Managing and Running a Small Business

Managing and
Running a Small
Business

Table of Contents
Table of Contents
INTRODUCTION...........................................................................................................................1
MAINBODY....................................................................................................................................1
P1 Discuss the main considerations a small or social enterprise need to take into account
while planning and allocating resources to achieve business objectives....................................1
TASK 2............................................................................................................................................2
P2 Explain and evaluate the different process for customer relationship management for a
small or social enterprise.............................................................................................................2
P3 Explain how a small business can develop transnationally along with the pros and cons....4
TASK 3............................................................................................................................................5
P4 Produce an annual itemised cash flow forecast reflecting fixed and variable cost set against
income for Migrateful.................................................................................................................5
P5 Briefly explain how break even analysis can be applied to an organisation Migrateful.......6
P6 Interpret key financial statements for Migrateful in relation to the successful management
of a company...............................................................................................................................6
P7 Discuss key legislations and regulation that have implication on social enterprise such as
Migrateful....................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
It takes a lot of effort as well as time to run any kind of small business organisation. Owner of
businesses are responsible for managing every operation in the enterprise. There are so many
elements that need to be maintained by a small business organisation. Moreover, effective goals
can be easily achieved with good management. Every entrepreneur needs to use a combination of
knowledge, education and skill to run an organization. There are factors in this report that need
to consider when allocating resources (Šebestová, 2020). Evaluation of various processes related
to Customer Relationship Management were also being outlined in the report. Nevertheless
benefit and downside of developing a business internationally is portrayed with monthly cash
flow of Migrateful is a social enterprise with its operations in London, Kent and Bristol. To
reflect variable and fixed costs. Also, the application of break-even analysis is discussed in the
context of the chosen company. The main financial statements are detailed explained their
contributes to successful management. Furthermore, the implications of the major laws and rules
on small businesses are discussed.
MAINBODY
P1 Discuss the main considerations a small or social enterprise need to take into account while
planning and allocating resources to achieve business objectives
Resources are the most important investment made by small or community enterprises, so every
business venture strives to make the best and most profitable use of resources. Therefore proper
resource planning and allocation of resources in project management helps small and community
enterprises to use resources optimally to achieve the organizational objective. Resource
allocation or resource management is the planning of activities and resources according to the
resources and project time to achieve future goals (Bergman, 2019). Here are some things to
keep in mind when planning and allocating resources for a project:
Project Objective:
It is important for Migrateful to assess and understand the purpose of the project in which
they operate, and to allocate more planning and resources as a result. Understand that the
purpose of the project is long, short, small or large, and Migrateful will make decisions about the
type of resources and the amount needed to complete the project over a period of time (Mazzarol
1

and Reboud, 2020). It provides a better understanding of the allocation of resources for greater
clarity of project.
Identifying Resources:
In order to formulate an effective planning, it is important for Migrateful for identifying
the feature and character and the number of resources available to do the project, and to define
the purpose, objectives and tasks to be performed (Singh and Kumar, 2020). These factors
include a good understanding of the resources, types of equipment, tools and machinery required,
skills and knowledge of the staff and the need to purchase resources to complete the project.
Migrateful must prepare a list of resources in the budget and identify sources of access.
Project dependence:
Understanding project dependency is critical to better planning and resource allocation,
which means identifying the relationship between project work and activities. Navigating a well-
organized system can prevent resources from depleting them when they are really needed and
make them unnecessarily stored. Lack of resources can be avoided if the company realizes that it
is dependent on services and makes the necessary arrangements in advance to side-step any
interruption.
Use tools and strategies:
A good way to monitor resources and avoid harassment and waste to help Migrateful follow
the jobs and resources they need with the help of essential tools and software (Chikweche and
Bressan, 2020). These tools empower small businesses or communities such as Migrateful to
better manage resources and achieve productive results.
TASK 2
P2 Explain and evaluate the different process for customer relationship management for a small
or social enterprise.
As changes take place at high speeds, customers are looking for the most needed and
customized customer experience specifically for them or expecting them to be valuable. Small
businesses try to identify the needs and preferences of the target audience to meet this
expectation and how well they can meet these needs while gaining a competitive edge.
Therefore, Migrateful adopts the customer relationship strategy into their business agenda. To
enhance a customer experience and maintain customised relationships, which makes customer
2