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Managing and Running a Small Businesses Assignment

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Added on  2020-06-05

Managing and Running a Small Businesses Assignment

   Added on 2020-06-05

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MANAGING AND RUNNINGA SMALL BUSINESS
Managing and Running a Small Businesses Assignment_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Main considerations need to address by small organisation while allocating resources.......1M1 Allocate resources in an organisation...................................................................................2M2 Importance of planning and allocating resources.................................................................3D1 Critically analyse the application of appropriate resources to demonstrate.........................3TASK 2............................................................................................................................................3P2 Various processes of customer relationship management.....................................................3P3 Small business can develop transnationally and benefits and drawbacks.............................4M3 Elements of the customer relationship management process..............................................6M4 Potential to develop transnational operations.......................................................................6D2 Process of customer relationship management.....................................................................6TASK 3............................................................................................................................................7P4 Annual itemised monthly cash flow forecast showing fixed and variable costs...................7P5 Break- even analysis............................................................................................................10P6 Financial statements for an organisation..............................................................................11M5 Quantitative and analytical techniques...............................................................................12D3 Break even analysis and cash flow statement.....................................................................12TASK 4..........................................................................................................................................13P7 Legislation and regulations that have implications on small businesses.............................13CONCLUSION..............................................................................................................................13REFRENCES.................................................................................................................................14
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INTRODUCTIONSmall businesses play an important role in developing the economic growth of particularcountry. They contribute more to develop the nation through new start ups and achievesustainable growth in an effective manner. Entrepreneurs always come up with unique ideas,innovation and creativity for producing goods and services so that predetermined goals orobjectives can be accomplished (Wynarczyk, 2013). They also bring various resources such asland, capital, manpower and many more for starting and running a small business. Their mainaim is to maximise profits and wealth by operating firm. There are require some specific skills,knowledge and abilities for formulating better strategies as well as making favourable decisionfor the purpose of attaining set targets and generate revenues. This report is based on RowlinsonKnitwear which deals in clothing or apparel in UK. It will discuss the social enterprise needs toplan and allocate resources and define customers relationship management process. It will alsoanalyse cash-flows, break-even, budget and interpret the key financial statements for small-scalebusinesses. This report discuss implication regarding regulation, legislation for social enterprises.TASK 1P1 Main considerations need to address by small organisation while allocating resourcesIn the present scenario, many of organisations are establishing by individuals for thepurpose of earning profits and increasing revenues. Every firms have specific objectives andgoals that businessmen wants to achieve in proper manner. They focus on managing ormaintaining entire business operations as well as functions by formulating appropriate strategiesand action plan. These small firms contribute more in developing country and economy growth.They have basic quality to manage business as how to handle operations and utilise availableresources in more efficient way (Piperopoulos, 2012). Rowlinson Knitwear is one of the bestsmall firm that provide various type of cloths such as school wear and corporate wear as well.They focus on targeted customers and provide effective apparel as per their requirements so thatthey can attracts or satisfy customers desired needs or wants. Company is trying to capturingtarget market in the UK by providing better quality of products or services to the customers.There is necessary to make effective strategies for operating business operations or functions andachieve competitive advantages in an efficient manner. In this, they undertake the properoptimisation of available physical aspects which requires for maintaining the business activities1
Managing and Running a Small Businesses Assignment_3
to gain best possible outcomes. Here are defined some factors that must be considered whilemaking plan and allocating resources among various activities such as:Future goals or objectives: This is a major factor which must be required for formulatingbusiness plan and take corrective actions to attain set targets. For successful organisation, it isnecessary to identify and clear particular goals or objectives and set the path towards it. Managerand leaders play vital role in achieving best positive results by setting path and also givedirections or guidelines for attaining those in well manner (McAdam, 2013). RowlinsonKnitwear is selling best quality of apparel such as school wears and corporates wear to thecustomers for satisfying their needs or wants as well as meet desired expectation. Their mainobjective is to identify customer demands and target audiences so that better decisions can bemade for satisfying their desired needs with limited time period. It is an essential for buildinggood relations among people and create strong position in the marketplace. Management of Financial resources: It is very necessary for every organisation that tomanage the funds or capital in well manner for accomplishing task or objectives. Finance is thebackbone of business so without funding, its operations cannot be run. Manager always ensureabout appropriate capital for managing work and operates activities in more effective manner. Itis more important component for every organisation, therefore they focus on arranging andmaintaining funds to accomplish set goals or objectives. Human resource management: This is also an important function which is requires forperforming task or work in more efficient way. Organisation focus on managing workforce anddevelopment of people so that they can work hard for achieving predetermined gaols orobjectives with appropriate manner. HR manager play crucial role in recruiting suitablecandidates by ensuring their quality, skills and knowledge for performing tasks within limitedtime period as well. Rowlinson Knitwear also consider the workforce planning and manageemployees performance for increasing profitability and productivity in the company (Williams,2012). They also organise training and development program for enhancing skills or quality forbetter performance improvement. M1 Allocate resources in an organisationThere must be required to consider the various tools or techniques and also definesavailable resources to operate business in well manner. It is necessary to make strategies forutilising resources by allocating them among different business activities or functions so that2
Managing and Running a Small Businesses Assignment_4

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