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Managing and Running Small Business : Assignment

   

Added on  2020-07-23

16 Pages4936 Words78 Views
MANAGING ANDRUNNING A SMALLBUSINESS

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1) Main considerations a small business or social enterprise needs....................................1TASK 2............................................................................................................................................3P2) Various processes of customer relationship management...............................................3P3) Small business can develop transnationally and benefits and drawbacks.......................4TASK 3............................................................................................................................................6P4) Annual itemised monthly cash flow forecast showing fixed and variable costs.............6P5) Break- even analysis........................................................................................................8P6) Financial statements for an organization.........................................................................9TASK 4..........................................................................................................................................10P7 Legislation and regulations that have implications on small businesses........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

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INTRODUCTIONIn order to run a small business, entrepreneurs is required to face various challenges ofmarketplace which depends mainly upon size and structure of business in which they operate in.These challenges are related activities of operations like managing the work of employees,selling and purchasing commodities, finance required to run business and more. Along with this,major problems related with small business is to deal with less capital and human resource. Forthis process, their main function is to formulate strategies regarding with company's operationsas well as to utilize limited resources in a proper way (Smit and Watkins, 2012). Employers oforganisations must possess high skilled qualities to manage work of employees in firm and fulfildemands of customers on time. In order to see how an entrepreneur run a small businessorganisation like Austin Fraser which operates its business at UK. This report reveals thatemployers and managers of this firm are required to develop their skills. It is a consultancycompany which provides candidates in other firms of UK. This mention report will aslo discussmajor processes of CRM i.e. Customer relationship management, along with key regulations andlegislation which creates much impact business's operations. TASK 1P1) Main considerations a small business or social enterprise needsSince technology in today's world has developed so far, therefore, entrepreneurs arerequired to develop their skills and knowledge in order to run business according to trends ofmarketplace. This process would help in managing and running small and big organisations in anappropriate way. Along with this, employers should be able to make business plan and formulatestrategies to develop the same properly. In context with Austin Fraser, it is a consultancy andrecruitment firm which recruit candidates in the sector of engineering, information technology,accountancy and mng resources to anchor. The main business of this firm is to provideemployment opportunities to other enterprises as well as give better recruitment to unemployedcitizens (Stanciu, 2015). Due to small business, such organisations have not sufficient resourceslike raw materials, manpower and finance. Further, to enhance growth of company itsmanagement requires to bring changes in operational activities and working system as well asgrab information about opportunities present at marketplace which help in the same. They needto focus on some major points as described below:1

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