Managing & Running a Small Business Assignment - Unicorn Grocery

Added on - 22 Nov 2020

  • 18

    Pages

  • 4798

    Words

  • 17

    Views

  • 0

    Downloads

Trusted by +2 million users,
1000+ happy students everyday
Showing pages 1 to 4 of 18 pages
Managing & Runninga Small Business
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Main considerations a small business or social enterprise................................................3TASK 2............................................................................................................................................4P2 Various processes of customer relationship management\...............................................4P3 Small business can develop transnationally and benefits and drawbacks.........................5TASK 3............................................................................................................................................7P4 Annual itemised monthly cash flow forecast showing fixed and variable costs...............7P5 Break- even analysis..........................................................................................................9P6 Financial statements for an organisation.........................................................................12TASK 4..........................................................................................................................................12P7 Legislation and regulations that have implications on small businesses........................12CONCLUSION..............................................................................................................................13REFERENCES.............................................................................................................................14
INTRODUCTIONSmall business firms forms the integral part of any economy as they are the majorsources of employment generation to a large percentage of population in a country. Smallbusiness refers to those which are owned and operated independently with competitively lessinvestment involved, low risk, less market share and are managed by owners in personalizedmanner rather than a formalized management structure (Tricker, 2012).Unicorn Grocery is a grocery store established in Manchester, UK. It was established in1996 and has set up as one of the leading independent wholefood groceries in the UK with anannual turnover of around£7 million.This assignment will be explain how small business plans out its resource allocationalong with managing its customer relationship management to satisfy the needs and wants of itscustomers so as to generate higher profits. Further the cash flow statement, budget and breakeven will be prepared and analysed to evaluate their contribution in successful management ofthe firm.TASK 1P1 Main considerations a small business or social enterpriseFor a business to be successful and to commence its operations successfully in long termit requires to adopt a systematic planning approach which involves examining the future businessscenario, anticipating future profitability, determining and setting up of objectives and makingassessment of financial implication of these activities (Cragg, Caldeira and Ward, 2011). As theavailability of resources with small business is limited therefore to generate maximum outputand attain higher profits in long term a company has to carefully plan out its allocation.Unicorn Grocery is a small co- operative grocery store dealing in providing fresh, driedand processed food, beverages and other household, body care and general grocery items. Beinga small firm , they have limited financial, Hr and other resources the only scope for the firm toattract customers and capture market share is by providing products and services which fulfil theneeds and aspirations of its clients (Yildirim and et al, 2011). The other factors that need to beaddressed for planning out the future course of firm's actions are :-
Financial resources– Finance forms the basic and foremost requirement for anybusiness as it needed to carry out each and every activity of an organization so that it canmanufacture products and offer services to attain its objectives. The major advantage ofoperating a small business is that it requires competitively less capital investment making its easyfor owner to manage day to day activities of the business smoothly with any interruption orstoppage due to insufficient funds (Winterhalter, Zeschky and Gassmann, 2016). UnicornGrocery being a co-operative organization manges and arranges its funds by their own and selfmanages their financial resources i.e. Balance sheet, cash flow statement, Profit and loss accountand others which help them to keep a track of funds requirement and to evaluate whether firm isearning profits or losses.There is requirement of £550 in order to make successful expansion ofbusiness. Financial resources are required to collect raw material, technology, etc. In currentmarket, technological changes are taking place with rapid speed so it is important for Unicorngrocery to undertake it in order to become competent in industry.Skills and capabilities of team members –The Employees are considered as thebackbone of any organisation as they are they serves as a source of creative and innovative ideasand by utilizing their capabilities a firm is able to achieve its objectives and earn profits. Thus, itis of critical importance for a firm to have an efficient, proficient and dedicated workforce whoare committed to give their best efforts for attaining firms goals. Unicorn Grocery being a smallbusiness firm needs to hire candidates that proficient in their work so that they can assist thefirm to provide customer satisfaction by providing quality products and services, efficientlyhandling their queries and providing them with viable solutions.For starting new business, thereis requirement some technical knowledge, skills, etc. so it is easy to make new and innovativeapproaches to attract consumers. So there is requirement of legal advisor. HR manager ofUnicorn grocery has to maintain dynamic environment at organisation. While framing team,roles and responsibilities are assigned according to their skills and competencies.Formulating an effective Business Plan:- An efficient business plan helps anorganization to ensure that the operations are conducting as per the set guidelines and thateveryone in working in same direction for attaining company's goals. As a management tool italso alerts a manager about any deviations or lacking in firm's performance.With the help ofbusiness plan it is easy for managers of Unicorn to understand what has to be done and in whattime. This makes clear understanding about setting aims and objectives in order to achieve
desklib-logo
You’re reading a preview
Preview Documents

To View Complete Document

Click the button to download
Subscribe to our plans

Download This Document