Page 1: Introduction
All organisations require the use of resources. Whether these are physical resources, such as property, equipment and materials, or less tangible human resources, money is required to pay for their use. As a result, the management of finance is always inseparable from the management of every organisation as a whole. Revenue flows, from various parts of every business, change from time to time. When this happens it is important that an organisation identifies and develops alternative sources for generating finance.
This case study examines how one organisation dealt effectively with a key funding issue when faced with the loss of funds from a major area. It describes how British Waterways has re-aligned its activities in a way that maximises revenue potential from a range of sources in order to create financial stability.
As a public body responsible to the Department of the Environment, Transport and the Regions, British Waterways manages and cares for over 2,000 miles of Britain’s canals and rivers. British Waterways maintains canals for boating, angling and other uses. Work includes:
- ensuring canals and rivers are safe places for people to enjoy
- maintaining locks, bridges, towing paths and the waterways themselves
- looking after the whole environment, i.e. buildings and wildlife that are associated with canals and rivers
- endeavouring to ensure there is the right amount of water in canals and rivers
- earning income from a wide range of waterway-related businesses to reinvest in the future of the waterways.