Managing and Running a Small Business

Managing and running
a small business
Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................4

Main considerations and assessment of planning and allocating resources in order to achieve
business objectives for small business........................................................................................4
Application of tools and techniques in a structured format and analytical way to plan and
allocate resources in context with organisation..........................................................................5
Critical analysis of appropriate resources in order to determine links between resource
allocation and achievement of business objectives.....................................................................6
Explanation and critical evaluation of different processes of customer relationship
management for small business in context with achieving business objectives.........................6
Explanation of how small business's can enhance transnationally through an assessment of all
benefits and drawbacks by using a model...................................................................................8
Recommendations for overcoming challenges in developing transnational operations.............9
Discussion and critical evaluation of key legislation and regulations which affects small
business's taking future developments and changes..................................................................10
TASK 2..........................................................................................................................................10
Produce a break even analysis and cash flow forecast .............................................................10
Explanation of how break even analysis can be applied in context with organisational
situation.....................................................................................................................................12
Interpretation of financial statements like in the form of cash flow forecast that have been
produced and evaluate how they can contribute in terms of successful management..............13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................16
......................................................................................................................................................18

INTRODUCTION
Small businesses are mainly determined as privately owned organisations, partnerships
and even a sole proprietorship business which involve less revenue as compared to other regular
sized business. All businesses are been defined as small in context with they are been able to
apply for government support which depends on both country as well as industry. While
managing a small business its the duty of manager only to tackle all activities happening in the
organisation. Managing and running a small business basically means to manage all elements of
business whether in terms of time, employees or other resources as efficient as possible(Jones,
Meckel and Taylor, 2021). The below report involves how small business plans and allocate
resources in order to achieve goals, evaluation oh whole customer relationship management in
terms of small business and different implications of regulation and legislation on small
businesses. The second phase of report is based on John and Jenny who are e-commerce
developers and it involves break even analysis and cash flow statement, how it will be applied in
organisational situation and certain key financial statements. The below report is based on Five
Fields restaurant which was established in 2013 by Taylor Bonnyman. The restaurant is located
in London and provides a playful modern British cooking.
TASK 1
Main considerations and assessment of planning and allocating resources in order to achieve
business objectives for small business
There are different type of key considerations which has an importance in both planning
and allocating resources which helps in achieving goals and business objectives. In context with
Five Fields restaurant the considerations, assessment and relevance of resources are been
explained as below:-
Considerations and assessment:- Vision and goals:- In terms of vision of each business it determines what an organisation
wants to achieve with respect to their future areas(Dijkstra, van Beukering and
Brouwer,2021). It identifies the right position of organisation and in accordance with it
the vision of company is set. With respect to goals, it is defined as an ultimate end
through which companies set out their business activities. In context with Five Fields
restaurant, their main vision and goal should focus on determining and carrying out all

activities in such a way that businesses are able to achieve all business goals in
impressive manner. Financial resources:- It is the most important and necessary element for a businesses as
it is needed by all managers in terms of doing planning and allocating all kind of
resources so that their business activities carries out in a effective way. In accordance
with Five Fields restaurant, all planning and allocation of resources is initiated by
managers as there are many resources available and they all could be used in order to
increase their profits. Employees and skills:- For a business organisation the important asset is their
employees. There are many job roles and responsibilities which are performed by
effective employees so that customers demand can get fulfilled. In relation with Five
Fields restaurant, their main focus is on assuring that al training programmes which are
provided to employees and restaurant chefs are provided training in order to enhance
their performance as well as of restaurant(Trevino and Nelson, 2021).
Importance of planning and allocating resources
To achieve success businesses has to do proper planning as if business's don't do any kind
of planning then it is not possible for them to achieve their business objectives. In context with
Five Fields restaurant it is been explained as below:-
 Planning helps managers in determining their schedules and to do estimation of all
resources been available in appropriate time.
 Allocating resources and while doing planning it helps in forecasting all available
resources which creates the situation of enhanced staffing.
 It is also important in increasing resource utilisation.
 The situation becomes more productive and all teams been involved while doing project
becomes more efficient(Henley, Vorley and Gherhes, 2021).
 It helps in creating precise capacity of all resources and allocation is done in effective
manner.
Application of tools and techniques in a structured format and analytical way to plan and allocate
resources in context with organisation
For utilisation of all available resources there are different tools and techniques been
used. It helps in determining certain decisions to taken in future and developing actions. In terms

of creating a structured format which is used in determining all resources as they are been needed
to achieve all business objectives to make the allocation process more effective. In accordance
with Five fields restaurant it is been explained as below:- Critical path analysis:- In the case of formulating a structured format the technique of
critical path analysis is efficient. This method is effective because it provides data as well
as bar chart and with the help of it time of each project is provided. It is also an important
tool and technique because it is been evaluated that its the longest route in order to
complete whole project(Kania and Adnani, 2021). In context with Five Fields restaurant,
all information about collection of data and details about available resources are analysed
because they are needed in carrying out all business activities and in accordance with it
restaurant objectives are achieved. There has been a good and efficient communication
channel which can be applied and business's can use it so that during operations there is
effective cooperation between all people.
 Gantt chart:- By using this tool and technique it helps in evaluating and analysing all
paths which are available in order complete project and carry out all activities of
restaurant. In case of Five Fields restaurant the main focus is on determining largest path
which is there in order to achieve all goals.
Critical analysis of appropriate resources in order to determine links between resource allocation
and achievement of business objectives
There are large number of resources and in accordance with it business's also use
different resources in order to achieve all goals and business objectives. If organisation has
necessary resources through which they can implement and execute all business operations and
due to this efficiency is build up in all tasks(Russell, 2021). While in other situations there are
not much resources been available and through this there are various challenges as well as
hurdles which get delayed in building up customer satisfaction. It is necessary for restaurant
managers to form a proper structured plan that has necessary information in terms of all
requirements of resources in order to achieve business objectives.
Explanation and critical evaluation of different processes of customer relationship management
for small business in context with achieving business objectives
It has been analysed and properly evaluated that in relation to customer relationship
management it is defined as a strategy for maintaining and establishing a effective relationship

with customers. It is also referred to as the procedure of initiating a conversation with both
customers and also maintaining relationship across whole business. It helps in increment of
profits as well as revenues. There are various type of resources which an organisation can use to
interact with all customers with the help of e-mails, social media sites and many more. It is
beneficial to use customer relationship management because it builds up information
management in relation to have complete information about customer so that positive experience
can be created. It is further been explained as below:- Customer portfolio analysis:- It is the first stage which involves evaluation of customer
base in order to understand which customers are there who are more profitable. It
basically analyses and provides target base of whole business. In context with Five Fields
restaurant, the manager evaluates and develop whole portfolio of customers which helps
in identifying different taste and preferences of customer(Dong and Leng, 2021). Customer intimacy:- It involves the procedure of having knowledge of whole customer
base. Organisations have to maintain an effective relationship with all customers in order
to have full knowledge about the customers which includes their buying habits. This
stage also includes implementation of customer's data base and store all collected data. In
terms of Five Fields restaurant, the main focus is on enhancing customer satisfaction and
in accordance with this it is a necessity to understand customer's behaviour about taste
and preferences in terms of both food as well as interior of restaurant. Development of network:- This stage involves determination as well as enhancing
customer relationship management with the help of individuals, company and network. In
context with this relationship it includes internal as well as external partners which are
suppliers, employees and investors too. In context with Five Fields restaurant, they uses it
in order to develop and build their network with customers so that they can make all their
customer's a regular one(Gray and Lowenhaupt, 2021). Development of value proposition:- It is mainly defined as information technology
which is implemented while doing work on customer intimacy. When all target
customers are determined there is a creation of value proposition for customers and value
creation.
 Management of customer life cycle:- It is the last stage of customer relationship
management which is known as the journey of customer. In terms of management of