Analyzing Debenhams Financial Statements
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The assignment requires a detailed analysis of Debenhams' financial statements for the year 2017. It focuses on calculating and interpreting important financial ratios such as EBT margin, net profit margin, return on assets, and return on equity. The analysis aims to understand the company's profitability, operational efficiency, and overall financial health during that specific period.
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Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Describe the recruitment documentation used in a selected organization ............................1
P2 Describe the main employ-ability, personal and communication skills required .................2
TASK 2............................................................................................................................................3
P3 Describe the main physical and technological resources required in the operation .............3
TASK 3............................................................................................................................................3
P4 Describe sources of internal and external finance for a selected business.............................3
P5 Interpret the contents of a trading and profit and loss account and balance sheet ................4
TASK 4............................................................................................................................................8
P6 Illustrate the use of budgets as a means of exercising financial control ...............................8
P7 Illustrate the financial state of a given business.....................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................11
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Describe the recruitment documentation used in a selected organization ............................1
P2 Describe the main employ-ability, personal and communication skills required .................2
TASK 2............................................................................................................................................3
P3 Describe the main physical and technological resources required in the operation .............3
TASK 3............................................................................................................................................3
P4 Describe sources of internal and external finance for a selected business.............................3
P5 Interpret the contents of a trading and profit and loss account and balance sheet ................4
TASK 4............................................................................................................................................8
P6 Illustrate the use of budgets as a means of exercising financial control ...............................8
P7 Illustrate the financial state of a given business.....................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10
.......................................................................................................................................................11
INTRODUCTION
In this modern scenario, business are totally depends upon resources due to it is very to
properly manage and control. Business resources plays important role in every business firms,
which assist to achieve organisational goals and complete tasks with better outcomes. Moreover,
this research project will be discussing about recruitment documentation which will be used in an
selected organisation. In the addition of this, employability, personal and communication skills
all these capabilities and skills important in every persons which will be defining in appropriate
manner. Also physical and technological resources will explaining because these are requiring in
operations of business firms (Bae, Rowley and Sohn, 2012). On the other hand, trading, profit
and loss account and balance sheet will be representing of Debenhams. As per these financial
statements easy to identify and analyse actual current position and status of the company.
Debenhams is an retail company of UK, which dealing in clothing, cosmetics, furnitures,
clothing, electricals and so more.
TASK 1
P1 Describe the recruitment documentation used in a selected organization
Illustration 1: Debenhams, 2017
(Source- Debenhams, 2017 )
The selected organization is Debenhams. It is one of the world’s most well known and
valuable brands and commands a leading market share in the world’s retail business. Debenhams
1
In this modern scenario, business are totally depends upon resources due to it is very to
properly manage and control. Business resources plays important role in every business firms,
which assist to achieve organisational goals and complete tasks with better outcomes. Moreover,
this research project will be discussing about recruitment documentation which will be used in an
selected organisation. In the addition of this, employability, personal and communication skills
all these capabilities and skills important in every persons which will be defining in appropriate
manner. Also physical and technological resources will explaining because these are requiring in
operations of business firms (Bae, Rowley and Sohn, 2012). On the other hand, trading, profit
and loss account and balance sheet will be representing of Debenhams. As per these financial
statements easy to identify and analyse actual current position and status of the company.
Debenhams is an retail company of UK, which dealing in clothing, cosmetics, furnitures,
clothing, electricals and so more.
TASK 1
P1 Describe the recruitment documentation used in a selected organization
Illustration 1: Debenhams, 2017
(Source- Debenhams, 2017 )
The selected organization is Debenhams. It is one of the world’s most well known and
valuable brands and commands a leading market share in the world’s retail business. Debenhams
1
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produces cosmetics, fashion and general household products. Its structure is a tall hierarchical
structure (Chaffey and White, 2010).
Job Description
A job description sets out the purpose of a job, where the job fits into the organisation
structure, the main responsibilities of the job and the key tasks to be performed. A job
description will set out how a particular employee will fit into the organization. It will therefore
need to set out:the title of the job to whom the employee is responsible for whom the employee is
responsible a simple description of the role and duties of the employee within the organization.
Person Specification
A person specification is a profile of the ideal candidate for the job. It enables potential
candidate to determine whether they meet the required experience and qualifications. It also
helps employees to identify requirements for the job. A person specification will help during
interviews and it will also help to be used as a basis for staff development, appraisals and
promotions. The person specification details the necessary skills, qualifications, experience or
other attributes needed to carry out the job (De Clercq, Lim and Oh, 2013).
P2 Describe the main employ-ability, personal and communication skills required
Employ ability skills: Employ ability skills can be defined as a skills that a person needs
to have in order to get a job and/or be effective in the job role he or she has. Such skills allow the
employee or person to have a mutual and friendly relationship with colleagues or the manager
thus if there are any problems that arise they will be resolved efficiently. There are many
examples of employ ability skills that employees or people applying for jobs should possess
which include; qualification and experience that are directly linked to the job that is being
applied for.
Personal skills: Personal skills can be defined as a skills that a person may possess but
doesn’t necessarily need when applying for a specific job role. There are many examples of such
skills which would benefit the business including; speaking different languages, trustworthy and
having a sense a humor. It is good if employees or applicants possess such sills when applying
for a job as it will make them more likely to get the job as it shows the employer other skills that
the employee/applicant have that can help the business; these skills are useful for a lot of
different jobs (Grönroos, 2011).
2
structure (Chaffey and White, 2010).
Job Description
A job description sets out the purpose of a job, where the job fits into the organisation
structure, the main responsibilities of the job and the key tasks to be performed. A job
description will set out how a particular employee will fit into the organization. It will therefore
need to set out:the title of the job to whom the employee is responsible for whom the employee is
responsible a simple description of the role and duties of the employee within the organization.
Person Specification
A person specification is a profile of the ideal candidate for the job. It enables potential
candidate to determine whether they meet the required experience and qualifications. It also
helps employees to identify requirements for the job. A person specification will help during
interviews and it will also help to be used as a basis for staff development, appraisals and
promotions. The person specification details the necessary skills, qualifications, experience or
other attributes needed to carry out the job (De Clercq, Lim and Oh, 2013).
P2 Describe the main employ-ability, personal and communication skills required
Employ ability skills: Employ ability skills can be defined as a skills that a person needs
to have in order to get a job and/or be effective in the job role he or she has. Such skills allow the
employee or person to have a mutual and friendly relationship with colleagues or the manager
thus if there are any problems that arise they will be resolved efficiently. There are many
examples of employ ability skills that employees or people applying for jobs should possess
which include; qualification and experience that are directly linked to the job that is being
applied for.
Personal skills: Personal skills can be defined as a skills that a person may possess but
doesn’t necessarily need when applying for a specific job role. There are many examples of such
skills which would benefit the business including; speaking different languages, trustworthy and
having a sense a humor. It is good if employees or applicants possess such sills when applying
for a job as it will make them more likely to get the job as it shows the employer other skills that
the employee/applicant have that can help the business; these skills are useful for a lot of
different jobs (Grönroos, 2011).
2
Communication skills: Communication skills can be defined as a skills that help a
person convey information to another person efficiently and with ease. Managers or employees
with good written or verbal communication skills will benefit the business; this is because they
will be able to talk and understand each other properly
TASK 2
P3 Describe the main physical and technological resources required in the operation
Physical resources: Some of the main physical resources for Debenhams are; their
premises, machinery, equipment, materials and their stock. It have listed these as the main
resources required as they are huge factoring reasons as to why and how Debenhams makes such
huge amounts of profit. A business can’t carry out its day to day activities without having a
system in place which manages physical resources. Physical resources can include; buildings and
premises, machinery, materials (and even waste) and equipment. Businesses should manage its
premises according to size, the environment and location of the organization and even according
to its customer needs, wants and requirements as it needs premises to operate.
Technological resources: Debenhams’s’ main technological resources include their
intellectual property, their copyrights/patents, and their experience and skill. Their intellectual
property is, put simply, their ideas; things that make them unique. This would include things
such as their logo, their ‘Debenhams value’ range, and schemes such as the club card and the
point reward scheme (Huang, Lai and Lo, 2012).
TASK 3
P4 Describe sources of internal and external finance for a selected business
Internal
Retained Profit: It can be defined as the amount of money that is left over when the all
the overhead and costs of business have been deducted. Retained profit could be used by a
business to pay shareholders as a dividend or to invest in new equipment such as a new state of
the art tandoori oven to make the business more efficient (Zott and Amit, 2010).
Personal Savings: It can be defined as the amount of personal money that the owner
himself puts into the business. Personal savings could be used by a business to pay staff their
wages or to reinvest into the business to revamp the decor or front house of the organization.
External
3
person convey information to another person efficiently and with ease. Managers or employees
with good written or verbal communication skills will benefit the business; this is because they
will be able to talk and understand each other properly
TASK 2
P3 Describe the main physical and technological resources required in the operation
Physical resources: Some of the main physical resources for Debenhams are; their
premises, machinery, equipment, materials and their stock. It have listed these as the main
resources required as they are huge factoring reasons as to why and how Debenhams makes such
huge amounts of profit. A business can’t carry out its day to day activities without having a
system in place which manages physical resources. Physical resources can include; buildings and
premises, machinery, materials (and even waste) and equipment. Businesses should manage its
premises according to size, the environment and location of the organization and even according
to its customer needs, wants and requirements as it needs premises to operate.
Technological resources: Debenhams’s’ main technological resources include their
intellectual property, their copyrights/patents, and their experience and skill. Their intellectual
property is, put simply, their ideas; things that make them unique. This would include things
such as their logo, their ‘Debenhams value’ range, and schemes such as the club card and the
point reward scheme (Huang, Lai and Lo, 2012).
TASK 3
P4 Describe sources of internal and external finance for a selected business
Internal
Retained Profit: It can be defined as the amount of money that is left over when the all
the overhead and costs of business have been deducted. Retained profit could be used by a
business to pay shareholders as a dividend or to invest in new equipment such as a new state of
the art tandoori oven to make the business more efficient (Zott and Amit, 2010).
Personal Savings: It can be defined as the amount of personal money that the owner
himself puts into the business. Personal savings could be used by a business to pay staff their
wages or to reinvest into the business to revamp the decor or front house of the organization.
External
3
Shareholders: These can be defined as people who have bought a share/stake within the
business. Shareholders may be used by a business like Debenhams to invest in new produce or
stock for the business. This is a good source of finance for Debenhams to use as they would not
have to get a bank loan and so would not have to pay interest back.
P5 Interpret the contents of a trading and profit and loss account and balance sheet
PROFIT AND LOSS STATEMENT
particular 2014 2015 2016
Revenue 41055 45327 51243
Cost of Revenue 33310 36113 40256
Gross Operating
Profit 7745 9214 10987
Operating expenses
Research and
development 1721 2075 2370
Sales, general and
administrative 4415 4819 5335
Staff cost - - -
Depreciation and
amortization - - -
Other Operating
Expenses 504 199 -1
Total Operating
Expenses 6640 7093 7704
Operating income
before interest and
taxes 1105 2121 3283
Non-operating
income 1029 1150 1315
Income before
income taxes 2134 3271 4598
4
business. Shareholders may be used by a business like Debenhams to invest in new produce or
stock for the business. This is a good source of finance for Debenhams to use as they would not
have to get a bank loan and so would not have to pay interest back.
P5 Interpret the contents of a trading and profit and loss account and balance sheet
PROFIT AND LOSS STATEMENT
particular 2014 2015 2016
Revenue 41055 45327 51243
Cost of Revenue 33310 36113 40256
Gross Operating
Profit 7745 9214 10987
Operating expenses
Research and
development 1721 2075 2370
Sales, general and
administrative 4415 4819 5335
Staff cost - - -
Depreciation and
amortization - - -
Other Operating
Expenses 504 199 -1
Total Operating
Expenses 6640 7093 7704
Operating income
before interest and
taxes 1105 2121 3283
Non-operating
income 1029 1150 1315
Income before
income taxes 2134 3271 4598
4
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Provision for
income taxes 136 311 1055
Net income from
continuing
operations 1998 2960 3543
Net Income 1890 2823 3419
Net income
available for
common
shareholders 1890 2823 341
Earnings per share
Basic 6.92 10.35 12.57
Diluted 6.89 10.29 12.46
Interpretation of P&L Account
As per the result of profit and loss account of Debenhams'S Ltd. There were shows last
three years statements in tabular formate, which is categorised into two major parts one is
operating expenses and another one is earning per share of cited company (Korunka and et.al.,
2010). Last three Revenue of the enterprise is regularly increase such as 2014- 41055, 2015-
45327 and 2016- 51243. along with this gross profit is also increased in last three years 2014-
7745, 2015- 9214 and 2016- 10987. P&L accounts helps to shows actual and reliable financial
position of company as per that will easy to analyse.
BALNACE SHEET
2014 2015 2016
Assets
Current Assets
Cash, cash equivalents, and short-term investments
Total cash,
cash 14027 15893 15761
5
income taxes 136 311 1055
Net income from
continuing
operations 1998 2960 3543
Net Income 1890 2823 3419
Net income
available for
common
shareholders 1890 2823 341
Earnings per share
Basic 6.92 10.35 12.57
Diluted 6.89 10.29 12.46
Interpretation of P&L Account
As per the result of profit and loss account of Debenhams'S Ltd. There were shows last
three years statements in tabular formate, which is categorised into two major parts one is
operating expenses and another one is earning per share of cited company (Korunka and et.al.,
2010). Last three Revenue of the enterprise is regularly increase such as 2014- 41055, 2015-
45327 and 2016- 51243. along with this gross profit is also increased in last three years 2014-
7745, 2015- 9214 and 2016- 10987. P&L accounts helps to shows actual and reliable financial
position of company as per that will easy to analyse.
BALNACE SHEET
2014 2015 2016
Assets
Current Assets
Cash, cash equivalents, and short-term investments
Total cash,
cash 14027 15893 15761
5
equivalents,
and short-
term
investments
Accounts
receivable - - -
Inventory 3391 4128 5821
Other
Current
Assets 29620 32997 39928
Total
current
assets 47038 53018 61510
Non Current Assets
Total non-
current
assets 34513 37587 40593
Total Assets 81551 90605 102103
Liabilities and stockholders' equity
Liabilities
Current Liabilities
Accounts
Payable 7094 8295 9533
Taxes
Payable 162 219 321
Current
Debt 28501 34412 39796
Other
current
9091 9363 12103
6
and short-
term
investments
Accounts
receivable - - -
Inventory 3391 4128 5821
Other
Current
Assets 29620 32997 39928
Total
current
assets 47038 53018 61510
Non Current Assets
Total non-
current
assets 34513 37587 40593
Total Assets 81551 90605 102103
Liabilities and stockholders' equity
Liabilities
Current Liabilities
Accounts
Payable 7094 8295 9533
Taxes
Payable 162 219 321
Current
Debt 28501 34412 39796
Other
current
9091 9363 12103
6
liabilities
Total
current
liabilities 44848 52289 61753
Non-current liabilities
Deferred
taxes
liabilities 141 122 124
Long Term
Debt 7255 5645 3105
Other long-
term
liabilities 4831 4557 6378
Total non-
current
liabilities 12227 10324 9607
Total
Liabilities 57075 62613 71360
Stockholders' equity
Common
stock - - -
Additional
paid-in
capital 3785 3785 3785
Other
reserves 20381 21653 23643
Retained 1890 2823 3419
7
Total
current
liabilities 44848 52289 61753
Non-current liabilities
Deferred
taxes
liabilities 141 122 124
Long Term
Debt 7255 5645 3105
Other long-
term
liabilities 4831 4557 6378
Total non-
current
liabilities 12227 10324 9607
Total
Liabilities 57075 62613 71360
Stockholders' equity
Common
stock - - -
Additional
paid-in
capital 3785 3785 3785
Other
reserves 20381 21653 23643
Retained 1890 2823 3419
7
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earnings
Minority
Interests 422 482 152
Total
stockholder
s' equity 24476 27992 30743
Total
liabilities
and
stockholder
s' equity 81551 90605 102103
Interpretation of Balance sheet
Balance sheet of Debenhams is assist to show actual current assets and liability. As per
that easy to determine how much company liable to pay as well as how much having their own
equity fund. Balance sheet mainly divided into two parts such as current assets and current
liability. Last three years of current assets is 2014- 47038, 2015- 53018 and 2016 – 61510. Along
with this current liability is 2014- 44848, 2015- 52289 and 2016- 61753. as compare with current
assets of this company's result firm is more liable to pay (Korunka and et.al., 2010).
TASK 4
P6 Illustrate the use of budgets as a means of exercising financial control
An allocated budget it the opposite to a zero-based budget, an allocated budget is what
cited company uses, it is figured out by deciding upon the amount of money that is the budget
and then using analyst figures of forecasted costs, revenues and resources (Grönroos, 2011). A
budget is an estimate of the costs, revenues and resources that are going to be needed in the
future over a set period of time. Debenhams's uses an allocated budget to:
Get all the facts the business needs to ensure that the money they have is going to the
right place to ensure that the company grows as quickly and efficiently as possible
Limit expenditures that are unnecessary
8
Minority
Interests 422 482 152
Total
stockholder
s' equity 24476 27992 30743
Total
liabilities
and
stockholder
s' equity 81551 90605 102103
Interpretation of Balance sheet
Balance sheet of Debenhams is assist to show actual current assets and liability. As per
that easy to determine how much company liable to pay as well as how much having their own
equity fund. Balance sheet mainly divided into two parts such as current assets and current
liability. Last three years of current assets is 2014- 47038, 2015- 53018 and 2016 – 61510. Along
with this current liability is 2014- 44848, 2015- 52289 and 2016- 61753. as compare with current
assets of this company's result firm is more liable to pay (Korunka and et.al., 2010).
TASK 4
P6 Illustrate the use of budgets as a means of exercising financial control
An allocated budget it the opposite to a zero-based budget, an allocated budget is what
cited company uses, it is figured out by deciding upon the amount of money that is the budget
and then using analyst figures of forecasted costs, revenues and resources (Grönroos, 2011). A
budget is an estimate of the costs, revenues and resources that are going to be needed in the
future over a set period of time. Debenhams's uses an allocated budget to:
Get all the facts the business needs to ensure that the money they have is going to the
right place to ensure that the company grows as quickly and efficiently as possible
Limit expenditures that are unnecessary
8
Create a “financial roadmap”
Financial control is exercised in planning, performance, evaluation and coordination,
these are points that are demonstrated when creating a budget:
Planning – Demonstrated due to the fact that the whole point of the budget is planning for
the future using the break-even chart to show at which point the business is no longer
making a loss
Performance – A budget takes into account how well cited company has performed
previously to forecast how well Debenhams's will do in the future (Montgomery, 2011).
Evaluation – The analyst consensus is figured out by using previous figures that are
evaluated by looking at the difference Debenhams's is doing now from the time the
figures.
P7 Illustrate the financial state of a given business
Financial statement of Debenhams'S Ltd
Margins % of sales 2015 2016 2017
Revenue 100 100 100
Gross margin 33.59 34.78 33.84
Operating margin 20.3 20.76 20.2
EBT margin 19.87 20.02 19.29
Profitability 2015 2016 2017
Net margin% 15.87 15.96 15.51
Assets turnover 1.8 1.81 1.73
Return on assets% 28.68 28.91 26.83
Return on Equity% 208.75 210.41 154.52
Return on invested
capital%
58.47 56.89 48.78
Interest Coverage 26.97 27.21 21.9
9
Financial control is exercised in planning, performance, evaluation and coordination,
these are points that are demonstrated when creating a budget:
Planning – Demonstrated due to the fact that the whole point of the budget is planning for
the future using the break-even chart to show at which point the business is no longer
making a loss
Performance – A budget takes into account how well cited company has performed
previously to forecast how well Debenhams's will do in the future (Montgomery, 2011).
Evaluation – The analyst consensus is figured out by using previous figures that are
evaluated by looking at the difference Debenhams's is doing now from the time the
figures.
P7 Illustrate the financial state of a given business
Financial statement of Debenhams'S Ltd
Margins % of sales 2015 2016 2017
Revenue 100 100 100
Gross margin 33.59 34.78 33.84
Operating margin 20.3 20.76 20.2
EBT margin 19.87 20.02 19.29
Profitability 2015 2016 2017
Net margin% 15.87 15.96 15.51
Assets turnover 1.8 1.81 1.73
Return on assets% 28.68 28.91 26.83
Return on Equity% 208.75 210.41 154.52
Return on invested
capital%
58.47 56.89 48.78
Interest Coverage 26.97 27.21 21.9
9
Interpretation
Debenhams of total revenue is 2017 is £100, in which gross margin of the company is
33.84 of 2017 and EBT margin is 19.29. on the other hand, net margin is 15.51 of 2017 in
percentage, return on assets is 26.83 and return of equity is 154.52 in percentage. This financial
statement help to define margin of sales in % and profitability of the company in the financial
term (Ward, 2016).
CONCLUSION
From the above mentioned this research project it has been concluded that, business
resources played important role in every organisation. Because these helped to attain long and
short term goals and objectives in appropriate manner. In this assessment has been represented
financial statement of company.
10
Debenhams of total revenue is 2017 is £100, in which gross margin of the company is
33.84 of 2017 and EBT margin is 19.29. on the other hand, net margin is 15.51 of 2017 in
percentage, return on assets is 26.83 and return of equity is 154.52 in percentage. This financial
statement help to define margin of sales in % and profitability of the company in the financial
term (Ward, 2016).
CONCLUSION
From the above mentioned this research project it has been concluded that, business
resources played important role in every organisation. Because these helped to attain long and
short term goals and objectives in appropriate manner. In this assessment has been represented
financial statement of company.
10
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REFERENCES
Books and Journals
Bae, J., Rowley, C. and Sohn, T.W. Eds., 2012. Managing Korean business: Organization,
culture, human resources and change. Routledge.
Chaffey, D. and White, G., 2010. Business information management: Improving performance
using information systems. Pearson Education.
De Clercq, D., Lim, D. S. and Oh, C. H., 2013. Individual‐level resources and new business
activity: The contingent role of institutional context. Entrepreneurship Theory and
Practice. 37(2). pp.303-330.
Grönroos, C., 2011. A service perspective on business relationships: The value creation,
interaction and marketing interface. Industrial marketing management. 40(2). pp.240-
247.
Huang, H. C., Lai, M. C. and Lo, K. W., 2012. Do founders' own resources matter? The
influence of business networks on start-up innovation and performance. Technovation.
32(5). pp.316-327.
Korunka, C., and et.al., 2010. Personal characteristics, resources, and environment as predictors
of business survival. Journal of Occupational and Organizational Psychology. 83(4).
pp.1025-1051.
Montgomery, C. A. ed., 2011. Resource-based and evolutionary theories of the firm: towards a
synthesis. Springer Science & Business Media.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Zott, C. and Amit, R., 2010. Business model design: an activity system perspective. Long range
planning. 43(2). pp.216-226.
Online
Small Business Resources, 2016. [Online]. Available through:
<http://www.forsyth.cc/library/small_business.aspx>. [Accessed on 19th August 2017]
11
Books and Journals
Bae, J., Rowley, C. and Sohn, T.W. Eds., 2012. Managing Korean business: Organization,
culture, human resources and change. Routledge.
Chaffey, D. and White, G., 2010. Business information management: Improving performance
using information systems. Pearson Education.
De Clercq, D., Lim, D. S. and Oh, C. H., 2013. Individual‐level resources and new business
activity: The contingent role of institutional context. Entrepreneurship Theory and
Practice. 37(2). pp.303-330.
Grönroos, C., 2011. A service perspective on business relationships: The value creation,
interaction and marketing interface. Industrial marketing management. 40(2). pp.240-
247.
Huang, H. C., Lai, M. C. and Lo, K. W., 2012. Do founders' own resources matter? The
influence of business networks on start-up innovation and performance. Technovation.
32(5). pp.316-327.
Korunka, C., and et.al., 2010. Personal characteristics, resources, and environment as predictors
of business survival. Journal of Occupational and Organizational Psychology. 83(4).
pp.1025-1051.
Montgomery, C. A. ed., 2011. Resource-based and evolutionary theories of the firm: towards a
synthesis. Springer Science & Business Media.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Zott, C. and Amit, R., 2010. Business model design: an activity system perspective. Long range
planning. 43(2). pp.216-226.
Online
Small Business Resources, 2016. [Online]. Available through:
<http://www.forsyth.cc/library/small_business.aspx>. [Accessed on 19th August 2017]
11
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