Effective Management Strategies for Small and Medium-Sized Enterprises

The provided content discusses various aspects of small and medium-sized enterprises (SMEs) in terms of management, financing, innovation, sustainability, and entrepreneurship. It references a range of studies and research papers that highlight the importance of SMEs in economic development, their challenges, and potential remedies. The articles explore topics such as SME financing, open innovation strategies, green supply chain management, responsible innovation, job creation, and entrepreneurial ecosystems. Overall, the content provides insights into the complexities and opportunities facing SMEs and offers suggestions for improving their performance and competitiveness.

ASSIGNMENT TOPIC: SMALL BUSINESS ENTERPRISE
STUDENT ID:
STUDENT NAME:
1

Executive summary
In this assignment it has been implemented that business strategies of business can be reflected
nicely in terms of small scale business policies and programmes of business which is highly
oriented and programmed in terms of business based policy formulations and policy
fragmentation depending on objectives and goals of businesses which is defined in terms of a
particular group or segment of business which is regulated in terms of certain criterions of
governance and management based decisions and undertakings. In terms of essentiality of
business based processes , the strengths , weaknesses and solutions for loopholes of weaknesses
are discussed in detail in the selected organisation .The actions taken and evaluation or
judgement of these actions are illustrated in necessary details in the selected organisation.
2

Table of contents
Introduction......................................................................................................................................4
Overview..........................................................................................................................................5
Task 1...............................................................................................................................................5
1.1 Profile of Mulberry using three SMART objectives.................................................................5
1.2 Analysis of Mulberry using three key indicators of performance.............................................7
Task 2...............................................................................................................................................8
2.1 Appropriate actions to overcome the weaknesses of Mulberry.................................................8
2.2 Manners by which existing performance of Mulberry can be re strengthened or maintained. .9
2.3 Recommendations with justification for expanding business in any two areas of choice.......10
Task3..............................................................................................................................................11
3.1 Assessment of existing business objectives of Mulberry in terms of its merits and demerits.11
3.2 Revision of business plan to overcome demerits of Mulberry................................................12
3.3 Implementation of changes to strengthen the performance of Mulberry................................12
Task4..............................................................................................................................................13
4.1 Impact of proposed changes on the operations of Mulberry...................................................13
4.2 Planning of management of these transmogrifications............................................................13
4.3 Monitoring of improvements in the performance of Mulberry...............................................14
Conclusion.....................................................................................................................................15
Reference list:................................................................................................................................16
3

Introduction
Small business enterprises are firms or enterprises which are seen to be developing alongside
large scale enterprises in the modern globalised world of business. They are also gaining
popularity in terms of execution plans and programmes of business and due to their small
ventures to produce handy readymade products which are mainly cheaper in nature and produced
quickly, SBEs or Small Business Enterprises are efficient in producing substitutes of products
which are otherwise manufactured in large scale enterprises. SBEs acting as MNCs often lead to
improvement of business production and efficiency in more quick and sustainable manner than
any other category of enterprises. As per Wang, et al.(2015, p.66), the thesis statement of the
assignment is to understand the strategies and objectives of a selected business organisation in
terms of its strengths and business and solutions of speedy recovery from its weaknesses or
loopholes.
Overview
Mulberry is a public based small scale business enterprise which is a fashion industry producing
clothes and textiles of decent variety of the updated pattern or variety in the heartland of
England. Its founder is Roger Saul and it is now a leading manufacturing firm producing clothing
garments and textile accessories in and across the world.
Figure 1: Company logo of Mulberry
(Source: Mulberry.com. 2017).
4

Task 1
1.1 Profile of Mulberry using three SMART objectives
The profile of the company of Mulberry is attractive in nature though it is a small business
company. Mulberry is a leading small based company for production of clothing materials and
textile based products .It is enlisted as a superior company in the London Stock Exchange. Ity
also has a share value of more than two hundred and fifty (250) number of shares respectively
and the traded shares are also available at a discount price equal to 20%. It also launched an
apprenticeship programme some years ago which helped it to gear up its performance in terms of
maximum of productive efficiency and performance for the coming period of years. As per
Williams and Schaefer (2013, p.184), small The revenue earned by Mulberry on an average is
160 million pounds on an average yearly basis and it has an operating income of 30 million
pounds respectively on an yearly average basis.
Three SMART(Specific, Measurable , Attainable, Relevant and Timely) objectives of Mulberry
can be enlisted below:
Gaining of more clients by proper customer relationship based procedures and relevant customer
networking procedures of business.
As per Wanambisi and Bwisa (2013, p.56) gaining of efficiency in business by formation of an
exclusive administrative board to monitor and control the strategy based activities of the
organisation.
Gaining of more than average market shares by the year 2018 to make the business activities
more improved due to profit based objectives and performance appraisal based efficiency
programmes of business.
Strengths of Mulberry group:Mulbery is a highly focussed company which is a small business
enterprise or small industrial institution which is highly popular in terms of clothing and textile
based brand promotion objectives of business with efficiency , accuracy and
appropriateness.Profits of the firm are also seen to be picking up in an increasing trend with a
gross average revenue of 170 million pounds as per yearly n basis or manner. As per Williams
and Martinez, (2014, p.15), the brands of Mulberry has a huge celebrity fan based popularity
including that of the Queen of Cambridge which represents a strong ardour of business
functioned via Mulberry managers.
5

Weaknesses of Mulberry group:
The demerits or weaknesses of Mulberry group are that it faces the problem of adjustment from
short run based production scale to long run based production scale in terms of time scheduling
strategies and plans conducted in terms of the same. As per Quatraro and Vivarelli (2015, p.280),
drivers Other loopholes are mangement slack and organisational slack based loopholes and
weaknesses respectively which generate inefficiency in the market.
1.2 Analysis of Mulberry using three key indicators of performance
Three key indicators of performance of Mulberry are as follows:
Financial profits: As per Poza (2013, p.77). profits based indicators which measures the exact
financial earnings of the entrepreneur or proprietor of Mulberry group can be assessed or
determined in terms of the indicators or three kinds of profits namely the gross profits based
margin , the net profits based margin and the operating margin respectively.Profits are income
earned after deduction of costs incurred on the total revenue earned by the concerned firm from
sale of its produced goods and also after deduction of remuneration in form of wages , rents and
other incomes of stakeholders of business from the total revenue earned from business
objectives.As pere the recent figure gros profit was around 60% , net profit was around 2% and
operating margin based profits was 3.4% respectively.
Customer satisfaction:In terms of customer satisfaction criterion to which judges the utility of
consumer in terms of its utility can be analysed in terms of consumer or customer behaviour
model in terms of their preference pattern for products of clothing and textile items manufactured
by the the organisation in different patterns or manners which is depicted via product
differentiation strategy practised by the customer or consumer . The customers are mainly lured
to the varieties of clothing products manufactured by Mulberry being available at different level
of prices and they can choose their prefered basket of goods in terms of the utility gained by tem
by consumption of their chosen selected basket of clothes of modern fashions based on
demonstration effect which forces the customer to consume more variety even if they face
reduction in incomes due to the fact that they do not want to lower their consumption trend
below that of their contemporary or neighbouring persons staying in and around them.
6

Market shares:The price of the shares being traded in the market where Mulberry takes part
through its business activities are analysed in terms of prices of purchasing shares x, dividends
earned from shares and other criterions linked with shares which highly effective indicators of
business performance respectively. The features of market can be analysed in terms of the
following characteristics of shares namely the price or cash flow of Mulberry company which is
55 million pounds .The book values per share or the face value per shares was around 1.35
million pounds and 1.17 million pounds respectively. The dividend sum of shares is much
effective in generating consumer demand in increasing trend and fashion respectively.
7

Task 2
2.1 Appropriate actions to overcome the weaknesses of Mulberry
The appropriate actions taken to overcome the weaknesses of Mulberry are:
Experience generating activities :The process of training , understanding and execution of
ideas are important sectors where experience in terms of proper business planning and execution
of strategies with diligence is required or needed .Not only this business plan also depends on the
merit and genuine experience of stakeholders and employees based on learning by doing and
other cognition based experience boosting activities.
Choosing of appropriate business location: As per Poschke (2013, p.660),choosing an
appropriate location is another important process of market based on segmentation and
orientation of business in suitable terms based on intensity and magnitude.Location determines
the easy availability of raw materials of production , easy access to transports and traffics to
distribute produced goods to desired destination for sale and resale respectively.
Introduction of venture capital in small business enterprises: Innovation in form of increased
capital generation is another important criterion for maintenance of operation of business
objectives of Mulberry in terms of curtailing its lags or loopholes or weaknesses in terms of
punctuality and misadjustment of business processes based on the production respectively.
Proper inventory management:Inventories or extra production items or stock of unsold
products often play an important role or part in terms of activities related with amelioration of
weaknesses in production processes.Inventory management regulate the production of clothing
in Mulberry based on certain criterions and conditions of business and when demand for clothes
is low Mulberry runs down its stock of inventories and vice versa for lesser demand leading to
reduction of misadjustment in production based sales processes.
Comprehensive business planning procedures
The comprehensiveness of business planning based policies and procedures do ranges from
strategization, planning , execution and performance evaluation in terms of activities which can
be performed with ethics maintenance and principles abiding activities of small scale businesses.
8

2.2 Manners by which existing performance of Mulberry can be re
strengthened or maintained
The important manners or ways in terms of which the existing performance of business can be re
strengthened or revitalised are categorized below:
1.Increase in capital adequacy or capital base of the business is an effective manner or mode
for endorsing of new investment policies of business since capital is a vital input which can be
used in substitution or in complementarity with labourers or employees to modify the structure
of business of Mulberry and its associated substructures to increase the intensity and quality of
productivity in both general and particular terms respectively.
2.New technological innovation which help in widening of base of business with efficiency
and accuracy so that maximum possible tasks can be performed in minimum possible time
without any concern for the upcoming challenges of business. As per Naudé, (2013,
p.55) ,technology helps the labour to reduce his or her physical endeavours and used the
maximum energy in cultivation of his or her mindset to put their best quality effort in the
business processes.
3.Strengthening of safety and security processes of business in terms of surveillance measures
and thorough scrutiny based monitoring of well administered business processes in each and
every segment of Mulberry based business activities so that no corrupt practices in form of red
tapism and faulty measures do occur in and around the precincts of the whole industrial small
scale business framework of the organisation .
2.3 Recommendations with justification for expanding business in any two
areas of choice.
Recommendations for improving the business performance in two areas of choice namely the
product differentiation based market economy and customer relationship based management
procedure of business of Mulberry respectively.The recommendations or solutions for
improvement are provided below:
Monitoring of each and every business activity: As per Mason and Brown, (2013, p.223),
proper monitoring of each and every activity of business is an important part and parcel of
business based development procedure.It is done to keenly focus on product differentiation based
9

objectives in terms of brand choice maintenance and standardisation of quality of clothes
produced by Mulberry annually .
Measures to sharpen the skills of employees:Sharpening of skills of employees also boost the
pace of differentiated production techniques for the sake of improvement of business activities
quickly as differentiation requires huge stamina for production of multiple number of diffrent
varieties of similar products with efficiency within the shorter or shortest period of time.
Motivating employees engaged in business: As per Mason and Brown (2013, p.1166), creating
Proper motivation being catered to employees helps the business processes to run smoothly and
efficiently in terms of business process conduction as if the employees get the encouragement for
doing work his or her enthu for doing harder than the hardest varieties of jobs increase and it
helps to boost up productivity and performance of business of Mulberry.
Work within constraints or limitations:The manager should make it sure that the employees
are working with constraints in terms of remaining within the capacity of business or otherwise
they will risk their business processes or put their businesses at stake which may lead the
business in the mouth of severe and severest amount of challenges and dangers in terms of
adversities witnessed in form of externalities respectively.
Having excellent communication techniques: Communication techniques to be practised
properly and efficiently since it is by interaction procedure that the second arena of business in
terms of customer relationship procedure can be maintained and strengthened with each and
every step of business policy conduction and execution.
10

Task3
3.1 Assessment of existing business objectives of Mulberry in terms of its
merits and demerits
The major plan of the clothing based textile industry of Mulberry in terms of its business
objectives of enhancing the production of globally demanded fashionable clothes and textile
based dresses and attires can be summed in terms of merits and demerits of the business entity
of Mulberry respectively. As per Martin et al. (2017, p.383), in luxury based products are the
main items of target for being manufactured by the production unit of Mulberry . manufacturing
of quality fashionable garments with the finest range of clothing based raw materials of
production in ample amount is the main aim of Mulberry.
Strengths of the objectives of Mulberry:
The prima facie meritorious quality of Mulberry production is that its objectives and targets are
more than much compact and transparent or conspicuous in nature or form and they are clear cut
in terms of execution intensity or magnitude . As per Johnson and Turner, (2015, p.33), since the
last two years increase in profits is an important feature of Mulberry group though the profit ratio
was quite lower than the estimated amount .Expansion of business in international arena is
highly a successful feature or criterion for Mulberry group .Mulberry groups of industries has
shown remarkable improvements in terms of investment in all three arenas of capital
expenditures, IT systems and UK factories under proper supervision of strict managerial body or
disciplines.
Weaknesses of objectives of Mulberry:
Unnecessary inventory accumulation and and unplanned approach to some segments of business
are the main hurdles in the path of smooth business operations sa they lead to increase in costs
of businesses which curtail the growth of business and indirectly hits the performance pattern of
business of the Mulberry group adversely but it can be solved with proper recommendations and
policies of vital business importance .The other weakness is that the prices of their cloth
products are much higher as compared to their business reputation .
11

3.2 Revision of business plan to overcome demerits of Mulberry.
Business plan needs to be revised for the purpose of refreshing of strategies and plans for
overcoming business strategies and propagandas and programmes of businesses which can be
performed under the monitoring and supervision of administrative bodies and managers of
Mulberry in genuine terms. As per Haltiwanger et al. (2013, p.353), business plan for providing
maximum gods in variety in terms of in form of block pricing in terms of adoption of second
degree price discrimination is relevant key plan which needs to be revised in terms of the concept
that Mulberry due to its high branded image and reputation in global market has more or less
achieved a monopoly structure inform of business. The block pricing is based on separate pricing
policy for separate units of goods demanded by the global customers of consumers who highly
prefer the fashionable clothes and garments manufactured by Mulberry. Business plan of
Mulberry can be reflected in terms of certain pros and cons of business augmentation procedure
to override the weaknesses or inefficiencies of Mulberry.The revising of stratagem of business
can be formulated in terms of more than other important criterions of business which is based on
all essential requisites and criterions of business which can be formulated in terms of essential
strategies and purposes of business of essential superiority of business conduction and processing
based elements of business which is dependent on crucial plans and programmes of business
strategies which is hugely based on certain causes and characteristics of business development
processes and procedures
3.3 Implementation of changes to strengthen the performance of Mulberry
The performance of Mulberry can be strengthened in terms of certain cutting down of prices of
cloth or garments manufactured by Mulberry and it is done in terms of winning back of support
from customers by way of lowering of prices to win back consumer demand or customer demand
based objective which is an important criterion or policy defined in terms of Mulberry based
production outcomes and strategies of business. As per Halme and Korpela (2014, p.554),
responsible Customer satisfaction is generated by this measure or objective in terms of price
reduction philosophies of business processes.
12

Task4
4.1 Impact of proposed changes on the operations of Mulberry.
As per Williams and Schaefer (2013, p.183), Mulberry will be suffering from same pressures on
sales due to lowering of prices of its products. Mulberry will be witnessing its future deteriorated
or destroyed because of the curtailing of its operations due to the lowering of its profits in terms
of earning choices of products manufactured by Mulberry and hence the performance of
Mulberry will be degraded or deteriorated in sound manner because of the the changes suffered
by it in globally oriented business policies.The policies in terms of transformations or
repercussions based changes do impact the business performance of Mulberry by curtailing of
some of the activities cum operations wise framework of the firm. Mulberry’s market will be
reduced or its base may be shortened because of reduction in its sales and other operations of
businesses.Therefore, it may be noticed that Mulberry industry may get reduced or curtailed to
some extent though it faces a maximum portion of sales because of the customer demanding its
products of cheaper origin in increased or added amounts with respect to business policy
fragmentation and business policy reuse in terms of second degree based policy or criterion of
businesses.
4.2 Planning of management of these transmogrifications
Planning of management based on these transmogrifications can be highly judged in terms of
intelligence based transformation planning in terms of lifecycle development or planning based
change development , psychological processes of business and stakeholder management based
business activities. As per Govindan et al. (2014, p.560),communication based changes and
workforce based changes are other criterions of managerial changes which needed to be
managed by appropriate planning procedures. The planning processes of business are superiorly
guided or formulated to suit the changes or to maintain the plans and procedures of businesses
reflected via business based transformation of critical , organisational and essential origin of
businesses In terms of leadership , strategies and contracts based planning and competencies and
other psychological concepts the planning processes are scheduled and monitored efficiently and
effectively via variety of mechanisms and manners. In terms of workforce based transformation
strategies too ,the criterion of business policies is effectively monitored and supervised by
administrative authority of Mulberry. As per Mason and Brown,(2013, p.222). change in
13

essential plans and processes is highlighted or reflected via change in intelligence procedures and
planning of business via satiation of certain goals and criterions of business. Changes in
strategies of business and organisational transformation are other important criterions of business
policies which can be put with effective intelligence in business based policies and programmes
of textile oriented business and its mechanisms depending on planning strategies and
implementation procedures respectively. The programmed changes can be managed via
important business tools and equipments of thorough importance or significance in terms of
absolute business significance or importance respectively.
4.3 Monitoring of improvements in the performance of Mulberry.
There is a strict relationship or nexus between improvement monitoring and outcome based
performance of business which is reflected in terms of essential policies of business development
and related criterions of measurement of business. Monitoring the increases and decreases
business policy improvement can judged in terms of outcome evaluation and outcome based
performance measured or gauged appropriately in terms of business plans and programmes of
businesses based policy formulations respectively. In terms of accountability and transferability
criterions and properties of conspicuousness and transparency, enhanced effectiveness in terms
of rights , privileges and opportunities and increasing effectiveness and rights and procedures of
Mulberry can be designed in terms of certain causes and criterions of businesses. This can be
formulated in terms of essential recommendation based mechanisms of businesses based on
clothing technology of Mulberry form or industry. Partnership related goals and objectives can
be interpreted in terms of bringing improvement in the performance of Mulberry and the
agglomeration of private sector and public sector and clubbing them together can be witnessed as
an improved or effective strategy in business development goal or objective based criterion and
does endorses valuable components of business and its related activities being defined in terms
of certain prospects of business connected with Small scale business enterprises respectively
inaccurate and compact manner or mode. Management techniques can be designed or formulated
in terms of .policies of improvement based on certain terms and conditions of business practised
by small scale industry of ulterior business significance. In terms of national , multinational
policies the efficiency of business can be effectively manipulated or adjudged with efficiency
and sustainability. Management of improvements procedure can be formulated in terms of
business development policies and procedures in terms of business policy executions and
14

management depending on monopolistic competition based second degree business policy
formulation. As per Brunswicker et al. (2015, p.1234),thus in a holistic manner , the business of
Mulberry is scheduled to be conducted keeping into mind of giving importance to management
of improvements in the clothing company of Mulberry based small scale business enterprise.
Conclusion
The last interpretation which can be interpreted in terms of business development policy based
goals and objectives are oriented in terms of small case business enterprises as per the terms and
conditions of this assignment . It is effectively seen or interpreted in terms of effective business
procedures and programmes that the small scale business is an important infrastructure based
business whose strategies , objectives , goals and criterions are unique and the development of
solutions or remedies can be formulated in terms of management based business procedures and
programmes of thorough importance.
15

Reference list:
Abdulsaleh, A.M. and Worthington, A.C., (2013). Small and medium-sized enterprises
financing: A review of literature. International Journal of Business and Management, 8(14),
p.36.
Brunswicker, S. and Vanhaverbeke, W., (2015). Open innovation in small and medium‐sized
enterprises (SMEs): External knowledge sourcing strategies and internal organizational
facilitators. Journal of Small Business Management, 53(4), pp.1241-1263.
Govindan, K., Kaliyan, M., Kannan, D. and Haq, A.N., (2014). Barriers analysis for green
supply chain management implementation in Indian industries using analytic hierarchy process.
International Journal of Production Economics, 147, pp.555-568.
Halme, M. and Korpela, M., (2014). Responsible Innovation toward sustainable development in
small and medium‐sized enterprises: a resource perspective. Business Strategy and the
Environment, 23(8), pp.547-566.
Haltiwanger, J., Jarmin, R.S. and Miranda, J., (2013). Who creates jobs? Small versus large
versus young. Review of Economics and Statistics, 95(2), pp.347-361.
Johnson, D. and Turner, C., (2015). European business. Routledge.
Love, J.H. and Roper, S., (2015). SME innovation, exporting and growth: a review of existing
evidence. International Small Business Journal, 33(1), pp.28-48.
Martin, L.A., Nataraj, S. and Harrison, A.E., (2017). In with the big, out with the small:
Removing small-scale reservations in India. The American Economic Review, 107(2), pp.354-
386.
Mason, C. and Brown, R., (2013). Creating good public policy to support high-growth firms.
Small Business Economics, 40(2), pp.211-225.
Mason, C. and Pierrakis, Y., (2013). Venture capital, the regions and public policy: the United
Kingdom since the post-2000 technology crash. Regional Studies, 47(7), pp.1156-1171.
Mulberry.com. (2017). Mulberry | Mulberry.com Official Homepage. [online] Available at:
http://www.mulberry.com/in/ [Accessed 5 Apr. 2017].
Naudé, W., (2013) Entrepreneurship and economic development: Theory, evidence and policy.
Browser Download This Paper.
16

Poschke, M., (2013). ‘Entrepreneurs out of necessity’: a snapshot. Applied Economics Letters,
20(7), pp.658-663.
Poza, E.J.,(2013). Family business. Cengage Learning.
Quatraro, F. and Vivarelli, M., (2015). Drivers of entrepreneurship and post-entry performance
of newborn firms in developing countries. World Bank Research Observer, 30(2), pp.277-305.
Wanambisi, A.N. and Bwisa, H.M., (2013). Effects of Microfinance Lending on Business
Performance: A survey of micro and small enterprises in Kitale Municipality, Kenya.
International Journal of Academic Research in Business and Social Sciences, 3(7), p.56.
Wang, X., Sun, K., Wang, Y. and Jing, J., (2015), February. DeepDroid: Dynamically Enforcing
Enterprise Policy on Android Devices. In NDSS.
Williams, C. and Martinez, A., (2014). Is the informal economy an incubator for new enterprise
creation? A gender perspective. International Journal of Entrepreneurial Behavior & Research,
20(1), pp.4-19.
Williams, S. and Schaefer, A., (2013). Small and medium‐sized enterprises and sustainability:
Managers' values and engagement with environmental and climate change issues. Business
Strategy and the Environment, 22(3), pp.173-186.
17