Managing and Running Small Business

MANAGING AND
RUNNING SMALL
BUSINESS

Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.Allocation of resources.............................................................................................................3
2.Apply relevant tools and techniques to allocate resources.......................................................4
3.Different process of customer relationship management in Star Textile.................................5
4. Benefits and challenges related to transnational operation......................................................6
5.Recommendation for overcoming challenges in transnational operations...............................7
TASK 2............................................................................................................................................8
Cash Flow Projections of Star Textile for the year 2019.............................................................8
Key financial Statements contributing in the successful management of the organisation.......11
Legislations and regulations having implications over small businesses..................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Small business is an indecently owned company. It can be defined as that business in which
there are few number of employees and also there is low amount of investment. It can be a
creative start-up or any other new or innovative idea that has been given shape of business.
Present report will lay emphasis on the Star Textile which is a new start-up by entrepreneurs.
Report will focus on effective allocation of resources. It will also show the various tools and
techniques of resources allocation. Assignment will also highlight the different types of customer
relationship management process.
TASK 1
1.Allocation of resources
It has been analysed that most important
aspect in running today’s business is the
effective allocation of resources. There are a
lot of profits if the resources are allocated
usefully and it will make the business be in
the market also for a longer run, and they
will be effective in their work. Effective and
efficient allocation of resources can assist
business in growing and achieving their
goals and objectives. It will help business in
running in long run.
Main considerations which entrepreneurs
should focus before allocating resources
Identifying resources-
Entrepreneurs while allocating resources
must engage in identifying how much
resources are available to them. This will
help them in easily achieving objective and
also identification of resources at first can
support them in reducing chaos in
organization which might appear if
resources are not properly allocated. This
will help them in making their startup grow.
Knowing Scope- It has also been
analyzed that before allocating resources
entrepreneurs must also involve in knowing
the scope of project which they are going to
start. They must forecast future and know if
their business is going to be liked by
individuals or not. Only this aspect will help
them in achieving goals and objectives
(Slemrod and et.al., 2017).
Importance of effective allocation of resources
Boost productivity- Effective
allocation of resources can help Star Textile
organization in enhancing productivity. In
this aspect firm can have idea about when
they are overloaded with work and they
have to make effective use of resources.
This will also help them in reducing the

operational cost and increasing the growth
aspect.
Improve time management- Proper
allocation of resources can also help the new
start-up in managing time. As when
resources are effectively allocated all
employees knows where they have to invest
time. Goals and objectives also become
clear to them. This helps and sports
organization in enhancing their operational
proficiency. Also proper allocation of
resources assist firm in prioritising the task
which is of most importance.
Improve staff morale: Allocating
resources wisely can also help Star Textile
firm in boosting up morale of employees. In
this organization can identify and monitor
which is employee is involve in which task
and which one is lagging. It also helps in
leading team in effective and efficient way.
Organization can achieve their goals easily
and firmly when proper allocation of
resources has been done (Rainnie, 2016).
Strategic planning: Star Textile can
also involve in doing strategic planning by
allocating resources effectively. In this firm
needs to sets its vision and goal clearly and
then involve in strategic planning to make
efficient use of resources.
Manage team work load: Proper
allocation of resources can help Star Textile
in managing the work effectively. In this
employer can have an idea about who has
more workload and who has ideal capacity
so more work can be allotted to that
employee. This aspect can support
organization in increasing their efficiency
and also achieving their goals and
objectives. It can support new start-up in
growing.
2.Apply relevant tools and techniques to allocate resources
There are various tools and techniques
that can be used by Star Textile so that they
can achieve their goals, objectives, mission
and vision set up by them. These tools and