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Assignment: Managing and Running a Small Business

   

Added on  2020-10-22

19 Pages5683 Words473 Views
Business DevelopmentFinanceDesign and CreativityPolitical Science
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MANAGING ANDRUNNING A SMALLBUISNESS
Assignment: Managing and Running a Small Business_1

Table of ContentsINTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................11 Overview of selected small business activities along with current situations.....................12 How small business plan and allocate resources to attain business objectives...................13 Evaluation of customer relationship management for small business along with challengeand benefits of transnational operation ..................................................................................34 Development and analysis regarding cash flow forecast, Break-even analysis, budget andinterpretation of key financial statements...............................................................................55 Implication of regulations and legislations on small business............................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
Assignment: Managing and Running a Small Business_2

INTRODUCTIONSmall businesses are partnerships, sole proprietorships and corporations which areprivately owned and have few employees. These companies usually have ten to fifty employeesworking under them. An entrepreneur is a person which prefers to run a small businessorganisation rather than working as a worker. All the risks and rewards associated with businessare assumed by entrepreneur only. This assignment is written in context with RowlinsonKnitwear which is a private firm based in Woodbank Mills Turncroft lane, London. Company isa manufacturer of school-wear and corporate-wear. This report involves main consideration ofsmall enterprises while resource allocation. Also, different process of CRM and process todevelop transnational in respect with organisation is mentioned. Monthly cash flow forecast andbreak even analysis is also carried out along with the interpretations. At last, key legislations andregulations having implications on small business is mentioned.
Assignment: Managing and Running a Small Business_3

MAIN BODY1 Overview of selected small business activities along with current situationsRowlison Knitwear is a private retail organisation which is situated in Woodbank millslane, UK. At present company is employing nine workers to perform business activities andoperations. This firm was established in 1972 and sustains a firm place within marketplace.Company is a manufacturer of crocheted and knitted apparel and offer corporate-wear andschool-wear to their customers. At present, there are five individuals which posses a significantcontrol over company operations. Other products offered by company are hooded tops,sweatshirts, polos, knitwear and embroidery. At present company is offering brands such asperforma cottons, woodbank signatures, woodbank seats, performa 50 etc. As per the latestreports and data collected, company has a turnover of around £12,147,616. Gross profit earnedby company is £3,967,447. Beside this, firm has overdrafts and bank loans of £ 580,421. Totalassets and liabilities of Rowlinson Knitwear are near about £8,976,000 and £2,062,000.Company have made full accounts up to 30 September, 2016. 2 How small business plan and allocate resources to attain business objectivesTo achieve a firm position within marketplace, it is very essential for every organisationto utilize their resources optimally and desirably. This will help the company in performing theirbusiness operations in an appropriate and profitable manner. Different kind of organisation havedifferent ways in which they plan and allocate their resources. This is because of difference intheir financial and human resources. It is very essential for small firms to allocate and organisetheir resources in an appropriate manner so that no problems can be faced while performingbusiness activities and operations. Rowlinson Knitwear is a small but widely successfulorganisation in UK which offer school uniforms and office wears to their customers. As firm issmall, limited funds and human resources are available for company. Their are fewconsiderations by which concerned company can plan and allocate resources are mentionedbelow: Financial resources: To plan and allocate resources in a desired manner, it is veryimportant for an organisation to manage their finance and funds. If the finances aremanaged properly, in that case it will be easier for company to perform desired business
Assignment: Managing and Running a Small Business_4

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