My schools only done Finance out of those two, but I guess my advice would still be applicable for both.
Firstly, directive term is
Evaluate - "Make a
judgement based on criteria; determine the
value of" - In this case, the
criteria is the financial management strategies, and the value is the
importance of these strategies and how they
improve business performance.
Now, the syllabus gives you four different strategies you could use, however, it's up to your discretion to decide how many you choose - this will be based on your confidence, time, and knowledge.
Personally, I'd head towards this in an essay format, and add headings [insert strategy name here] before my body paragraphs. So, you have four financial management strategies; cash flow, working capital, profitability, and global financial.
For the sake of an example, we'll use cash flow management strategies. The syallbus breaks this particular heading down into three 'sub-strategies', - distribution of payments, discounts for early payments, and factoring. Depending on your time, you can choose to write about all of these, or only one. Personally, if I was picking one I'd go for factoring as it is the one I'm most confident about. In this case, I'd talk about how a business may use to factoring as a financial management strategy to -> gain access to funds quicker ->potentially reducing lead times -> increases efficiency of the business -> increases working capital due to injection of funds etc etc. And make sure to reinforce its value and
how these potential benefits will
improve business performance. And you
will need case studies, in my case, I should opt for a small business to reinforce my point better, make sure you have a couple of case studies ready, but also know one or two thoroughly.
Hope this helps
