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Managing and Running a Small Business PDF

   

Added on  2020-12-24

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FinanceLeadership Management
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Managing andRunning a SmallBusiness
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Discuss the main considerations of small business or social enterprise needs to addresswhen planning and allocating resources to achieve business objectives................................1TASK 2............................................................................................................................................2P2 Explain and evaluate different processes of customer relationship management for a smallbusiness or social enterprise...................................................................................................2P3 Explain how small business can develop transnationally and determine benefits anddrawbacks...............................................................................................................................3TASK 3............................................................................................................................................4P4 Produce an annual itemised monthly cash flow forecast showing fixed and variable costsset against income...................................................................................................................4P5 Explain how break- even analysis.....................................................................................7P6 Interpret key financial statements for an organisation in relation to how they contribute tothe successful management of the organisation.....................................................................1TASK 4............................................................................................................................................3P7 Discuss key legislation and regulations that have implications on small businesses or socialenterprises...............................................................................................................................3CONCLUSION................................................................................................................................4REFERENCES................................................................................................................................5
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INTRODUCTIONThere are various policies which are taking lace in business environment. As small scalecompany has to make plans with which they can make some space for themselves. It is essentialto know what can be done to improve financial position of association. Financial position ofcompany is one of the important concept which help to make stakeholders satisfied and thisprovides assistance to raising funds (Ali and Babiker, 2017). There are various problems whichaffect business and it is essential to overcome them. Manager plays vital role in managingbusiness operations. This is report is based on SoHo Coffee Company which is situated inLondon and established in 1999. they provide various types of coffee, drinks, etc. there isdiscussion about business plans and allocation of resources, Customer relationship managementprocess, cash-flow statement and break even analysis and lastly laws related to workers. TASK 1P1 Discuss the main considerations of small business or social enterprise needs to address whenplanning and allocating resources to achieve business objectivesSoho coffee Company is a small coffee located at London that offer wide varieties ofeatable products and various drinking items to various target audiences and such type of smallcompanies does not have huge amount in order to spend large amount on various resources inorder to develop innovative and luxurious techniques at the time of offering various food itemsaccording to the needs and taste of customers. The main objective of establishing such type ofsmall cafe is to offer wide variety of products services and capture the whole coffee market byproviding that taste which satisfy needs requirement of customers. Availability of resources orraw material is not sufficient for the production of goods and services apart from it they needproper planning in respect of accomplishment of objectives in appropriate time period. Differentpoints which are consider under it are stated below:-Goals, objectives and vision:- It is essential for organisation like SOHO coffee companyto complete objectives, task and operation of business on specified time period. Furtherthe whole workforce require to complete all the work in such adequate manner on thebasis of which they accomplish their objectives which are required at the time of startingsmall business (Bridge and O'Neill, 2012). Training development programmes has beenorganised in order to increase the skill capability of employees for better outputs.1
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Professional development:- It is essential for SOHO coffee company to organise variousprogrammes and events through which they guide all the employees regarding all theinnovative techniques and modern mechanisms which require to adopted at the time ofperforming task and operation. Professional skills of employees allow them tocommunicate with visitors in effective manner which satisfy overall needs of customers.Financial resources:- SOHO coffee company is small based organisation which requirehuge financial resources in order to implement the upcoming projects of company.Further whole management must present their market position in such manner so thatinvestor attract towards cafe and invest money for further growth of business (Burns,2016). This will allow company to update their organisation structure and manufacturesuch food products and drinks that help in satisfy the needs of customers and strengthenthe financial position in external market. Therefore, SOHO coffee company must consider all the above points which allow themto optimally utilise the resources and increase efficiency and productivity of business. TASK 2P2 Explain and evaluate different processes of customer relationship management for a smallbusiness or social enterpriseCustomer are the leader of any business. In case of small scale business, their aim is toearn profits which are associated with satisfaction f society. SoHo Coffee Company deals witheatable so it is essential to consider taste of society, which helps to know what improvement ormodifications can be done to enhance profits. CRM is the technique through which manager canknow what customer expect and then renovate its plans and policies. Through this techniquethere is management of SoHo can interact with customer and know their views. This is the stepwhich help company to grow and expand its business. There is collection of data through thisCRM. 2
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(Source: Customer Relationship Management (CRM), 2018)Align systems with goals and strategy- As per concept of CRM, there is requirement toanalyse goals and targets. This must be considered by managers of SoHo to frame businesspolicies.It has been evaluated that this is a step which ensures that organisation works inaccordance with the goals of organisation and achieves them in a timely manner.Consolidate customer data- After analysing goals and targets, managers has to collectdata of consumers. This functions is performed in order to make difference in consumers, soproduct and services can be produced accordingly. As the company will provide product andservices as per the needs of customers they will be able to satisfy them on higher extent. Segment customers- After creating consumer, they are segmented on the basis ofdemand, income level, age group, etc. This helps to deliver appropriate variety of Coffee.It willalso help the business to set their target audience.3Illustration 1: Customer Relationship Management (CRM)
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