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Managing and Running a Small Business Assignment - Rowlinson Knitwear

   

Added on  2020-11-12

17 Pages4991 Words313 Views
Managing andRunning a SmallBusiness

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31. Major considerations a small business needs to address when planning and allocatingresources to achieve business objectives................................................................................3TASK 2............................................................................................................................................42. Explain and evaluate different processes of customer relationship management..............43. Explain how a small business can develop transnationally and determine the benefits anddrawbacks...............................................................................................................................6TASK 3............................................................................................................................................84.An annual itemised monthly cash flow forecast showing fixed and variable costs set againstincome....................................................................................................................................85. Explain how break- even analysis could be applied to an organisational situation...........96: Interpretation of financial statements of Rowlinson Knitwear:.......................................10TASK 4..........................................................................................................................................157. Key legislation and regulations that have implications on small businesses...................15CONCLUSION..............................................................................................................................16REFRENCES.................................................................................................................................17

INTRODUCTIONSmall business or enterprise refers to a company which have approx 300 employees. It isvery difficult for a owner to run business in effective manner because they have to considervarious things. Such as resources, strategies, plans, funds and many others things which isrequired to managing and running a small business in effective and efficient manner.Organisation taken for this assignment is Rowlinson Knitwear which is incorporated in 1972 andit is a private limited company. They are manufacturer of knitwear and school wear for schoolgoing students (Adisa, Abdulraheem and Mordi, 2014). They basically operate there businessfunctions in market of United Kingdom. Topics covered in this assignment are how smallbusiness allocate resources and plan things and effectiveness of customers relation. Along withthis it explain how small enterprise develop transactionally and cash flow, budget and break-even analysis. It also include some major legislation and regulation which a small business has tofollow. TASK 11. Major considerations a small business needs to address when planning and allocatingresources to achieve business objectivesOverview of company Rowlinson Knitwear is a manufacturing cloth manufacture company which is establishin 1972 and they conduct there business operations and function in market of United Kingdom.They generally dealing in apparel and textile production industry in which they manufacturequality school wear and corporate wear (Rowlinson, 2019). There are various planning strategiesand allocation of resources which is consider by respective company in order to achieve goal andobjectives in effective manner, some major of them are describe below:-Research: When a company wants to conduct or start there business or enterprisecompany must conduct research to identify appropriate plans and resources which they willrequired to full fill objectives and goal in effective manner (Bridge and O'Neill, 2012). So whenRowlinson Knitwear start there operation in manufacturing cloth for kids and corporate peoples.They will conduct research so that they know what is resent trends and requirement of market.By this they able to understand approaches need and demand of customers and according to thatthey can plan and allocate their resources for achieving goal and objectives.

Determine the purpose of plan: Before starting a business or enterprise it is essential forowner to identify and determine purpose why they want to establish and run business. When aperson clear with there purpose they able to plan strategies in effective and appropriate manner.That directly and indirectly help them in managing and running there business in effectivemanner. When a person is having clear purpose they able to make strategies in appropriatemanner according to need and demand of customers. Identify the resources: When Rowlinson Knitwear is clear with there purpose they ableto decide resources and plans in appropriate manner which help them in conducting thereoperations and functions in appropriate ways (Burns, 2016). So management of respectivecompany identify resources which they are required to manufacture kids school wear andcorporate wear. When a company identify there resource requirement they conduct theiroperations and function is effective and appropriate ways. Evaluate the human resources: In this management of Rowlinson Knitwear analysisand determine human resources which they required achieve their target and goal in appropriateand effective manner. Such as according to requirement respective company hire and trainemployees so that they conduct work in effective and quality manner. When employees get trainthey can do there work or task in quality manner and in effective time. Promotional activities: When a company decide to start a business they have to dopromotional and advertisement so that target market know about product and services. Somanagement of Rowlinson Knitwear promote there products and services so that customersknow about them and purchase there products in high quantity. By conducting all these Rowlinson Knitwear able to operate and function there plans andresources in effective manner and by this they also able to achieve goal and objectives inappropriate and effective manner. TASK 22. Explain and evaluate different processes of customer relationship managementCustomers relationship management is refers to practices, technology and strategieswhich organization conduct and operate in order to maintain and establish relationship withcustomers or clients (Chiliya and Roberts-Lombard, 2012). By this company can maintain andretain customers in appropriate and effective manner. For this Rowlinson Knitwear develop and

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