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Managing and Running a Small Business: Assignment (pdf)

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Added on  2020-12-09

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Managing and Running aSmall Business
Managing and Running a Small Business: Assignment (pdf)_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Discuss main considerations a small business needs to address when planning andallocating resources to achieve business objectives...............................................................3TASK 2............................................................................................................................................4P2. Explain different processes of customer relationship management for a small business4P3. Explain how a small business can develop transnationally and determine the benefits anddrawbacks...............................................................................................................................6TASK 3............................................................................................................................................7P4. Produce an annual itemised monthly cash flow forecast showing fixed and variable costsset against income for a specific organisation........................................................................7P5. Explain how break- even analysis could be applied to an organisational situation.........8P6: Conduct interpretation of financial statements................................................................9TASK 4..........................................................................................................................................13P7. Discuss key legislation and regulations that have implications on small businesses orsocial enterprises..................................................................................................................13CONCLUSION..............................................................................................................................14REFENCES ...................................................................................................................................15
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INTRODUCTIONFor managing and running a business operation and functions in effective manner ownerof a respective business has to plan various strategies. Business operations can be run on certainlevels like large level, middle level and small level (Schaper and et.al., 2014). All of them has tomake strategies in appropriate manner to conduct their activities in effective manner. Smallbusiness organisation which is taken for this assignment is Rowlinson Knitwear which isestablished in year 1935 and dealing in textiles and apparel industry. They are mainlymanufacturer and retailer of school wear and corporate wear with premium and best quality.Their office is located in Manchester, United Kingdom and they have approx 40 employees attheir office. Topics explain in this assignment are plan which help small business in makingstrategies and allocate resource in order to achieving goal. Along with this it include evaluationof customers relationship management and benefits and challenges which help in transnationaloperations. It also explain cash flow forecast, budget and break even analysis and also discussrules and legislation which is made by government to run business at small level. TASK 1P1. Discuss main considerations a small business needs to address when planning and allocatingresources to achieve business objectivesRowlinson Knitwear established in 1972 at UK and build a brand which personifies thepersonality of customers by providing them unique durable garments reasonable for corporateand personalisation for school and club. It produce clothing article for their customers and give them the best fitting to develop a confidence in different roll of life corporate, schools and club. The purpose is to supply directly to an individual retailers, which is available in affordable prices with high quality stuff (Hatten, 2015). The principal focus is quality in every work as the company care about the products and services. All the garment's quality are tested by quality control system, this ensures the company about its fabric and quality of its manufacturingServing customers is the vital part of the company and satisfying them by the quality is the goal which company always keep in mind. Customer relationship management is the foremost part of the company as it focuses on future relationship so to work with their customers
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on long-term basis. Designing unique channels to communicate customers so to resolve queries immediately and build a healthy relationship with them. Their resources to spread in the the market are newsletter, corporate-wear Brochure, schooling updating boards, advertisement and many more. The small scale industry needs skill, trustable and devoted employees, who can work effectively and efficiently in the company and fulfil its given objective in an appropriate manner. Full utilization is also needed in small scale industry as it help in generating more revenue from the limited resources. Rowlinson knitwear creates the brand value in the market and finds the new way to spread across the boundaries. To understand the concept of moving towards the high peak is equality and diversity. Company cares about their employee working around the globe and fulfil its promise to pay a good amount in the form of salary for living. Employee's health is also a vital part so then company provide health insurance to save their employees for unpredictable future problems. Each department are audited rigorously to find out the issues running in the mind of the employees, so to resolve it immediately. Digital platforms are the best means of communication for small scale industries to growmore, online chat, email marketing, departments which handle the real time responses and social marketing. It includes the advertisement which creates brand and goodwill in the market (Legg and et.al., 2015). Generating capital for a small scale industry is savings, borrowing as a loan from bank or from any other family member. Equity finance is also the best way in generating capital as it allow outsiders to put their money for future investment. TASK 2P2. Explain different processes of customer relationship management for a small businessCustomer relationship management is related to practices, technologies as well asstrategies which utilise by organisation for handling customer interaction as well as their data tillcustomer life-cycle, main motive behind such practices is to make better relation with customers(Drucker, 2012). Along with this, it also assist in maintaining connection with customers andalso in their retention. Rowlinson Knitwear implement several process for managing customerrelationship and for maximising profit with the aids of understanding needs and wants of
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