(Solution) Managing and Running A Small Business – Assignment

Managing and
running a small
business

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1) Main considerations a small business or social enterprise needs.........................................1
M1) Tools and techniques in a structured and analytical way....................................................2
M2) Importance of planning and allocating resources................................................................2
D1 Critical analysis the application of appropriate resources.....................................................3
TASK 2............................................................................................................................................3
P2) Various processes of customer relationship management....................................................3
P3) Small business can develop transnationally and benefits and drawbacks............................4
M3) Elements of the customer relationship management process.............................................5
M4) Potential to develop transnational operations......................................................................6
D2 Process of customer relationship management.....................................................................6
TASK 3............................................................................................................................................6
P4) Annual itemised monthly cash flow forecast showing fixed and variable costs..................6
P5) Break- even analysis.............................................................................................................8
P6) Financial statements for an organisation..............................................................................9
M5) Quantitative and analytical techniques..............................................................................10
D3 Break even analysis and cash flow statement.....................................................................11
TASK 4..........................................................................................................................................11
P7 & M6) Legislation and regulations that have implications on small businesses................11
D4 Regulations and legislations that impact on small business................................................11
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
In present scenario, small business are integral part of an economy and highly contributes
in its growth and success. Due to globalisation, number of small businesses have been rapidly
increases day by day as government also gives opportunities to such associations. These entities
provides employment opportunities to people in order to improve their living standards.
Although, for effective and better management of small businesses there is required to
implement various strategies and policies which can provide proper guidance to employees for
completion of specific tasks and activities. Due to small size of operations, small businesses
cannot highly affected by external environment (Ali and Babiker, 2017). Ensoft is the chosen
organisation in this present assignment; its a UK based software firm of around 70 engineers. It
tends to develop all aspects of networking software so as to gain high cutting edge in the core of
internet to keep the world connected. Apart from this, the present assignment will be described
main considerations that should be considered by small businesses while planning and allocating
resources. There will be a discussion upon how small firms can develop transnationally. Readers
will also come to know about implications of break even analysis in organisational context.
TASK 1
P1) Main considerations a small business or social enterprise needs
Ensoft is a small business organisation which delivers software solutions to people who
runs internet and large corporate networks. As a small areas of functions, the firm does not
require higher money and more resources for completion of all activities and tasks. Ensoft
generates numerous job opportunities for people specially to freshers. It is essential for
management to consider these aspects while planning and allocate resources, such are stated as
under: - Planning of financial resources – In order to run smoothly at market place, it is essential
for management to ensure about availability of funds or capital that is required in doing
working activities. Although, financial resources are treated as backbone of small firms,
as without having inadequate capital, an individual cannot even think about launching a
new business at marketplace (Bridge and O'Neill, 2012). Henceforth, entrepreneurs
should determine their financial position as well as managing proper financial accounts
so as to take imperative business decisions in future. Sufficient availability of funds is
also helpful in grabbing better future opportunities to Ensoft Ltd.
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 Planning of human resources - Planning and managing resources in an effective manner
is one of the imperative part for small businesses as it ensure their growth and success.
There is required to identify skills and capabilities of human resources so as to complete
all tasks and activities in a systematic manner. HR manager of Ensoft Ltd., undertakes the
responsibility to organise training and development programmes so as to boost up
employees' skills and knowledge in a certain time period. It results accomplishment of
desired goals and objectives of the company (Burns, 2016).
 Identification of goals and objectives of the firm – Before introducing a small business
in market, it is necessary for entrepreneurs to set their goals and objectives which they
want to attain. In this relation, all working activities and processes should be done in
proper manner. Having an effective mission and vision statements will helps Ensoft Ltd.,
to obtain high competitive edge.
M1) Tools and techniques in a structured and analytical way
There are two main methods which is acquired by Ensoft Ltd., in order to planning and
allocating resources in the best possible manner, such as - Critical path analysis – The method helps managers to get an appropriate plan towards
allocation of resources in order to get desired outcomes in future. Critical path analysis is
helpful to ensure whether or not business will attain success in future. Then, identify the
major reasons behind deviations as management can put more efforts to reduce workbase
issues.
 Gantt chart – Another tool of allocating resources is Gantt Chart, it describes the time
period in which work has to be done and amount is taken by production process. It helps
management to take necessary business decisions and align roles and responsibilities of
employees as per their skills and abilities; it results they feel inspired and emphasised on
attaining firm's goals and objectives (Chauma, 2017). Execution of this framework must
be done in most appropriate or systematic manner.
M2) Importance of planning and allocating resources
It is essential for every small and large business associations to plan their resources so as
to gain high profitability and sales revenues in a certain time period. It would also helpful for
management in improving their decision making process and supports to grab better future
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opportunities. Along with this, effective planning also improves internal strength of the firm by
gaining flexibility in operations.
D1 Critical analysis the application of appropriate resources
According to Cojoacă, (2017) in small business several resources like – human, financial,
technical and physical helps management in effective completion of working procedures. Thus,
management should always ensure towards the availability of these resources and make
modifications in them as per the time changes.
TASK 2
P2) Various processes of customer relationship management
The core process of customer relationship management insists to keep healthy and strong
relations with target and potential customers in order to obtain high competitive edge. For this
purpose, firms can use data analysis so as to know past relations with customers and then
develop strategies to improve them. In this competitive era, many small businesses are focused
on customers' retention which will ultimately driven up sales and profitability. Ensoft Ltd., has
also acquired different practices and techniques so as to manage effective customer' interactions
by satisfying their needs and wants (Drucker, 2012). At most common level, CRM software
consolidates customer information and documents into a single CRM database so business users
can more easily access and manage it.
Process of customer relationship management is stated as under: - Customer portfolio analysis – It is an initial stage of CRM process which entails to
evaluate client base of the firms; it means to determine which one group and kind of
people will be much beneficial for the company. In this, customers are divided on the
basis of age, gender, region, values etc. Customer intimacy – Afterwards, the second stage encompasses with getting familiar
with every individual who are the target customer of the firm. Building strong relations
with customers can be also depend upon how well management know their customers; it
involves buying habits of people as well as their interest. Basically, customers intimacy
represents how close customers' towards a specific product or service (Durst and Runar
Edvardsson, 2012). Healthy interaction with target audiences is an opportunity for Ensoft
Ltd., to boom up its customers' intimacy and learn more about customers.
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 Network development – The stage refers with determination and evolution of efficient
relation with businesses,, people and other networks which are crucial to success of
customer services. Small businesses are required to improve their network and maintain
good public relations with all stakeholders. It increases customers' loyalty and brand
recognition of people towards the firm. Value proposition development – The step insists with building information that has been
collected while raising customers' intimacy. If management get identified its target
audiences, then it can go ahead and make customized offer for clients. While making
value proposition for consumers, management is required to create value for entire
business association (Durst and Wilhelm, 2012).
 Customer life cycle management - The customers life cycle alludes to the perfect
journey of a customer; from a prospective customer to product advocate. Likewise, it
relates to proceed relationship with clients. Dealing with this cycle requires a systematic
framework and proper consideration regarding process. In this manner, small business
must decide how it will sort out itself to successfully oversee client connection.
Therefore, this process of Customer relationship management is effective to make the
customers happy as communicating with your customers can help the firm in building the trust
and gain the satisfaction of their clients. Along with this, this process also help the organisation
as communicating with your customers on daily basis in all across the world by using different
sources of channels, by which the customers can get up to date information about their products
and can maintain the good relationship, all these process assist the firm to make their customers
happy.
The limitations of using this process of CRM are as follows -
 The transformation from normal to automated processes is the major drawback which the
firm can face while implementing the CRM.
 Their is being possibility of getting tracked and hacked while implementing the CRM
software.
As per my opinion the best CRM method is Hub Spot , which is free plan and provides
everything that a firm needs to organise, track and nurture the leads and customers.
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P3) Small business can develop transnationally and benefits and drawbacks
Transactional sales – Its a vital aspect of business entity so as to evaluate future profits
and revenues. Transactional sales is linked with selling of services over boundaries according to
demand of customers in marketplace. In respect of this, it is the obligation of management of
Ensoft Ltd., is to implement several tactics that is based on current market scenario so as to earn
high profit margins and improve brand image. Such strategy is used by Ensoft Ltd., with an aim
to offer generic products and satisfying customers' needs in the best possible manner. If a small
business is willing to expand its business into other regions then there is need to prepare a better
plan. The small business can become transactional by opening and launching more branches in
different countries and expand their business or if the firm is enough rich to afford anything then
acquisitions is the better strategy than developing branches. Along with this, small businesses
can grow their business to reach their potential. The amount of growth is totally depend on the
firm, to turn a small business into a big one, they have set their goals and objectives and expand.
In context to this, it is fundamental for business firms to provide more efforts which will
provide opportunity to them through exploration of various functions at global level. It is
essential for Ensoft Ltd., to offer value added goods and services to customers at affordable
prices. All business activities and processes are assistive in enhancing operational areas in an
efficient manner (Hammer, 2015). Thus, there is defined certain advantages and limitations
which are demonstrated by businesses in order to expand its procedures, such are stated as under:
-
Benefits -
 Lifestyle – In small businesses, there should be implemented definite working styles for
employees who are working in an association. Due to this, a healthy and positive working
environment will be implemented at workplace.
 Independence – It is essential for management to make effectual decisions so as to
expand all business operations and gain high competitive edge. Business decisions should
be taken into consideration of internal and external environment; it will provide various
opportunities to a firm so as to run all activities in the best possible manner (Harmon,
2015).
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 Efficiency – Ensoft Ltd., allows the firm to adhere a systematic structure; it improves
efficiency of working activities and helps them in completing on or before their given
time period.
Drawbacks
 Lengthy – Adoption of effective business operations requires various innovation and
generate maximum profitability; the entire process is too lengthy and time consuming.
 Financial risks – There are several risks and uncertainties which are faced by
management while expanding businesses at global level; it highly reflects entire working
procedure in direct and indirect manner. In which, financial risks are more crucial and
reduces sales and profitability of the company.
Franchising – A relationship which flows continuously in which a franchiser provides an
ownership privilege to the franchisee to execute a business and offers assistance in form of
organizing, training , merchandising , marketing and managing in return for a pecuniary
consideration.
 Strength - The strength would be that franchises have had time to iron their business
plan, look after unexpected problems and make sure operations run softly.
 Weaknesses - On the other hand a franchises experience and success rate come at a
definite price.
Licensing- It is considered as a granted permission to use intellectual property rights, such as
trademarks, patents, or technology , under defined scenario. Or it can be called as a legal
contract authorised one business to use the private business practices for another business.
 Strength - The strength would be as it is authorised by the government so, an owner has
its all right to use it in their way.
 Weaknesses - Where as weakness will be as it is a bound by the government to have
such kind of permission from them. If someone has not taken then it may happen that
there organisation might be acquired by them.
M3) Elements of the customer relationship management process
There are different components of CRM processes which aids to maintain healthy and
positive relationship with customers, such are stated as under: -
 It is topmost priority of small businesses to determine needs and desires of customers and
also find out existing market trends in order to create products accordingly.
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 Another element is to built customers' trust and loyalty, thus to make strong customer
relations and improve market share (Jasra and et. al., 2012).
 Management of Ensoft Ltd., is to focus on gaining long term sustainability of customers
by providing them attractive discounts and further offers on every purchasing. It is
assistive in managing strong customer relationships.
M4) Potential to develop transnational operations
It is the liability for management to formulate an adequate plan so as to do business
operations in an appropriate way by utilisation of international business structure. It encompasses
with are stated as under: -
 Knowledge opportunity - It is fundamental that administrator ought to have better think
about snatch better open doors which will supportive in achieve objective with in given
era (Jenkins and et. al., 2013).
 Relationship commitment decision - Fortune of administrations and merchandise on the
best possible time premise to buyers and in addition providers for grow of business tasks.
D2 Process of customer relationship management
Different steps which are involved in the process of customer relationship management,
such are stated as under: -
 Correlate – It involves a chain of transaction and communication so as to implement
better customer relationship.
 Combine – Implementing a healthy and strong conversation between managers and
customers (Schaper and et. al., 2014).
 Cognize – Gather information regrading different products and existing trends in market.
 Connect – Interaction with media channels, customers, suppliers and investors.
TASK 3
P4) Annual itemised monthly cash flow forecast showing fixed and variable costs
If a firm has new and innovative ideas, then it can easily get finance from different
sources so as to raise working capital and improve financial position at marketplace. These
sources of funds are – equity finance, bank loans and so on which are briefly described as under:
-
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 Bank loan – In UK, public and private banks also provides loan or credit facilities to
small business so as to raise their funds. While giving loan firms pay some kind of
interest on a principle amount (Skolud and et. al., 2016). Hire purchase – It is also known as best source of driving capital of a company;
management can acquire hire purchases by giving some assets for rental purpose and
getting amount on quarterly and yearly basis.
Forecasting and budgeting Time series data – Ensoft Ltd., is focusing on determining the time period that has to be
taken to do project activities. It forces staff members to complete aligned tasks in a
specific time of span and gain high competitive edge.
 Dealing with seasonality developing budget – In this, enterprise makes certain necessary
changes in their budget so as to deal with future market trends in an effective manner.
Balance Sheet, P&L and cash flow statement of Austin Fraser organisations:
Year 2017 (value in £) 2018 (value in £)
Fixed assets 130 210
Stock 20 35
Debtors 70 55
Bank 20 30
Total 240 330
Creditors 120 180
Bank overdraft 90 70
Total 210 300
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Working capital 30 80
Income and expenditure account at the year ended
2017 2018
Sales 20000 30000
Less: variable cost
Direct material 4000 4500
Direct expenses 4500 3500
Contribution 11500 22000
Fixed expenses
Overheads 4500 4500
Net. profit 7000 17500
Pre launch cash
budget
Cash Flow budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 2000 3000 3000 4500 1500 3500
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Total inflows 10000 3000 3000 4500 1500 3500
Cash outflows
Fixed : Equipment’s 2000 2500 1500 2000 1200 1500
Variable : Direct
material 300 300 200 300 150 500
Total outflows 2300 2800 1700 2300 1350 2000
Net cash flow 7700 200 1300 2200 150 1500
Opening balance 0 7700 7900 9200 11400 11500
closing balance 7700 7900 9200 11400 11550 13000
July August September October November December
4200 1000 2000 800 1200 1500
4200 1000 2000 800 1200 1500
800 200 300 100 600 300
300 400 500 100 100 400
1100 600 800 200 700 700
3100 400 1200 600 500 800
13000 16100 16500 17700 18300 18800
16100 16500 17700 18300 18800 19600
Interpretation - As per the above image, it can be analysed that in pre launch cash
budget total cash inflow maximum amount in the month of January and less amount in the month
of October. Along with this, total outflow amount is maximum in the month of February and less
in October. The total net cash flow is increasing in the month of January and lower in May.
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Post:
Post launch cash budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash outflows
Fixed cost : Equipment’s 2500 1200 1500 2500 1100 1500
Variable cost : Direct
material 350 300 250 150 100 500
Total outflows 2850 1500 1750 2650 1200 2000
Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
closing balance 6350 5850 11600 11950 15750 20250
July August September October November December
1200 3200 1500 8200 1250 3210
1200 3200 1500 8200 1250 3210
1200 600 500 500 1200 700
500 250 450 250 1300 500
1700 850 950 750 2500 1200
-500 2350 550 7450 -1250 2010
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20250 19750 22100 22650 30100 28850
19750 22100 22650 30100 28850 30860
Interpretation – From the above mentioned image, it can be concluded that in post
launch cash budget the total inflow is increasing in the January and lower in the moth of July. In
addition to this, total cash outflow is maximum in the month of January as same in the pre launch
cash budge and less in the October. Lastly, the net cash flow is enhancing in the month of
October among all of them.
P5) Break- even analysis
The tool break even analysis is mostly used by production management and accountants;
it based upon categorising operation costs in two parts, i.e. variable costs and fixed costs. Break
even analysis is tend on how long it will take before start up reaches profitability- the required
output. Although, it also helps entrepreneurs to get better understanding of viability as well as
risks of a business idea. In break even analysis, margin of safety stated that how much sales a
forecast can prove over optimistic before losses are incurred (Smit and Watkins, 2012). A break
even is a point where a firm's revenue is equal to its total expenses which states no profit and no
loss. A break even analysis is referred as financial calculations for deciding the number of
products and services a company should deal to hide its costs. Break even is a situation where an
authority will neither earning money nor losing. But the thing is that the costs has been covered.
It is being dependent on an average per unit variable cost and per unit revenue over the whole
process. There were 3 break even analysis which depends upon ;
 Average per unit sales price
 Average per -unit cost
 Monthly fix costs ( per unit- revenue )
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As per the above graphical presentation, costs at diverse level of activity shown that firms
is required to make predications regrading future sales and output level. Therefore, break even
analysis is imperative tool that used by firms to reduce wastages and make modifications
accordingly.
Break-even point: Fixed costs/ construction margin per unit or product = 15000/(7-5)= 7500 ans.
P6) Financial statements for an organisation
Tracking an accurate financial data is not only important for running day to day business
operations but also necessary for seeking funds from various vendors or investors in order to take
a business at next level. In small businesses, management keep all sources of finances so as to
ensure high profit margins, pricing of products and demonstrate cash flow as well as facilitate
taxes. Financial statements is known as a standard business practice which is used to maintain
continuity of financial information (Stanciu, 2015).
Following are the main financial statements, such as -
 Balance sheets - The accounting report gives an outline of advantages, liabilities and
investors' value as a depiction in time. The date at the highest point of the asset report
discloses to you when the depiction was taken, which is by and large the finish of the
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monetary year. The accounting report condition is resources levels with liabilities in
addition to investors' value, since resources are paid for with either liabilities, for
example, obligation, or investors' value, for example, held income and extra paid-in
capital. Resources are recorded on the monetary record arranged by liquidity. Liabilities
are recorded in the request in which they will be paid. Here and now or current liabilities
are required to be paid inside the year, while long haul or non-current liabilities are
obligations anticipated that would be paid following one year.
 Trading and P & L account – It summarize with revenues, expenses and costs which are
being incurred in a specific time period. Profit and loss statement involves entire income
statements which will provide entire information regrading firm's ability as well as lack
of ability. It is an account through which annual net profit and loss of a business can be
ascertained (Weske, 2012). Gross profits and loss are demonstrated by trading account
whereas net profits involves all indirect expenses which are occurred through gross
profit.
 Cash flows – It shows annual cash inflows and outflows which are occurred. Cash flow
statement renders a useful equivalence between income statement specially while P & L
account is not match with cash flow report. In addition to this, the statement is presented
when financial statements are issued to external parties. Cash inflow statements includes
cash sales, loans, accounts receivable and other investments which has been made by the
firm in a year whereas cash outflows represents expenses paid, machinery purchased,
inventory and other payments.
Cash-flows statement gives adequate data about outflow & inflow of cash. This aid in
proper administration of cash.
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Interpretation - Gross profits – its a profit which a company makes after deducting all costs related with
production and selling of goods. Gross profit will appear in firm's income statement and
calculated by = revenues – cost of goods sold whereas in percentage it would be = gross
profit/net sales*100. In 2017. GP of Ensoft was 150 and remain same in 2018 which
represent that nothing has changed in last two years. Net profit – It shows the number of sales after all operating expenses, taxes, interest and
preferred stock dividends deducted within overall total revenue of the company. Net
profits = Total revenues – Total expenses or net profit/net sales*100. At present, net
profit ratio of Ensoft is 120 and in 2018 it is increased by 126.666667. Current ratio – It is also known as liqudity ration and evaluate firm's ability to pay short
or long term responsibilities. The ideal current ratio in 2:1 which represent firm is having
enough assess to pay its liabilities. In 2017, current ratio of the company was 0.75 which
has been reduced by 0.5 in 2018. This shows that firm's ability is decreased to pay its
liabilities.
 Acid test ratio – It refers with liquidity of the company and can be calculated with =
Current asset - stock/ current liabilities. The ideal acid ratio is 1.1 which simply implies
current assets are equal to current liabilities. In 2017, acid test ratio of Ensoft was
0.58333333 which has decreased by 0.30555556 in 2018. it means organization is enough
capable to pay its liabilities through quick assets.
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M5) Quantitative and analytical techniques
Quantitative and analytical tools are used by small business associations, like – Ensoft
Ltd., so as to boom up their internal strength and performance. It will provide better
opportunities to companies in future as well as improve its decision making process by
minimising all hindrances. Although, break even point is supportive in demonstrating output
level of the firm in which no profit and no loss.
D3 Break even analysis and cash flow statement
Financial statements are the lifeblood for any business and understanding them is key to
finding investment opportunities. There are different aspects involves in financial statements,
such as – balance sheet, income statements and so on. All of them helps in assessing financial
position of the company. Apart from this, break even analysis is tool that is used across all
industries in order to monitor business performance in respect of costs; it is also known as supply
side analysis. It plays a vital role in developing an effective business plan.
TASK 4
P7 & M6) Legislation and regulations that have implications on small businesses
Like government of every nation, British government has also created and regulated
several laws and legislations to put a control on business activities. It is must for every firm to
adhere to these laws and rules so as to ensure firm's ethicality and legality. Following is defined
several laws and rules which must adhere by Ensoft Ltd: -
 Health and safety law – There are several laws and legislations associated with health and
safety at workplace. The health and safety law was established in 1974 which lays down
upon numerous duties of employers towards providing healthy and safe working
environment employees; it entails that staff members must be protected at workplace
from all kind of risks and danger zones (Williams, 2012).
 Data protection law (1998) – The law states that personal information of employees
should not be disclosed with anyone. Managers are responsible while using data or using
any personal information of employees. They ensure about that information is using in
lawful and ethical manner as well as it is used for limited and specific purposes only.
 Record keeping -It insists to keep several records of employees in order evaluate or
assess their performance that is rely upon their working activities and tasks.
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D4 Regulations and legislations that impact on small business
There are several laws and legislations get applied by government and must be followed
by all business associations; it can affect performance and output level of firm. These laws are –
health and safety law, data protection act, minimum wages act and so on. For example –
implementation of health and safety law consists with fulfilling health and safety requirements of
employees and reducing all risks which could be occurred in future (Winarno and Wijijayanti,
2018). Apart from this, data protection act will help to maintain the decorum at workplace; it
means not to leak any kind of information of employees to others.
CONCLUSION
From the above mentioned report, it get analysed that effective management of a small
business entity aids to run it smoothly for long term period. While planning and allocating
resources in small business, entrepreneurs should consider certain aspects, like – availability of
human resources, proper financial management and goals and objectives of the firm. The report
stated that customer relationship management will aid Ensoft Ltd., to attain and retain people for
long term period. The process of transactional sales helps business to analyse their profits and
revenues so as to gain high competitive edge in a certain time period. Apart from this, there are
main key financial statements are – balance sheet, income statement, cash flows etc.
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