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Managing and Running Small Business Assignment - Wiser
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Added on 2020-10-04
Managing and Running Small Business Assignment - Wiser
Added on 2020-10-04
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Managing and Running SmallBusiness
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Main considerations a small business or social enterprise needs to address when planningand allocating resources to achieve business objectives.............................................................1TASK 2............................................................................................................................................2P2 Explain and evaluate different processes of customer relationship management for a smallbusiness or social enterprise........................................................................................................2P3 Small business develop transnationally and determine the benefits and drawbacks.............4TASK 3............................................................................................................................................5P4 Produce an annual itemised monthly cash flow forecast showing fixed and variable costsset against income for a specific organisation.............................................................................5P5 Explain how break- even analysis could be applied to an organisational situation...............8P6 Interpret key financial statements for an organisation in relation to how they contribute tosuccessful management of organisation......................................................................................9TASK 4..........................................................................................................................................10P7 Discuss key legislation and regulations that have implications on small businesses or socialenterprises.................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONSmall business are firms which consists integral part in country, as they contribute inenhancing economic growth and development. These are enterprise which are incorporated andrun by individual to generate money and take risks. Entrepreneur responsibility is to managebusiness and utilise resources properly for sustaining market position and brand value in market.Present report is based on Wiser which is a recruitment firm that provide young peopleopportunity and chance to make career (Herbane, 2013). This assignment specifies mainconsideration that small business require to make while resource planning and allocating.Different processes of customer relationship management and transnational operation areexamined. Besides this, cash flow forecast, break- even analysis and financial statementinterpretation is stated. Further, implication of regulation on small business is mentioned inreport. TASK 1P1 Main considerations a small business or social enterprise needs to address when planning andallocating resources to achieve business objectivesSmall business and social enterprise are firms which are started by individual to makeincome. They require to have skills to manage resources efficiently for conduction of businessactivities effectively. These scale of organisation have funds, material and manpower in limitedamount. Entrepreneur require to make plan and allocate resources in different operations forattaining targets. Wiser is small scale firm which require to enhance their market share andgoodwill. It is necessary that people, material and equipments are used properly. For this,entrepreneur had formulated plan and strategies for directing and making employees to completetasks within specified time (Hove and Tarisai, 2013). Thus below mention are considerationswhich small business consider for accomplishing goals and objectives: Establishing an appropriate organisational culture: Business people require to havesufficient workforce for execution of activities effectively. Recruitment, staffing, performanceassessment, team building and motivation are various practices which are performed for havingskilled and competent people. It is essential that employees get proper culture in organisation forretaining them for longer time. 1
Drafting a business plan: Business plan is document which is frame by an executive todirect functioning of stakeholders. Company's background, vision, mission, objectives, goals,strategies, SWOT, marketing plan, competitor analysis and financial planning are variousconstituents of this. This helps entrepreneur of Wiser to provide information to investors,employees, suppliers, clients and other people which have direct or indirect connection withfirm. Thus, they are able to establish and maintain relations by giving them knowledge aboutsystem. Identifying customer's need: Business person require to have information about marketconditions for designing system and making changes in technologies. Market research andsurvey are techniques which are used to ascertain demands of people and competitor's offering.This helps entrepreneur of Wiser to formulate objectives and goals from information aboutopportunities which are present in market (Kumar, Petersen and Leone, 2013). Company find outneeds of public for providing them services for satisfying them. Outline the finance required: Small firms are generally established by individuals whichhave less capital and resources. Therefore, due to shortage of funds they require to find sourcesfrom where additional money can be acquired for enhancing business. Business person of Wiserformulate budget through which funds are allocated in different activities. This helps them tohave information about funds required for conducting operations and providing services topeople. In this, expert financial manager are involved to raise funds and enhance profitability. TASK 2P2 Explain and evaluate different processes of customer relationship management for a smallbusiness or social enterpriseCustomer relationship management is tactic through which organisation manageinteraction with present and potential buyers. This is a comprehensive strategy which is used bybusiness person to acquire and retain customers for longer time. Small and social firms require tosustain their market position and share. Entrepreneur of Wiser organise and conduct businessactivities, through which products and services are delivered in according to demands of people.Along this, advertisement and promotion are executed to aware public about offerings to attractthem to purchase for fulfilment of their needs. This helps executive of Wiser to build relations2
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