Managing Small and Medium Enterprises

Managing Small and Medium
Enterprises

Table of Contents
INTRODUCTION...........................................................................................................................3
FINDINGS.......................................................................................................................................3
The SME start – up processes......................................................................................................3
The business concept and sources of competitive advantages....................................................4
Competitive environment of SME Fordway solution ltd............................................................4
Growth and development of business till now............................................................................5
Challenges of running the IT business.........................................................................................5
Current growth and development strategy of SME.....................................................................5
Government support to overcome IT company challenges.........................................................6
CONCLUSION................................................................................................................................6
RECOMMENDATIONS.................................................................................................................6
REFLECTIVE JOURNAL..............................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
SME are contributing more revenue and providing more employment to the candidates as
compared to the big firms. It is identified in a research that peoples are more focusing on SMEs
because of the flexibility. Because of the small teams and departments, the people will get
opportunity of promotion easily and quickly. So, in this context, the report will cover the nature
and business process of the Fordway solution ltd. and their current growth and development.
Fordway solution ltd. is an IT infrastructure company located in UK that provide IT solutions
services to the businesses and their clients within the country (Sallem and et.al., 2017). The
company offers application and data classification, design and planning, data security services
etc. This report will cover the challenges the company is facing in their business operations and
what government support they are grabbing which help them in overcoming this issue. Further,
the report will recommend the strategy and ways with the help of which they can grow and
develop their business to the next level. The report will also discuss the sources of competitive
advantage for the IT business.

FINDINGS
Entrepreneurial nature behind venturing into SME business like Fordway Solution Ltd.
Entrepreneurship plays a very crucial role in the development of SME sector in an economy. It
the entrepreneur who undertakes to take risk to gain huge profits by satisfying those needs and
wants of the market which is yet to be satisfied (Abdullah, 2019). They are those individuals who
come up with the new and innovative products and services in the market by venturing their
ideas into a venture which can be small or medium size both. And the same is referred to as
small and medium enterprise which may become a huge market player if the idea got high
appreciation in the market. Fordway solutions has been founded for satisfying the modern
business needs of IT services to operate their business operations in highly secured and
systematic manner (Poole, 2018). So, Entrepreneur with innovative ideas generally keen to
transform their ideas into profitable venture and at initial stage it is known as SME.
The SME start – up processes
There are certain steps that involved in the process of starting up SMEs, which are as follows:
First step involves identification of opportunities of establishing a new venture, where by
exploring many sources such as newspapers, journals, magazines and trade fairs entrepreneur got
an idea about an emerging needs in the market out changing fashion and trends (Mishra, A.,
2020). Then data collection has been performed to define the concept in terms of practicality in
real world sense. Finding out related problems and their existing solutions. Evaluation of how
possible it is to combine tentative solutions that has been reached by an entrepreneur with the
existing solutions in order to modify the already existing products. Then entrepreneur undertakes
to critically evaluate the solutions in terms of its reliability, viability and validity by conducting
feasibility study. And at last the solutions are practically implemented through the establishment
of new venture that is SMEs. In this way SMEs came into existence.
The business concept and sources of competitive advantages
The business concept of Fordway solutions ltd is to provide an IT infrastructure to the modern
business where they are responsible for designing, testing and maintaining IT software for other
businesses in order to ensure that these businesses are able to deliver more value to their
customers. How the company will interact with their customers are the main purpose of the IT
solutions to the businesses. Greater data security and storage facility can be ensured by such IT
solutions companies. Certain services like business intelligence, communication management,