Managing and running a small business

ACADEMIC YEAR
2019-2020
UNIT 49
Travel/Tourism Start-up

UN
Managing and running a small business
INTRODUCTION
Small business management is an act and process which utilise
by entrepreneur during running their manufacturing actions and
functions. Businesspersons may require acknowledging that how to
manage workforce, effective fiscal data and get monetary assets or
organisation resource and make several trade determinations (Steingold
and Steingold, 2019). To administrate a small business, the
management of venture improves and designs strategies, plans and
policies so that business can run in effective manner. This written
document is supported to Eddy Travels which is a provider of AI
Travel assistant to help users flight and hotel deals in their proffered
chat application. It also provides a search for car rentals, travel
insurance, restaurants, travel tips and many more. This organisation
was incorporated in 2018 and there are 12 employees who make their
contribution in running the business of this establishment. This report
will explains about needs of small business to tackle resources to
achieve business goals and hit set targets, evaluation of several activity
of customer relationship management and strategies of making
business development and expansion at international extent.
TASK 1
P1. The main consideration of small enterprise which needs to address in plan-
ning while allocating assets to accomplish business objectives
It is analysed that the contribution of small scale business to UK economy is
main. It is needed that these enterprises should be make development in the economy.
They have contributed to more than 5% in the economy of nation from past few years.
Eddy Travels is one of these small scale firms incorporated in UK. There are several
resources to be administrated by the establishment considering its human resource m
finance, land and more (Rowe, 2020). It is the responsibility of human resource
manager in the firm to assure that all the objective and aims f the firm satisfied. The
main elements of respective venture are defined as under:
Mission, vision and target: It is needed for a company to analyze its mission and
aims. This will assist in leading all the people in an establishment to words their aims,
goals and target. It is required to form from strategies for the future actions to be
completed. When tasking Eddy Travels into deliberation, the firm has a clear vision to
reach out international market and also bring in modification. The mission of venture
is to offer better qualities of commodities and facilities to their consumers. Respective
firm assure that they know all the needs of target audiences and satisfy them
effectively.
Flexibility: It mentions to an essential section of an establishment in which it
is needed by the establishment to modify its plan of actions and policies along the
changing business atmospheres. It is seen that at the time of changing requirements and
needs of consumers the business atmosphere is dynamic in nature (Tidd and Bessant,
2018). When taking Eddy Travels into consideration the administration of firm assure
that all the policies and production functions of organisation are flexible enough to

Managing and running a small business
They maintain on organising regular market determination so
that needed trends in the marketplace can be brought in the company.
Financial resources: There are range of financial assets which
form an essential portion in firm. It s often seen that fiscal resource are
backbone of a number of divisions in company. When taking Eddy
Travels into consideration the firm has good fiscal situation which
always supports all the departments of the firm. It is required for
enterprise to offer fiscal audit so that trust of stakeholder in the fiscal
ability of the company can be brought in the firm.
Quality and human resources: Human resources are a great
backbone for any company. All the work in an organization is
conducted by the human resource and it is needed that the personal and
professional goals of the whole workers performing in an enterprise are
brought together by the management of firm. When taking Eddy
Travels into deliberation the enterprise executes to hire skilled and
qualified workers for their company. They also offer a lot of training
and development to all the workers in the company. With the assistance
of training and development offered to the manpower in the firm they
can efficiently bring in increment in ability of employees.
Control: Control is an efficient and as initial tool for each
company. This component of an enterprise has the administration to
compare the execution of company matches the plan of the firm so that
there are no loose of control in the middle (Crane and et. al., 2019). It i
required that the administration of firm constantly bring in controlling
tools so that if there is any deviation among the prepared plans and the
accurate output of the firm the reason for the modification can be found
out and eliminated.
P2. Evaluate different process of customer relationship management for a
small business or social enterprise
Consumer relationship management is an method that is utilised by a
company to assure that the existing potential consumers often company is
administrated well by the firm (O'brien, 2019). It is needed for an establishment to
determine different information of history and current while conception of the
target audiences in reference to manage the customer relation.
Portfolio analysis: It is a structure and method that utilised by companies to
determine its several consumers and market structure. This will assist the firm in
finding target audiences as per their commodities and facilities buy and also
several demographic, psychological components. Brand administration is an
essential aspect of consumer portfolio development.
Advantages: Different consumers and the determinations towards buy they
make along with an authority in the marketplace can be acknowledged with the
assistance of this determination.
Disadvantages: However, this determination does not offer any particular data
towards the company and judgement of the person becomes complex.
Customer life-cycle management: It is a tool where consumer relation in an
enterprise and their cooperation with each other along with purpose to administrate
the end consumer is completed by an establishment. It is a constant activity which
is continue and it is needed by firm to utilize a number of tools so that they can
maximize profit of the firm and target audiences interest in the enterprise.
Advantages: The main benefits of this technique is that utilization of different
tools can assist the firm in bringing in advantages for long time duration.