Managing and Running a Small Medium Enterprise
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Added on 2020-10-23
Managing and Running a Small Medium Enterprise
Added on 2020-10-23
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Managing and Running aSmall Medium Enterprise
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Main considerations a firm requires to address when planning & allocating resources toattain business objectives............................................................................................................1M1 Application of relevant tools and techniques to plan and allocate resource.........................2M2 Significance of planning and allocating resources...............................................................2D1 Application of appropriate resources to depict link between attainment of businessobjectives and resource allocation..............................................................................................3TASK 2............................................................................................................................................3P2 Evaluation of various customer relationship management process.......................................3P3 The way small business can develop transnationally & its benefits and drawbacks.............4M3 Elements of customer relationship management process.....................................................5M4 Evaluation of potential to develop transnational operations................................................5D2 Critical evaluation of customer relationship management process.......................................6TASK 3............................................................................................................................................6P4 Produce cash flow forecast showing fixed & variable cost set against income.....................6P5 The way break even analysis could be applied to organisational situation...........................9P6 Interpretation of financial statement of firm........................................................................10M5 Application of quantitative and analytical techniques........................................................11D3 Contribution of key financial statements to successful business management...................11TASK 4..........................................................................................................................................11P7 & M6 Implication of key regulations and legislations on small business...........................11D4 Critical evaluation of key legislation that affect business...................................................12CONCLUSION .............................................................................................................................12REFERENCES................................................................................................................................1
INTRODUCTIONSmall Medium Enterprises are defined as autonomous, non subsidiary firms whichemploy less than 250 employees. These are independently owned & operated business concernthat is limited in terms of its revenue and size depending on the industry. Small grocery stores,restaurants, bakeries, hairdressers, photographers, web design, electricians, carpenters,accountants, convenience stores etc. are included in small businesses (Abduli, 2013). In thepresent assignment, chosen organisation is Unicorn Grocery which is a co-operative retail storeof Manchester, England. The report includes the way in which social enterprise or smallbusinesses plan & allocate resources to attain objectives. Evaluation of customer relationshipmanagement process for business including understanding of challenges and benefits oftransnational operations is also defined. Apart from this, examination and interpretation of cashflow forecast, break even analysis, budget and key financial statements is done. At last,legislations and regulations of small business or social enterprise and its implications arediscussed in this project. TASK 1P1 Main considerations a firm requires to address when planning & allocating resources to attainbusiness objectivesSmall businesses are identified as privately owned sole proprietorship and partnershipfirms which have less manpower and revenues in comparison to regular sized business orcorporations. In United Kingdom, Unicorn Grocery is a small retail business enterprise thatprovides household goods to consumers at affordable price. Firm operates with the aim ofadministering employment opportunities to local people of country so that their living standardcan be improved. At the time of planning and allocating resources, management needs toconsider several factors so that effective plans and strategies can be framed and businessobjectives can be attained (Afrifa, 2013). Main considerations that management of firm needs toaddress are defined below: Vision, mission, gaols and objectives: It is very crucial for every business entity to communicate its targets, mission, vision andobjectives clearly to their workforce. These all assist administrators of Unicorn Grocery toformulate strategies and define activities and functions of company that are required to be1
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