Managing and Running A Small Business | Assignment
Added on 2020-11-12
18 Pages5382 Words287 Views
Managing and Running A Small Business
Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3Overview of the firm..............................................................................................................3Considerations a small business to achieve business objectives............................................3M1 allocate resources in an organisation ..............................................................................5M2 Importance of planning and allocating resources............................................................6D1 analysis of application of appropriate resources...............................................................6LO 2.................................................................................................................................................7Different processes about customer's relationship management for small business..............7The way in which small business can develop transnationally..............................................7M3 Elements of customer relationship management process................................................9M4 Benefits and challenges of Stage model of internationalisation......................................9D2 Critical evaluation of customer relationship management process................................10LO 3...............................................................................................................................................10Cash flow forecast that shows fixed and variable costs.......................................................10Application of Break even analysis......................................................................................11Interpretation of key financial statements and its contribution in successful management ofbusiness ................................................................................................................................12M5 Application of quantitative and analytical techniques...................................................15D3 Evaluation of financial statements..................................................................................15LO 4...............................................................................................................................................15Key legislations and regulations that impact activities of small business organisation.......15M6 Implication of key legislations.......................................................................................16D4 Critical evaluation of key legislations and regulations that affect small business firms16CONCLUSION ............................................................................................................................17REFERENCES..............................................................................................................................18
INTRODUCTIONManagement consists all the activities which are used for making plans and strategies inthe firm and taking cooperative work from the employees for achieving the preset goals andobjectives. Small business enterprises which are newly established and wants growth andsustainability in marketplace within a short time period. As per international reports, there are alarge number of SME in UK which provides a tough competition to the giant players of UKmarket. Dwell is the firm which is taken for this assignment. The firm is engaging in retailbusiness of furniture products in UK. This report will discuss about the tools and techniqueswhich is helpful in allocating and planning the resources along with their benefits for the firm.Process of Customer relationship management along with cash flow statement, break evenanalysis will also covered in this report. Financial statement of the firm will also prepared in thisassignment.LO 1Overview of the firmDwell is a firm which deals in furniture and home accessories products along withheadquarters in UK. The firm was founded by the young entrepreneurs Aamir ahmad, DaveGarrett and Sean Galligan in the year of 2002. In present time the company has 30 stores acrossthe UK and they are successfully perform their operations with the help of directors, managersand staff members.Considerations a small business to achieve business objectives There are a large number of environmental factors which affects the operationalactivities of a firm. These factors are called macro environmental factors which are notcontrolled by the organisation. There are also some factors which are present in the workplace offirm and affects the operations of firm in internal manner. In order to formulate the effectiveplans and strategies Management have to consider both kind of factors. With the help of it,Managers can achieve their goals and objectives in the allotted time period and also allocate theirresources in effective manner (Stark, 2015). Dwell is a UK based retail company which deals infurniture products in the UK market. They have 30 stores across the UK which providesproducts to their targetted customers. The main objective of the firm is to provide qualityproducts to their customers at affordable prices due to which a large number of customers
attracted towards their offerings and firm get a huge success and sustainability in themarketplace. Through implementing effective plans and appropriate allocation of resources suchas funds, employees etc. With the help of it firm can build a strong customer base which willhelp them in gaining competitive advantage in marketplace. Managers of Dwells have toconsider many factors for achieving their objectives in appropriate manner which are defined asunder:Requirement of funds – It is an important resource without this, any firm can notperform their functions in appropriate manner. It is an obligation upon the managers to identifythe requirements of funds in every departments in order to perform their functions. It assiststhem in identifying the availability of funds in the firm due to which they will know about theinsufficiency of funds. It will helps them in allocate the resources through which funds caneasily raised and the departments can easily carry out their operational activities. It is difficultfor a firm to perform the functions without funds (Springer, 2015). Therefore, managers ofDwell have to make their financial statements so that they will able to know about the income,expenditures along with inflow and outflow of funds. With the help of it, they will easilyformulate policies which helps them in removing unessential expenses from their functions.Objectives, vision and mission – There is a large impact of vision and mission of firmon formulation of plans and policies for different goals of firm. Dwell provide furniture productsto their customers. The main aim of firm is to provide quality products to their customers withimplementing new and latest technologies in their goods due to which their sale figures has beenincreases in future time. Human resources- Planning of work force is an essential element which helps themanagers in completing their tasks in the given time period. Inappropriate planning canincreases the cost of product and also reduces the sales figure. For this, HR manager have anobligation to measure the performance level of their employees and conduct trainingprogrammes for the lower performer of the firm through which the inefficiency will be reducedand they will better perform on the given tasks.For managing and functioning of operational activities, managers of Dwells have to allocatesome resources of funds. Some funding resources are given as under:Personal savings – It is one of the most source of funds because in it, owners have to usetheir own money for managing or running the operational activities. In the context of Dwell, they
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