Managing and Running a Small Business: Application of Resources, Tools, and Techniques

This article discusses the application of appropriate resources and relevant tools and techniques for managing and running a small business. It also covers the importance of planning and allocating resources, evaluation of CRM elements and processes, and how small businesses can develop transnationally. The subject matter includes small business management, CRM, and internationalization. No course code or college/university mentioned.

MANAGING AND RUNNING A SMALL BUSINESS
Application of appropriate resources
In opening of new store named the Sweet tooth
bakers there are various resources like the
human resources that will help the achieving
certain objectives of the business. However,
wrong selection would only result in losses in
the future.
Furthermore, availability of financial resources
within the company would help in meeting and
conducting of the various activities in timely
manner.
Moreover, material resources to manufacture
various products is also required by the business
on timely manner so that larger customer needs
would be satisfied in given time period.
REFERENCES
 Akpan, I.J.,
Soopramanien, D. and
Kwak, D.H., 2021.
Cutting-edge
technologies for small
business and
innovation in the era of
COVID-19 global
health
pandemic. Journal of
Small Business &
Entrepreneurship. 33(6
). pp.607-617.
Evaluation of elements of CRM
 Satisfaction
 Loyalty
 Profitability
 Customer retention
Application of relevant tools and techniques
 For the above resources the one tool that
would be used in allocating the resources
in the best manner would be smart sheet
software that is used for managing the
business resources and helps in effective
team collaboration.
 Another one is through the float that is
used for the purpose of the scheduling
various resources and planning how the
resources would be used in various areas.
Importance of planning and allocating resources
 For company like Sweet tooth bakers that
is focused on selling variety of cakes,
pastries and the confectionery items need
to properly allocate resources for earning
maximum revenues
 Moreover, through best allocation it would
be able to the schedule resources in
advance and would also be able to know
about the overall team progress in
achievement of certain short term goals
Evaluation of different processes of CRM
 The different process of the CRM
includes identifying and targeting the
market, collecting and storing data,
establishing the proper communication
channel, analysing the total sales data
and providing the same to the staff and
lastly establishing personalized
interaction with the staff.
Customer relationship management process.
 The CRM process involves certain steps
where first is reaching the potential
customers through market research. Also,
after that customer acquisition is done by the
company where different ways are being
identified in detail.
 Furthermore, third stage is related to the
conversion and development of the customer
retentions strategies so that company is able
to sell various goods successfully in different
markets.
 Lastly, CRM process ends with maintaining
the customer loyalty so that more revenues
might be generated.
Stage model of internationalization
 There are various steps that are
identified in the stage model of
internalization where the domestic
market is identified, pre export stage is
done, experimental involvement stage
is conducted, active involvement stage
and committed involvement stage is
done.
 Thus, through this model benefits is it
helps the business to expand into
geographically newer areas and
regions.
 Furthermore, it allows in easy access to
the local talents. However, one of the
major limitation is that lot of initial
planning and research need to be done
which is not possible for the small
business.

Considerations small
business address when
allocating resources
 Knowing the scope
 Tracking the time
 Using tools
Explanation how small business can develop
transnationally
 Assessing the capital: It is helpful in
identifying the total amount of resources that
are currently available so that based on that
the firm is able to expand transnationally.
 Hiring market research firm: It is the best
method that might be used by the firm to
grow internationally in various regions.

Notes
APPLICATION OF APPROPRIATE RESOURCES
 However, preparation of the wrong budget by the top management team would only create losses to the firm in the future.
 Thus, the combination of all such resources and allocating them in proper manner across various employees would help the cited firm to run the business in smooth
manner. Also, these resources are interlinked with each other so that activities of the business might be aligned in most efficient manner to achieve overall
organizational objectives.
APPLICATION OF RELEVANT TOOLS AND TECHNIQUES
 Moreover, through this software the current company would be able to identify the workload and thereafter easily assign tasks to various members of the organization
based on the skills.
 Hence, such tools ensure that conflicts are less and also work is managed properly so that there is optimum utilization of resources.
 Furthermore, there are various techniques that are also very helpful in allocating the resources such as Sweet tooth bakers need to divide the projects into small tasks
and thereafter assign the required resources to carry out the task.
 Also, in between it should track the progress and in areas where it feels like improvements are required than the resources than might be reallocated.
Considerations small business address when allocating resources
 Knowing the scope: It is very essential to determine scope of the project so that based on resources might be allocated in right way. Furthermore, after determination
of the scope right decisions than might be made that are essential for organizational success
 Tracking the time: it is also required that for the efficient working and proper planning for the resources overall time of the team is been tracked on regular basis
while carrying out certain activities within the business. Thus, it provides real time knowledge of the activities that are consuming time so based on that plans than
might be made to reallocate certain resources.
 Using tools: There are various tools that are available in the market that helps in proper planning and allocating resources within the organization. Also, such online
tools allow in setting the realistic goals and also helps in keeping track of the project in long run.
Customer relationship management process.
 Thus, through following such steps in defined manner Sweet tooth bakers would be able to collect the right feedback and reviews from the customers regarding its
various products and services.
 Also, it would be able to attract the potential customers towards the business. However, this CRM process would be successful only when company provides the right
training to all its employees in systematic manner in long run.
 Furthermore, it is recommended to the cited firm that it would be able to manage language barriers and cultural differences through conducting proper induction
programmes where suggestion to use one common language and effective development of the communication channel would be specified in detail.
Evaluation of elements of CRM
 Satisfaction: This element helps organization achieve certain objectives as through this cited firm would be able to analyse how many customers are satisfied with
current products or services and based on that brand image in target market might be easily identified
 Loyalty: To evaluate this element it can be said that firm would be able to identify number of customers who are brand loyal and have done repeated purchases.
Moreover, brand loyalty helps in identifying organizational success in the future
 Profitability: Greater the revenues and means better working of the business. Hence, for the cited firm higher profits would mean that business is moving on right
track and is performing well in the target markets
 Customer retention: it is only possible when the firm is continuously innovating and bringing creative products in the market that are different from others. Also,
some customers retain because of the brand image, prices and quality of the products. Hence, it is the best element for cited firm in tracking the progress of the
business.
Evaluation of different processes of CRM
 Generating brand awareness in market through various means.
 Furthermore, focusing on creating leads that would help in expanding the business in various regions through sales
 Also, after that leads are converted into customers so that more revenues might be generated.
 The third stage is one where the superior support is being provided so that work is carried out effectively.
 Lastly, in CRM process one stage is drive up-sells and referrals that allows the business to run successfully over the years
 Hence, it can be said that both the CRM processes are effective and have their own benefits of using but Sweet tooth bakers running on the small scale need must
follows the fist process as it will allow the firm to identify the target market.
Explanation how small business can develop transnationally
 Assessing the capital: Thus, benefit is that it would help in saving the unnecessary cost for the business. However, limitations is that one wrong data would only lead
to losses to the firm future operation of business.
 Hiring market research firm: Furthermore, this research firm would collect the data from the target market and provide the same to organization. Thus, the major
benefit is easiest and fastest communication method regarding the market and competitors. However, major limitation it is costly and involves high risk of the biasness
from the research firm leading to inaccurate results
Benefits Drawbacks
It would help in earning more revenue’s It would involve lost of cost and time in thinking of idea
It would bring innovation and creative at workplace It involves lot of market research that is not possible is there are not enough
resources
REFERENCES
 Shaari, H., Perumalb, S. and Muradc, S.M.A., 2021. Managing small stand-alone bakery brand: Experience of Marina Turiman Bakery. e-PROCEEDING. 14. p.223
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Research. 125. pp.120-134.
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pandemic. Journal of Small Business & Entrepreneurship. 33(6). pp.607-617.
 Doern, R., 2021. Knocked down but not out and fighting to go the distance: Small business responses to an unfolding crisis in the initial impact period. Journal of
Business Venturing Insights. 15. p.e00221
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