Managing and Running a Small Business Sample Assignment
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Added on 2021-01-02
Managing and Running a Small Business Sample Assignment
Added on 2021-01-02
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Managing and Running a Small Business
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 The main consideration to a small business needs to address when planning and allocatingresources to achieve objectives..............................................................................................3M1 Different techniques and tools in a analytical and structure way to plan resources........4M2 Importance of planning and allocating resources............................................................5D1 critical analysis the application of appropriate resources.................................................5TASK 2............................................................................................................................................5P2 Different process of customer relationship management for small business ...................5P3 Development of small business as transnationally and its benefits and drawbacks..........6M3 Elements of CRM process...............................................................................................7M4 Develop transnational operations with the use of internationalisation model.................8D2 Critical evaluation of CRM process at entire stage..........................................................8TASK 3............................................................................................................................................8P4 production of monthly cash flow forecast which is showing fixed and variable cost......8P5 Application of the concept of break even analysis..........................................................10M5: Quantitative techniques to provide detail of break even and cash flow.......................11D3: Evaluation of financial statement..................................................................................12TASK 4..........................................................................................................................................12P6: Interpretation of financial statements and contribution in successful management......12P7 Key legislations and regulations which have impact on the small business activities....14M6 Implications of Key legislations....................................................................................14D4 Key regulations affected on small business ...................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16
INTRODUCTIONIn the marketplace, there are many firms who wants to earn huge customer base throughproviding them best services. There are various activities such as innovating new products,implementing a good culture in the workplace etc. With the help of this, owner can manage andrun their business activities in effective manner. Small organisations are operating their businessat small scale so that, they have to face various challenges from factors of business environment.The chosen organisation for this report is Jack's that is a supermarket and based in London. It isproviding services to the people of UK with its 8 stores. This assignment will discuss about theresources and customer relationship management which are needed for firm in achieving thebusiness objectives. Merits and demerits of transnational business will also cover in this report.A cash flow statement with fixed and variable cost, Break-even analysis and budget for thecurrent financial year will also create in this report.TASK 1P1 The main consideration to a small business needs to address when planning and allocatingresources to achieve objectives.Introduction of company - The jack's supermarket was founded in 2017. The founder ofthe company, Jack Cohen opens their first store in Chatteris on 20 September 2017 and now theyare operating 8 stores in UK. They are providing 1800 products in their stores such as cad bury,Marmite etc. Resource allocation is defined as a process in which an organisation manages are allocatetheir assets according to the needs and requisitions of their departments. It also includesmanagement of tangible assets such as equipments so that, organisation can better use of assetswith proper capital (Argaiz, 2011). It is very essential to every organisation to allocatingresources so that, they can make suitable strategies for managing their assets and liabilities in agiven time period. There are some elements which are needed to be addressed by managers ofJack's supermarket at the time of their planning and allocating resources. The elements areexplained as under:Employees and skills -Employees are valuable assets of a firm. Therefore, HR managerhave a responsibility to provide effective training to them so that, essential skills will bedeveloped in them. Therefore, HR department is the essential part of organisation which
provides the duties to employees as per their abilities. It also provide support to firm in achievingtheir objectives in allotted time period (Barth, Dvorak and et. al., 2013).Vision,goals and objectives- It is an essential part of an organisation which is importantto define all the employees due to which they understand their responsibilities and performeffectively on the business activities. It gave an opportunity to the manager of Jack's supermarketso that, they can get effective outcomes from their employees. Through this, employees will beperform on the given task in better way due to which, organisation can achieve competitiveadvantage in marketplace. In the context of Jack's supermarket, they have to provide trainingprogrammes for their employees so that, they will able in effectively use advance techniqueswhich will helpful for employees in improving their efficiency in small time period.Financial resources- Without this element any organisation can't perform theirfunctional activities. So that, it is considered as the backbone of the firm. Inappropriate fundsgave negative impact on the operational activities of firm. As it is a new player, so managementof Jack's supermarket have to manage funds in effective manner. For this, they have to managetheir income and expenditure and also oversee the financial accounts of firm such as P&L, cashflow etc. with the help of these accounts, management can take effective decisions and improvestheir financial performance for future period (Bergh, Thorgren and Wincent, 2011).M1 Different techniques and tools in a analytical and structure way to plan resourcesThere are two techniques which can be adopted by the managers of Jack's supermarket inorder to make effective plans and allocating resources, They are given as under:Gantt chart – This is similar to a bar chart, it provides information which is essential forthe project schedule. It assists managers in estimating time period in which they cancomplete the project. It also improves the ability and skills of employees so that, they canbetter perform and complete their assigned tasks in given time period. It helpsorganisation in making an impressive business structure due to which the internalstrength of organisation is increased.Critical path analysis – it is also an effective tool which can be used by the managementof Jack's supermarket. It helps organisation in determination of various paths which arerequired to be achieved for completing the project. In this, management have to takelongest path with a long time structure so that, they can take better results from theiremployees for a long time in future (Bititci, 2016).
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