Managing & Running a Small Business Assignment
Added on 2020-06-06
18 Pages3627 Words32 Views
Managing and RunningSME
INTRODUCTIONFor effective administration of micro organisation, here is a need to formulate schemeand plan of actionthat provides direction to employees for attaining their objectives effectively.Small organisations have their limited business operations and largely affected by the factorswhich are present in business environment. But still, they provide great competition to largecompanies which are operating in UK. In order to continue the business for longer time period,there is requirement to concentrate on development of the innovative ideas. Rowlinson Knitwearis a very micro business that offers education and corporal vesture in UK (Skolud and et. al.,2016).However, current assignment highlight about main considerations which are needed to beaddressed while planning and allocating resources, Customer Relationship Management (CRM)and development of the small business transnationally and production of cash flow statementswhich are showing the value of determinate and variable price. Also, applications of the thoughtof break-even investigation on organisational situation, interpretation of key financial statementsas well as key legislation and regulations which have impact upon small business activities havebeen discussed.TASK 1P1 Considerations which are addressed by small organisation while allocating resources Rowlinson Knitwear is small manufacturing organisation which produces clothes forschool kids and corporate personnel. They don't have the direct resources to provide theirproducts to their end customers. In this regard, management of organisation needs to take thesupport of retailer who helps to provide clothes to target customers. Their main objective is toprovide quality clothes at affordable prices. There are many factors which are needed to beaddressed by management while planning their future actions for accomplishment of theircommon objectives. Such different factors which are needed to be considered are mentioned asfollows:Employees and skills: Employees are the main assets of organisation. It is the duty uponthe HR department of organisation to assess their potential and provide appropriate trainingprogrammes which helps in improvement of their existing skills. So, human resource departmentof organisation is considered as an important part which provides the roles and responsibilities to
employees according to their capabilities. It helps in accomplishment of the desired targets oforganisation within stipulated period of time.Vision, goals and objectives: It is very important for every organisation to define theirvision, goals and objectives clearly to everyone which is associated with business activities. Thisprovides the opportunity to the manager of Rowlinson Knitwear to produce outline of theirdifferent functions which are needed to be performed by employees. Such framework providesguidance to employees in performance of their individual tasks. Growth and success of theorganisation is determined according to the capability of organisation to achieve their goals,mission and objectives. In this regard, management of Rowlinson Knitwear needs to provideadequate training programmes for effective use of new technologies and techniques whichimproves their working efficiency.Financial resources: Funds are one of the important sources and considered as thebackbone of organisational functions. Lack of funds has adverse impact upon the businessoperations of small organisation and it is not possible for management to running their businessactivities in market. For effective management of funds in Rowlinson Knitwear, management oforganisation is need to oversee their fiscal accounts like P&L account, Balance sheet, cash flowstatements etc. It helps in interpretation of the profits and losses of organisation andimplementation of effective measures which improves overall financial performance in future(Stanciu, 2015).M1 Various tools in a analytical and constructionway to design resourcesThe two techniques which are adopted by the management of Rowlinson Knitwear foreffective planning and allocation of resources are mentioned as follows:Gantt chart: It is a type of bar chart which provides information regarding projectschedule. This helps in ascertainment of the time period which is required to completespecific project. It improves the efficiency of manager of organisation regarding effectiveallocation of roles and responsibilities to all employees. This helps in formulation ofeffective business structure which is more established which improves internal strengthof organisation.Critical path analysis: It is one of the effective methods which are used by the managerof Rowlinson Knitwear to determine the different paths which are needed to be achieved
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