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Category: Business and Industry
Date Submitted: 04/21/2016 06:45 PM
Fitness Clubs
Mile High Performance Fitness Clubs
Christina Crouse
Managing Sport Organizations
Mile High Performance Fitness Clubs
Management decisions are made to move an organization closer to their goals. In the case of the Mile High Performance Fitness Clubs (MHPFC), being in the sport industry, they want to hone in on the sport-related spinal and neck injuries. By doing so they hope to grow a good reputation, attract top employees, and potentially partner with the area hospitals. The main goal of the decision that Mile High Performance Fitness Clubs (MHPFC) managers must make is to define whether it was beneficial, during the year it has been in place, to continue with this specialty program. They need to know weather or not they will be profitable. In order to do this they will have to look at all the information from the year they implemented the program.
In order to identify and explain whether or not it will be beneficial to continue with the specialty program financial information including profit and loss accounts is needed to support the decision-making process. This will also show whether the business is making good use of financial resources and changes that could be made if need be. The balance sheet will show details of assets, liabilities, and liquidity of the program. Sales and purchase information that sets out that particular program, purchase of assets and liabilities, wages paid out, and costs.
Providing this steady and up to date information will help make the appropriate decisions about how to reduce costs, increase sales, raise profitability, when to purchase new capital assets like new employees. “Managers re able to monitor budgets in order to spot variances and make ongoing adjustments to plans” (Stratagy theory, n.d.). Financial information can be compared to those of a similar company or previous time periods to find areas for improvement.
Since it is necessary for the team to work together to come to a collective...