Department Budgets: Huffman Trucking

Department Budgets: Huffman Trucking

Week 2 FIN/486

March 30th, 2015

Professor

Department Budgets: Huffman Trucking

Department Management,

Nearly every successful and sustainable company develops and uses a budget to reach its financial goals. Managers must recognize that they play a central role in effective team building and work division. Each department functions as its own designated team, responsible for their budgets in the specific sheets provided to them. Any employee working for the clientele base of Hoffman Trucking makes up a part or player of the team. Finance, operations, engineering and human resources are the major departments of Hoffman Trucking. Creating a strategic plan highlights management’s duty, although some parts of planning involve more of the organization. This plan is intended to highlight specific needs and duties to further growth, build competitive advantage and be used as a medium to communicate the strategy with the rest of the Hoffman staff (Kamen, 2010).

Prioritizing company financial needs will work to provide focus and direction through the use of the strategic plan. The company mission, vision and goals should be considered first as the initial creation of the strategic plan. The plan should deliver a unique value through its strategic differentiation, with a clear understanding of the current market position and clientele needs. The high performing team made up of players in the finance, operation, engineering and human resource departments are consistent with following the decision-making process for collected data, structure and systems in place to assist in reaching company goals. Combining skills of employees within finance, human resources, and marketing could scale down the given departments. This type of effort may work to maximize company investment and allow further employee efficiency. Similar departments can be combined to maximize operational efficiency. Different members of the team should be...