Managing and Running a Small Business
Added on 2020-11-23
15 Pages3801 Words161 ViewsType: 161
Business DevelopmentFinanceEntrepreneurshipProfessional Development
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Managing and Running aSmall Business
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Main considerations of social enterprise require to address when allocating and planningresources for meeting companies objectives...............................................................................1TASK 2............................................................................................................................................2P2 Evaluate various processes of customer relationship management for small firms..............2P3 How small firms can develop transnationally and its advantages and disadvantages...........4TASK 3............................................................................................................................................5P4 Produce an annual itemised monthly cash flow by showing variable and fixed cost............5P5 Break even analysis................................................................................................................7P6 Interpret key financial statements..........................................................................................8TASK 4..........................................................................................................................................10P7 Key regulations and legislation that have its implications on small enterprises..................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONSmall business organisations is an integral component of company that contributetowards an economy of nation. In this, workers are working along with that company whichgives the opportunity of employment to people for increasing the standard of living and theeconomy of nation (Bridge and O'Neill, 2012). In order to manage the small organisation in anadequate manner. The requirement for making proper strategies as well as terms which deliverefficient direction to their worker for attain companies targets within a certain period of time.The outlined organisation, Austin Fraser is undertaken as this is a small enterprise i.e. founded in2001. This is a consultancy and recruitment firm. Significant domain of giving services areengineering, human resource, information technology etc. In the present report, assignment iscovering main considerations of small firms need to address the plan and allocate effective use ofresources to meet companies targets and objectives. In this, also prepare a monthly cash flowwhich shows variable and fixed costs and break even analysis. Also describe the process ofcustomer relationship management and also the ways of funding. TASK 1P1 Key considerations of social enterprise require to address when allocating and planningresources for meeting companies objectivesAustin Fraser is undertaken as this is a small enterprise within the domain ofinformation technology, engineering, accountancy, animation, accountancy and so on. This is asmall scale of organisation so it cannot have various resources as well as money in order todeliver provide its services to end user. It provide better employment opportunities to smallorganisations. Along with that it render best recruitments to localized individuals. In addition,Austin Fraser administration require to take better support of numerous retailers that will assist ingiving effective consultancy service to the employed as well as unemployed people (Burns,2016). The major purpose of referred company is to cater better services and more employmentto local individuals for enhancing their living standard. There are several factors which needs tobe addressed by the management planning for future growth for meeting the common purpose.There are certain considerations which are as follows: Financial resources: It play a very important role for every companies as managers willnot able to perform their activities effectively if they are not having enough finance.1
Having less finance will give adverse impact on enterprise as they will not be able tomanage the activities of business successfully. In order to manage finance of AustinFraser company in a better manner, there is a requirement of finance manager in anorganisation for managing all the financial accounts such as account of loss and profitcash flow statement, balance sheet, balance sheet so on. It is useful in interpreting theprofit & loss account of company. Employees and its skills: Staff members are the important assets of every organisation.Additionally, it is an HR responsibility to recruit capable and talented employees andprovide them training. So, that workers can accomplish their task in an effective way. It isduty of HR management to deal with staff members in a better manner along with thatalso involve them in taking decisions. It is very useful in meeting the Austin Frasercompany's goals and objectives within a given time duration. Vision, objectives & goals: This is fundamental for each and every organisation toexplain their proper objectives, goals and vision to their members of staff that areconnected to business. It delivers good opportunities to Austin Fraser manager fordeveloping an framework of different functions which are needed to accomplish work ontime by workers (Drucker, 2012). This type of outline provides better guidelines toemployees for meeting goals and objectives of the firm. In this term, Austin Fraseradministration deliver effective training to employee by opting best technologies as wellas techniques for improving their perform in an better way. TASK 2P2 Evaluate various processes of consumer relationship management for small firmsCustomer relationship managementThis refer to practices, techniques and strategies that firm uses to maintain along withevaluate customers interactions with a purpose of making best customer relations. It is the besttechniques for communicating and managing harmonious relations with new and existingcustomers (Drucker, 2012). It is useful in improving the level of organisation profits. Along withthat, it aid in sustaining buyers for a long run and increasing sales as well. In this, data andproper information is accumulated through the assistance of different communication channelslike as emails, telephone and many more. 2
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