Small Business Firm Report - Schofield watch company

Added on -2020-07-22

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MANAGING
SUCCESFUL
BUSINESS
Table of Contents
INTRODUCTION...........................................................................................................................1
TASK1.............................................................................................................................................1
P1 Project objectives and aims ...................................................................................................1
P2 Project management plan that covers aspects of cost, scope, quality, time communication,
risk and resources........................................................................................................................2
P3 Explain work breakdown structure and Gantt chart..............................................................3
TASK2 .........................................................................................................................................6
P4 Small-scale research by using quantitative and qualitative research methods in order to
meet project aims and objectives ...............................................................................................6
TASK3 ..........................................................................................................................................9
P5 International of research and data by using appropriate tools and techniques.......................9
P6 Make appropriate recommendations of research and data analysis to draw valid and
meaningful conclusions.............................................................................................................19
TASK 4..........................................................................................................................................19
P7 Explain value of undertaking the research to meet objectives and aim of research project
...................................................................................................................................................19
CONCLUSION .............................................................................................................................20
REFERENCES..............................................................................................................................21
APPENDIX....................................................................................................................................22
INTRODUCTION
Company managing their business performance in order to gain sustainability at market
place. Firm construct planning to expend their work area and increase their work quality which
create huge demand among clients. Thus create more and more business with limited resources
and funds. An organisation make projects for completing particular task. For this project, firm
assign team and make one leader to handle all team members and they want to compete their
work in a given period of time in a specific manner. So every company want to work according
to achieve their goals and objectives. Technology provide competitive advantage to firms by
produce innovating product and services for their clients. Digital technology provide help to
company for managing their promotional and advertisement activities in a very effective manner.
This report are based on small business firm Schofield watch company (Kasemsap, 2016). Under
this report, management make project plan which cover quality, cost, resources and scope of the
business activities. Schofield conducting research program with applying qualitative and
quantitative method of research in order to meet firm goals and objectives.
TASK1
P1 Project objectives and aims
In current scenario, costumers needs and wants have changed very fast with change in
their environment and businesses environment. So its necessary for every company to maintain
their market share by full fill clients needs and wants in context to increase sales and achieve
high profits. Company use technologies for gain competitive advantage at market place. In this,
its very essential for every organisation to do their business activities by using effective new and
existing technologies. Company make strategies and plan for apply systematic process of
technology and innovation with in a work place. Schofield use print media, bill boards, social
media and online website for promoting and advertising their product and services to large
audience. So they create awareness about their offers in order to gain attention of customers
toward their product and services. Through cloud technology firm has share their information
and important data's form one location or area to another area in a minimum time period. This
platform has used as a communication tool for an organisation (Langer, 2017). Technology
provide several communication channel, so Schofield can convey their message to large number
of customers in a very effective manner and in a specific period of time. These all element are
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provide help to institution for enhancing their efficiency and effectiveness of business activities
and profitability which contribute toward development and sustainability of an organisation in a
long period of time. When company adopt new technology at work place they need more finance
for purchasing new machineries and equipments. Schofield are adopting new technology. For
this, they are investing more money for purchasing new equipments and machineries at work
place (Liebowitz and Frank, 2016).
Technology increase coordination and cooperation between employees as well as
business operations.
AIMS: “Digital technology provide support to small business in order to gain business growth
and innovation”.
OBJECTIVES:
To explain digitalisation impact on business performance as well as operations.
To determine efficiency of digital technology by using in business activities and
operation.
To evaluate necessity of transformation of business activities.
RESERCH QUESTION:
What are the main requirement of transformation of business activities?
How digital technology can create impact on implementation of digitalisation at work
place or on business operations?
Analysing efficiency of digital technology by using in business activities and operations?
P2 Project management plan that covers several aspects of scope, quality,cost, time , resources
and risk
Schofieldcompany needs to develop an effective project management plan to achieve its
predetermines aims and goals effectively. Project management plan is a formal document
dealing with plan execution and explaining how project is implemented, controlled and to be
closed .It helps in systematic working and administering correct path of different activities in a
proper manner. These plans are made to coordinate the work of staff members resulting in timely
achievement of organisational objectives Besides, it is helpful for employer in managing the
cost, risks, quality, communication, scope etc.(Andersson and Tuddenham, 2014). By making
2
use of advanced or digital technology Schofield wants to develop one such plan to conduct its
business operations online.
Scope of project- With technology advancement, demands and preferences of consumers
care hanging providing several opportunities for small business to grow and provide more
variety of goods and services to consumers .
Risk management- Schofield being less popular to watch brand is prone to high risk .In
order to face these risks company need to consider all factors which can cause the risk
(Liebowitz and Frank, 2016). Before execution of final project , an employer should evaluate all
probable risks related with the project so that its impact can be minimised.
Cost- Project cost is directly proportional to its business size. Thus it is essential for an
administrator to arrange and manage funds through different sources. In context to implement a
successful project , company should have adequate finance.
Controlling Quality- In this mentioned project, quality's aspect has gain its importance
much. As success of a project totally depends on its quality so, if it is good then project will gain
effectiveness otherwise not. Thus, it is a responsibility of administrators of a firm to manage
quality of a project as much as possible. In context with present organisation i.e., Schofield has
provided better quality by monitoring the consumers.
Time: Management also needs to maintain all activities on time so that they can complete
their project within a specific period.
Communication: Behind success of an organisation or its project, the main factor
responsible for that is effective communication. A firm needs to choose such channels which has
proved their efficiencies in good communication through which it can communicate all
information and messages with staff members, employees as well as consumers in a desired way.
Thus, present company Schofield has required to make strong and effective communications
with all employees and persons associated with its project so that it can complete on time
(Busarovs, 2011). It brings positivity in environment as well as make good relationship among
employees through they can contribute their efforts in an effective manner and helps this firm to
gain productivity.
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P3 Explain work breakdown structure and Gantt chart
Work breakdown structure: This is a process of arranging work in a systematic way
according to responsibility of employees as well as leaders or managers with a project work.
Work breakdown structure organise work with in a team members in to manageable area. Firm
has divide project work into small task and assign this work according to employees capabilities
and capacities which provide productivity (Michl, Gold and Nograšek, 2011). So employees can
work in a very effectively and easy manner. Team members are focus on achieving an
organisation goals and objectives. Project manager has used this kind of work structure method
of organising task with in a team members and employees in order to executing project in a very
effective manner.
(Source: Work breakdown structure, 2015)
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Illustration 1: Work breakdown structure

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