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Managing and Learning a Small Business

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Added on  2020-06-06

Managing and Learning a Small Business

   Added on 2020-06-06

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MANAGING ANDRUNNING A SMALLBUSINESS
Managing and Learning a Small Business_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Considerations a social enterprise or small business needs to address when planning andallocating resources................................................................................................................1TASK 2............................................................................................................................................2P2 Different process of Customer Relationship Management...............................................2P3 How business can develop transnationally and determine benefits and drawbacks.........3TASK 3............................................................................................................................................6P4 Cash flow forecast statement showing fixed and variable costs set against income.........6P5 Break even analysis...........................................................................................................8P6 Key financial statements for successful management of business..................................10TASK 4..........................................................................................................................................11P7 Implication of key legislation and regulations................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
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INTRODUCTIONManagement of small business is important to raise profitability and enhance marketshare. The report will cover understanding of key aspects for running small business. Activitiesinvolved in small business and developing customer relationship while planning and allocatingresources will be discussed in this report. Forecasting and budgeting, retention and recruitmentof staff, interpreting financial statements, building a team and leadership, dealing withgovernment rules and legislations will be covered in this report. The understanding to developsmall business and achieve success for the benefits and profitability towards organisation will bediscussed.TASK 1P1 Considerations a social enterprise or small business needs to address when planning andallocating resourcesA small business needs to evaluate various things such as resources, planning, strategies,organisation structure, recruitment, performance management and articulation of businessobjectives and goals. This will help to allocate resources and provide information which ishelpful for the managers to take decisions effectively. Business plan: A business plan should be considered by SMALL WHITE ELEPHANT (SWE)in order to set vision, goals and objectives that help employees to achieve their individual goalseffectively. The business plan is necessary before allocating resources as it helps to identify whatamount of resources is needed to reach objectives and goals (Bobillo, Rodríguez-Sanz andTejerina-Gaite, 2014). This will also support to manage resources with employees in order toincrease profitability and production. Moreover, project management techniques will helpbusiness while securing bank loan and overdraft.Organisation structure: Structure of the firm should be applicable to the business stage andpurpose effectively. An appropriate organisation culture will help to manage and control variousresources within firm in order to enhance production and profitability. Being an employer it isnecessary to assess use of resources within organisation culture that it helps to manage changesas well as their effectiveness. Planing resources: SMALL WHITE ELEPHANT is able to make strategies and plans towardsmanaging and planning resources. The business should determine various resources includingcapacity utilisation, skills and knowledge to develop and improve job specifications and1
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premises and equipment. This will help towards proper management of resources in order toincrease sales and production. The business should identify resources such as who is currentlyavailable to take on the project and whether the equipment (laptops, machinery etc.) required isalready available or need to be purchased. Human Resource Management: Human resources are the essential elements of business inorder to drive business performance which helps to increase profitability and production. Thefirm should recruit employees with effective knowledge and skills that helps to manageresources within the firm effectively. Human resources department is responsible for managingand controlling work of employees at workplace and maximise their performances in order toachieve strategic objectives and goals (Cimic and Ren, 2014). This will also help SWE toachieve its objectives and goals which leads towards profitability and production. Resource allocation plan: Entire information as discussed above should be considered inresource allocation plan, a list of both human and non-human resources. Employees shouldunderstand their roles and responsibilities and try to complete their tasks on time in order toachieve individual goals and objectives. Under each tool, its specifications, its purpose and thedate it needs to be utilized as well as the date it should be returned need to be mentioned.Thus, it can be said that considering planning and allocating of resources, SWE is able tomanage its productivity and profitability which will help to compete others in the market. Thiswill also help towards competitive advantage.Business units can explore business operations and functions at global level through themeans of following strategies such as:Exporting: By sending goods or services to another country for the purpose of salebusiness can be expanded globally. Franchising: By taking franchisee of leading brands, operating at international level,business entity can explore operations and thereby attain success. Foreign direct investment: It is one of the most effectual ways of expansion in whichownership pertaining to business controlled by an entity resides in another country. Inother words, through investing money in foreign countries business entity can expandinternationally. 2
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