Managing a Successful Business

This report focuses on managing a successful business and the importance of technology in improving business operations. It covers project aims and objectives, project management plan, work breakdown structure, and research methods.

MANAGING A
SUCCESSFUL BUSINESS

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Project Aims and Objectives..................................................................................................1
P2 Project management plan.......................................................................................................1
P3 Work breakdown structure and Gantt chart...........................................................................1
TASK 2............................................................................................................................................1
P4 Small-scale research through applying quantitative and qualitative research methods.........1
TASK 3 ...........................................................................................................................................3
P5 Research and data using tools and techniques.......................................................................3
P6 Communicate appropriate recommendations......................................................................11
TASK 4..........................................................................................................................................12
P7 Reflect on value of undertaking research to meet stated objectives....................................12
CONCLUSION..............................................................................................................................12

INTRODUCTION
In this present scenario, technology has played a very important role in improving any
business. This has assisted most of the company in manufacturing best quality of goods and
services to its clients (Baiden and Price, 2011). Therefore, to sustain in the market for a longer
period of time firms are utilising latest tools and technologies and as a result an increase in sales
and productivity can be seen. Earlier the machineries used to be very simple but now with
advanced features technology has become more complex and complicates because of which
workers sometimes find it difficult to operate. Wristband is one of the small industries that deal
in manufacturing customised wristbands. Although it is not so popular but as the organisation is
optimising latest technologies it is assisting them in obtaining the set goals and targets under
specific period of time. This report will throw light on aims and objectives of the selected
organisation so that project management plan can be made. Therefore, research methods that will
be used while conducting this research will be included in this assignment. Other than this the
tools and technologies that are optimised for accomplishing the researches is mentioned in this
assignment.
TASK 1
P1 Project Aims and Objectives
Developing new technologies, along with the changes in existing ones provides
advantage to an organisation and enables them in giving excellent good and services to its
customers (Chang, Walters and Wills, 2013). Therefore, it is necessary that with the change in
course of time organisation uses latest technologies for having an appropriate growth in business
operations. Wristband is using modern machineries as a result they are able to deliver best
quality products to its consumer right on time. Further, the company is using modern marketing
trends so as to increase their performance in sales and productivity rather than implementing the
old one. Along with enhancing the GDP of a country, these small organisations are providing job
opportunities to maximum number of people. Thus, for giving appropriate services Wristband is
giving best training activities so that employees can improve existing skills and knowledge in
order handle their clients in an effective manner.
Therefore, it will assist them in having a better relation with customers; as a result a better
position in the market can be obtained. For example: Wristband, for communicating with their
employees is using appropriate technologies so that they can convey their message to workers in
order to get best outcomes. This is helping the organisation in maintain a strong mutual
understanding between employees and subordinates. Apart from this, new tools and technologies
are aiding the organisation in maintaining a record which they can easily access in just one click.
It is providing security to its data as compared to earlier times and nobody can misuse them.
Topic: In order to know the effectiveness of digital technology so as to conduct their
business operations in an effective manner.

Background of the project: By implementing innovative and new ideas Wristband is
influencing the minds of people and as a result they are attracting more and more customers
towards their organisation. Therefore, Wristband is taking feedbacks and reviews form a number
of individual so as to make products according to the choices and preferences of people. Thus,
company is giving excellent services and facilities in return. For example: as per the current
scenario, individual has become more conscious about health henceforth, Wristband company
with the help of digital technology has incorporated certain features form which people can
analysis what is going inside the body. Apart from this, to promote their brands the organisation
is using various kinds of methods through which they can conduct promotional activities like
giving advertisements in social media, internet, newspapers, magazines and many more.
Furthermore, to interacting with their customers company have made a separate department
where all the queries of customers are solved (Eweje, Turner and Müller, 2012).
Aim: Introducing new tools and technologies so as to do some of the modifications in the
activities of business operations.
Objectives:
 To recognize the efficiency of digital technology in an organisation
 To identify the proper use of technologies while conducting a business operations
 To estimate the business transition as per the requirements
Research Questions:
 How to recognise the efficiency of digital technology in an organisation
 Process or identifying identify the proper use of technologies while conducting a business
operations
 How to evaluate the estimate business transition as per the requirements
P2 Project management plan
Planning and plotting is very important if the organisation wants to run their properly.
Planning can be said as a rough draft that firm can follow in order to work in a systematic
manner. Here, role of project manager is very important as to make any new plan or strategies
they have to go through all the factors that can have an impact on business operations whether
negative or positive (Kasemsap, 2016). This will help the organisation in minimising the risk
factors and as a result the entire task will be performed in a systematic manner. Wristband is
attaining all the set targets by utilising all the latest tools and technologies and it is providing
better outcomes. Some of the points that must be considered by manager of the company are
given below:
Scope of the project: the research is conducted in order to know the impact of using
digitalisation in an organisation. Therefore, competition has increased with the increase in
market area and it has opened up the path of job opportunities in various fields. Thus, to remain
in the market for a longer period of time it is necessary that companies manufacture products as

per the choices and preferences so that all the needs and wants are fulfilled. Henceforth,
Wristband is giving services that can be easily avail through online and offline services.
Risk management: Every business has some or the other risk, hence, it is necessary that
organisation have a different plan which they can follow of the present strategy is not giving
them advantages. Through this, firm will try to minimise the elements that can affect the
business operations. Therefore, before implementing any plan Wristband is considering all the
factors that can create a problem in future proceedings.
Quality control: To remain in the market for a longer period of time it is necessary that
company produced goods that are in superior quality. This will help them in gaining the loyalty
of customers, for this, Wristband has developed a separate department in which all the products
that may not add value to the product is eliminated so that excellent quality commodities can be
delivered to its end consumers.
Cost and time: This is considered as an essential factor because to produce high quality
products it is necessary that firm have ample amount of time and funds as well. So, to get raw
material right on time Wristband have maintained a good relation with their suppliers and
distributors. Other than this, for making any changes they are taking help from experts who can
guide them for doing the same (Liebowitz and Frank, 2016).
Communication: A proper two way communication in very essential for an organisation
so that transparency is maintained between employees and superiors. This will assist the
company in conveying the significant point in a better manner.
Therefore, Wristband is making strategies by keeping all above mentioned points in their
minds so that appropriate plan of action can be formulated.
P3 Work breakdown structure and Gantt chart
Research is conducted in order to gain additional information so that it can be optimised for
knowing the nature of market area. It also help the organisation in taking out valid conclusion it
will help the company in making appropriate strategies that can be used by them for attaining a
superior position at market area. Along with this, it guides the research so that research is
concluded in an effective manner (Lientz and Rea, 2016). Therefore, to validate the conclusion it
is necessary that an individual have appropriate knowledge of the topic on which the research is
based. Hence, some of the steps that are mandatory to be followed in order to complete the task
are given below:
 To estimate the reason for determining the research.
 Literature review
 Illumination of issues.
 Preferences of appropriate respondents for carrying out the research in an improved
manner.

 Justify the instrumental plan
 Data analysis
Furthermore, this research involves some of the related information that are required to be
considered in order to maintain a position in market area. In literature review, all the information
that is collected so as to make the research more authentic in done under this. For conducting this
research the sample size of 30 was taken and the data that was gathered was used by the
researcher so as to complete the research in an effective manner.
Basic tools were used for accomplishing the task i.e. questionnaire and 10 number of
questions were formulated along with their choices so that proffered answers can be market.
Lastly all the collected data will be utilized to evaluate the final result.
TASK 2
P4 Small-scale research through applying quantitative and qualitative research methods
Business need to determine the better and effective aspects of investigation as well as
study so that better and definite outcome could be drawn. Study needs an appropriate and
suitable consideration of project so that business could be performing their working in better and
supportive manner (Research Methodology, 2017). Thus, it is a duty of manager to utilise the
data which enable and facilitate them to identify the best and considerable outcome in nature.
The Wristband Company determines two best kinds of data which facilitate them in performing
appropriate and ethical study in consideration:
 Primary data

 Secondary data
Such methods are helpful in analysing the aspects properly as well as define the things in
effective and appropriate manner. Primary data reflect about raw material in nature which do not
have link with any kind of previous information. Secondary data is based on existing information
which enable and support in analysing previous aspects and consideration. The Wristband
Company could go with this option so that they could maintain better and effective outcome for
manufacturing and go digitalise (Navimipour and Soltani, 2016).
Wristband will going to opt primary method of study, which enable them in analysing
response of clients while selling customise bands through digital technology:
QUESTIONNAIRE
Name:
Age:
Gender:
Q1. Is this factor will bring a revolution in wristband industry?
a) Yes
b) No
Q2. Does this section made Wristband differ from others?
a) Agree
b) Disagree
Q3. Will this factor contribute in overall success of a company?
a) Agree
b) Neutral
c) Disagree
Q4. Does this digitalisation will provide competitive edge to business?
a) Positive
b) Negative
c) Neutral
Q5. Does Wristband company really needs growth and development at this point in their
business?
a) Yes
b) No
Q6. Wil they going to opt cloud computing for storing data at one place?
a) Yes
b) No
Q7. Will this bring new customers for a company?
a) Long term
b) Short term
Q8. Will it be earn same amount of profit s they use to earn in its online business?
a) Yes

b) No
Q9. Will this consideration used to enhance the cost of product and services?
a) Agree
b) Disagree
Q10. Any suggestions for implementing digitalisation in a better way?
TASK 3
P5 Research and data using tools and techniques
Theme 1: Factor will bring revolution
Q1. Is this factor will bring a revolution in
wristband industry?
Frequency
Yes 20
No 10

Interpretation: Digitalisation is important for the wristband in order to renovate their business
operations and activities. This graph determined 20 out of 30 populations are say yes and 10
respondents are not agree about such concepts.
Theme 2: What secession made company
Q2. Does this section made Wristband differ
from others?
Frequency
Agree 15
Disagree 15
Interpretation: Digitalisation support the to enlarge their business operations at different level.
So it is essential for the organisation. In this 30 out of 15 are agree and remaining are does not
agree about this. Further, it differer the company to maximise their sales and revenues in limited
time period.
Theme 3: Digitalisation contribute in entire success and growth of an organisation
Q3. Will this factor contribute in overall Frequency

success of a company?
Agree 10
Neutral 5
Disagree 15
Agree Neutral Disagree
0
2
4
6
8
10
12
14
16
10
5
15
Interpretation: Digital technology assist the business organisation in order to increase their
success and development in large level. From the above mentioned graph that determined the
view point of the customers. In this 30 out of 10 are agree, 5 respondents are neutral and rest of
the population are disagree.
Theme 4: Digital tools give competitive advantages to enterprise
Q4. Does this digitalisation will provide
competitive edge to business?
Frequency
Agree 15
Neutral 5
Disagree 10

Interpretation: Digital technology and innovation in business operations provide competitive
advantages and benefits to the wristband systematically. Further, it also assist in order to reduce
cost & time and increase sales appropriately. From the above graph that shown 30 out of 15
respondents are agree, 5 are neutral and 10 are disagree about this concept.
Theme 5: Company really needs by applying digitalisation
Q5. Does Wristband company really needs
growth and development at this point in
their business?
Frequency
Yes 20
No 10

Interpretation: Wristband company really required development and growth in their business.
So that for achievement of this, they try to apply digitalisation which is beneficial for them. From
the above mentioned figure that determined the significance of digital technology. In this 30 out
of 20 respondents are say yes and 10 are not accept this.
Theme 6: Digitalisation help business to store data and information at one place
Q6. Wil they going to opt cloud computing
for storing data at one place?
Frequency
Yes 25
No 5
Yes No
0
2
4
6
8
10
12
14
16
18
20
20
10

Yes No
0
5
10
15
20
25
25
5
Interpretation: Digital technology assist the business entity in order to gather necessary and
appropriate amount of data. With the help of accurate information, company is capable to
maximise their growth and success in marketplace. From the above mentioned graph that shown
reaction of customers. Thus 30 out of 25 responded are say yes and 5 are do not agree regarding
this concepts.
Theme 7: Digital tools bring new clients
Q7. Will this bring new customers for a
company?
Frequency
Long Term 15
Short Term 15

Long Term Short Term
0
2
4
6
8
10
12
14
16
15 15
Interpretation: Digitalisation assist the Wristband company in order to attract large number of
customers towards business products and services. It support the company to achieve
predetermined goals and objectives. With the use digital technology company bring new clients.
From this graph that determined how many times business attract customers.
Theme 8: Digitalisation support the company to earn profit
Q8. Will it be earn same amount of profit s
they use to earn in its online business?
Frequency
Yes 21
No 4

Yes No
0
5
10
15
20
25 21
4
Interpretation: From the above mentioned graph that shown importance of digital technology
and innovation. It is essential for the company to achieve maximum profit through applying
online marketing and digitalisation. In this 30 out of 21 respondents are say yes and rest of the
population are does not agree regarding this concepts.
Theme 9: Consideration applied to cost of product
Q9. Will this consideration used to enhance
the cost of product and services?
Frequency
Agree 15
Disagree 15

Agree Disagree
0
2
4
6
8
10
12
14
16
15 15
Interpretation: Digitalisation is appropriate and important for the organisation to maximise
customer base in limited time period. From the above mentioned graph that shown customers
response about this concepts. So in this, 30 out of 15 are agree and 15 are does not agree about
this aspects.
P6 Communicate appropriate recommendations
On the basis of this project some number of things used to get recommend which need to
understand by managers of Wristband Company. Such things need to aware about company so
that management could maintain and manage effective and appropriate working. Hence, by
analysing them, effective and better strategies will used to craft so that appropriate and ethical
outcomes could be drawn in future consideration:
Management has to understand and determine that such changes might be resist by
employees of a company. Thus, it is highly recommend to managers of a company that they have
to provide better and appropriate training to each and every individual which facilitate them in
deriving better outcome (Nelson and Staggers, 2016).
 Project managers need to determine the production and selling dates on timely basis
which used to implement in their systems. This will enable them to deliver products on
time which used to enhance the experience of all clients and maximise effectiveness as
well.
 Venture chiefs should actualize cloud advancements for sharing and putting away the
information. Through this, administration can without much of a stretch store its
information and exchange it to its customers. This will diminish the workload of
representatives as they don't need to exchange the documents to the associates and senior
administration by their own. They themselves can download it from the cloud
(Pellegrinelli, 2011).

TASK 4
P7 Reflect on value of undertaking research to meet stated objectives
This project is based on digitalisation impact on a Wristband company whom used to deal
in customise bands and determine as leading and fastest growing firm of this section. This
project enable me to understand about the impact of project on my learning as well as on a
business firm. As I learn so many module things after the completion this project of
digitalisation.
 The first thing which is suppose to learn is usefulness and impact of digital technology on
business. As I evaluated that social media is one of a best platform to deal operations
properly. In this aspect, I used to aware about the power of social media in enabling a
business properly.
 Next thing which I learn from this project is creation of graphs and charts. Although, I
become able to utilise the graphs and charts properly through excel. This will support me
to better understand about importance of digital technology.
These are the two aspects which I learn from this project which enhance my learning and
analytical skills very much. This will enable me to deal at organisational world properly where I
suppose to gain better and effective outcome.
CONCLUSION
From the above report it can be concluded that, for running and managing a business it is
important that all the element are taken into consideration so that organisation can make effective
plan of action. This will assist them in achieving their set goals and targets in specific time
period. Therefore, it is necessary that company must go through all the circumstances before
initialising any of the strategies for having a better growth in business operation.

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Online
Research Methodology, 2017. [Online]. Available through: <https://explorable.com/research-
methodology>.