Managing and Running a Small Business

Managing and Running
a Small Business

Table of Contents
Activity 1.........................................................................................................................................1
Introduction......................................................................................................................................1
LO1..................................................................................................................................................1
P1 Discuss the main considerations a small or social enterprise need to take into account
while planning and allocating resources to achieve business objectives...............................1
M1 With the help of relevant tools and techniques in a structure and analytical way to allocate
the resources...........................................................................................................................2
M2 Assess the importance planning and allocating resources to achieve the objectives of a
business...................................................................................................................................3
LO2..................................................................................................................................................3
P2 Explain and evaluate the different process for customer relationship management for a
small or social enterprise........................................................................................................3
P3 Explain how a small business can develop transnationally along with the pros and cons.5
M3 Apply and evaluate elements of customer relationship management process with regards
to achieve business objective..................................................................................................6
M4 Evaluate the potential to develop transnational operations with the stage model of
internationalism and assess the benefits and challenges faced...............................................7
Conclusion.......................................................................................................................................8
Activity 2.........................................................................................................................................8
Introduction......................................................................................................................................8
Task 3...............................................................................................................................................9
P4 Produce an annual itemised cash flow forecast reflecting fixed and variable cost set against
income for Migrateful.............................................................................................................9
P5 Briefly explain how break even analysis can be applied to an organisation Migrateful.12
M5 Apply appropriate quantitative and analytical techniques to provide an appropriately cash
flow forecast and break even analysis..................................................................................12

P6 Interpret key financial statements for Migrateful in relation to the successful management
of a company........................................................................................................................13
Task 4.............................................................................................................................................14
P7 Discuss key legislations and regulation that have implication on social enterprise such as
Migrateful.............................................................................................................................14
M6 Evaluate the implications of key legislations and regulations in the context of Migrateful
..............................................................................................................................................15
Conclusion.....................................................................................................................................16
References:.....................................................................................................................................17
Books and Journals...............................................................................................................17

Activity 1
Introduction
Running and managing the business is quite challenging task for the business owners as for the
efficient and well-functioning of an organisation requires plenty of time and efforts. Small and
medium enterprises are run and managed by the few individual who majorly make the strategies
and participate in decision making process. Business owner make use of their expertise and
knowledge to manage the operations of small or social enterprises and ensures that the activities
of a business are in align with the vision and mission of the company (Silver and Hickey, 2020).
Migrateful is a social enterprise with its operations in London, Kent and Bristol. Migrateful
empowers and celebrate asylum seekers, refugees and migrant workers from all the background
to run their own cooking classes. The report discuss how these social enterprise plan and allocate
resources to achieve its objectives, evaluation of customer relationship management process
along with benefits and challenges faced by the enterprise by transnational operations.
LO1
P1 Discuss the main considerations a small or social enterprise need to take into account while
planning and allocating resources to achieve business objectives
Resources are the most significant investment made by the small or social enterprises therefore
each and every business firm strive to make the best utilization of resources in a sustainable and
profitable manner. Therefore proper resource planning and allocation of the resources in the
project management helps the small and social enterprise to optimally utilise the resources for
the achievement of organisational objective. Resource allocation or resource management is the
scheduling of activities and resources as per the availability of resources and project time to
achieve the goals in future (Bergmann, 2019). There are several thing that has to be take into
consideration while planning and allocating a resources into a project which are as follows:
 Scope of the project: It is imperative for Migrateful to analyse and understand the scope
of the project on which it is working and on the basis of the conclusion further planning
and resources should be allocate. Understanding the scope of project whether it is long,
short, small or big projects, Migrateful make decision with relation to the nature of the
resources and the amount needed to complete the project over a specific period of time.
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More clarity in the project scope will give the better understanding to allocate the
resources optimally.
 Identification of resources: For a better planning it is essential for Migrateful to identify
the nature and the amount of resources needed to execute the project followed by
defining the scope, objective and tasks to be carried out (Singh and Kumar, 2020). This
aspects make a better understanding of availability of resources, types of equipment,
machinery and tools required, skills and knowledge by the human resources and need to
purchase the resources for the completion of the project. Migrateful must prepare the list
of the resources within the budget and identify the sources to acquire them.
 Project dependencies: For better planning and allocating resources it is imperative to
understand the project dependencies which means to find out a relationship between the
task and activities of the project. Migrateful with effective planning can prevent from
falling short on the resources when they are actually needed and unnecessary making
stock for them. Resource shortage may be avoided if the company understand the
resources dependencies and making necessary arrangements in advance to avoid any
disruption.
 Use tools and techniques: One of the effective way for keeping the track of resources
and avoid from misuse and wastage Migrateful can keep the track of the activities and
resources need by them with the help of essential tools and softwares (Agyeiwaah, 2020).
These tools help the small or social enterprises like Migrateful to manage the resources
effectively and derive productive results.
M1 With the help of relevant tools and techniques in a structure and analytical way to allocate
the resources
No matter how well projects plans are made, they may lead to the failure or success if there is no
proper resource planning and management. Without the right allocation of resources these
projects can’t be tune into reality, therefore it is essential for Migrateful to make use of
appropriate tools and techniques that will contribute towards proper planning and allocation of
resources. Resource planning tools comes with a unique feature of visual resource planning,
capacity building and planning; and making analytics and forecasting on a real time basis. With
the help of these tools project manager at Migrateful can make a better use of resources and
allocate the resources as per the requirement of task and activities (Baldwin and et. al., 2019).
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Toggl Plan is a visual resource planning and management tool used by Migrateful which
help in keeping a bird’s eye view on where the resources have been allocated, where they are
needed and what is the actual progress of the project on a real time basis. Migrateful can get an
insight into the tasks performed by each individual along with keeping a track of the time taken
to complete the project. Drag and drop interface used in Toggl plan make it easy to use with no
training required and provide effortless planning of resources for Migrateful.
M2 Assess the importance planning and allocating resources to achieve the objectives of a
business.
Resource planning helps the companies to anticipate the needs of the resources required to
execute and complete the project (Ghezzi and Cavallo, 2020). A good resource plan must be
detail and include the quantity of labour, machinery and other necessary material required to
finalise the project. Resource planning and forecasting assist the managers of Migrateful to make
predictions about the needs of the resources which avoids the project or resources bottleneck,
therefore contributing towards achieving business objectives. Understanding dependency of the
resources in a project prevents the company for making over or undervaluation of resources to
each task and activities and before-hand planning assist the company to meet the deadlines of the
projects. Resource planning help Migrateful in bridging the gap between demand and supply of
resources through analysis excess or shortage of resources. All these factors contribute towards
achievement of organisational objective as knowing in advance what resources are needed and in
what quantity, Migrateful meets the project deadline and complete the project with efficient
utilisation of resources.
LO2
P2 Explain and evaluate the different process for customer relationship management for a small
or social enterprise.
With the changes taking place at exponential rates, customers are becoming more demanding and
expecting a personalized customer experience especially designed for them or making them feel
valued (AUJIRPONGPAN and HAREEBIN, 2020). To meet these expectation small businesses
are striving to identify the needs and wants of target audience and how well these needs can be
met while gaining a competitive edge. Therefore, customer relationship management is a strategy
adopted by Migrateful to enhance the experience of a customer and conduct personalised
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