SME Report- Red Anchor Recruitment Ltd

Added on - 28 Dec 2019

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Small BusinessEnterprise
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Profile of Red Anchor Recruitment Ltd for identifying its strengths and weaknesses.........11.2 Analysis of the business using comparative measures of performance................................2TASK 2..........................................................................................................................................32.1 Recommendation for appropriate actions to overcome the identified weaknesses in thebusiness.......................................................................................................................................32.2 Analysis of the ways in which existing performance of firm can be strengthened...............42.3 New areas in which the business could be expanded............................................................5TASK 3...........................................................................................................................................53.1 Produce an assessment of existing business objectives and plans........................................53.2 Revising business plan to incorporate appropriate changes..................................................63.3 Action plan to implement the changes..................................................................................7TASK 4............................................................................................................................................84.1Report on the impact of the proposed changes on the business and its personnel.................84.2 Plan how the changes will be managed in the business........................................................84.3 Monitor improvements in the performance of the business over a given timescale.............9CONCLUSION................................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONSmall business enterprise are those which are having less financial as well as nonfinancial resources. And they are carrying on their business activity on a very small level. Theyare privately owned entities and its forms of enterprise are partnership, sole proprietor andassociation of person. They have legal status and are incorporated as well as unincorporated. Forgiving tough competition to their rivals Small business enterprises uses their better quality ofproducts at affordable prices(Abor and Quartey, 2010). Now a days it has been observed thatthese entities are using their updated and innovative technological features to capture a majorshare in targeted market. In this report case study of Red Anchor Recruitment Ltd is analysedwhich is a SME as Federation of Small Businesses (FSB) has taken several steps to providestrength to such entities which have less financial and non financial resources. As per the casecited entity don't have any planning expert for entity(Altman, Sabato and Wilson, 2010). Hencechief executive officer wants to outsource the business development planning for enterprise.TASK 11.1 Profile of Red Anchor Recruitment Ltd for identifying its strengths and weaknessesRed Anchor Recruitment Ltd. Is a recruitment agency which helps in bringing the toptalent into the businesses. In the different sectors, they are recruiting the candidates. Along withthis by using the business life cycle from start-up to mature enterprises and provide the properdescription of job. The main objective of the company is to provide the best services and alsorecruit the best employees.Analysis of strengths and weaknesses is necessary for framing betterstrategies in order to achieve the targets for which the entity has been formed. As there areseveral different strengths and weaknesses of each and every entity it may be possible that thestrength of one firm is the weakness of other one. To be on top of market enterprise requires touse its strengths in business processes and to remove its weaknesses through continuousefforts(Ackermann and Audretsch, Eds., 2010). Better productivity and customer satisfaction canbe achieved only when Red Anchor Recruitment Ltd utilizes its properties and convert itsweaknesses into capability through hard work and proper procedure. Some of the strengths andweaknesses of cited entity are mentioned below :StrengthsLack of competition can be put in the category of strength for this enterprise as there arevery less rivals in industry of a particular location so this can an advantage for Red1
Anchor Recruitment Ltd as they can easily exploit there resources in order to getprofitability by providing services to its customers.As there is no any expert regarding planning in the cited entity but there are some otheremployees who are still carrying on activities without any major disturbance whichmeans that they possess better skills and professional qualities. Which can be regarded asthe advantageous factor for it.Entity provides workshop and seminars to enhance the skills and competencies of theiremployees so that they can work efficiently and they work towards the achievement ofenterprise's goals and customer satisfaction.As entity is a consultancy firm which provide opportunity to freshers and experiencedcandidates so that they can start their career in a better way (Bridge and O'Neill, 2012).For this they require to start with a better option and Red Anchor Recruitment Ltd hascollaboration with some better corporations.WeaknessesAs cited entity is a small business entity hence it has less option of financial resources tofinance its business activities.There is no any expert person in firm who can give better advice over the affairs of RedAnchor Recruitment Ltd.1.2 Analysis of the business using comparative measures of performanceA firm itself or stakeholders can analyse performance of an entity key performanceindicators such as customer satisfaction, customer retention, profitability factors like grossmargin per unit of production(Burns, 2010). Further return on companies investment is ananother aspect through which user can analyse that how much is profitability capacity ofenterprise in order to gain return over the investment which they have made on certain projects.Another company is Austin Fraser Ltd. Which is also a recruitment agency and recruit theemployees.Other factor is return on total asset which clearly shows that how much an enterprise canearn by using such assets in business process and in business structure in a way for providingbetter services to its customers. Key performance indicators are nothing but the objectives of RedAnchor Recruitment Ltd hence an analysis should be made over the objectives of an entity and itshould be compared at the year ending so that they can evaluate that these purposes are fulfilled2
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