Constitutional Formation of SME Organisation - Report
Added on 2020-01-16
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Small BusinessEnterprise1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Producing business profile by identifying SMART objectives and strengths andweaknesses...................................................................................................................................31.2 Analysis using three different comparative measures...........................................................5TASK 2............................................................................................................................................52.1 Recommending appropriate actions with justifications to overcome the weakness..............52.2 Analysing the existing performance for maintaining the strengths.......................................52.3 Areas for business expansion.................................................................................................6TASK 3............................................................................................................................................73.1 Assessment of existing business objectives and plans..........................................................73.2 Revised business plan............................................................................................................73.3 Action plan for implementing changes..................................................................................8TASK 4............................................................................................................................................94.1 Impact of proposed changes..................................................................................................94.2 Change management plan......................................................................................................94.3 Monitoring improvements in performance..........................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................122
INTRODUCTIONSmall business enterprises are those set ups that are largely contributing in the economicdevelopment of nation to a great extent. These are mostly referred to be small scale businessestablishments with no more than 250 numbers of employees. Many startup businesses aretogether representing themselves in the category of small to medium size organizations (Storey,2016). It is where they are either owned by the individual’s themselves depicting a soleproprietorship firm or by their family members in partnership. There exist yet other criteria tofulfill the norms of Small to medium size business entities also termed an SME where they mustpossess less than £25m turnover with minimum £12.5m gross assets. The present report hasoutlined such constitutional formation of SME organisations by electing an analogous venturenamed Performance in People Ltd. It is one of the renowned SME Corporation in UK known fortheir customer service consultancy and mystery shopping. TASK 11.1 Producing business profile by identifying SMART objectives and strengths and weaknessesAbout the company:Performance in People Ltd. is one of the organisations that works with global andnational brands as a consultancy firm so that customer experience can be improved. Thisorganisation has about 35000 mystery shoppers and 90 employees working at the head office(About Us, 2017). Established in 2000, the organisation has been able to achieve greatrecognition amongst mystery shoppers. The company has developed wide range of applicationsthat are helpful in increasing the satisfaction level of customers with enhancement in sales. This is in context to create the business profile of Performance in People Ltd where theyare mainly relied upon their undertaken organisational missions and visions that are as referredbelow-Mission- A considerate mission of the cited entity is to deliver a variety of industryleading amenities as a way of improving the customer service level for their respectiveclients and users (Curran and Storey, 2016).Vision- It is in correspondence to the above stated mission of the quoted firm where theyare thoroughly looking to improve customer service level across UK.3
It is therefore on conducting both macro and micro analysis of Performance in People Ltd.,below are the macro environmental factors that involves some external environmental factorsinfluencing the undertaken decisions of business-Economic factors- These are the factors that largely impact upon the fiscal decisions ofbusiness organisations like Performance in People Ltd., where UK is presently dealingwith a stabilized economic status (Burrows, 2015). In context to which, there are nowequal number of middle to low income classes that can be targeted by the cited firm. Competition/ Competitors: Competition is a factor which helps in bringing moreeffectiveness in the functioning of the organisation. It also helps in prohibiting theexploitation practises against customers which often occurs due to monopoly (Hayes,2014). The competitors of Performance in People Ltd. are those firms and organisationswhich are functioning in the consultancy sector. Whitehouse Consultancy is one suchcompetitor of this organisation. Demographic factors- These are those influential factors that plays a crucial role indetermining the value of organisation’s projected products and services. It is where thisconstituent is likely to specify the actual preferences of the customers that in turn assistthe quoted firm to design accordant commodities for them (Agrawal, 2016). It is thus incontext to the present demographic trend of UK, there exists a large number of youngage users who are more concerned with the acquisition of modern-day facilities. However, the micro factors are certain internal environmental factors that equallyinfluences the business to a great extent and are as referred below-Managers- The appointed managers of Performance in People Ltd Are extremelysupportive in nature where almost all their employees are favourably agreed to theirundertaken leadership methods (Storey, 2016). Also, all the managers are mostlypositioned at this level after going through an internal promotion that in turn depicts theirthorough cognition about the overall work procedures of the cited entity.The above carried analysis have further assisted to assess the strengths and weaknesses ofPerformance in People Ltd., that are as defined below-Strengths- A positive work environs in Performance in People Ltd is referred to be theirleading forte with a well-managed team of individuals. This in turn have illustrated variedprogressive work agendas by them where they are getting into greener work technologies in a4
dedicating manner with a prior support of their proficient managerial team. Quite large customershare has been acquired by the company according to the operational standards. The mission andvision of this organisation have been developed appropriately which automatically helps inbuilding strong strategies. Weaknesses- A lacking agenda of advertisement with less recognition of their businessare referred to be certain weaken dimensions of Performance in People Ltd (Goss, 2015).Additionally, low level of fund to invest more into the enlargement of their existent business istogether referred to be yet another major weakness of the elected company. The company is notso compatible or adaptive to technical advancements which means it lacks updation oftechnology. Opportunities: The business world is full of opportunities when assessed and analysed ontime. It is important for the concerned company to recognise and utilise these opportunities sothat larger benefits can be gathered. Performance in People Ltd. has opportunity of improving itsservices and products for the current customer share (Blackburn, Hart and Wainwright, 2013).On the other hand, the organisation also holds an opportunity in bringing in new services andproducts or expand business in different locations. This helps in increasing brand awareness andrecognition amongst potential customers.Threats: Increasing competition is a major threat which is faced by the company in thecurrent functioning market. This competition if not tackled correctly can bring in a lot of troublein the near future (Cavusgil and et. al., 2014). It is possible that the entire customer share willsubstitute services of Performance in People Ltd with other organisations' products. This impliesincreasing awareness of customers and opportunities for competitors is a major threat for thecompany. Furthermore, the factors like Brexit, Immigration and diversity are more threateningfor the company. Both these analytical approaches have subsequently supported in framing three SMARTobjectives for Performance in People Ltd., as stated below-1.To determine the factual preferences of today’s contemporary set of customers with aspecial context to young age consumers.2.To identify those influential factors that directly impacts upon the purchase decisions ofcustomers (Blackburn, Hart and Wainwright, 2013).5
3.To ascertain the role of customer satisfaction to enhance the loyal perspective of usersassociated with Performance in People Ltd towards their proposed goods and services. Key Performance Indicators:The key performance indicators are referred as KPIs which help in developingappropriate links with the business objectives so that strategic actions and activities can takeplace. The KPI for Performance in People Ltd. is based on the ranking and ratings which areacquired by customers and stakeholders in surveys and feedbacks. Furthermore, the index andpercentage of employees or customers that are satisfied with the services and products ofcompany. 1.2 Analysis using three different comparative measuresComparative measures are basically undertaken to analyse the existing position of theorganisations like Performance in People Ltd with that to the contenders in the market. It isbased upon several parameters of comparison to relate among the undertaken practices of oneorganisation with that to the another organisation operating in a similar area of business. This is basically to analysis the present business performance of the quoted entity withsupport of three distinct comparative measures, as outlined below-1.Customer satisfaction- It is a foremost method to analyse the business performance ofthe cited firm by continually surveying their clients and users by the employees viafeedback forms, etc.2.Benchmarking- It is yet another beneficial tact by comparing one’s own performancewith the contenders as a way of analysing any gap in one other’s provisioning (Ratten,2014). 3.Reviewing progress against business objectives- This is one of the most feasible tactwhile referring to expand the business by investing funds where the targetedobjectives must be constantly measured by the quoted entity to check their growth. The key performance indicators which have been used by Performance in People Ltd.include ratings, rankings and percentage satisfaction. These parameters have been helpful inbringing more effectiveness in the delivery of services and products. Financial Profits:The financial profits help in stabilising and fulfilling the monetary demands that occur indifferent business operations. There is always a minimum margin which needs to be kept so that6
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