Small Business Enterprise Report
Added on 2020-01-23
14 Pages6271 Words129 Views
SMALL BUSINESSENTERPRISE
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Profile of Business selected out of Dragons' Den series:.......................................................31.2 Comparative analysis of financial performance:...................................................................3TASK 2............................................................................................................................................42.1 Key ways to overcome the weaknesses:................................................................................42.2 Ways to maintain and strengthened the existing performance:.............................................52.3 New areas where business could expand:..............................................................................5TASK 3............................................................................................................................................53.1 Produce an assessment of existing business objectives and plans.........................................53.2 Revise business plans appropriate changes ...........................................................................63.3 Prepare an action plan to implement the changes..................................................................7TASK 4............................................................................................................................................74.1 Impact of proposed changes on the business and its personnel.............................................74.2 Plan the changes in the business............................................................................................84.3 Improvements in the business performance over past two years...........................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................112
INTRODUCTIONDragons' Den is a British reality television series. It hosted by Evan Harold Davis who isa well-known English economist and journalist (Rae, 2010). And also a presenter for BBC. Thetheme of show is that it allows new entrepreneurs to present their new and unique ideas in frontof five well known investors. These investors are known as the dragons of this show. The showhas been named on the name of a Mythological creature Dragon and the panel of five investorsare called Dragons. This show give a platform to those who have an idea but they need financialhelp to implement the ideas.TASK 11.1 Profile of Business selected out of Dragons' Den series:Name of Business : Hungry HouseOwner Structure: Hungry House was founded in 2003 by Shane Lake and Tony Charlesboth as a Co-founders. It has started its online platform in the year 2006. Both the co-founderswere appeared on Dragons' Den series. In that show James Caan and Duncan Bannatyne has alsoinvested in their organization.History/Background: It was founded by its Co-founders Shane Lake and Tony Charles inyear 2003. Both of them were also become part of Dragons' Den. They have presented their ideasand uniqueness in front of panel of Dragons (investors’ panel). As it was good enough so JamesCaan and Duncan Bannatyne has invested £100,000 in Hungry House. Later on the investmentdeal of Dragons' den has been collapsed with investment of £150,000 by some other investors.Hungry House has been declared as one of most successful entrepreneurs who have visitedDragons' Den (Rae, 2010). It can be analysed that being a part of Dragons' Den, Hungry Househas increases its link to get investments through other investors too, who are willing to invest inthose ideas which is unique and contains the potential to earn profit.Activity: Hungry House through its online platform allows a person to find a localplatform easily and they make it more easier to give order for online booking of take aways .Hungry house can described as a restaurant directory. It works as a bridge between hungrycustomers and their favourite restaurants which provides them their favourite food (Storey,2016). Through Hungry House a customer can get access to its favourite restaurants just bysitting at home.Business location: it is an UK based online platform. It is owned by Delivery hero. Itworks across the boundaries of UK.Strength and Weaknesses: Hungry House has Just Eat as its rival. Just Eat is a bigcompetitor for hungry house as it also works in providing delivery services of food to itscustomers through its online platform. Just eat has its business flourished in United Kingdomsand in other 13 countries. Hungry House should exercise SWOT analysis for taking an edge overJust Eat and its other competitors. The weaknesses of others can be made as a strength byHungry House. It should overcome of its weaknesses, because of them rivals can take a lead overHungry House.3
1.2 Comparative analysis of financial performance:Financial performance of Hungry house in a particular financial year can be analysed bycomparing it with its rivals dealing in same operations. As hungry house is an UK basedorganization hence comparative analysis can be made between hungry house and other onlinefood delivery portals which are based in UK (Terziovski, 2010). Levi root was approached byBBC to become a part of Dragons' Den and there he got an investment of £50,000 in exchange of40% equity stake in Reggae Reggae Sauce. Peter Jones and Richard Farleigh has invested withlevi root. Levi Roots has a range quality products with a unique taste. If we compare it withHeinz then we can find out that the difference of taste in its sauces as compared with Levi rootsReggae Reggae Sauce. Technology is the best feature of levi roots products as its qualitydepends on the technology which is used in preparation of its products. Because of its uniquetaste it takes lead over its rivals like heinz and others (Ackermann, 2012). Levi roots can capturethe market share as it has a quality range of products. The origin of one of its product iscontroversial. Reggae Reggae sauce is said to get its origin by Tony Bailey. Bailey filled acomplaint over Levi Root's recipe and desired a claim £300000. However, the claim has beendismissed. Reggae Reggae Sauce of Levi root is manufactured by AB Worlds Foods. Which is adivision of Associated British Foods. Levi Root's Reggae Reggae Sauce was exclusively sold bySainsburry's Supermarkets. It was having an expected sales of 50000 bottles for a whole year butreality goes far beyond that expectations. As Levi's product had a super demand and sansburry'shad a sales of 50000 bottles per week. In 2008 Levi root had launched "Love Apple TomatoSauce" and "Fiery Guava Dipping Sauce"as a new variant of sauces other than Reggae Reggaesauce.TASK 22.1 Key ways to overcome the weaknesses:Hungry House is a leading name in online take away industry. But due to immenseefforts made by its rivals like Just Eat, it needs to overcome its weaknesses to capture a leadingshare of market. An organisation should accept its weaknesses to overcome them. If they can’taccept those weaknesses then they can’t find their roots (Terziovski, 2010). So it’s important togo through roots of weaknesses. Hungry house needs to find and accept that Just Eat has thepotential to capture market share. So it needs to find the strength of Just eat and then hungryhouse needs to develop those elements in its structure too. Another way to overcome theweaknesses is to set proper and quantifiable goals. If the management team of hungry house setstheir goals in quantitative measurements then they can delegate duties to their subordinates moreefficiently. And also in a effective way. The subordinates in that case will have a clear targetwhich they have to achieve. For example if management makes a policy to deliver orders in acertain time and number of orders to be deliver in a certain time then the delivery departmentwill have clear target in their mind. But it should be noted that targets are to be set in thatquantity which delivery team can achieve and they won’t find any difficulty in it. As well as theywon’t have stress of achieving targets. Another way to overcome weaknesses is to regularlyassess performance of entity. If hungry house will not check its operations on a regular basis thenit will face critical situations in form of surprise. And that would be more difficult to handle(Muller, 2012). There is another way to overcome the weaknesses and that is to have patience.Hungry House can’t overcome its weaknesses in a single day. It will take time to take a leading4
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Small Business Enterpriselg...
|27
|5299
|121
Analysing Small Business Enterprise - Tangle Teezer Assignmentlg...
|27
|6129
|30
Management of Small Businesses: A Case Study of a UK Online Food Ordering Companylg...
|20
|5598
|471
Small Business Enterprise - Hungry Houselg...
|16
|5304
|239
Small Business Enterpriselg...
|17
|4278
|414