Managing and Running A Small Business

Managing and Running A
Small Business

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INTRODUCTION
Small ventures are the types of firms which is operating their business with the few
operating capital and funds with the limited number of employees. It is necessary for the director
and managers to manage all the operational activities in the organisation in an appropriate
manner so that they can establish a systematic structure within the organisation(Warnes, 2018).
For such organisation, accounting principles rules and regulations must be set up so that financial
statement can be generated correctly. While running a small business, an entrepreneur is it
required to from certain strategies so that they can attend higher profitability and sale. Rowlinson
knitwear is the chosen organisation for this report, it is the manufacturing company of school
wear and formals. This report will cover the plan allocation of resources done by the small
business in order to attain their objectivity and also do the evaluation of small customer
relationship management. Analysis of cash flow forecast budget, break even point, interpretation
of financial statement legislation of small business.
TASK 1
Overview of the company
Rowlinson knitwear is the production company of school uniforms and formals that is
based in United Kingdom and operating their business in an appropriate manner. The companies
established in 1935 by Wilfred Rowlinson. All the business is successfully by director managers
and employees of the company.
P1
Planning and resource allocation is the aspects of identifying out of various sources in the
different of of the company so that they can make the best use of their resources. In context to
Rowlinson knitwear managemwnt and other executive, they have to be considered the various
factors that is necessary to be plant for the effect running of their business and all the factors are
explained as follows:
Staff members and skills: employees are the backbone of every organisation and they
are responsible for running the whole operation so they are considered as a valuable asset of the
company(Brears, 2018). Potential employer helps organisation in attaining objectives of the
company so that they can meet the the high competition in the market. In context to Rowlinson
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knitwear, manager is considering the skilled employees while planning and dividing their
resources in order to get effectiveness in the business.
Vision, mission and strategic objective: it is very important for all the business
enterprises to have a better communication with their employees and the other staff related to the
the mission vision and objectives of the company. This helps in building the trust and results in
enhancing the employee engagement in a specific job role. In context of Rowlinson knitwear,
manager is focuses on having effective communication with the employees so that they can give
their best in understanding the mission and vision of the company and work accordingly. When
the employees give their best in their specific job role it help in increasing the quality of and
leads to get a effective results in the organisation.
Monetary resources: These are the resources which are the foundation for any business
startup or activities. If the form is not having the necessary funds so it is not possible to perform
the any of organisational activities accurately. While planning and allocating that resources in the
different operational areas, Rowlinson. Knitwear have to analyse their monetary resources and
for this, the manager can under the final account life balance sheet, income statement, cash flow
statement. This helps in execution of business in an appropriate manner and attain the
organisational goal effectively.
M1
There are various tools& techniques that is used by the company in order to plan and
allocate their resources which are explained as follows:
Critical path analysis: It is the technique which is used to evaluate the best alternative
for alloacting the resources. This is helpful for the company to identify there right path so the
company's project can be completed and and efficient manner within given time.
Gantt chart: this is the horizontal bar chart which is made by the organisation in order to
schedule all the activities within the set time frame. The technique is used by the manager of
Rowlinson knitwear so that we can locate the resources in a appropriate manner as it help in
formule attractive business contribution.
M2
It is very important for all the business effective planning in order to allocate their
departments of the company as conducting the various operational activities in an efficient
manner. Manager of Rowlinson knitwear is doing a proper allotment of the worlds so that they
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