Managing Successful Businesses : Assignment

Added on -2020-07-23

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Managing successfulBusinesses
INTRODUCTIONSmall and medium size enterprises have been becoming the strength pillar of UK onwhich the economy of whole nation is relying. Through a survey, it has come forward that thesmall and medium scale industry is responsible for providing 50% of non-government job. Incurrent time, the revolution in digital technology has changed the face of business; gone the timewhere traditional models and transformed business activity were the base of conducting abusiness (Abdillah, 2014). Technology with it has brought various choices and opportunities. Ithas been playing an important part in innovation and increasing the profitability of the firm. Forexample, cloud technology has made the administration work of storage and sharing informationsimpler. While growing use of social media and internet has made the possibility of virtualgroup. In current report, Morito restaurant has been taken into account. The importance of digitaltechnology will be study on the basis of this restaurant. TASK 1P1 Aim and objectives for current research reportIt is necessary for the firm to keep evolving and accepting changes in their working so that theycan perform well and survive and sustain in this competitive environment. In order to do so, it isessential for the business to adopt new tools and changes in market. Digital technology is one ofthe important factor that can help firm in boosting their performance. Digital technology hasbecome important part of today’s world as by implementing this technology in their operationalactivities, the firm can save lots of time and additional expenditure that increase operational cost.It plays an important role in increasing the efficiency of the firm and creating space forinnovation (Ward, 2016). It also aids the firm in meeting the needs of customers and providingthem with satisfactory services. Digital platform in current time has been considered as one ofthe best way through which the firm can bring positive change in their working. Though theimplementation of this technology can bring lot of changes and benefits but it cannot be ignoredthat implementation of this is highly costly leading to increase in the operational cost. It isdifficult for the small-scale industry to implement this technology in their working because oftheir limited budget. However, there are other gadgets that entity can use such as mobile,internet, computer etc. with the help of which they can create better communication withcustomer and attract them towards the firm. 1
In current time, it's the hospitality industry that is facing the highest competition in theworld as there are already well-established restaurants in the country that has created their ownname and image. The hotels and restaurant like Marriott has already implemented digitalplatform in their working and they use this technology to communicate and coordinate with theirguest (Edward, 2017). This help them in analysing the need of people and providing them withquality services. Morito is a small restaurant working in the exmouth market of UK. Byimplementing digital platform in their working, it can enhance its customer service and revenuethat can assist them in gaining competitive advantage. Aim “To understand the impact of digital technology on the working of small scale industry incontext of Morito restaurant.”Objectives To understand the framework of digital technology.To understand the role of digital technology in bringing innovation in the firm. To understand and identity the interrelationship of digital technology and businessgrowth. To recommend some ways through which growth and innovation can be brought inMorito restaurant.Research Question Explain digital technology and its framework?What role digital platform play in bringing innovation in organisation?Explain the interrelationship between digital technology and business growth?P2 Project management plan The project management plan in simple words can be described as implementation ofvarious actions necessary for the project execution. It includes various aspects that are necessaryto keep in consideration while making a plan, some of which are mentioned below:Cost: Cost is considered as one of the important aspect that play major role in any of theproject. If the person does not have adequate funds, it becomes difficult for him to support itsinvestigation and complete the same on the time. In the absence of the funds, researcher will not2
be able to research properly and will not be able to meet its goal and objectives (Trevino andNelson, 2016). . Scope of study: Digital study has become important part of today’s world as not only it provides firmwith competitive advantage but also play big role in the growth of the firm. The study has hugescope by implementing this technology the small scale entity can create the great space for theinnovation that will help them in bringing efficiency in their working (Syu, M. M., WesternDigital Technologies, Inc., 2017). This will maximise their profit and will decrease theiroperational errors. It will also enhance their operational speed. Time: Time management is one the most valuable aspect of project management. It is necessaryfor the scholar to conduct all the activities in an effective manner so that he can complete histask on allotted time. If scheduling is not done on time, it can have its effect on the entire project.Gantt chart is one of the way through which the researcher can distribute his time in wellmanner. Communication: In order to collect necessary data, its necessary of the researcher to apply proper researchthat can help him in collecting right data. In primary data collection, its necessary of theresearcher to have great communication skill so that he can communicate with them and collectright information; for example, in questionnaire method, its essential of the scholar to coordinatewell with respondent so that whole process can run smoothly (Heath, Coker and Viraraghavan,2016). Resources: In order to provide the best quality result, its essential of the researcher to conduct hisresearch in proper manner for which he requires various resources such as financial resources,human resources, technical resources etc. As discussed before, financial resources are necessaryto carry out the research while human resources are necessary to collect needed data. If theperson has necessary resources, he can complete his project on time while maintaining thequality of the work (Aaker, 2016). Quality: 3
In order to maintain the quality of the project, it is necessary for scholar to ensure that thedata that is collected by him is valid and reliable. Risk Management: It is required of the researcher to identify various risks that can have its adverse impacton the whole process. In a project, a candidate can confront various risks such as human resourcerisk, financial risk, time risk etc. With the help of contingency plan, the individual can identifythe person can mitigate the risk and can take necessary measures that can help them in handlingthe situation in an efficient manner (Saunders and Bezzina, 2015). . P3 Gantt chart with breakdown structure Gantt Chart Gantt chart is used to represent the scheduling of various activities of any project. It is atype of bar chart that help in illustrating starting and ending time of terminal element present inproject (Gantt Chart. 2015). This helps in summarizing whole project and its effect in aneffective manner. It presents the researcher with graphical representation that aids in the properplanning and coordination. Activity/ week12345678910111213141516DevelopingresearchproposalDesigning aimand objectivesStudy’ssignificanceRationale ResearchmethodsSelectingresearchmethodsQuestionnaire4

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