Managing and Running a Small Business Doc

Added on - 04 Oct 2020

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Managing and Running aSmall Business
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............................................................................................................................................5P4 Annual itemised monthly cash flow forecast showing fixed and variable costs...................5P5 Break- even analysis..............................................................................................................9P6 Financial statements for an organisation................................................................................9TASK 4..........................................................................................................................................10P7 Legislation and regulations that have implications on small businesses.............................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONSmall business plays essential role in enhancing economy of country as they providedifferent forms of items and services to people to fulfil their needs and wants. Along this,organisation even increases employment opportunities and give individuals means to earnadequate income for running a standard living. Entrepreneur formulate appropriate strategies andtactics to direct members and execute business operations effectively; thereby accomplish goalsand objectives within specified time. Present report is based on Austin Fraser which is popularsmall firm established in UK(Crane and Matten, 2016). Company provide recruitment andconsultancy services to clients with help of information technology, engineering, human resourceand various other aspects. This assignment specifies information about various considerationssuch as formulate policies in respect to government legislations, constructing good relations withcustomers, building plan to utilise resources, frame budget and interpret financial statements.Along this, management conduct recruitment process and training programmes to enhancecapabilities of staff to retain skilled and competent people for longer period. This help companyto establish strong position in market and accomplish goals and objectives.TASK 1P1 Main considerations a small business or social enterprise needsSmall business and social firms require to use capital in adequately as they have littlemoney which needs to be properly designated by administration. It is necessary that organisationprovide appropriate things and consists technologies in system. This helps seniors to utilisematerial efficiently; thereby deliver items and services in respect to needs and wants of public.Along this, numerous employment opportunities are provided by corporations to give adequatechances to earn money for their living(Steingold, 2017).Austin Fraser which is small scale consultancy and recruitment enterprise operatingbusiness in areas of information technology, engineering, accountancy and animation.Management require to utilise funds, resources and manpower efficiently so that appropriatethings are delivered by firm to clients. They even require to take care that system includesadequate tools and techniques which help seniors to provide quality and quick services tocustomers. These are various components that executive require to consider while designing1
system and make appropriate plan which specifies information about future activities conductedby manager to achieve end outcomes are defined below:Goals, objectives and vision:Administration frame statement which includes mission,vision, goal and objectives. These are various elements which are used by seniors to directmembers and organise activities according to end results required to be achieved by them. InAustin Fraser, management provide duties and targets to employees to make them functioneffectively and complete work within specified deadlines. This helps company to make systemfunction and use appropriate technologies to provide quality services to clients(Burns, 2016).Financial resources:It is necessary that management have adequate funds to purchaseadequate material and workforce to conduct business activities effectively. Small and socialfirms have less capital which require that seniors utilises assets and organise things in accordingto needs and wants of clients. Austin Fraser have small amount of funds, so top personnelsrequire to use resources and execute activities to provide quality things and services to people. Itis a recruitment and consultancy firm which require to have adequate technologies implementedin system. Company provide appropriate services only if appropriate tools and techniques areused by members. Balance sheet, profit and loss, budget and various other financial statementsare constituted by management to have accurate and complete information about expenses andincomes generated by firm; thereby take appropriate decisions and select things accordingly(Trevino and Nelson, 2016).Staff members and skills:Small and social firms require to have adequate manpower sothat business operations are executed in appropriate manner. It is essential that employees areskilled and have ability to carry out activities in adequate manner. Members knowledge andcapabilities determine quality of items and services that are delivered by Austin Fraser to clients.Company will be able to retain customers longer period by providing them adequate recruitmentand consultancy services. Along this, management conduct performance appraisal toacknowledge deviations of actual activities from benchmarks set by seniors. Training anddevelopment programs are formulated by superiors to enhance capabilities of members and makethem competent to perform activities in proficient manner.2
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