The current financial distress of the company
Harvey Industries, a Wisconsin company specializing on high-pressure washer systems sales and repair, was known for CEO, the company suffers from serious hardships. In the following paper, the current financial situation of the company along with some ways of its improvement will be discussed. Generally, evaluating the facts, it appears that with finding more efficient ways of marketing along with wise advertizing company, Harvey Industries might become a successful and flourishing company occupying new markets with its revolutionary “know-how” making the work of sellers easier and more accurate; in addition, supply chain management is to be improvement in order to make it more efficient, and minimize all the possible manufacturing expenses
Speaking about the current financial situation of the company, it should be stated that Harvey Industries has been in a difficult financial situation. The company reportedly suffered from money loss for a few recent years. The last period’s financial loss is $17,174. On the reason of the company’s significant financial losses, its auditing enterprise started expressing its concerns regarding the company’s ability to stay at the market. In the recent period of time Harvey Industries sold off a part of vacant land next to its manufacturing facility in order to generate more financial assets to manage to cope with its obligations. The Bank of Milwaukee has appointed a new CEO for the company after the death of its previous one. In this sad situation the new CEO faced the urgency of implementation of new management strategies in the area of Supply Chain Management and the Inventory Management.
The recommendations for improvements
Discussing possible measures which might be implemented in order to improve the situation at the enterprise, a few measures can be offered. First of all, the company strategy should be improved including supply chain management enhancement in order to make it more efficient, and minimize all the possible manufacturing expenses. In addition, the financial management of the company is too much focused on paying the personnel, but has few expenses for advertising company. “Advertizing is the engine of commerce”, everybody knows this simple truth. How many companies have proved the truthfulness of this saying! Only the wise financial management focused on aggressive advertising company can prove to be successful (Rynecki 1993). Finally, inventory management is to be improved as well. The company is to offer new products as market never stays the same; the more new products and services are offered the more the customers are attracted. This tendency is even explained by psychological peculiarities of people (Helping to Keep the Possibilities Blooming 2011).
Concluding on all the information related above, it should be stated that Harvey Industries, a company situated in Wisconsin, and producing high-pressure washer systems is suffering from severe financial difficulties nowadays. After the death of its previous CEO the new one dedicated a lot of time in order to reorganize the company so that to meet up with the current situation at the market, make the business more efficient and profitable. With the changes in place of company’s management and financial politics, the case would likely have developed in a different way for the company. With finding more efficient ways of marketing along with wise advertizing company, Harvey Industries might become a successful and flourishing company occupying new markets with its revolutionary “know-how” making the work of sellers easier and more accurate. In addition, the inventory sector of the company is also to be regularly innovated.
References
Helping to Keep the Possibilities Blooming. (June). Business Credit, 113, 28+. Web.
Rynecki, J. (1993). On-site Management in a Post-cfc World. Journal of Property Management, 58, 30+. Web.