Managing Small and Medium Sized Enterprises

This report discusses the methods and techniques for managing small and medium sized enterprises (SMEs) and focuses on the growth strategy of Assael Architects, a firm providing architecture services. It covers the nature of the entrepreneur, SME start-up processes, business concept and competitive advantage, current demand and competitive environment, growth and development of the business, challenges of managing and running the business, and government support measures for SMEs. The report concludes that managing SMEs is essential for achieving future goals and objectives.

Managing small
and medium
sized
enterprises

INTRODUCTION
Managing Small and Medium Sized Enterprises refers to the use of different types of
methods and techniques through which the SMEs can be managed and run (Alahmari and
Duncan, 2020). Therefore, it is quite important for the managers of the enterprises to make sure
that they are able to manage the wide range of needs and requirements related to these
enterprises in a proper manner. For this report, Assael Architects has been chosen. It is a firm
providing services related to Architecture to its various customers and clients in the market. In
this report, a detailed discussion will be made on the development of its growth strategy to be
used for the future.
MAIN BODY
Nature of the entrepreneur behind the venture- The nature of the entrepreneur behind
the venture is that there is a huge demand for architecture services in the market and therefore it
is quite essential that these services are provided through making a team of architects which will
help in providing such type of services to the customers in the market and thus will ensure that
the organization is able to attain its goals and objectives in the market Assael Architects is
therefore an organization which will make sure that such type of services are provided to the
customers and clients in the market in a proper manner (Dankiewicz, Ostrowska-Dankiewicz and
Bulut, 2020).
SME Start-Up Processes- There is a specific process which is required to be used so
that a SME can be started (Gardi, 2021). Therefore, it is quite important that these steps are
followed as a part of this process-
 Researching Idea- Here the research on the idea is required to be done (Kramoliš,
Šviráková and Král, 2020). The idea behind starting Assael Architects was that the
customers and clients require the services related with Architecture to be provided to
them and thus it becomes quite important that such type of services are provided to them
in a proper manner.
 Preparing a Business Plan- It refers to ensuring that the preparation of a Business plan
can be done so that the Business Idea which has been framed is successfully
implemented. Therefore, a Business plan was prepared before starting Assael Architects.
 Creation of Budget- It refers to creating a Budget for the forecast of receipts and
expenditures in a particular time period. Assael Architects therefore created a Budget
before starting their operations for the purpose of proper management of their funds.
 Deciding the Business Structure- It refers to determining the Business Structure which
will be helpful in ensuring that the Business can function smoothly. Assael Architects
also determined the Business Structure to be used by them for the purpose of attaining the
Business goals and objectives in a proper manner.

 Naming the Business- It means providing a name for the Business. Assael Architects
name was given to the firm after assessing the various choices for the name.
 Finding a location- It refers to the identification of the location for running the business
operations in quite an effective manner. Assael Architects have identified London as a
location where they can manage their business operations in a smooth manner.
 Creating an online presence- It means ensuring that an online presence can be created
for the purpose of ensuring the attainment of the goals and objectives. In the context of
Assael Architects it was done so as to target more customers in the market in a proper
manner.
 Promotion of the Business- It refers to ensuring the promotion of the business so that
the customers and clients are targeted quite effectively and efficiently by reaching them
(Marolt and et.al., 2020). For Assael Architects, it is quite important that the promotion
of the business can be carried out so that the customers and clients can be reached.
 Purchasing the Business Insurance- It means purchasing the Business Insurance so that
the Business can be protected in the case of a loss. Assael Architects has to consider it so
that it can protect its business from these losses.
 Exploring of helpful resources- it refers to the identification of helpful resources which
can be used in the Business. Assael Architects are required to make sure that their
identification is done which can be quite useful for them.
Business concept and sources of competitive advantage- The Business concept of
Assael Architects is to provide a wide variety of services related with Architecture to the
customers and clients in the market (Osim, Umoffong and Goddymkpa, 2020). This is
done as per their needs and requirements which will be quite helpful for the firm to be
able to ensure that it earns higher-level of profits in the future in a proper manner.
Further, there are also various sources of competitive advantage for the firm like Skilled
Employees, Excellent Services etc. They help it to be able to sustain in the market quite
effectively and efficiently.
Current level of demand and competitive environment- The current level of demand
for the services provided by Assael Architects is quite high (Riswant and et.al., 2020).
Therefore, in this way it can be said that the firm will be able to ensure that the wide
variety of needs and requirements of the customers and clients are fulfilled and they are
satisfied with the services which are being provided by it to them. The competitive
environment of the firm has other firms too which provide similar type of services and
therefore they are providing tough competition to the customers.
Growth and Development of the Business to date- The Growth and Development of
the Business can be identified and assessed by ensuring that the wide range of
opportunities related with the Business in the future are identified and therefore their use
can be made. Assael Architects has ensured a rapid progress until now and therefore is
ensuring that it provides a wide variety of services to the customers and clients in the

market. This will be helpful in ensuring that the firm is able to satisfy them and thus this
has helped it to be able to set up its Brand Image and Goodwill in the market in a proper
manner which will help it in enhancing its level of profits in the future.
Challenges of managing and running the business- There are various types of
challenges which are related with it (Straková and Talíř, 2020). The explanation of such
type of challenges can be made in the following manner-
 High-level of competition- There is a high-level of competition which is
prevalent in the market of Assael Architects and therefore the organization has to
make sure that it keeps up with the changing scenario of the market to be able to
ensure that it is able to enhance its overall level of profitability in a proper
manner.
 Change in government policies- There is a frequent change which is witnessed
in the Government policies. Therefore, it is quite important that the assessment of
these changes can be made which will be helpful for the organizations in ensuring
that the relevant adjustments can be made in a proper manner. Assael Architects
therefore will be able to make sure that it can adapt according to the changes
brought in these policies which will help it to be able to attain its future goals and
objectives in a proper manner.
Current growth and development strategy of SMEs- SMEs are required to make sure
that the identification of growth and development strategy can be framed which will thus
help them in taking the right route towards the attainment of sustainable level of success
in the future (Tóth, Nieroda and Koles, 2020). Assael Architects will make sure that it is
able to identify the scope through which a higher-level of growth can be attained in the
market in a proper manner. This will help the firm to make the right progress in the future
for attaining a higher-level of efficiency and effectiveness in a proper manner.
Currently, the firm is providing a broad range of services for its customers and clients.
Therefore, it has to make sure that the identification of the way in which its services can
be used for attaining the relevant goals and objectives in the future can be done in a
proper manner. It has to add more services to be provided to the customers and clients in
the future and thus it has to ensure that it is able to maintain their higher-level of
satisfaction so that the management of the particular needs and requirements related with
these customers can be carried out in a proper manner.
Government support measures- The SMEs are required to identify the various types of
support measures which can be used by them so that they are able to make the relevant
progress in the market quite effectively and efficiently in a right manner. The
Government support measures which can be used by Assael Architects can be explained
in the following way-

 Tax concessions- The tax concessions are being provided by the Government to
the SMEs which is helping them in ensuring that it is able to ensure that the
enhancement in the overall level of income can be carried out which can help a lot
in ensuring that the higher-level of efficiency and effectiveness can be attained.
Assael Architects can make its use so that the increase in the overall level of
income can be done.
 Introduction of schemes- The Government is bringing up various types of
schemes through which help and support can be provide to the SMEs in the
market. Therefore, in this way it can be said that for Assael Architects it can be
useful in ensuring that it is able to identify the way in which progress can be made
by it in the market.
 Concessional loans- The Government can make sure that the various types of
concessional loans are provided to the SMEs which can be helpful in ensuring
that they are able to get appropriate amount of funds so that they can manage out
their particular needs and requirements in an appropriate manner (Wang and
Wang, 2020). Assael Architects can make sure that the use of these loans can be
made so that it is able to make sure that the attainment of the future goals and
objectives is made quite properly.
 Skill Development for Entrepreneurs- Government is also providing skill
development for the Entrepreneurs so that they can be helped as their overall level
of skills can be developed quite appropriately. This can be helpful for Assael
Architects to be able to ensure that the management of the future needs and
requirements is done in a proper way.
 Easing the rules and regulations- Government is ensuring that the different
types of rules and regulations are eased out so that SMEs are able to set up their
business easily. For Assael Architects it can be quite helpful if it is planning to
expand its business operations in the future.
 Providing the right information- The Government is making sure that it is able
to provide the right information related with the Business so that it can ensure that
it is able to provide the right help and support to the Businesses for managing
their wide range of operations in a proper manner. In the context of Assael
Architects it will be quite helpful if it has to plan expansion if its business and
thus it can make the use of the information so that it can make the relevant
progress in the market to attain a strategic and competitive edge.

CONCLUSION
From the above report, it can be concluded that Managing small and medium sized
enterprises is quite essential because this will help a lot in ensuring that the enterprises are able
to attain the future goals and objectives. Therefore, it can be said that it is quite necessary for the
entrepreneurs so that they are able to make sure that the overall level of efficiency and
effectiveness can be enhanced. Thus, it is required from the Businesses that they can make sure
that they make relevant progress in the future by adopting the right strategies in the future which
can help them a lot.

REFERENCES
Books and Journals: