Small Business Enterprise: Profile, Financial Performance, Weaknesses, and Expansion Opportunities

This report discusses the profile, financial performance, weaknesses, and expansion opportunities of a small business enterprise. It includes a comparison of financial performance, assessment of weaknesses, suggestions for new areas of expansion, and more.

SMALL BUSINESS ENTERPRISE
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Table of Contents
INTRODUCTION ...............................................................................................................................5
TASK 1.................................................................................................................................................5
1.1 Profile of the company...............................................................................................................5
1.2 Comparison of Financial Performance......................................................................................5
TASK 2 ................................................................................................................................................6
2.1 Assessment Of Weakness...........................................................................................................6
2.2 Existing performance.................................................................................................................7
2.3 Suggest new areas......................................................................................................................8
TASK 3 ................................................................................................................................................9
3.1 Assessing Business Objectives..................................................................................................9
3.2 Reviewing the business plan....................................................................................................10
3.3 Implementation of action plan.................................................................................................10
TASK 4...............................................................................................................................................11
4.1 Impact of proposed changes will have on business and its personnel.....................................11
4.2 Plan for managing change........................................................................................................12
4.3 Improvement in the business operations..................................................................................13
CONCLUSION .................................................................................................................................14
REFERENCES...................................................................................................................................15
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INTRODUCTION
United Kingdom is one of the welcoming country for the new start-ups and further
dominated by service industry. This report reveals the success story and business plan of the
Razzmatazz, children's theatre and Drama Company which was founded by Hutton Gosney in 2007.
It has expanded its business in around 14 countries which run fun and funky classes for children
from age 2 years to 18 years (Strom, Sears and Kelly, 2014). This is the innovative business
exclusively for kids and providing a platform for their overall development. Further this report
entails the new areas for further expansion of business and maintenance of existing performance of
business. Moreover current business plan is reviewed and recommendations for improvement are
provided. Furthermore, this report deals with change management techniques and measures to
implement the same. Financial performance of the business is compared and suggestions for further
improvement are provided. Thus, expanding the business operation requires different evaluation
needs to be improved so that business success can be attained.
TASK 1
1.1 Profile of the company
Particulars Description
Name of the business Razzamataz Theatre Schools
Owner Structure Private Limited Company and major shareholder is Ms Denise Gosney
owning more than 75% shares
History/ Background It was founded by Denise Hutton Gosney in 2000 and in 2007 e took it
to business programme conducted by BBC, Dragon's Den were investor
Duncan Bannatyne supported to launch company all over the country.
Its activity Inculcating social skills in youth and children with the help of dance,
drama and singing.
Business Location Registered office is in London but has expanded to 14 countries through
outlets. It offers training for all the performing arts including musical
theatre, dance and song, drama, improvisation and physical theatre.
Strengths and
Weaknesses
Strength - Serving the children worldwide in around 14 countries
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Weakness – Market and popularity is restricted to children and adults
are not attracted. Further school runs only on Fridays and Saturdays.
Along with this, the major weaknesses is that to the theatre have a
limited opening times.
Nature of business The Razzmatazz have a drama school in which they provide arts,
dancing skills and train on drama to the youth generation people in the
UK market.
Market It Operates its business in theatre industry
1.2 Ratio analysis of Financial Performance
Financial performance of the company can be adjudged on the basis of profitability and the
assets liabilities managed by it.
TWOS analysis
Strengths
Razzmatazz theatre strength is that it always
launch new product and services for its
customer.
It uses different promotional activity for
attracting customer
Weaknesses
Razzmatazz price of product and services is very
high.
It performance is not of high quality
Weaknesses
Razzmatazz price of product and services is very
high.
It performance is not of high quality
Threats
Razzmatazz is not had enough finance.
It not has highly skilled employee
Weakness of Razzmatazz theatre is that it have highly skilled employee as compared to the
City academy. On the other hand city academy company price of product and service is very low
while Razzmatazz theatre price of product is not high.
For comparing a financial performance of Razzmatazz Theatre with other company it is necessary
to make sure that financial statement have been audited (Strom, Sears and Kelly, 2014). Further it is
necessary to verify that number of reported are from the same accounting period such as January to
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December. Along with this comparison can be done of the basis of profit and loss statement.
Company who are operating it business in market then it need to identify its weak area and
then try to take an action to overcome it. Analysis of the Razzamataz Theatre using comparative
measure is discussed below:
Operational analysis
Razzmatazz Theatre is facing a competition and its main competitor is City academy which
is serving a low price services to its customer. For carrying out the operational analysis of any
business it can be done on basis of two parameters. It can be done on basis of employee turnover
ratio and services quality (Khanal and et.al., 2017). Further competitor of Razzmatazz Theatre that
is City academy is providing a high quality services to its customer at lower price. This help it in
gaining a competitive advantage. Along with this it can be stated that service of Razzmatazz Theatre
is normal and for earning a profit it need to introduce services which have a unique features.
Further employee turnover ratio of Razzamataz Theatre is 12% as compared to city academy
it have 20% employee turnover. Razzamataz Theatre need to improve its services if its kept a high
price of it services then it need to make a products and services which are different form its
competitor. It helps theatre in gaining a competitive advantage and also increase it markets share.
Apart from that, City academy focus on satisfying the customer which help in increasing its
customer base, it serves products and services which are liked by its consumer. So Razzamataz
Theatre need to focus on both Quality services and on focus on employee turnover. This, help
company in getting success an also helps company in earning profit and survive in competitive
market. Razmatazz net profit ratio is 26.7% and City Academy ratio is 28.3% which show that City
academy is earning high profit as compared to Razzmatazz. On the other hand assest turnover ratio
of Razzmatazz is 22% which is less from the City accademy company which show that company is
less capable of using its assets.
TASK 2
2.1 Appropriate actions to overcome weakness
One of the major weakness of Razzmatazz is that it is offering performance art skills only to
children between age group of 2 years to 18 years. Since this is specialised in children only market
share is reduced in comparison to others. To remove the weakness company should widen the scope
and look forward for imparting training in dance, art and music. Further it can initiate to provide
additional training in field of fine arts, literature, speaking skills etc. Similarly starting the classes
on all the week days will increase the popularity and number of students. Working on all the week
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days will enhance the comfort level of students to attend the classes as per their schedule. To have
the competitive advantage over the others it should also provide dance, drama, art skills other than
office hours to all types of people by hiring expertise on these fields. This firm also enhance and
learn more skills to their staff members by provide them training on dance and classical as well as
hip-hop song this type of singing are widely attract all types of individuals are young, children and
as well as older people (Havens,2014). The popularity will also be increase of these small enterprise
with enhance in singing skills by training session. They should provide various facility so, they
attract all types of age groups by opening dance, art and drama classes according to their customer
hours. This type of flexibility in hours in their school company attract the students, professional and
children. Along with this, attracting a children and adults is also help the firm to expand it business
by providing competition on dance, signing and drama. They should open house events by decorate
them with balloons and signs and free classes to run their business in hip hop classes. They can
encourage audience with the refreshment and company should provide sample of dance classes so,
they can register to join those classes at the spot time period. The most effective tactic that attract
them is that provide local events for attending on festive and fall season so, they can attract a new
students on the right time with the online registration facility. The most effective used by a firm so,
they can also track the people on various ways such as local fairs, community events and parades.
TOWS ANALYSIS
Strength Weaknesses
Opportunities The use of unique promotional
activity can be used by
Razzmatazz to capture a
potential geographical market
segmentation to expand its
business.
The cited company can expand
it business by develop a high
quality of its services at
affordable price to retain more
customers.
Threats The major is that they use
various promotional strategy so,
the threat of not having highly
skilled worker is removed
effectively.
The company can deliver high
quality products that reduce
weakness. On the other hand,
profits will increase that
generate more finance.
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2.2 Existing performance
Razzmatazz is the most famous in 14 countries worldwide as it serve arts, dance and singing
classes to children worldwide which is the most strength part of this drama company. For this
reason, they can maintain its strength worldwide by deliver the benefits of dance and singing for the
children on their website. The benefits should be relating to the children it minimize the obesity, it is
fun exercise, maintain the lifestyles and cholesterol levels. Firm should provide creative outlet for
the children so, they attract towards and stay longer and these outlets are full of imagination and
emotionally attach with the peoples. Current performance of firm needs to be identified so that best
results can be attained. They should also aware them that dance, signing and art help in the dynamic
environment as it will improves the children coordination power that directly impact on their daily
life and developing new skills leads to done multitask successfully. This enterprise provide
education of these children's theatre company that visit the theatre should be good for the children
and it’s strengthen the power of imagination, encouragement in communication and it’s also help
them to improve the understanding level to each other's emotions. Provide that type of dance class
and singing that helps the youngsters to develop their empathy and enhance the body strongest that
makes them more powerful. Therefore, firm's strength is also maintain all over the world where
they operating by provide education on arts and enhance the basic skills of children are teamwork.
Responsibilities, collaboration, leadership skills and interpersonal skills will also improving
(Hausmann, 2010). Perform on arts programs provide children various benefits they can gain
knowledge and help them to grow at various stages are adults, parents and citizen.
PORTER'S FIVE FORCES
Threats of new entrant- The cited theatre have a moderate threat from the new entrance as it
have a well-establish.
Bargaining power of buyers- The theatre target the youth generation and it’s also have a
brand loyalty take more time to create so, the bargaining power of buyer is highly.
Bargaining power of supplier- The power of bargaining supplier is low as they pay them on
time so, the trust and confidence enhance,
Threats of Substitutes- The threat from substitutes is moderate as they already provide
various service to the young children in an art, music, drama and dance.
Intensity of competition- The competition is so, high as the other competitor of razzmatazz
provide products and service to the older people.
2.3 Suggest new areas
As per the business analysis it has been clearly evaluated that Razzmatazz has successfully
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implemented effective services and creative workshops for children ageing 2-18. This has helped
the business in creating a significant and well defined impact on business growth and development.
However as the analysis reveals that the company has wide scope of growth and development
within the market. The current market scenario clearly reveals increasing interest in art and
creativity within people. Both kids and elders are choosing effective platform for formal learning in
dance, singing and drama as well. The organization thus has wide opportunity to expand the range
of services to ensure development and growth of the business.
Razzmatazz can effectively expand the service range and choose a new target set for the
same. The organization can develop classes for higher age people. Training in the field of yoga and
meditation is one of the major sector where high demand has been analysed. The company can
focus on initiating special short term courses for yoga and meditation training (Clay, 2013). This
business aspect will focus on developing a well-trained set of professionals who have a knowledge
in the stated segment. Moreover this will expand the target market and demand for the business in
the market as well. Adults and elderly people can apply for the courses. This will help the
population in developing a significant demand and also will help in enhancing the business aspects
for the business.
The overall evaluation reflects that the business in the present market conditions have wide
and significant development opportunities (Young, 2012). The company can effectively expand the
range of services offered which will help in developing business recognition and demand for the
organization. In addition the company may also attain the first mover advantage in such formal
courses which will ensure the business growth in the UK market (Ritchie, 2015). The courses will
help in developing professional services thus scope of employment may also be enhanced. Thus
support from government and public organizations can be expected by the business unit. Hence it
can clearly said that the growth and development aspects of the business is wide and significant
which can help the company in creating high measures of success and development in the current
competitive era. The business can be expand by new product development by in various area in the
UK market. The theatre can be follow E-commerce through which they provide training over the
internet and education on dancing skills, creativity skills and also drama skills.
TASK 3
3.1 Assessing Business Objectives
Razzamataz Hampstead is currently operating to provide services to children at a young age.
The primary objective of the entity is to build the confidence level of children and explore the best
of their potential. The fundamental focus of these classes is on developing confidence of children,
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enhance coordination as well as communication capabilities, stay fit and healthy (Ghattas, Soffer
and Peleg, 2014). The SMART objectives ascertained by the entity are in relation to expansion and
growth by increasing the range of services being provided. In addition, it intends to expand by
entering into new target markets. Further, this shall be accompanied by programmes in relation to
recruiting and providing effective training to each one of them. This shall enable the company to
achieve higher growth levels. Lastly, different sources of funds shall be explored to realize
increased amount of funding. It has been assessed that business aims to expand its operations in
new markets and thus it is considered as one of the main objective of firm. Therefore, it is essential
for firm to identify the best geographical location and expand its activities there. In order to support
this objective the management of the company provides full assurance to all the parents in respect to
safety of their children. In addition, it is also assured to the parents that an extremely safe and
secured environment shall be offered to children, which shall support them to produce better results
(Duval‐Couetil, 2013). The following is an assessment of the existing business objectives of the
company:
Table: SMART objectives
ATTRIBUTES OBJECTIVE
Specific To provide exceptional training to children in the fields
of dance, drama and music, accompanied by
opportunities to perform.
Measurable To increase the market share by a percentage of 20% by
the year 2018 by expanding in more cities.
Achievable By providing varied opportunities in different directions
to the children, and earning an extra level of satisfaction
from the parents.
Realistic The business has gained popularity among the parents
of young children, and in pursuance to the same they
are ensuring constant innovation.
Time-bound The growth level of 20% in number of children being
trained at the school achieved.
The above illustrated objectives of the entity clearly demonstrate the certain focus of the
company on development of children at a mental level, as well as assure their safety and security. It
can be directly inferred from the assessment that children shall remain to be their prime focus. The
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future projections of the company also second the primary focus of increasing the number of
children and enhancing their experience with the school. In respect to the same, it is highly
imperative for them to make an effective and quality recruitment. Entering into new target markets
may pose certain issues before the company (Bryman and Bell, 2015). However, it is interesting to
note that the school enjoys a competitive edge in the market, and this position can be solely credited
to the exceptional services which they have been providing. A very effective manner of resource
allocation has been developed which in turn is likely to benefit the company even in its new target
markets.
3.2 Reviewing the business plan
Razzamataz Hampstead has developed a very effective and efficient business plan, which
has enabled the company to reach the present position of operations. In the past years, the entity has
delivered great work and has been experiencing growth. The rationale behind the success is
provision of quality and exceptional services (Hodges and et. al., 2015). However, currently the
business has reached a stagnant position, where it is working on the same level of operations. The
company for the past some time has been reflecting the same position in the market, with no
alteration in the level of sales or profit generation. In respect to the same, Razzamataz will introduce
certain changes in order to make an alteration in the current position, and further realize enhanced
profits. Some of the areas which requires changes are: Financial aspect: The financial planning of the business shall be reviewed, so as to
introduce the elements of changing market conditions. In the event the entity decides to
undertake the expansion plan, then a high financial liquidity shall be required. Thus, suitable
arrangements for making available the resources shall be made.
 Marketing Plan: In order to crack the position of stagnation, it is highly imperative for
Razzamataz to attract new customers, which can be done only through amending the current
market plan. In pursuance to the same the entity shall conduct an extensive market research
to understand the present position of the customers. The management shall appraise
themselves with information pertaining to their needs and demands in respect to this
particular area (Guimaraes and et. al., 2013). This shall strengthen the business plan being
developed as well as the increase the effectiveness of the marketing activities. Moreover, the
school can conduct workshops in school, or seminars to increase awareness of the parents as
well as attract more and more children. In addition, organization of camps could also be an
option which can be introduced in the current business plan.
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3.3 Implementation of action plan
Action plan is that statements which is related with the future of an entity by enlisting all
kinds of goals and the objectives in present conditions (Khanal, 2017). The action plan is an outline
that includes all the aims and targets framed by an individual in order to guide its overall business.
The goals and objectives framed by an entity are recorded in these statements. This allow an
individual in order to direct their prospective business by recording each and every activities
conducted by the business in the future for the beneficial for the current enterprise. The plan is
prepared by an entity to ensure its efficiency by identifying all kinds of weaknesses which is
suppressing the good qualities of the firm.
The action plans current prepared by the top management in order to consider prospective
changes takes places in the business. The action plan can be taken as chancing framework in which
the guidelines are enclosed which help an individual to accept the change in the existing business.
The skills and the capabilities of the business are menaced by focusing on its strengths and the
unique competencies which has not found in all other segments. The existing competition will be
identified by preparing these statements as an entity will know its potential market effects in the
present in order to reduce them completely from this entity (Stucki and Bickenbach, 2017). This
strategy can be used as a comparative statement who analyses the past performance of an enterprise
in relation to the future facts and figures. This is regarded as one of the important process which
helps in implementing the differences by comparative performance of this enterprise.
The implementation of this action plan will help an individual in order to take their
feedbacks and consent related to the current changes takes places in the existing working
conditions. This approach will bring out the positive or negative reactions of all individuals that
helps in analysing the decisions taken by an enterprise. The positive comments are considered as the
support to the changes and negative reactions are further improved in he favours of an entity.
The action plan for new product development
Procedure to develop new product; This stage is very important in which for the action plan
because in this process it shows the complete process of transformation. In this required to take
ideas and views for developing new product.
Roles and responsibilities of support staff: There are some roles and responsibilities given to
employee so that new product can be develop easily. It can be stated that without any contribution
of employee new product cannot be developed. By delegating responsibilities best and possible
outcome can be achieved.
Tool to be used; Razzmatazz can use different tool and techniques for developing new product. If
company used advance technology then it can easily develop new and innovative product and
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service.
Monitoring; The manager of Razzmatazz required to monitor the progress so that it can easily,
make changes in product and services if any changes required.
TASK 4
4.1 Impact of proposed changes will have on business and its personnel
It identifies several changes which have been identified in relation to business and its
personnel so that performance of firm can be carried out effectively and efficiently. However, main
aim of firm is to bring positive impact upon firm in relation to enhance its efficiency and thus
overall goals can be attained (Change Management Process. 2014). Here, Razzmatazz aims to
identify and evaluate the proposed changes such as improving workshop planning so that more
number of students can be attracted towards theatre and thus it would result in enhancing business
profitability. Similarly, there are several other changes which needs to have upon business and its
employees. However, it is essential for firm to implement all the identified changes so that best
results can be attained. Further, it is crucial for enterprise to improve business performance in
relation to attain success. Following is the impact of different proposed changes have upon
Razzmatazz and its workers such as-
 Increases profitability- Introducing workshop program will help Razzmatazz to enhance
their profit situation and thus bring changes in business. Therefore, it is significant for firm
to implement appropriate changes which would help in benefiting positive results so that
appropriate results could be attained (Hayes, 2014). Main aim of implementing such
changes would result into enhancing profitability condition and thus achieve success.
 Global Acknowledgement- Further, it is another factor that impacts upon the proposed
changes in the form that Razzmatazz introduced workshop program and thus it results into
attracting customers from worldwide who are interested in dance, drama and music. Thus, it
would impact upon firm in the form of improving business situation and results into
enhancing business efficiency. However, if business is acknowledged in global context than
it would influence firm to improve its financial performance in market (Jenter and Kanaan,
2015).
 Enhanced brand loyalty- It also impacts upon business in the form of raising goodwill of
firm and thus enhances brand loyalty in market. With the help of implementing proposed
changes it would result into influences number of clients towards Razzmatazz and thus
attract customers across globe. Therefore, it is the best way through which brand image of
firm can be enhanced (Zhu, 2014).
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 Fulfilling individual needs- It is another factor that impacts upon the proposed changes
and thus it helps Razzmatazz to identify the needs of their customers and fulfil the same
which focuses upon attaining satisfaction and enhancing workshop popularity. Hence, it is
crucial for enterprise to evaluate significant aspects which aims to improve business
performance to attain organizational goals. Thus, it is stated as an effective approach which
focuses upon fulfilling individual needs and attaining satisfaction (Stucki and Bickenbach,
2017).
 Staff resistance to change- It can be assessed that staff members of cited firm are
resistance to change and therefore, it affects the profitability of firm in market. Therefore, it
is essential for management of firm to provide proper training to employees so that they can
overcome resistance to change and thus attain desired results. For instance, best method that
could be implemented would be providing training to workers so that they can understand
the market needs and does not resist to change.
4.2 Plan for managing change
Change is an inevitable part of business organization, without making necessary alteration, a
company cannot function effectively. Therefore, the above proposed changes can be implemented in
the adopting the Lewin Change management model by the Razzamataz Hampstead. This has been
enumerated hereunder: Unfreeze: In order to bring any change in the organizational setting, firstly the management
needs to engage in motivating the people of the enterprise to bring change or alterations in
the current practices or policies (Hayes, J., 2014). Therefore, in regards to the concerned
organization which has certain weaknesses, it needs to propose policies and practices so as
to develop the operations of the concern. Therefore, in order to expand its operations it
needs to diversify its activities for all age groups thereby expanding the working hours as
well. Change: This is the second stage of the change wherein the necessary alterations has been
made and implemented in the organizational setting. Further, there may be slight confusion
between the employees as they are unaware about their new roles and responsibilities.
Therefore, it is essential for the management of the Razzamataz Hampstead to adopt
adequate leaders and styles of leadership so as to give direction to the employees and other
staff members (Cummings, Bridgman and Brown, 2016).
 Refreeze: This is the last stage which needs to be faced by the management of concerned
organization wherein the changes has been successfully implemented and adopted by the
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workforce. The services of the respective firm is now been provided to all the age group and
the work timing has also been modified as per the required changes.
4.3 Improvement in the business operations
After the above changes has been proposed by Razzamataz Hampstead, it is essential to
monitor the performance of the new system as well as evaluate the effectiveness of company’s
performance. For this purpose, sales or profit of the two years shall be evaluated (Hornstein, 2015).
Sales Gross Profit Net profit turnover
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
2015
5000
3252 3365
7655
2016
6050
4585 4587
9874
Column C
Column B
Illustration 1: Trend and graph for sales growth
2015 2016
Sales 5000 6050
Gross Profit 3252 4585
Net Profit 3365 4587
Turnover 7655 9874
From the above analysis and reviewing the trend graph, it can be stated that the business is
currently performing extravagantly after implementing the proposed changes (Jenter and Kanaan,
2015). The performance of the year 2015 and 2016 of respective organization has been enumerated
above which aids it in enhancing the performance over time. Moreover, the new changes that has
been made after successful evaluation aids the firm in competing strongly against its rivalry firms.
In addition to this, after expanding the operations in respective area it has gain high amount of
prominence as it helps in increasing its profit for the year. In addition to the above it has been
ascertained that gross profit has been increased in the year 2016 by a high amount (Zhu, 2014).
Likewise, with the high amount of efforts laid by the employees the sales of the services has
significantly raised to 6050 which is quite a high amount. Similarly, turnover has changed over the
past period of time. It is essential for firm to implement appropriate changes so that time could be
14

minimized and thus sales could be increased. Therefore, it is essential for workers to improve their
performance and thus results into performing best action plan so that best results can be attained.
CONCLUSION
Small business operations contributes widely in the success and growth of the business
which helps the market in developing wide growth aspects. These organizations has significant
opportunities and challenges involved to enhance the business growth measures within the market.
The present study analysed the business operations and measures of Razzmatazz which focuses on
inculcating social skills in youth and children with the help of dance, drama and singing. The
overall evaluation reveals that business growth measures for the business are high. The organization
has developed a unique portfolio of service range for the people. The successful operations of the
company has helped it to expand its services in different regions. The study helped in analysing the
scope of growth and development for the business. The challenges were effectively analysed and
evaluated. Hence it can be concluded from the report that Razzmatazz has efficiently managed its
business operations. However expanding its service range and target market may help the company
in developing high and significant growth opportunities.
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