Every company wants to expand its operations and increase its revenue. A business plan with a five-year strategy to increase revenues is essential for a company to grow. Business plans have many components, and for this assessment, you will develop a business plan focused specifically on accounting and financial practices for growth.
For this assignment, you will select a different company than in the prior assignments. You will develop a business plan for growth focused on accounting and financial practices to expand operations and increase revenue for your selected company. The plan will include a five-year strategy to increase revenues by 10%, and a recommendation for an organizational structure with mandates for effective corporate governance of internal controls, and practices for supporting an ethical environment. You will conduct research to identify industry best practices for strategies to increase financial performance and achieve the optimal position in the market while maintaining ethical financial practices. The plan will also integrate the relevant best practices as appropriate for the selected company.
Write an 8–10 page paper in which you:
1. Analyze a selected company, its operations, and its associated industry and evaluate these areas for development of a business plan for growth to increase revenues by 10% over the next five years with ethical financial practices.
2. Recommend three or more well-defined improvements to corporate governance over the internal controls supported with examples of how the recommendations would impact the company’s financial statements.
The recommendations could be for improvement of sales, justification of opening different markets, or enhancement of current operations.
3. Recommend two or more improvements in ethical standards from an accounting perspective that are supported with examples of how the recommendations would impact the company’s financial statements.
The recommendations could be for better financial control, reduction in the loss of product, or increase employee collaboration.
4. Evaluate at least two industry financial best practices to increase financial performance, optimize market position, and maintain ethical practices currently not applied at the selected company to propose a method for the company to integrate the best practices with the least cost possible.
5. Recommend at least two industry practices to apply within current operations of the selected company that will increase financial performance, optimize market position, and maintain ethical practices.
6. Provide at least four reliable, relevant, peer-reviewed references, published within the last five years that support the paper’s claims.