Managing and Running a SME Assignment
Added on 2020-09-03
21 Pages6751 Words681 Views
FinanceProfessional DevelopmentPolitical Science
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MANAGING ANDRUNNING A SME
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1.Discuss the main considerations a small business or social enterprise needs to addresswhen planning and allocating resources to achieve business objectives................................1M1. Apply relevant tools and techniques in a structured and analytical way to plan andallocate resources in a organisational context........................................................................2M2. Assess the importance of planning and allocating resources to achieve the businessobjectives ...............................................................................................................................2D1. Critically analysis the application of appropriate resources to demonstrate links betweenresources allocation and achievement of business objectives................................................2TASK 2............................................................................................................................................3P2. Explain and evaluate different processes of customer relationship management for a smallbusiness or social enterprise ..................................................................................................3P3 Explain how a small business can develop transnationally and determine the benefits anddrawbacks...............................................................................................................................3M3 Apply and evaluate the elements of customer relationship management process in relationto achieving business objectives ............................................................................................4M4 Evaluate the potential to develop transnational operations using the stage model ofinternationalisation, assessing both benefits and challenges .................................................5D2 Critically evaluate of customer relationship management process at all stages and providerecommendations for overcoming challenges of developing transnational operations .........5TASK 3............................................................................................................................................6P4 Produce an annual itemised monthly cash flow forecast showing fixed and variable costsset against income for a specific organisation .......................................................................6P5 Explain how break-even analysis could be applied to an organisational situation ..........8P6 Interpret key financial statements for an organisations in relation to how they contribute tothe successful management of the organisation.....................................................................9M5 Apply appropriate quantitative and analytical techniques to provide an appropriatelydetailed cash flow forecast and break-even analysis ...........................................................10
D3 Produce an accurate cash flow forecast and break-even analysis with a critical evaluationof how key financial statements contributes to the successful management of the business 10TASK 4..........................................................................................................................................10P7 Discuss key legislation and regulations that have implications on small businesses orsocial enterprise....................................................................................................................10M6 Evaluate the implications of key legislation and regulations in an organisational context ..............................................................................................................................................11D4 Critically evaluate key legislation and regulations that effect small businesses or socialenterprise organisations, taking future developments and changes into account.................11CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTION Management is defined as the coordination and organisation of business activities inorder to accomplish defined objectives. SME is a small and medium sized organisation whichrequires high grade information and internet solutions for their enterprise (Ali and Babiker,2017). According to European Union, the headcount number for small business is less than 50and greater than 250. Main aim of small business is to provide various opportunities tounemployed persons. This report is based on Ashtons which is a SME or social enterprise in theUK. Small business plans allocates resources to accomplish objectives which is shown in thisstudy. Process of customer relationship management is also determined in this project. Break-even, budget and cash flow forecast tools are used by company to identify their financialstatement which are also described in this report. Implications of legislation and regulations onsocial enterprise are determined in this project as well. TASK 1P1.Discuss the main considerations a small business or social enterprise needs to address whenplanning and allocating resources to achieve business objectivesAshtons is an estate agency that organises over 1000 transactions including landacquisitions, residential sales, investment transactions, residential letting and new homes.Company supports their workers to attain professional qualifications and gives financial helpwhich is needed. There are different elements which are required by social enterprises whenallocating and planning resources in order to achieve long term goals and objectives of company.These are determined as below: People and Skills: It is one of the main resources which is highly needed by company forachievement of predetermined targets. In this, role of manager is to classify employee’s duties asper their skills and abilities (Chauma, 2017). Further, duty of human resource management is toprovide accurate training and development to unskilled persons. Thus, they have someknowledge and work with full efforts for the accomplishment of desired objectives. Vision, goals and objectives: These are three important things of each and everybusiness. Entire success and development of the enterprise highly depends on its vision, goalsand objectives. It also affects the business during planning process. In this, manager of Ashtons1
fixes their long and short term goals which support employee to do all their activities in a propermanner. Financial resources: It is also essential and necessary aspect which is needed by eachand every business to plan and allocate important resources with an aim of achieving objectives.In this, role of manager is to identify effective components of finance such as bank loan,overdraft and many others. M1. Apply relevant tools and techniques in a structured and analytical way to plan and allocateresources in a organisational contextThere are mainly two types of project management techniques which are used by Ashtonsin order to plan and allocate resources (Ali and Babiker, 2017). These are Gantt chart andCritical path analysis; both are determined as below: Gantt chart: This tool shows the amount of production completed and work done incertain time period. In this, business entity divides all their activities and functions as per thetime duration. It is a planned structure which is beneficial for the organisation to attain theirdesired objectives. This is an effective tool this stay in the way of bar chart and provideinformation that bring out the time period of every activity of project. With assist of this,business manager can easily collect information regarding the need of resources to accomplishend objectives and goals. Effective channels of communication should be apply by anorganisation as this aid in bring coordination among different business operations. Critical path analysis: It is an effective technique for company to plan the resources.With the help of this tool, business easily understands the time duration of project completed.This tool assist in determining the different ways addressable to done the project within specifictime period. With this, company administrator can find out the longest way accessible to achieveset objectives and targets in given time duration. M2. Assess the importance of planning and allocating resources to achieve the businessobjectives Planning is important for each and every company to do all their activities in a propermanner. It also supports in planning and allocating resources to the employees as per their skills.With the assistance of accurate planning, Ashtons easily analyses different resources of fund aswell as achieve predetermined objectives in allotted time period. In addition, planning is an2
important function and activity of every organisation, without they cannot accomplish its setgoals and objectives. With assist of this, administrator can apply all acquirable resources at a bestlevel and company can yield maximum number of profits. Thus it is very essential andsignificance as with this company provide featured products and services to its clients atreasonable prices.D1. Critically analysis the application of appropriate resources to demonstrate links betweenresources allocation and achievement of business objectivesAccording to the Cojoacă, 2017 there are different resources in order to attain long termobjectives. Finance and human resource management are one of the necessary factor to arrangesufficient fund and recruit talented candidates. Further, sufficient fund help business to do theiroperations and activities in given time period (Chauma, 2017). Along with that, goals, aim andobjectives of organisation are also essential for the enterprise to increase their sales or revenues. As per the point of view of Stanciu, (2015) Different number of resources or aspects arethere that are follow by company to give featured products or services to its clients and toaccomplish business objective and goal within pre set time duration. When an enterprise haveeach and every resources that necessitate to carry out business operations smoothly andeffectively (Burns, 2016). in case of sufficient resources that create hindrance and unneededdelays in order to satisfy customers need. It is significance for administrator to develop a planand policy that include data regarding the resources need to run business operations in effectiveway. TASK 2P2. Explain and evaluate different processes of customer relationship management for a smallbusiness or social enterprise Customer relationship management: It is an effective term that refers to technologies,strategies and practices that business applies to handle and evaluate client’s interaction andinformation throughout its lifecycle. The focus on CRM has become progressively core to entirebusiness entity. In order to build an effective and long-lasting relationship with customers,company applies accurate process which are determined as below: 3
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