Currently, budgeting and financial statuses in the Samuels Waters College are a hindrance to the developments of the organization. Budgeting involves handling the funds within the organization most of which comes from the students’ tuition fees and others from the investors in the organization. Financial statuses involve the payments made to the respective stakeholders concerned and working together with them as a team to share opinions in order to increase the affected business. The statuses in the organization hold the largest part in the organization development since without proper funding and budgeting system no benefit can be realized in the organization. The poor budgeting makes the situation in the organization very harsh such that it is not able to cater for all its financial processes such as paying the staff (Yin, 2003).
The problem in the case study is as a result of poor budgeting due to lack of a strategized budget plan to handle and cover the situation in the organization. The concern of the case study aims at coming up with the proper and strategized budgeting plan to make the realization of goals in this organization easy. It is in the plan of creating a new budgeting layout to improve the institution in its processes. The college, therefore, fails to improve the goal’s set and target plan. The president of the college initializes a budgeting retreat to improve the situation in the organization by inviting representatives of the stakeholders and involve them in the decision-making process. Involving the members of the organization sets it to the development since the views collected favors each and every member of the organization after the implementation. The teams need proper information sharing, and this reduces the chances of development of the organization, (Yin, 2003)
Concerns of the case study
The first solution involves emphasizing and improving collaboration in the business. Since no man is an island in any institution, having a team to support the proceedings and plan for the company. There is a need to make each member feel valued and encouraging them also. Before any collaboration carries a set job, the benefits should be outlined. The team should also have an objective before starting the process. All the team members should feel important by taking each and every ones’ opinion in order to come up with a well-outlined proposal. The team leader should organize meetings which will make it a general way meeting, therefore, when a job on the table needs a study, the laying down of the opinions will be very easy since it is a general way. Turn taking during discussions should get emphasized. It is perfectly acceptable to pause when it is one’s turn in a conversation and give oneself a moment to organize one’s thoughts and think about what you want to say. Outlining clear roles to the team members should also get emphasized. It boosts the collaboration ability to carry out a given task appropriately and efficiently. By cooperation and the responsibility in the institution will be strengthened, and the tasks will efficiently run on a study note (Jackson, 2011).
The plan pointed the methods to improve budgeting of the Samuels Water College to solve the challenges faced during the financial and economic executions. The budgeting in an organization handles and occupies the largest part in every organization since it ensures that the funding of each and every sector of the organization runs smoothly. The necessity to pass knowledge and appropriate skills required in a discussion. Each and every person’s proposal should get considered. There should have an efficient information exchange. The way in which negotiators communicate and exchange information affects the outcome reached via the negotiation. Every member of the team should get an opportunity freely to express the views relating the issue at study. The collaboration emphasis should be carried out by explicitly allocating the tasks to the respective team members. It shall reduce the problem of confusions and lack of understanding when discussing a particular topic (Jackson, 2011).
The proposal however gives way to handle and tackle the tight budgeting issue in the Samuels Waters College. The proposal is based on the case study there earlier as discussed by the team members, and the conclusion aims at giving an outcome as per the discussions. According to the team members’ discussion and the drawn conclusions, the institution should implement and set into practice the new budgeting the system. The new system budgeting plan to be implemented includes having an assessment of what the organization uses as expenditure on the all the funds paid to the organization. Secondly, the organization should have several financial engineers to perform the arithmetic executions on the budgeting procedures and make rectifications if need be on the wrong trends in the budget. Apparently set and focused institution must also embrace the views from each and every person in an organization. The organization must exercise the opinions from all the stakeholders of the organization since the success of any academic institution lies on the hands of the students, staff and the administration. The organization should aim at emphasizing and improving collaboration in the business (Caren, n.d.).
Since no man is an island in any institution, having a team to support the proceedings and plan for the company. There is a need to make each member feel valued and encouraging them also. Before any collaboration carries a set job, the benefits should be outlined. The team should also have an objective before starting the process. All the team members should feel important by taking each and every ones’ opinion in order to come up with a well-outlined proposal. The external bodies include the suppliers to the organization, the banks and the investors to the organization. After the implementation of the new budgeting plan, the institution must make an effort to ensure that the partners of the institution get notified for them to have an idea on the new resolutions in the organization aimed at improving the performance of the organization. The notification to the external stakeholders of the organization gives them the courage to invest more and restore the motivation to continue serving the organization effectively (Caren, n.d.).
Caren, J. (n.d.). The recommendation (1st ed.).
Jackson, B. (2011). The proposal (1st ed.). Don Mills, Ont.: Harlequin.
Yin, R. (2003). Applications of case study research (1st ed.). Thousand Oaks: Sage Publications.
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