Entrepreneur Strategy in SME Business
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Added on 2020-05-28
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1 Introduction 4 1.1 Organizational Overview4 1.2 Organizational Problem 5 2 Situational Analysis (internal)5 2.1 For example 5 2.2 Business structure 5 2.3 Financial analysis 6 2.4 HR 6 2.5 Brand 7 2.6 Procedure evaluation7 2.7 Product analysis 7 2.8 Online and social media presence 8 3 Situational Analysis (external)9 3.1 For example 9 3.2 Industry 9 3.3 Customer analysis9 3.4 PEST analysis 10 3.5 Competitor analysis 11 3.6 Company objective and strategy 12 3.7 Threats Analysis 13 5 Strategic Options and Analysis 14 5.1
Entrepreneur Strategy in SME Business
Added on 2020-05-28
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Running head: Entrepreneurial Strategy 1ENTREPRENEURIAL STRATEGYStudent NameInstitution
Entrepreneurial Strategy 2Executive summaryThe aim of this paper is to evaluate the entrepreneur strategy used in SME businesswithin the UK market. The novel organization is Hakim Group, a medium organization with highpromising features. The strategy problem is unstructured management as the organization ismade up of organizations under different management. The business structure is mainly portfoliomanagement system with different portfolios under a single name. Human resources are dividedinto those employees from main organization and those human resources based on smallerbusinesses. The company as a brand has many product lines that are grouped into portfolios andthis forms two major portfolios. Product analysis of various optometry practice and onlinebusiness sold under Hakim Group can be cauterized depending on various companies formingHakim Group. The industry and competitor can be grouped into three areas mainly health care,online business industry and real estate. The proposed strategy composed of central managementwith clear communication, risk management and organization culture that will drive the businessobjectives.
Entrepreneurial Strategy 3Table of Contents1Introduction.........................................................................................................................................41.1Organizational Overview..............................................................................................................41.2Organizational Problem...............................................................................................................52Situational Analysis (internal)..............................................................................................................52.1For example.................................................................................................................................52.2Business structure.......................................................................................................................52.3Financial analysis.........................................................................................................................62.4HR................................................................................................................................................62.5Brand...........................................................................................................................................72.6Procedure evaluation...................................................................................................................72.7Product analysis...........................................................................................................................72.8Online and social media presence...............................................................................................83Situational Analysis (external).............................................................................................................93.1For example.................................................................................................................................93.2Industry........................................................................................................................................93.3Customer analysis........................................................................................................................93.4PEST analysis..............................................................................................................................103.5Competitor analysis...................................................................................................................113.6Company objective and strategy...............................................................................................123.7Threats.......................................................................................................................................124Competitor Analysis...........................................................................................................................135Strategic Options and Analysis...........................................................................................................145.1Strategy proposal.......................................................................................................................155.2Strategy process........................................................................................................................156Recommendations.............................................................................................................................16
Entrepreneurial Strategy 47Conclusion.........................................................................................................................................168References.........................................................................................................................................179Appendix............................................................................................................................................209.1Appendix 1: Example Porter’s Five Force Model.......................................................................209.2 Appendix 2:Example SWOT model..............................................................................................219.3 Appendix 3:Example TOWS Analysis...........................................................................................229.4 Appendix 4:Example Competitive Analysis..................................................................................23
Entrepreneurial Strategy 51Introduction1.1Organizational OverviewHakim Group is an organization that composed of various small businesses drawn fromvarious products line. The organization was incorporated in 1997 with intention of forming ajoint venture with many businesses providing optometry practice to customers. Since itsinception, the organization has grown to link many different opticians within the country andsome of these include Simon Falk Eyecare, Holland Opticians, Dr. Stella Griffiths Opticians,Kimberley Opticians, David Henderson Opticians, Sarah Dineen Opticians, DayBell & Choo andAlvastone Opticians. The second product line includes partnering companies that have also jointhe group to operate under this brand and some of these include Simply Group, Mobius Tech andiTeddy that offers a variety of products mostly from online services. Olive Estates focusesmajorly on real estate and property services and is also part of partnering companies. 1.2Organizational Problem The main organizational problem is lack of proper management structure that can unitevarious businesses operating under Hakim Group. Many companies under the management ofHakim Group are not managed by the Hakim Group due to limited strategic plan that canincorporate these companies. This implies that these companies operate on their own throughtheir senior management staffs form the board of directors. The only challenge that remains isthe ability of all subsidiaries to used brand name and brand feature. This is a management issuethat needs to address since it may lead to the breaking of the organization. For instance, some
Entrepreneurial Strategy 6companies such as Simply Group, Mobius Tech, and iTeddy do not directly operate under theofficial brand name of Hakim Group (Park & Lee 2009). 2SituationalAnalysis (internal)2.1For example2.2Business structure The business structure used in Hakim Group can be described in three different ways.The first description majorly consists of portfolio management system with different portfoliosunder a single name. Hakim Group business structure consists of many different optometrypractices. That is headed by a board of directors representing various business brands with theorganization. The bossiness model used within the Hakim Group consists of mainly portfoliosmanagement united under the chief executive management. The second structure that can also beseen within the organization is matrix structure that incorporates both online and in-houseservice. In addition, the business structure also consists of an online platform that allowscustomer placing an order for specific service. In the in-house business structure, theorganization offers specific optometry service (Hakim Group 2017). 2.3Financial analysisThe financial analysis of the organization requires an understanding of the financialinformation of each of the businesses under the organization. Financial analysis can, therefore,be analyzed following portfolio or online businesses. Firstly, Imran Hakim indicated that by2009 the overall value of the optometry was £20m. This was expected to increase by more than£10 at the end of 2010 due to the incorporation of iTeddy. By the end of 2017, the net worth of
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