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Renewable Energy Solutions (RES) Ltd Liam Best, an electrical engineer, established Renewable Energy Solutions (RES) Ltd ten years ago - Leaving Cert Business - Question Question 1 - 2009
Question Question 1
Renewable Energy Solutions (RES) Ltd Liam Best, an electrical engineer, established Renewable Energy Solutions (RES) Ltd ten years ago. The business imports, suppli... show full transcript
Worked Solution & Example Answer:Renewable Energy Solutions (RES) Ltd Liam Best, an electrical engineer, established Renewable Energy Solutions (RES) Ltd ten years ago - Leaving Cert Business - Question Question 1 - 2009
Step 1
Illustrate, using examples from the above text, four enterprising characteristics/skills shown by Liam.
Answer
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Initiative: Liam Best demonstrated initiative by identifying a niche market for solar panels in Ireland. Instead of continuing in his previous job, he decided to start his own business, showcasing his proactive approach to opportunities.
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Risk-taking: By investing his time, knowledge, and funds into RES Ltd., Liam took considerable risks, especially given the fluctuating market for solar panels.
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Adaptability: Liam's confidence in the future demands for green energy sources and ability to pivot the company's focus based on changing market regulations exhibits adaptability.
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Leadership: Even in the face of current challenges, Liam is reaching out to his staff and engaging them in discussions about company decisions, demonstrating strong leadership qualities.
Step 2
Discuss three types of management control that you would recommend Liam put in place to secure the future of RES Ltd.
Answer
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Financial Control: Liam should implement stricter budget controls and cash flow management to monitor inflows and outflows effectively. Regular financial audits can help identify areas where costs can be cut and revenues increased.
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Operational Control: Establishing clear operational guidelines and performance metrics for employees can ensure productivity and efficiency. This includes setting up a system for monitoring inventory levels to avoid overstock and reduce storage damages.
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Human Resource Control: Liam should foster open communication with employees to engage them in the company's direction. Facilitating feedback mechanisms, such as anonymous surveys, can help employees feel valued and can provide insight into the workforce’s concerns and ideas on overcoming current challenges.
Step 3
Describe, using the above text, one possible non-legislative and one legislative solution.
Answer
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Non-legislative Solution: One possible non-legislative solution could be for Liam to establish a clear employee engagement strategy, involving regular meetings and feedback sessions. This can strengthen workplace morale and help workers feel more secure in uncertain times.
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Legislative Solution: A legislative approach could involve Liam seeking government assistance or subsidies for renewable energy projects. Engaging with local authorities to explore provisions that support green businesses can help alleviate some financial pressures.
Step 4
What should Liam have done to lessen likelihood of conflict?
Answer
To lessen the likelihood of conflict, Liam could have communicated the necessity of the 10% pay cut more thoroughly. Engaging employees in discussions before implementing changes would allow him to address their concerns and explore alternatives. Additionally, explaining the reasoning behind the pay cut and how it will benefit the company in the long term may foster a sense of unity and understanding among staff.