MANAGING AND RUNNING SSMALL Business TABLE OF CONTENTS INTRODUCTION 1 TASK 11 P1
Added on 2021-01-02
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MANAGING ANDRUNNING SMALLBUSINESS
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Discussing main considerations Britannic Group needs to address when planning andallocating resources to achieve business objectives...............................................................1M1 Application of relevant tools and techniques for planning and allocating resources .....2M2 Importance of planning and allocation of resources for achievement of objectives........2D1 Critically analysing resources application in planning and allocating.............................3TASK 2............................................................................................................................................3P2. Explanation and evaluation of different processes of customer relationship managementfor Britannic Group................................................................................................................3P3 Explanation of how Britannic Group can develop transnationally and determination ofbenefits and drawbacks...........................................................................................................4M3 Customer relationship management process elements application in Britannic Group. .5M4 Evaluation of potential development of transnational operations....................................5D2 Critical evaluation of customer relationship management and recommendations forchallenges while developing transnationally..........................................................................5TASK 3............................................................................................................................................6P4. Annual itemised monthly cash flow forecast with fixed and variable costs set againstincome of Britannic Group ....................................................................................................6P5 Explanation of breakeven analysis and its application in Britannic Group......................7P6 Interpretation of Britannic Group key financial statements in relation to their contributionto successful management .....................................................................................................8M5 Application of cash flow forecast and break even analysis.............................................9D3 Critical evaluation of cash flow forecast and break-even analysis ..................................9TASK 4..........................................................................................................................................10P7 Discussion of key legislations and regulations that have implications on Britannic Group10M6 Implications of key legislation and regulations at Britannic Group..............................10D4 Critical evaluation of key legislation and regulations impact on Britannic Group.......11CONCLUSION..............................................................................................................................11
INTRODUCTIONManagement is imperative as it aligns and coordinates various functions of businessactivities in an organisation. This helps in achievement of goals in such a way that resources areoptimally utilised and managed efficiently with the help of planned and organised strategies thatare coordinated and controlled (Schaper and et.al., 2014). Britannic Group is an SME thatprovides communications and networking equipment in UK. It was founded in 1985 andcurrently has 69 employees working in company. This assignment will discuss how Britannic Group plans and allocates their resources so thatthey are able to achieve objectives. It will explain and evaluate customer management process aswell as understand benefits and drawbacks of operations done transnationally. This will alsocover the development and analysis of cash flow forecast, budget, break even analysis andinterpret Britannic Group's key financial statements. Discussion on implications of regulationsand legislations on organisation will be done as well. TASK 1P1. Discussing main considerations Britannic Group needs to address when planning andallocating resources to achieve business objectivesSMEs require proper planning and allocation of resources when running their business.There are main considerations that have to be taken by Britannic Group in order to achievebusiness objectives in an optimal manner. These include: Cost Leadership: Britannic Group has to consider cost leadership when planning their business operationsas it will help them in producing their products and services at low costs, which will lead toeffective achievement of business objectives (Steingold, 2017). This can be done through settingup of facilities that helps in obtaining economies of scale and utilisation of innovative technologythat will increase productivity.Differentiation and Focus Strategies:Britannic Group requires consideration of differentiation strategies while planning, sothat they are able to create products and services that are innovative, which will enable them tostay ahead of the heavy competition (Peppers and Rogers, 2016). It will help to improve theirproducts and build a brand name in the market. This aids in achievement of business objectives. 1
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