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Managing and Running a Small Business - PDF

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Added on  2020-10-22

Managing and Running a Small Business - PDF

   Added on 2020-10-22

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Managing and Running a Small Business
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Table of Contents
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INTRODUCTIONManaging and running a small venture is the critical task to accomplished by the businessentities. In addition to this, controlling of small venture is also the complicated, because, it needsthe strategic planning and action making to continue business for longer period of time. In thecurrent scenario, management of small business has resulted in productive outcomes as well asproduction of useful goods & services (Bird, 2012). This report will be carry on Unicorngroceries, which is co-operative grocery store located in Manchester, UK. Unicorn is specializedinto the selling of fresh, dried as well as processed food & drinks and also organic food items tolocal and other level of UK. In current situation, they are actually looking for opening their newoutlet in other cities of England. Apart from this, report will be carry on main considerations,which a small business is requires to address planning and allocating of the resources. Also,report will contain different processes of customer relationship management for small businessalong with how small business can develop transnationally. Lastly, this report will forecast anactual cash flow showing the fixed and variable costs as well as look out on break even analysis. Overview of the company: Unicorn grocery is the largest co-operative grocery store,which is located in Manchester, UK. It is controlled by its respective member/owner, who runbusiness with an flat management structure. This grocery specialized in selling fresh and newgroceries items, food products, daily based needs and other required products such as milk,bread, rice etc. They actually believes that ethics forms real foundation of the business and theyalso have their business regulation framework to regulate business operation ethically. Thecurrent scenario is that firm is looking for opening of their new outlets in Manchester city to grabmarket share and earn higher productivity. In response to this, they actually saw major scope forlarge size of customer size and share to equip in order to get business strength. TASK 1P1 Discuss the main considerations a small business needs to address for allocation resourcesSmall business are those units, who are small in size & structure, but there are high, whenlook out for business expansion to other regions or territory. Resource allocation is one of themajor consideration, which needs to undertaken by Unicorn before launching their outlet in city
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Manchester. Suppose, if resources are limited, chances are higher that completion of task wouldget delayed. To overcome this strategic planning is necessary to continue the small businessventure for longer tenure of business operations (Loscocco, 2017). For effective allocation ofresources, major preferences must be given to capacity generation with clear planning for inputsutilization by Unicorn grocery to accomplish their business objectives. There are variousconsideration, which are required to address in order to proper burning of resources are asfollow: Capacity utilisation & management: It measures the extent to which a business is usingits production potential. It is defined as percentage of total capacity, that is being achieved ingiven period of time. In context with Unicorn Grocery, it will be used to measure the productionefficiency of business enterprises. In this, average production costs tends to fall as output willrises, so business firms can reduce unit costs and making business operations more competitive.Unicorn grocery is necessary to remember that increasing capacity often results in higher fixedcosts. For fruitful expansion, Unicorn grocery should utilize their resources effectively alongwith clear budget preparation to maintain their real values. Identification of skilled manpower: For expansion, Unicorn grocery should considersskilled manpower as their valuable resources to get right employee, who have accurate ability &potential to handle any kind of critical situation along with process of expansion. First, it is clear-cut advise to find manpower and stimulate them to find opportunities for themselves. As, we allknow that material or inputs are not sufficient, manpower is also important to do planning ofresource allocations. Unicorn grocery should prefer advance recruitment & selection process, bywhich they can open their grocery outlets in Manchester city with less incurring of funds andmust ensure the higher results. Budgetary control: It is a major technique through which, each and every value of inputsshall be maintained to maintain its real and productive values. To keep identity of resources clearand valuable, budgetary making is necessary to maintain its value for future production basis.Also, Unicorn grocery should structure budget making to allocate resources accordingly intoventure regulation process (Brown, 2013). Also, control over budgetary technique is alsonecessary to self being informed about any shortage of available inputs to avoid stoppage ofbusiness expansion.
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