Management of Financial Resources and Performance

Management of Financial Resources and Performance

Introduction

This management report aims to discuss the financial performance and financial resources management of the company Topps Tiles PLC. The motive is to critically appraise the financial performance of the organization, as well as, the impact of major strategic decisions of the organization. Further, the report will provide detail insights about the strategic decision making of Topps Tiles PLC, by focusing on delivering exceptional value to their customers. In order to meet this goal, the strategic decision of Topps Tiles PLC is to focus on expansion and growth of the company by continuously increasing their market share with the help of Topps Tiles competitive advantage, and by focusing on new marketing initiatives. Moreover, the report will also highlight how this decision of availing new market opportunity is helpful in impacting the organization's performance positively, and how it effects the financial resources of the organization. In addition to this, the relevant approaches and methodologies that have their impact on company's strategic decision making will also be discussed. Stakeholder's expectations about the company, financial objectives, and agency issues will also be a part of the report. In the end, conclusions and recommendations are also drawn about how Topps Tiles can improve its strategic decision making process.

Background of Topps Tiles PLC

Topps Tiles PLC was founded in 1963, by opening its first tile center in Manchester. The company specializes in maintaining its position in the top most tile retailer of Britain, by providing high quality products to their customers. Topps Tiles PLC is successfully running 300 stores throughout the United Kingdom, with a growth rate of opening 20 stores every year. This growth and expansion policy makes it possible for the company to remain on the topmost position in providing the biggest tile and wood flooring throughout the United Kingdom. The range of products that Topps Tiles provides include an unbeatable range of floor tiles, walls, laminate, natural stone, under floor heating, and solid wood flooring. I addition to this, company also provides its customer an exclusive range of all necessary accessories, tools, grouts, adhesives, and cleaning products that they will need for their flooring. Topps Tiles focuses on customer satisfaction as their top most priority. Hence, they also provide numerous services to offer additional practical support for the customer, such as the “How to” DVDs that make it easier for customers to achieve perfection in what they need.

Literature review

The Topps Tiles PLC is the United Kingdom's leading company in providing tile retailing products and services. This makes the company equally active in news and articles. According to Matthew Williams, the Chief Executive Officer of Topps Tiles PLC (2011), the company has now reached 321 stores providing higher levels of customer satisfaction as a market leader in the industry. However, the revenues of the company have decreased by almost 6.9 % for the year 2011. Discussing on the results of the last year's financial performance of the company, Matthew stated that the company is facing ...