THE CORPORATE PROFITABLILTY PLANNING PRACTICE AND TECHNIQUES
This work ‘’corporate profitability planning practice and techniques’’ taken the view that business organizations, accounting systems and all financial institution should adhere to ‘’profitability’’ as their primary objective in their organizations. Based on this aphorism this work attempt to treat the techniques and principles to abide in an organization so as to attain the height desired.
This work is arranged in such a way that one chapter flows and naturally leads to another. Organized in three chapters, the work start in chapter one with background, impose, importance and so on of the study.Chapter two, the literature reviewed and chapter three the conclusion, recommendation &summary.
However this work would be valuable to people in business organizations, financial institution and any accounting firm will find it worthwhile.
TABLE OF CONTENT
THEORITICAL FRAME WORK OF STUDY
STATEMENT OF PROBLEM
PURPOSE OF THE STUDY
THE IMPORTANT OF THIS STUDY
DEFINITION OF TERMS
EVOLUTION OF COPORATE PLANNING
UNDERSTANDING THE CORPORATE
PROFITABILITY PLANNING CONCEPT
DEFINITIONS BY DIFFERENT PEOPLE
AND RESEARCHES CONCLUSION
WHY CORPORATE PROFITABILITY -
PLANNING FOR NIGERIA ACCOUNTING -
FIRMS AND BUSINESS ORGANISATION
Planning is an age long concept. NEWBSTERS DICTIONARY said that it is a proposed or intended course of action etc. blaster cracian, a Spanish Jesuit was credited with the following statement over three hundred years ago. Thinking in anticipation today for tomorrow and indeed, for many days, the greatest providence is to have forethought for what comes. What is provided for, does not happen by chance nor, is the man who is prepared over beset by emergencies. One must not, therefore postpone consideration till the need arises, the whole of the life should be spent thinking about how to find the right course of action to follow. Though forethought give counsel both in living and on achieving success’’.
Moreover, J.A. Akingbade had this to say that ‘’the future of the present is in the past, and the future of the future of the is in the present’’.
It is through this planning processes that courses of action that reduces uncertainty about the future are formulated. This also help in absorbing many pressures on the business decision of business organizations in Nigeria, they are faced with stiff challenges of maintaining adequate liquidity talk of operating beyond solvency level. It is only organizations which operates within a formal planning system that would be able to prevent such tremble situation. It is also through corporate planning practice that factors who asked to write from this point such is inflationary pressure that would undermine profitability would have been brought to a solution to prevent or reduce their impact sought.
Generally, there can be only be one proof for the introduction of a system, corporate planning into a company. A belief that it can head to improved results, which for the business sector means increased profit for a government agency, an educational body or other similar limits may than increased service at a lower costs.
It is no secret that an ideal business men should operates in such a way that profit is always considered very important, the reason is clear. A company that consistently fails to make profits will sooner or later ceases to exist. A fetching for profit must be hold by all managers in many organizations if the company is to be successful. Prudent and successful managers regard profit as supreme and take it into account during planning process not only for short-term profit but long-term growth.
According to B.H. he believe that profit planning should be an all-pervading management actively that guides the use of company resources at all management level.
However, the future of any management decision and should be given the consideration it is on this factor that the project CORPORATE PROFITABILITY PLANNING PRACTICE is concerned.
Although there are some setbacks such: changing in business environment, steady technology and advancement, the growing complexity, national and international economic system have complained to increase risk in business sector, hence proper corporate planning is imminent in all management of business enterprise and necessity to maximize profit.
Therefore, the project encourage the organizational planners to adopt effect means (the corporate planning) overcome all odd that could discourage the organization attaining the climate expected of them.
1.2 THEORITICAL FRAMEWORK OF THE STUDY
This study focuses on corporate planning techniques and its objectives and the application of these techniques in business sector to achieve profitability as the result of the efforts. Techniques to be used here are those feasible for organizational process.
Some available techniques involve application of mathematical principle development of scales of measurement and other technique analysis.
The contention of this project and its primary assumption are that corporate planning based on traditional and modern techniques are very important strategy which assures profitability to every business in this current Nigeria. While the key to corporate objectives of every business is to maximize profit.
However, profit is to only the aspect of corporate planning objective, there are secondary objectives, not because they are less vital but because they come into being after the corporate planning objectives is already set out as the key element of business of the future. As U.Hussy rightly injected that secondary objective describes the company’s future identity.
1.3 STATEMENT OF THE PROBLEM
There are both major and minor sub-problems.
MAJOR PROBLEMS: this project attempts to determine whether corporate profitability planning concept is being applied by Nigerian business sectors.
To know whether the nature of technique and proneness utilize in the application of the concept with respect to:
1. Objective of developing the programme
2. Factors considered in developing the programme
3. Caliber staff use in establishing planning objective
4. Awareness of this programme
5. Frequency of this review
To determine the extent to which the concept is being applied.
The problem affecting the effective implementation of the concept.
1.4 PURPOSE OF THE STUDY
The purpose of the project topic in organization is on the increasing power of efficient co-ordination of firms daily operations as a motivating factor in achieving targeted profit. It also aim at reviewing planning techniques in Nigeria commercial environments and to make use of more dynamic and articulated corporate to make use of more dynamic and articulated corporate profitability planning concept in Nigerian business sector.
1.5 IMPORTANCE OF THIS STUDY
this is very important to the researcher on the corporate profitability planning concepts, management, accountants, bankers and managers. This is because it give them the insight into the nature of this project, the benefit exist sis the effective implementation of the concept and the various techniques exist for implementing corporate planning, it can also serve as a reading material for leisure time.
(i) RESERCH QUESTION
As a corporate planning officer in your firm, would you see corporate planning as contributing factor to profit making in the organization?.
(ii) What major techniques do your organization use to forecast the future in attempt to achieve proper planning?.
Having closely observed the aforementioned research questions, the following answers were reached:
i Corporate planning has a significant impact to profit making in an organization.
ii An attempt to achieve proper planning has a substantial effect on the organization.
the scope covered in Accounting firm. Though taken for a study reference for clarity and emphasis to other establishment alike.
DEFINITION OF TERMS
The following terminologies are defined to reflect the meaning attached to them by the researcher in the course of this study.
CORPORATE: used to mean a firm of business organization with many owner, each owner liable only for the amount of him investment in the business.
CORPORATE OBJECTIVE: Used to be synonymous with profitability only corporate objectives.
DECISION MAKING : Is used as choosing one best system of achieving a particular goal (profitability)
PLANNING: This is used as a design for effective future ways in which a system can be used to attain a desired purpose.
PLANNING MODEL: Used to mean device used in manipulating desired purpose.
PRFITABILITY: Used to mean the short or long term growth in the return on shareholders investments.
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