Managing and Running a Small Business | Task Report

Managing and Running a Small Business
Turning a vision into action
Student name and ID:
Assessor name/names: Justice Osafo/Data Bob-Manuel/Que Mizra
Academic Year: 2021/22
Submission Date:
Word Count: 3862

Contents
Introduction:..................................................................................................................................2
Task 1..............................................................................................................................................2
The main considerations a small business or social enterprise needs to address when
planning and allocating resources to achieve business objectives:.......................................2
Relevant tools and techniques in a structured and analytical way to plan and allocate
resources in an organizational context:...................................................................................3
Importance of planning and allocating resources to achieve the business objectives:........3
Application of appropriate resources to demonstrate links between resources allocation
and achievement of business objectives:..................................................................................3
Task 2..............................................................................................................................................4
Different processes of customer relationship management for a small business or social
enterprise:...................................................................................................................................4
Transnational development of a small business, its benefits, and drawbacks:....................5
Elements of customer relationship management process for achieving business
objectives:...................................................................................................................................6
The potential to develop transnational operations using the stage model of
internationalization, assessing both benefits and challenges:................................................6
Customer relationship management process at all stages and recommendations for
overcoming challenges of developing transnational operations:...........................................7
TASK 3...........................................................................................................................................7
Annual itemized monthly cash flow forecast showing fixed and variable costs set against
income for a specific organization:..........................................................................................7
Break-even analysis in an organizational situation:...............................................................9
Key financial statements for organizations about their contribution to the successful
management of the organization:.............................................................................................9
Appropriate quantitative and analytical techniques to provide an appropriately detailed
cash flow forecast and break-even analysis:.........................................................................10
Task 4............................................................................................................................................10
Key legislation and regulations that have implications on small businesses or social
enterprises:...............................................................................................................................10
Implications of key legislation and regulations in an organizational context:...................11
Conclusion:...................................................................................................................................11
Reference:.....................................................................................................................................11

Introduction:
Managing the coordination and organization of business activities which typically includes the
production of materials, money, and machines, and involves both innovation and marketing is
called Management in business. Its sole purpose is to accomplish defined objectives through
coordination and organization. To meet the objectives of the policy, they are generally in charge
of planning, organizing, directing, and controlling the business's resources. Any small and
medium-sized organization which requires high-grade information and internet solutions for their
enterprise is known as SME (Ali & Babiker, 2017). Providing various opportunities to
unemployed persons is the main aim of small businesses The following report is based on an
SME or social enterprise in the UK named Ashtons. This study will include small business plans
that allocate resources to accomplish objectives. The customer relationship management process
is also determined in this assignment. Break-even, budget, and cash flow forecast tools are used
by companies to identify their financial statement and the implications of legislation and
regulations on social enterprise will also be discussed in this project.
Task 1
The main considerations a small business or social
enterprise needs to address when planning and allocating
resources to achieve business objectives:
Ashtons is an independent estate agency practice founded in 1980 that provides a first-class
estate agency service in Harpenden and Welwyn Garden City as well as St Albans. They
organize over 1000 transactions including land acquisitions, residential sales, investment
transactions, residential letting, and new homes. They support their workers financially as well as
attain professional qualifications. Different elements required by social enterprises when
allocating and planning resources to achieve the long-term goals and objectives of a company are
discussed below:
Vision, goals, and objectives: The three most important statements of every business on
which the entire success and development of the enterprise highly depend and further affect the
planning process are its vision, goals, and objectives. Here, long and short-term goals that
support employees of an enterprise to do all their activities properly are fixed by the management
of Ashtons.
People and Skills: One of the main resources of an organization that is highly needed by
the company for the achievement of predetermined targets are its people and the skills they have
acquired. The role of the manager of Ashtons is to classify its employee’s duties as per their
skills and abilities (Chauma, 2017). Providing accurate training and development to unskilled
persons so that they have some knowledge and work with full efforts for the accomplishment of
desired objectives is another duty of HRM of Ashtons.
Financial resources: Planning and allocating important resources to achieve objectives
is another essential aspect that Ashtons needs to keep in mind. Proper identification of effective
components of finance such as bank loans, overdrafts, and many others should be done by the
management of Ashtons.

Relevant tools and techniques in a structured and
analytical way to plan and allocate resources in an
organizational context:
Ashtons use mainly two types of project management techniques to plan and allocate resources
(Ali & Babiker, 2017). Both are discussed below:
Gantt Chart: A commonly used graphical depiction of a project schedule that shows the
starting and finishing dates of a project's elements such as resources, planning, and
dependencies; simply put, that illustrates a project schedule is known as a Gantt chart. All the
activities and functions as per the time duration of a business are divided by the management in
this chart. It helps Ashtons to attain their desired objectives by forming a planned structure. Their
business manager can easily collect information regarding the need for resources to accomplish
end objectives and goals with the help of this chart. Coordination among different business
operations should be ensured through effective channels of communication by Ashtons.
Critical path analysis: An algorithm for planning complex working procedures
concerning the critical path of each alternative system that is commonly used in conjunction with
the program evaluation and review technique is known as Critical path analysis or CPA. The
time duration of a project completed can be easily understood in a business with the help of a
CPA. Different ways addressable to do the project within a specific period can also be
determined with its help. The company administrator of Ashtons can easily achieve set
objectives and targets in a given time duration by finding the shortest way to access them.
Importance of planning and allocating resources to
achieve the business objectives:
To do all the activities properly in a business organization as well as allocating resources to the
employees as per their skills, proper planning is an obligation. Ashtons can easily analyze
different resources of the fund as well as achieve predetermined objectives in an allotted period
using proper planning. Set goals and objectives of Ashtons can never be achieved without
planning. The administrator of Ashtons can apply all acquirable resources at the best level and
the company can yield the maximum number of profits with its help. Thus, the role of planning
is immense as the company provides featured products and services to its clients at reasonable
prices.
Application of appropriate resources to demonstrate links
between resources allocation and achievement of business
objectives:
According to Cojoacă (2017), to attain long-term objectives, different resources play an
equal role in it. One of the necessary factors to arrange sufficient funds and recruit talented
candidates is Finance and HRM. Business operations and activities can be accomplished in a
given time through sufficient funds (Chauma, 2017). To increase sales and revenues, the goals,
aim, and objectives of an organization also play a vital role.