Important Clauses to be added in Contract
  • Both party name and address
  • Payment Terms
  • Credit
  • Dispute Settlement
  • Terms of trade
  • Description of the products
  • Approval given by Marketing Head, Finance and Legal, Export Compliance Officer co- signs

Purchase Order Processing Procedure

  • Set limits on basis of value of goods.
  • Purchase requisition
  • Higher value: Purchase requisition filled, contains description of purchase, purpose or use, quantity, Supplier/No. cost
  • Requisition Approval: Purchase requisition approved and signed by plant manager
  • Purchase order form: based on approved purchase requisition PO is made
  • Placing order: PO mailed/couriered, copy of PO faxed to supplier to confirm order
  • Filing of POs: PO no. recorded in PO log book with date issued & supplier details Receipt of product: Matched against PO & included in inventory
  • Receipt of product: Matched against PO & included in inventory

Procurement of the order

Receiving Order: Electronic/ written (verbal- details sent to customer-'Acknowledgement of order')

Verifying Order: Sales Manager verifies order against quote (Price, qty, product number/description, delivery, credit, trade terms, documents, and payment terms). Take approvals from sourcing, production, finance and sales/marketing along with export compliance officer.

Plant Manager Review & Schedules Work Order:

Plant Manager receives copy of Work Order for review & scheduling (weekly production meetings).

Purchasing of the order (Import department):

  • Work Order, SOP, production counting sheet put out during production
  • Import dept. purchase as per schedule of Import Manager as per SOP
  • Work order will be completed by Import manager & added to open order file

Shipping the order (logistic department)

  • Shipping to customer as per sales order
  • Copy of packing list
  • BOL given to billing department, Order completed.
  • Customer Order form also given to billing department

Documents for the Order

  • Important & relevant documents as mentioned in the contract. as agreed upon need to be sent to facilitates
  • All documents have to be latest and in compliance with the requirement of the relevant regulatory authorities
  • The Export Co ordination offices will approve the needed documents

Invoicing the Customer:

  • Invoice according to terms of sales order
  • Invoice numbers recorded on customer order form when order is completed

Receipt of payments:

  • Payment receive from customers
  • Processed by accounting department

Records of sales order:

  • Once order is completed all the below are placed in the order file under customers name
  • sales order
  • Acknowledgement of order
  • Customer order form
  • Work order
  • Invoice &payment records kept in separate files

Record keeping:

This part is vital for each business in light of the fact that recordkeeping approach is an imperative segment of any records administration program. A strategy gives the structure which such a project works. It certifies an association's dedication to guarantee that real, solid, and usable records are made, caught, and figured out how to a standard of best practice and to meet the association's business and administrative prerequisites. It can be a powerful method for conveying to staff their recordkeeping obligations and is itself a record of an association's endeavor to meet necessities for responsibility.

Purpose

This area quickly traces the fundamental points of the recordkeeping strategy. For instance, it is liable to express that the strategy builds a structure for the association's records administration program and blueprints staff's obligations.

Basic records

To meet basic legal requirements, you must keep the following:

  • Material safety data sheet (MSDS) :for any kind of new material or machinery we have MSDS each one.
  • a cash book or financial accounting program- that records cash receipts and cash payments
  • bank accounts- cheque books, deposit books and bank statements
  • employment records- hours of work, overtime, remuneration or other benefits, leave, superannuation benefits, termination of employment, type of employment, personal details of workers, employee personal contact and employment details
  • Occupational training records- for both you and employees to comply withwork, health and safety lawsincluding evacuation and emergency training attendance.
  • sales records- invoice books, receipt books, cash register tapes, credit card documentation, credit notes for goods returned and a record of goods used by the business owner personally
  • proof of purchases- cheque butts (larger purchases), petty cash system (smaller cash purchases), receipts, credit card statements, invoices, any other documents relating to purchases including copies of agreements or leases

It is a smart thought to keep individual and business records separate, to improve business reporting and expense forms. Case in point, utilizing a devoted business credit and platinum card for costs of doing business will make it simple to divided business and individual costs.

End of financial year records

To meet legal requirements, maximise your tax return or minimise your tax bill at the end of the financial year, keep the following records:

  • details of stock on hand- at the beginning and end of the financial year
  • a list of debtors and creditors- for the entire financial year
  • Capital gains details- records of asset purchase dates and agreements, records of sale, disposal and proceeds received details of commissions paid or legal expenses, improvements made to an asset and any other records relevant to how you calculate your capital gain or capital loss.
  • Depreciation details- original purchase agreements or tax invoices, a depreciation schedule, the cost of transporting the items to your business (if applicable), installation costs (if applicable).
  • Expense records- cheque butts, receipts, cash register tapes, copies of statements and invoices, credit card documentation, details of payments by cash and log books.
  • Staff and wages details- full details of wages, employment contracts, tax deducted, fringe benefits, superannuation, sick pay, holiday pay.
  • Basic accounting records- stock records, accounts receivable, accounts payable, other records.
  • Agreements- sales and purchase contracts, loan agreements, rental agreements, lease agreements, franchise agreements, sale and lease back agreements, trading agreements with suppliers, legal documentation.
  • Other documents- deposits with utilities, contracts with telephone companies, your business name registration certificate, capital gains records.

Depending on your industry, keeping the following records may be a legal requirement, but it is best practice to keep them for 5-7 years:

  • employee accreditation certificates and licences- copies of permits, registrations and licences employees need to do their jobs
  • employee resumes and job applications
  • Performance reviews- including assessments ofstaff performanceand agreements between you and your employees.
  • position statements and job advertisements
  • Customer records- personal details, products purchased and product enquiries that are useful forfinding new customers.
  • Customer complaints- details ofcomplaintsabout products, service, staff or anything else, and steps taken to resolve them.
  • Details of any disputes with other businesses- including how you went about resolving disputes.
  • Insurance policies- regularly review and update yourbusiness insurance, especially when your business grows or changes.

Training

Training to be Provided – Introductory Training for All New Employees

For all new workers, organization ought to consider giving starting fare administration and agreeability preparing. As a major aspect of this on-board mindfulness preparing methodology for new representatives, organizations may need to incorporate a security instructions that covers organization particular danger preoccupation mindfulness and preventive efforts to establish safety.

Introductory awareness training should generally explain:

  • What an export is.
  • How exports are approved.
  • When exports are denied.
  • License conditions.
  • License exception parameters.
  • How a violation occurs (including potential releases of technology).
  • The company-specific “red flags” for potential export violations.
  • The national security concerns underlying export compliance.
  • The company-specific concerns underlying export compliance.
  • How the company’s products relate to those underlying concerns.
  • Identification of high-risk areas.
  • Awareness for technical exchanges through telephone, facsimile, e-mail or in person
  • The employee’s specific duties and the importance of each employee in the overall compliance program.

Training to be provided: Intermediate Training for Employees with Export-Related Jobs and Functions

Intermediate training provided to export-related jobs employees or those who regularly deal with export issues should be tailored to the specific job functions of the employees but should also include, at a minimum, the following:

  • Company-specific product diversion risks.
  • The company-specific “red flags” for potential export violations.
  • Screening procedures.
  • The roles and responsibilities of all company export personnel.
  • Employees reporting obligations and requirements.
  • Expectations regarding audits/assessments.
  • The implications of export violations -- administrative, civil, and criminal penalties, personal liability, firing, etc.
  • Recordkeeping requirements.
  • Ant boycott requirements, if applicable.

Training to be provided: Advanced Training for Export Compliance Personnel

Representatives who are specifically in charge of guaranteeing the organization's fare consistence ought to be prepared. It is prescribed that they ought to be obliged to go to cutting edge formal preparing at any rate once a year. This preparation may be as on-line classes, in-house workshops, or outside courses. By taking an interest in formal agreeability preparing, these representatives can stay present on administrative necessities.

MANAGEMENT REVIEW

The Management Review is a methodology to cooperate to guarantee the Co-agent's specialties units are performing admirably close by each other and adding to the general accomplishment of the organization. Our Strategy expands on our qualities and secures our development for the following decade. We can't do everything so have concentrated on the best open doors for development and where we can win.

Internal and external audits

The Company perceives that intermittent reviews and surveys of systems and frameworks of work are foundations to a persistently enhancing organization execution and giving an abnormal state of administration.

The rationality of intermittent reviews and audits try to fulfill the Group's ethos of constant change in administrative, contractual and organization consistence notwithstanding distinguishing open doors for development in the administrations we give.

Areas- Marketing, Finance, Purchase.

Frequency:-

  • Marketing audit will happen monthly.
  • Finance audit will happen yearly.
  • Purchase audit will happen monthly.

Type of Audit: - Internal/external.

Audit review:-

Audit

Findings

Course of action

Marketing

Mistake found in matching of trade terms in quote, order & other documents.

Prepare a checklist mentioning/ matching important elements in each document and all signatories to tick on the same.

Finance

Mistake in profit and loss account and balance sheet

Consider last inflow and outflow of transactions to watch out the differences.

Purchase

Fail to manage inflow of Raw material and

order should be given according to the stock control so that out of stock and over stock can be managed.

Risk Mitigation Plan

The risk evaluation and management process is at the “heart” of the Business management system and is applied extensively to all DOF

Group activities that have the potential to:

• Cause harm to people or the environment;

• Damage company assets and / or property;

• Damage the company reputation;

• Disrupt business continuity through loss of financial, commercial or leadership control.

Risk indentified

Impact of risk

Mitigate risk

Compliance risk

Goods can be stopped

All document needed for clearing export & import customs have to be provided by Export Credit Office

Civil/criminal proceedings

Breach of contract

Dispute.

It can take long time and be costly to solve.

Legal department has to make the contract.

Appendix:

  • All document dummies can be mentioned here along with the place they are stored.

All SOP’s can be mentioned here.

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