Factors Influencing Small Business Success

This assignment delves into the crucial factors that contribute to the success of small businesses. It examines various aspects such as effective strategic planning, thorough market research and analysis, efficient operations management, access to funding, and the importance of skilled human resources. The document also highlights the role of adaptability, innovation, and customer focus in achieving sustainable growth and profitability for small enterprises.

SMALL BUSINESS
ENTERPRISES

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................1
1.1Profile, strength and weaknesses of business....................................................................1
1.2 Comparative measures .....................................................................................................3
.........................................................................................................................................................4
TASK 2............................................................................................................................................4
2.1 Recommendations for upcoming weaknesses .................................................................4
2.2 forms of Maintaining existing performance ...................................................................6
2.3 Recommendation for enlargement...................................................................................6
TASK 3............................................................................................................................................7
3.1 Business objective and plan .............................................................................................7
3.2 Revision plan ...................................................................................................................8
3.3 Set up an action plan ........................................................................................................9
TASK 4............................................................................................................................................9
4.1 Changes effects on individual and business ....................................................................9
4.2 Readying for managing the modifications.....................................................................10
4.3 Monitor improvement in company performance ...........................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
.......................................................................................................................................................14

INTRODUCTION
Small business may be determined in different ways like: in an investment terms, number
of peoples employed, volume of sales and output and production techniques etc. SMB's is an
operated and privately owned business. A small scale typically has a small number of workers, in
the UK. It is a enterprise that employs a tiny number of employees and does not have broad sales
volume. Such organisations are generally sole proprietorships, partnership and corporations.
This report is based on Number One which is small-business giving nutrient to buyers
with enchanting inside so they can pull large number of the buyers (Altman, Sabato and Wilson,
2010). Weaknesses and strength of an enterprise with the support of different approach which is
also mentioned in this file. Separate from that, it also exclude a perfect and suitable concern plan
which assist to raise revenue plane of the industry. Tools of execution administration which
supports to determine hidden issues in flourishing of firm will be obstinate in this assignment.
TASK 1
1.1Profile, strength and weaknesses of business
The primary aim and subjective of small scale is to give better product and services to
their buyers and increase their revenue level. Company also direction on creation in their
product so different buyers can take high interest top go in their cited eating house. Cited
enterprise is famous for their tasty food and captivating exterior to their foreign and domestic
buyers (Audretsch and Link, 2012). Under this business is highly focused on betterment of their
creative services by implementing and adopting different strategies. Number One is focuses on
different other services like for example: giving comfortable rooms and another employment
which feels buyer easy so, in this way they can well spend their most time with relish.
Profile Description
Name Number One
Food Italian
Phone number 0131 557 6727
Beginning hours 6-10PM
Address Balmoral Hotel,1 Princes St, Edinburgh EH2
2EQ
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Stores 140 Branches in United Kingdom
Menu Roccofortehotels.
Reservation Booktable.co.uk
SWOT analysis:
Strengths: Number one eating house has different property which can be utilized by organisation
in a better way. The important and galactic strength of this business is giving prime products to
their buyers. They include impressive policies and scheme which support to increase their
earning and another strength is attractive internal which is highly attract large amount of the
buyer’s not only national but also international tailored (Bridge and O'Neill, 2012). Another
strength is personality its knowledge and skilled workers so they can provide better service and
product qualities to clients.
 Quality product
 Global research
 Profitable organisation Strong financial foundation
Weaknesses: There are several weaknesses of cited restaurant so it directly impacts the company
profits. It includes conflict and miscommunication among the subordinates and employers so it
affects the strategies and policies of the business. One of the major weaknesses of mentioned
small scale it that challenges which exist in the marketplace and affect organisation revenues
(Burns, 2010). There are lack of skilled and qualified workers which are highly impact enterprise
activities. Lack of sources and funds are also a main weakness, which is faced by cited
restaurant.
 High price
 improving roasted coffee Known only for Coffee
Opportunities: It includes new plans which boosts from changes in performance and taste of
buyers. Business can also appoint skilled and qualified person, so they can provide creative
services and innovative products.
 Launching innovative products
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 Skilled labour market Use of social medial network
Threats: One of the main and major threat that is same type of products and services are also
being given by different other restaurants which is highly affect business operations, policies and
strategies of the enterprise.
 Cultural problem
 Actual Stats cost and sacred text in UK
 Economics behind bend
1.2 Comparative measures
It is important for a small scale is to activity the company execution which support to
meet the present execution (Chittithaworn and et. al., 2011). Cited restaurant to use different
techniques and tools which support to analyses the company financial position. For this they
required to behaviour aggressive examine which are mentioned as above:
Comparative performance measure using financial factors
P&L report for the year complete 31st December 2015 to 31 December 2016 are explicit
in the mention tabular array.
Particular 2015
£
2016
£
Product Sales 160 230
Cost of Sales 120 120
Gross revenue 40 110
Manufacture Overheads 20 50
Net revenue 20 60
Balance sheet of year ended 31st December 2015 to 31 December 2016 are stated in the
following table:
Year 2015
£
2016
£
Fixed assets 50 20
Debtors 26 40
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Stock 40 70
Cash and Bank 5 Nill
Total 121 130
Creditors 15 50
B/P 0 30
Total 15 80
Ratio analysis: This is the almost operable creature which is utilized by the company manger to
analyses the current and existent view of the business (Fassin, Van Rossem and Buelens, 2011).
It concern lucrativeness, efficiency and another prospect which also important for the neutral
such as suppliers, governments and capitalist etc.
2015 2016
Net earnings edge = NP/ Net income *100=
12/130*100= 9.23
Clear edge = 55/ 350*100= 15.71
Overall income edge= GP/ Net income * 100
30/110*100=27.27
Gross margin = 130/230*100=56.52
Liquidity ratio = CA – Stock/ Current
liabilities
50+5-(17)/14=2.7
Speedy ratio = 70-20/80=69.75
Another financial performances techniques and tools:
Year ending 2015 Number One Le Bistro Du Coin
Staff members turnover 20 22
Absentee rates 17.00% 21.00%
Percentage of job offers
accepted
50.00% 70.00%
Output of job satisfaction
surveys
84 % satisfied 60 % satisfied
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Surveys of competency 62.00% 55.00%
TASK 2
2.1 Recommendations for upcoming weaknesses
Business unsuccessful is one of the main weaknesses because it affects company
functions and operations. It also exclude external and internal component which present in the
surroundings have to defeat these weakness if they need and want to maximise its company and
raise their revenue level (Gunasekaran, Rai and Griffin, 2011). For the purpose, organisation
have to build impressive strategies and policies with correct business plan which play an
essential role in the business success. Several barriers which a firm faces are identified as below:
 Lake of qualified and skilled workers which is highly impacted the products and services
that is given by buyers.
 Absence of correct channels of communication among subordinates and employers.
 Produce equal type of services and products which impact the company income level.
 Deficiency of finances is also a main weaknesses which is featured by Number One .
Cited restaurant required to eliminate those obstacles by formulating impressive policies and
scheme with the support of approached approaches. There are different approach which is used
by an enterprise to distance imperfection, which are mention below: Deficiency of human action: When an enterprise program whole strategies, it is essential
to implement correct communication channel so that, it cut the confusion or mistakes
which white thorn be boosting at the implementation period. Development and preparation: It is precise essential for mentioned restaurant to conduct
development and training curriculum so they can increase employee’s competencies and
skills as well as they give qualitative services to every buyers. Estimation of cost: This is necessary and essential factor which a small-business have to
focuses on it because it highly impacts the organisation earnings (Hilmersson, 2014). For
the purpose, company handler can use different technique's to decrease cost which have
direct link with the enterprise targets.
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 Modification in existing policies: Manager of Number One have to required
modification and innovation in their strategies regarding to surrounding. It is essential to
innovate innovative plans so that it support to attracting different buyers.
Cited company can overcome whole these weakness by implement impressive policies
with the support of skilled workers. It is very essential to formulate programs for remove all
obstacles of an organisation (Nga, and Shamuganathan, 2010). In this way, restaurant need to
select several steps are given below:
 Required experienced and skilled workplace to provide best service to buyers.
 Implement and formulate powerful strategy to rise revenues.
 Sustain environment for appropriate communication among different workers.
 Identify funds sources so that enough coast can be arranged in a better way of
organization.
2.2 forms of Maintaining existing performance
It is an essential for many business to sustain its present execution because it is inferior of
implementing coming planning and strategies. It also consider to centring on objectives and
targets which mortal to be completed by a business. Director of an enterprise required to utilize
different technique's which are discussed as below: Flushed dealings: Regarding to this, it is precise essential for many enterprise to sustain
good and optimistic relations among subordinates and employers. Better relation with
buyers is necessary because they are cardinal component for a business prosperity. These
links are impact the present action of the industry. Activity of wellness surroundings: Company director is liable to generate amiable
surrounding in geographic point so that workers can handle many trouble and issues
which may be featured by in enterprise. It supports to motivate workplace, it is needed to
develop their performance in firm. Enhancement programmes: These approach includes development and training
programmes by which workers can increase their competencies and skills, so they can
provide necessary and important information and aware to workers of the organisation. Appraisal programmes: By selecting this programmes, Number One manage can
maximise moral and motivation of their workplace (Stokes, Wilson and Wilson, 2010).
Under this appraisal is based on the employee’s performance at their workplace.
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 Adjustable to alteration: It may include modifications which is native by an enterprise to
change its strategies, so it is very important for workers to evaluate these modifications.
2.3 Recommendation for enlargement
It is very essential for little-scale to spend their function and activities on the far side the
extremity as well as examined whole factor which support to maximise company earning. For
this function, an enterprise have to examine micro and macro section which are determined as
below: Price: This is very essential component which individual to be examined in business
increase because without finances an enterprise cannot expend its activities and functions
(Storey, 2016). Essentially it is keystone of many program.
 Recent trend: There are different trends which are in marketplace so much as preferences
and taste of various buyers which show essential function in company enlargement
because buyers are alone key part who impact organisation realise.
Separate from this, various improvement scheme are also selected by mentioned
restaurant which is supportive for additive expansion subjective for:
Ansofe Matrix: This program gives the best model which supports company’s director for
improving many scheme. It exclude several plan of action which are mentioned above: Market perception: It includes, maximise market share according to present market
situations. Market development: With the support of this technique's and methods enterprise develop
their equipment, which assists to attract buyers. Product development: By use of this approach, in this way company manger can change
their merchandise with the assist of determine preferences and needs of buyers (Teece,
2010). Variegation: It may include fresh industry identification for enterprise enlargement in
marketplace.
For pulling various figure of buyers, Number One also attempt to wide-open its other
business in activity of Chinese to give ambrosia and quality product and employment.
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TASK 3
3.1 Business objective and plan
It is really essential and necessary before unveiling an innovative merchandise in
marketplace to examined enterprises mission, imaging and reference which required to be
attained for an organisation. This will support to formulate impressive strategy. For the purpose
of profit maximisation, it is essential to introduce a innovative product in marketplace. An
amazing concern plan of Number One are granted below:
Staff vision:
 Provide positive and flushed situation to their workers so they can give their afloat
attempt in the business. Doings development and training programs to increase competencies and
accomplishment of the workers (Williams and Schaefer, 2013).
Customer vision:
 Maintain positive and healthy relation among customers and organisation. Correct identification of preferences and needs of various national and international
clients.
Shareholders objectives:
 Focus on share in market. Profit maximisation by much investing.
Business plan: It consider an impressive business concern plan which is precise essential to
attain goals of the cited institution. Mentioned eating house employees are absorbing this idea
when they provide whole the purpose. Plan of business which is supported on the below tasks
and activeness such as future cost and time which is really essential to additive many inactivity.
3.2 Revision plan
For satisfaction of enterprise subjective and targets, in this way cited company manger
have to set up a best plan which consider different firs activities. Concern idea revision which
will view strategy examination by expertise (Altman, Sabato and Wilson, 2010). Revision may
include different steps that are mentioned are as follows:
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 Research methodology: For business plan revision it needs appropriate and correct data
and information so for this purpose, cited company manager required to select a inquiry
epistemology by with information and information can be collected. Enlisting and choice: It is same essential to establish skilled and qualified candidates so
Number One complete its impersonal and targets. Variegation: It see market enlargement by administer quality product in different
location. Criterion the execution: It may include employee’s performance measurement which
supports to assign responsibilities and roles to the workers. It will also include healthy
and positive performance which highly as well as directly impact the productivity of the
enterprise.
 Control: After determining performance of the workers, in this way handler have to take
corrective action due to the situation (Audretsch and Link, 2012). This will supports to
betterment in the enterprise plan of business.
3.3 Set up an action plan
Action plan is necessary as well as essential to fulfil short and long term objectives and
goals on the basis of these targets such as an action plan which is prepared. In this way work are
assigned regarding to their competencies and skills.
Tasks and activities Duration
Zizzi company prepare a plan of business 5-9 Days
Information Collection 11-16 Days
Resources identification 3 Days
Analyse of time period as well as future cost in
which activity and task are complete.
2-4 Days
Appointing of workers 8-11 Life
State Day of the month Get 2/08/ 2017
Termination Day of the month 30/11/17
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Reported to the activity, it can be complete that Number One has to determine time period of
every task for satisfaction of short and extended term goals. One of the main objectives of cited
restaurant is to reducing wastage of money and time as well as completing organisational targets
and objectives in way of timely (Bridge and O'Neill, 2012).
TASK 4
4.1 Changes effects on individual and business
Any modification is impact on the employee’s execution and internal as well as external
factor which are directly impacting the business classical. These modifications are straight
impacting and influence the earning level of the Number One . There are several factors which
are highly impacting enterprises functions are as follows: Finance: It may include that several modifications in advancement of technologies
which is directly impacting in an enterprise in a monitory manner. It is essential for an
organisation to apply these technologies and advancement which support to attain
structure objectives and content. Employment: Various changes in procedures and policies of the cited restaurant support
to bring down employment from workers (Burns, 2010). It includes and doings
development promulgation so manpower can increase their skills.
 Administration artefact: There is required to modify company artefact, so in this way
workers can feel good and comfortable at their workplace. It highly focuses on
employees and their work profile so that whole workforce provide their full contribution
for fulfilment of enterprise goals and objectives.
Apart from that, changes and advancement play a critical role in development as well as
generate brand image in advanced of market and buyers. In this way different buyers are also
required several new items with good choice.
4.2 Readying for managing the modifications
For ceaseless working of enterprise, in this way cited restaurant director have to control
alteration so workers can provide their complete incapacity towards their task and activity. For
the design of cited company is selected Kotter’s 8 Exemplary for handling the modification.
Various stairway are presented as follows:
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1. Create Urgency: It includes various analyses related to changes need in the enterprise
procedures and policy, which is very essential to control the modification.2. Powerful coalition: It is very important to include positive and healthy relationship
among subordinates and managers, so they can provide correct information related to
modification.3. Vision for change: It may include identification in long term objectives and goals which
are very essential for an enterprise (Chittithaworn and et. al., 2011).
4. Pass on the vision: This is really important that convey targets and goals to all workers of
the business.
5. Distance obstruction: For impressive procedures effectuation, in this way handler have to
decrease barriers and obstacles (Fassin, Van Rossem and Buelens, 2011).
6. Short term wins: It may include fulfilment of short term objectives and goals of an
organisation.
7. Built on the change: It is very important to include changes implementation in the
announcement.
8. Hook improvement in a business firm : It is whole regarding transmit modifications in
external universe with the assist of essential element.
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(Source: Kotter Eight Model, 2017)

4.3 Monitor improvement in company performance
It is essential to control outcome of modifications on the execution of many workers
which highly impact whole running of an organisation. It also impact the profit level as well as
trade name in the buyers brain or market. Later on changes execution in organization, control all
output and afterwards that handle if another modification is needed. For this intent cited
restaurant manager should arrange material and resources which are needed (Gunasekaran, Rai
and Griffin, 2011). Number One can use different tools and techniques such as review,
connection, diverse and perception assignment etc. for the purpose cited business can use correct
and suitable epistemology.
CONCLUSION
From the above mentioned report determined that economic devolution in a land, in this
way little scale show an important role. Company can give innovative products to buyers. This
report is mainly focuses on role of small firm, its strategies, business plans and functioning etc.
main aim and objectives of this assignment to give a business plan in an effective way. In this
way, cited restaurant can increase their profits and revenues. There are many approaches to
determine performance of management strategies which is based to achieving short as well as
long term objectives of an organisation. At last this file is completely determine strategies and
policies for expand another enterprise in different regain of the country. .
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REFERENCES
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Nga, J.K.H. and Shamuganathan, G., 2010. The influence of personality traits and demographic
factors on social entrepreneurship start up intentions. Journal of business ethics. 95(2).
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Online
4 Simple Strategies to Improve Your Business Success Rate. 2017. [Online]. Available through:
<https://www.entrepreneur.com/article/239706>. [Accessed on 26th August 2017].
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