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Assignment on Managing and Running a Small Business

   

Added on  2021-01-03

17 Pages4776 Words279 Views
Managing andRunning a SmallBusiness

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Main consideration for small business enterprise for achieving business objectives ..........1TASK 2............................................................................................................................................2P2. Process of customer relationship management for small business enterprises.....................2P3. Benefits and drawback of developing transnational business...............................................3TASK 3 ...........................................................................................................................................4P4. Cash flow statement for forecasting fixed and variable cost................................................4P5. Application of Break-even analysis......................................................................................7P6. Contribution of financial statements in managing business successfully.............................8TASK 4............................................................................................................................................9P7. Implication of key legislation and regulations on small business enterprises ....................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11

INTRODUCTIONSmall business organisations are the one that play a big role in economic growth of anation. These are the one that manufacture featured goods for people living in society andprovide employment to various individuals (Schaper and et. al., 2014). Government also promotedevelopment of small businesses as these are the one who contribute a lot in economic growth ofnation and at the same time play crucial role in difficult situation such as economic recession.OAK Cash & Carry, a firm which deals in grocery items is consider in this report for study.Various considerations that require to be consider by a small enterprise during allocation ofresources is all given in this report. Further, process that can be utilise by enterprise to create andmaintain good relations with customers is also given in this. In addition to this, differentfinancial statements and its contribution in success of company all detailed in this. TASK 1P1. Main consideration for small business enterprise for achieving business objectivesSmall business enterprises refers to a business which employs not more than 50 workersand their volume of sale are also very low. These enterprises are privately owned and operatedby single individual or in partnership. These businesses generally have low budget, therefore it isvery essential for them to consider all the essential factors before operating its business operationor allocation of resources (Crane and Matten, 2016). Following are the major consideration thatOak Cash & Carry must undertake while planning and allocating resources to achieveorganisational objective:Vision and Mission:- Mission:- It refers to a statement of a company which state the goals or purpose of anenterprise. Mission of Oak Cash & Carry Ltd is “to be a leader in merchandising anddistribution of grocery item.” Vision:- This statement describes what a company want to achieve or accomplish in longterm future. Vision of Oak Cash & Carry Ltd is to maintain a broadest network ofdistribution throughout UK. These two statements are very essential for a company, as they are consider as aroadmaps which further describe the actions to be performed. So, vision and mission statementare the essential factors that must be consider while allocating resources. 1

Skills and ability of workers:- Before allocating resources it is very essential for acompany to determine the strength of its employees. So that task and resources can beallocated according to the skills and capability of a worker (Burns, 2016). This help ineliminating the wastage of resources and contribute toward bringing effectiveness inbusiness operation. It also assist in achieving competitive edge over competitors so thatthey can achieve their organisational goal much effectively and efficiently. Financial resources:- It refers to the fund of an organisation which is required forperform its activities and operations. Before performing its business operations it is veryessential for Oak Cash & Carry Ltd to arrange and secure sufficient fund for operating itsbusiness efficiently. Company must analyse all the financial statement and preparebudget accordingly. This will help in identifying the fund available to company and whatamount of capital required for performing a particular activity. Using budget statemententerprise can minimize its expenses and achieve its objective at minimum cost. Physical resources:- It refers to the tangible resources which are necessary and availablefor a business to function. Physical resources includes manufacturing equipments andtools, inventories, assembly, storage, information system, production etc. Before planningfor operation, it is very essential for a manager of Oak Cash & Carry Ltd to evaluate theavailability of physical resources which are requires for performing a task effectively andefficiently. TASK 2P2. Process of customer relationship management for small business enterprisesCustomer relationship management refers to the tools and methodologies used by anorganisation for interacting with current and potential clients for improving the customerrelationship with business. Main aim of CRM is to collect relevant information of customers andthen use it to satisfy customers in order to develop their positive interaction with company.Following points describe about step by step execution of CRM process for small businessenterprise:Set a target:- First and foremost step in CRM process is to identify the goals to beachieve, after deciding goals next step is to formulate plan for reaching up objectives.This plan list out various activities or task to performed in order to achieve set goals or2

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