Compliance Budgeting, Essay Example

Why is it important for an agency to cultivate a clientele?

In the field of developing business operations and agency recognition in the market, retaining old clientele loyalty is an important aspect to consider. The capacity of an organization to make sure that the clients they give service to would come back or return for the same product or service is a cheaper option that continuously renewing the marketing approach that is embraced by the business. Affecting new clients is somewhat expensive as it does require continuous research that the agency should undergo; such operations cost specific amount of investment. On the other hand, keeping loyal clients is a cheaper choice as it just needs a constant assurance of the clients’ satisfaction every time they return for more service or to buy more of the products that the organization offers.

Cultivating clientele is a strategy of assuring an organization’s continuous existence in the market. The responsive condition by which the market appreciates the organization as an entity that is able to satisfy their needs and demands is an assurance that the organization could remain in the market for a long time amidst the existing competition in the industry. With the organization’s capacity to cultivate a clientele, the business begins to make a mark in the market that even becomes easier to recognize for new ‘buyers” which relatively expands the impact of the organization as a whole. In a way, the cultivation process involves the capacity of the organization to create a culture among the members of the market that it serves. Through this culture, the identification of the agency, which is supposed to set it apart from others, become vivid hence making it easier for the market to recognize what the agency is about and what it hopes to provide the society with. Through this, not only is the agency establishing a name, it also establishes an identity that people could relate to and later on appreciate for business’ sake.

What is the agency budget officer’s perspective?

When an amount of money is used, there is always an expected amount of return. Every monetary asset that comes out from a business’ fund should always have a revenue return that would benefit the organization as a whole. Hence, for an agency budget officer, the perspective on budget is more related to how he would be able to utilize the available amount of money to improve whatever the organization is already thriving in. Every release of money is considered as an investment on the part of the business. In relation to this, it is also important that the monetary source released provide as much benefit as necessary to the main stakeholders of the organization both within and outside its territories of operation.

This is where proper decision making practices come into proper use. Seeing which investment would be most beneficial for the whole organization is a necessary matter to give attention to. In a desire to manage monetary resources properly, budget officers ought to see the development of the business based on past performance. From this point, decisions of investment should be given way. Carrying on the current condition of the organization and what is expected to become in the future in relation to business performance and operations, budget officers are expected to measure how much monetary resources could be used in the current time that would assure of a future return that the organization would benefit from. The role of the budget officer is then considered crucial in the manner by which monetary assets are being utilized in the organization and how these assets are further improved for development for the sake of future progress. On the part of the budget officer’s consideration of his role, his understanding of the importance of his actions and the crucial point of his decision could provide a sense of progress or could even jeopardize the growth of the agency in case he does not use the authority he has over monetary resources properly.

References

Juneja hu Juneja, FirstHimanshu, and Prachi Juneja. “Management.” Management Study Guide.

Kleiman, Lawrence S. “Management and Executive Development.” Reference for Business: Encyclopedia of Business. 2010.