Managing and Running a Small Business
Added on 2020-12-30
15 Pages3796 Words96 Views
Managing and Running a SmallBusiness
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Main considerations a small business needs to address when plan and allocate resources toattain business objectives............................................................................................................1TASK 2............................................................................................................................................2P2 Evaluation of different processes of customer relationship management for a smallbusiness.......................................................................................................................................2P3 Transnational development of small business and its benefits and drawbacks.....................3TASK 3............................................................................................................................................4P4 Annual itemised monthly cash flow forecast depicting variable and fixed costs set againstincome of organisation................................................................................................................4P5 Application of break- even analysis to an organisational situation.......................................6P6 Interpretation of key financial statements in relation to their contribution to successfulmanagement of an organisation .................................................................................................7TASK 4............................................................................................................................................8P7 Key legislation and regulations that impacts on small businesses.........................................8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONSmall businesses refers to the privately owned firms that have less annual revenue andfewer employees than regular sized corporation. These organisations play vital role in economicgrowth and development of country. Copious amount of effort and time is required in running abusiness successfully. Owners of firm are responsible to manage its all aspects and needs to usecombination of knowledge, expertise and education to run their enterprise (Gandy, 2015). In thepresent assignment, chosen organisation is AZIO Corporation which is an electronic keyboardmanufacturer of United Kingdom. This report discusses about how small business plans andallocate resources to attain objectives and evaluate customer relationship management process. Italso includes analysis of cash flow forecast, break even point, budget and interpretation of keyfinancial statements. At last, implication of legislations and regulations on small business isdefined in this project. TASK 1P1 Main considerations a small business needs to address when plan and allocate resources toattain business objectivesSmall businesses are privately owned enterprises which employs fewer manpower andhave less volume of sales. Their budget is generally low, thus it is crucial for them to consider allthe key factors at the time of planning and resource allocation. This assists firm in attaining itsbusiness objectives in an effective manner. Below mentioned are the main considerations thatAZIO Corporation needs to address while plan and allocate resource. These includes: Vision and Mission: Vision: This statement states about what firm wants to accomplish in long term. Visionof AZIO Corporation is “to be a market leader in manufacturing and distribution of electronickeyboard”.Mission:It defines purpose or goals of company. Mission statement of AZIOCorporation is “to maintain large customer base and satisfy them by providing high qualityelectronic keyboard to customers”. Vision and mission statements are considered as blueprint which defines about theactions to be performed by company (Burns, 2016). So, these requires to be consider by firmwhen plan and allocate resources. Objectives: 1
Objectives refers to the basic tools or ways that underlie all strategic and planningactivities. When planning and allocating resources, it is very essential for manager of AZIOcorporation to consider main objectives of firm so that these can be attain successfully. On thebasis of firm's objectives, managers are require to formulate and implement appropriatestrategies accordingly so that business objectives can be attain. Skills and expertise of manpower: Strengths and abilities of employees is one of the essential factor that requires to beconsider by manager of AZIO Corporation before allocation of resources. So, determination ofmanpower's abilities is necessary for assigning resources appropriately as per the skills andabilities of individual. It assists in bringing effectiveness in business processes and ensuresoptimum utilization of resources. Skilled workforce provides competitive edge to firm in marketand helps in attaining business goals and objectives effectively. Financial resources: Finance is the main resource that is required for managing and running businessoperations smoothly. It is very crucial in performing day to day activities and functions of firm.So, manager of AZIO Corporation requires to ensure availability of adequate funds withincompany for performing and running business operations successfully (Crane and Matten, 2016).They should interpret all financial statements and formulate budget accordingly. It assists firm indetermining fund availability and required capital in performing a specific task.Above mentioned are the factors that needs to be consider by manager of AZIOCorporation while planning and allocation resources in order to attain business objectiveseffectively. TASK 2P2 Evaluation of different processes of customer relationship management for a small businessCustomer relationship management refers to the approach that is used to manage thecompany's interaction with current as well as potential customers (What is CRM?, 2018). Underthis approach company collect information about customer which further help in improving thebusiness relationship with its customers. AZIO Corporation focus over management of distinctresources and administration of their consumer relations for better performance of organisation.2
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