Managing Medium and Small Enterprises

MANAGING MEDIUM
AND SMALL
ENTERPRISES

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................1

INTRODUCTION
Management applies in all kind of businesses whether they are small and medium sized
organization. Small and medium sized firms are the organizations which are independent in
nature and having fewer amounts of employees working within them in comparison to other big
organizations. Likewise, IWOCA Ltd. is a Fintech company situated in London. The services
offered by the company include providing finances to small and medium business organizations
within the United Kingdom. The basic aim of the firm is to offer customised loans to the clients
who are in requirement of capital in order to start up their business activities (Eldridge, D., Nisar,
T.M. and Torchia, M., 2019).
In order to describe the concept of small and medium enterprises management practises, this
report will highlight the nature of the enterprise, competitive advantages, their start-up
procedures, current level of demand in market space along with its growth and development.
Apart from this, the study will also describe the thoughts related to the various challenges that
have been faced by the firm, its current growth and development strategies along with
government support measures that help the businesses in order to overcome their challenges.
Nature of the entrepreneur behind venture
The entrepreneur is a person who uses to develop a business which undertake all the
activities to operate the business. The individual also handle all the risk while doing the business
and enjoy most the earning from the business. The individual must have different types of
qualities to be an effective entrepreneur passion, willingness to improve are the main qualities
that must in entrepreneur.
Iwoca Ltd. Is on of the digital fin-tech company which uses to provide funding and other
credit facilities to the small size businesses operating in UK (Wiesner, Chadee and Best, 2018).
The entrepreneur of Iwoca Ltd. Finds that small businesses are facing issues related to the
finance facilities, and they are not having many options in the market who can provide them
favourable credit (Borg, 2017). So they have decided to provide investment in the UK market to
the small businesses who are willing to take respective amount of credit.

SME Start up process
At the time of starting up a small medium enterprise the board members undertaken different
steps and procedure. In this process the ideas of an individual is being transformed into the
action. Mainly the process have six steps that are :
Development of business plan: Without plan SME can not able to introduced so the main
element is to develop such a plan where a clear vision and mission of company is determined. So
that all the people who are involved in this can know the direction in which company need to go
and expand (Samygin, Tuskov and Goldueva, 2018). Moreover, the objectives are also decided
in this that need to achieve by all the people of that business.
Deciding the budget: For the starting phase every new entrant need to lower its cost, so they
decided the budget of the company accordingly. When the individual is investing its own fund
then they must anticipate it's properly without any error (Kerr, Kerr and Xu, 2017). The use burn
rate is effective as it helps to identify the amount need per month before earning any revenue
from the business.
Decide on legal entity: to start any business activity in the market paper formality are important
with collecting the licence for performing commercialized activities. The entrepreneur also
should check various fees which are charged by the government in the particular area or region.
Aware of fund: I should place the fund to do the business activities aside from the personal
accounts. Make a separate account for the business which is helpful in checking the activities
easily. The accounts must separate so that all the profits and loss get settled by that account only
there is no interruption in personal accounts (Kaminskaite, 2017).
Creating attractive website: In the current market the people are moving towards new
technologies so every business need to be available online. At the time of starting the business
need of website is essential to sustain in the market and aware the audience about the
organization.
Testing sales: When all the things are prepared then the business need to show some information
about the company to the audience and check the reaction. The business should share their data
related to the brand and the products and services they are going to offer in the market. Also test
the product and services at different public spot so that people can trust the brand and buy the
product (Le Dinh, Vu and Ayayi, 2018).