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Managing and Running a SME INTRODUCTION

   

Added on  2020-06-04

22 Pages6245 Words264 Views
Managing and running a SME

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Main considerations to address when planning and allocating resources........................1TASK 2............................................................................................................................................2P2. Examining and evaluating customer relationship management.......................................2P3 Small business can develop transnationally and determine benefits and drawbacks........3TASK 3............................................................................................................................................4P4 Cash flow forecasting showing fixed and variable cost....................................................4P5 Break even analysis applied to an organisational situation...............................................6P6 Key financial statements for organisation to contribute for successful management.......7TASK 4............................................................................................................................................8P7 Key legislation and regulations that have implications on small enterprise.....................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONSmall business plays an eminent part in growth and development of country. It will help to improve employment opportunitiesfor people who are residing over there so that they will maintain standard of living (Burns, 2016). Present assignment is based onTalent Plus which is operating their business as a recruitment firm and set up in United Kingdom. This project is going to highlightabout planning which will be done by organisation so that they will attain coveted targets within limited period of time. It is requiredfor company to maintain an appropriate relationship with customers as this enables them to improve goodwill. Firm will doforecasting for business so that they will easily deal with circumstances which will occur in near future. It is fundamental for anassociation to apply proper laws and acts at workplace; thus, they will accomplish activities in an ethical manner.TASK 1P1. Main considerations to address when planning and allocating resourcesIt is required for an organisation to conduct proper planning and therefore, manager will allocate resources appropriately. Bethe same, they will attain coveted targets and goals in an effective and efficient manner (Goffee and Scase, 2015). Planning resources: There are some components which will include into this are discussed as below:Premises and equipment: Superior of an enterprise has to formulate planning about workplace and machinery so that they willutilize it effectually. Managers of Talent Plus will provide training to their staff members, so that they will able to know how touse tools in effective and efficient way. It is must to cater an effective working environment to employees in the organization.It has both positive and negative impact which are determine below:-Positive:-It motivate employees, reduce cost and time of production which help organization in increase in productivity which leadsto growth and increase profit of organization. Negative:- If employer didn't provide training to employees and don't do proper planing it will affect the costing and profit of theorganization.1

People and skills: Employer has to appoint an individual who is having appropriate abilities, knowledge and skills. Therefore,he will accomplish his work in a significant way. Trained and skilled workers will easily face any kinds of circumstanceseasily and complete their work within certain time duration. Employer of respective company should recruit those candidateswho is suitable for position and also they must provide training session to them so that they know proper way to work . Skillsand ability of a person affect the organization on following ways:-Positive:- It helps company to complete the task in effective and efficient manner and in appropriate given time by avoiding thewastage.Negative:- If organization didn't recruit appropriate person with suitable skills and knowledge in that case they have to bear loss. Therefore, if activities are planned significantly then staff members will use available resources in a proper way. It is must forthe manager to provide work to employees as per their skills and abilities (Olson and Wu, 2017). Employer of Talent Plus is implementing hierarchical structure at workplace and therefore, employees know about their rolesand responsibilities. They all are having their own culture which is being followed by them, but it is fundamental for them maintainorganisational culture as well. Basically, it presents values, attitude and beliefs of workers in a collective manner. Superiors willprovide some motivation and training sessions to workforce because this will improve their communication as well as performancelevel. Henceforth, they will easily maintain cooperation and coordination while working in a team. Organisation will outsource someproducts and services from other place because it enables them to maintain quality of it.Management has to formulate mission, vision, objectives and core competencies for business as they provide guidance to staffmembers. Thus, desired goals will achieved within limited period of time (Spence, 2016). For completion of project, manager willdivide it some parts as it helps toreduce duplication of work. As a result, business objectives will achieve effectively and efficiently.2

TASK 2P2. Examining and evaluating customer relationship managementTo improve profits and sales, it is fundamental for an enterprise to enhance the client base. There are some steps which willcomprise in customer relationship management which are discussed as beneath:Customer portfolio analysis: Primarily, it is needed for an association to identify that what types of consumers will providemore profits to them. Hence, it is must for them to analyse the targets clients (Hammer, 2015). It help Talent Plus in targeting suitableaudience which generate profit and give growth to them. It affect company in following manner:-Positive:- It is beneficial for for top management of organisation to evaluate businesses individually and fix objectives and allocateresources respectively. Negative:- If company didn't do customer portfolio analysis they are not able to make appropriate strategy accordingly which affect totheir profit and growth. Customer intimacy: As indicated by this, it is required for the firm to get familiar with each customer to know about theirrequirements. This help Talent Plus to manage relationship with their customers. Along with that, it will assist them to provideopportunity to affiliation so that they will improve their communication and feel free to discuss problems. It has both positive andnegative impact which are determine below:-Positive:-It is necessary for organization because by it company can know exact requirements of customers and make strategyaccordingly. Negative:- If company not follow customer intimacy it will affect the loyalty of customers and goodwill of firm which directly affectprofit and growth. Network development: It is important for company to increase the interaction level with clients because it enables them in theirsuccess and enhancement. This kind of relation is necessary to be maintained with extrinsic partners such as investors, partners,3

workers and many others. Talent Plus should maintain good relationship to their networks because it affect business directly andindirectly. Application of this will affect in following manner:-Positive:-If top management maintain connection with their networks like investors, customers, employees etc., it will help them toenhance business .Negative:- If they didn't do network development they may suffer from financial and working condition issue which leads to loss.Value proposition development: At the time of customer intimacy, information regarding this will be collected. If targetclients are found by Talent Plus then, they will easily build value proposition. By doing this, affiliation will be able to improve theirbrand image in marketplace (Alasadi and Al Sabbagh, 2015). This may affect organization in following ways:- Positive:- value proposition develop customer understanding and engagement, it also increase effectiveness of marketing.Negative:- If organization not focus on value development they will not able to identify and satisfy its target audience.Customer life cycle management: This is essential for an enterprise to build long term relations with consumers. For this, theyneed to communicate necessary data and information to them on regular basis as this helps to retain them for longer time span. Talent Plus needs to maintain an appropriate relationship with clients as they are considered as end users of any products aswell as services. This enables company to improve the profits and brand image in marketplace. Along with this, they will easily takebenefits from competitors at competitive place. It affect the organization in following ways:-Positive:- It build relation with costumer in long term which improve brand image and brand loyalty of consumer’s. Negative:- If company didn't maintain customer life cycle management it will hurt brand name which directly or indirectly influenceprofit of company.Therefore, to build an effective relationship with them, there are some factors which will assist the manager (Goss, 2015).These are stated as beneath:Assessment of customer value, acquiring and retaining customers: It is required for an association to provide goods andservices to them according to their demands and requirements. This will assist them to capture the attention of numerous4

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