Small Business Research Literature Review

This assignment requires a comprehensive literature review on various facets of small businesses. It delves into topics such as entrepreneurship education, the role of networks in innovation and firm performance, financing options for SMEs, and the impact of public procurement policies. The review also explores ethical considerations in small businesses and how they manage corporate social responsibility (CSR).

SMALL BUSINESS ENTERPRISE
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Executive summary
In this assignment the learner has emphasized on the process involved through the changes in
management and improving the performance of a small company spatial plc which is a computer
software company. The different proposed changes will help in changing the aims and objectives
of the company Spatial plc. The learner has also analyzed the strengths and weaknesses of the
company in order to mitigate the disadvantages of the company. This assignment will help the
learner to understand the different sources of finance that is available for small business and
helps those who want to pursue their business in the small business sector. The recommendations
will help in building an effective marketing and business strategy of Spatial; plc. The proposed
changes will help the company to become a leading company in the software sector.
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Table of contents
Introduction:....................................................................................................................................4
Task 1...............................................................................................................................................4
1.1. Identifying the strengths and weaknesses:............................................................................4
1.2. Analysis of the business using comparative measures of performance:...............................5
Task 2...............................................................................................................................................6
2.1 Appropriate actions to overcome the identified weaknesses in the business:.......................6
2.2 Analyzing the ways in which the existing performance can be strengthened and maintained
.....................................................................................................................................................6
2.3 The new areas in which the business can be expanded:........................................................7
Task 3...............................................................................................................................................8
3.1 Producing an assessment of the existing business plans and objectives:..............................8
3.2 Revising business plans to incorporate appropriate changes:................................................8
3.3 Preparing an action plan to implement the changes:.............................................................9
Task 4.............................................................................................................................................10
4.1 Impact of the proposed changes on their business and the personnel:................................10
4.2 The way changes can be managed in the business:.............................................................10
4.3 Monitoring the improvements in the performance of the business over a given time scale:
...................................................................................................................................................11
Conclusion:....................................................................................................................................11
References:....................................................................................................................................12
Appendix:......................................................................................................................................15
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Introduction:
There are many opportunities in the small business firms as the government has the ambition to
provide contracts to the small business. The government is considering to increase the
expenditure in the small business in order to improve the expenditure on goods and services.
The government wants that the small business to get benefit from the government spending and
provide value of money for the taxpayer. In this assignment, the learner has focused on the
process involved through the changes in management and improving the performance of a small
company spatial plc which is a computer software company. This assignment helps the learner to
understand the different sources of finance that is available for small business and helps those
who want to pursue their business in the small business sector.
Task 1
1.1. Identifying the strengths and weaknesses:
Strengths:
The strengths of the company include the excellent sales staff with the strong knowledge of
existing and old products. Spatial plc has a good communication with its customers. It also has
good internal and external communications in order to deliver good value by making the data
automate, consistent, complete and current. With the partnership with Northumbrian Water and
data management the company is able to enhance the responses of the customer who have
problems with their server networks in their properties. In addition it also has a high and good
traffic location and successful strategies of marketing. Bridge and O'Neill (2012, p.1)
commented that. the company is reputed for aspect of innovation. The company has their
innovative culture and relies on the customer loyalty. The management is strong enough to solve
the problems of the server networks. It has the resource which enables the company to deliver
and develop the software to provide to i5ts customers. The quality of the business processes
helps it to give a competitive advantage.
Weaknesses:
The company is currently struggling to meet the deadlines sa there are too much work with
relatively lower workforce. The market research data are generally out of date. There are
problems of cash flows in the company. In addition the company has poor keeping of records.
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The software often shows some security problems. The company had the problem of expansion
owing to certain difficulties and restrictions in the communication that arises due to the different
cultural aspects. The issues regarding the shortage of funds in order to prosper sa a small
business company. As per Bucherer et al. (2012, p.193), there are also undifferentiated services
or products relative to the competitors. There are certain inefficiencies in the work as the
company sometimes fails to resolve the programming errors in specific time. The customer
service is also far behind in giving the services to the customers in the specific time. The social
network is missing from the employees. In fact some products also lack customization. There is
reported working inefficiencies as the workers tend to miss the deadline of solving the problems.
In addition the company has the cash crunch which is its biggest weakness. There is a serious
problem in the strategic planning of the company.
Refer to appendix 1:
1.2. Analysis of the business using comparative measures of performance:
The return on equity is the primary measurement of the performance of a company. The
shareholders generally focus on the metric that is the way to get attention from the investors. As
the small businesses are plagued by the heavy cash crunch the company relies on the investors
for their growth. Burns (2012, p.1) described that the evaluation of the company's performance is
done through the operations which reflect the profitability and sales. As the software sector is
lead by many surprises the performance of the companies are highly dependent on its operational
planning. The companies seek to earn the confidence of the investors by making a decent profit
margin. Owing to its increase in profits, spatial plc has able to collaborate with Northumbrian
Water and data management to provide services to its customers. Its competitors in this sector
has not managed to earn sa much profits sa this company.
Spatial plc’s performance is dependent on its particular activity in the market which influences
the profitability. The key indicators of the performance of the company are the substantial rank
and market share which helps in pricing and to make profits. Its rival companies are not able to
match its profit margin. According to Cowling et al. (2012, p.207), the increase in the customer
satisfaction is a factor in the long term. The performance depends on the repeated orders for their
services nad the rate in the acquisition of the customers. Spatial plc has been able to retain its
existing customers and include new ones at a fast rate. The company plays a key role in resolving
the software problems of its customers. The evaluation of their performance in providing the
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customer satisfaction has highlighted the potential problems of the overall performance. The
internal evaluation of company’s performance is the training levels and the job satisfaction of
their employees. These have a high impact on the overall performance sa it reflects the
company’s ability to offer best services to its customers. The job satisfaction of the employees
can be evaluated by measuring the changes in the length of services. When the employees are
satisfied with the management then they are going to provide best services to the customers
which will help in earning the profit. This will give a competitive edge over its rivals.
Task 2
2.1 Appropriate actions to overcome the identified weaknesses in the business:
The weakness of the company Spatial plc rae innumerous. The management needs to do a proper
planning and take strategic decisions in order to build the confidence of the investors. Moreover
the existing cash crunch needs to be getting rid with the investments by the shareholders. In
addition the acquisition of the big companies will help in getting the adequate investments and
give an imperative to its innovation aspect. Curran and Storey (2016, p.1). stated that the
company needs to recruit efficient employees in order to provide timely service to its customers.
It will enhance the productivity of the employees. Moreover the incentives and extra pay will
boost the morale of the employees in providing the better quality services to its prospective
customers. The company needs to meet the deadline to provide timely services to the complaints
of the server problems of the customers. It needs to communicate with the employees through the
social media to give effective service to the customers. Proper strategic planning and marketing
management will help the company to resolve the problems of its inefficient service.
2.2 Analyzing the ways in which the existing performance can be strengthened and
maintained
The company Spatial plc can get high productivity from the lean workforce as these employees
gain a sense of fulfillment from the jobs. This can stress the loyalty of the employees to the
company. The day to day work should be able to motivate the employees in doing their work.
Engaging employees in realizing the aims and objectives of the company helps in outperforming
the employees who are not actively engaged or disengaged on the performance of the metrics.
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The engagement of the work helps in productivity, good profitability and providing maximum,
customers satisfaction. More engagement leads to higher productivity and more profitability
which in turn can increase the growth of the company. As per Degrys et al. (2013, p.437), this is
the most effective strategy to improve the relationship between the employee and the manager.
There should be no dearth of talent as the talents are innate and reliable features which help in
high levels of performance of the company. When the talents are combined with knowledge and
skill then that helps in enhancing the performance of the organization. The employees who know
their strengths rae better equipped to know the short term and long term goals of the customer
and employee interactions. This business helps in stretching the procedures and policies where
the situation demands. The development of the strengths accelerates the process in helping the
employees to be more creative and intuitive. This help in producing better financial returns.
2.3 The new areas in which the business can be expanded:
Creating value in the new ways through digital transformation that includes the effective way to
leverage digital technology in order to meet the demands of the customer and the markets. The
company needs to invest in the right technology so that the technology can be displayed in an
effective and smart way. De Smidt. and Wever (2012, p.1) commented that new ways of
programming and resolving the issues of the customers regarding the server problems help in
earning a good name in the software market. The company can develop dynamic and diverse
partnerships to evolve the strengths of the company in order to seduce a better position for the
future. The company needs to look to partner with those companies that can enhance or
complement its capabilities. The strategic partnerships can help the company to access the new
customers and emerging, new technologies. This will help the company to become the top
performer in profitability and revenue growth. The inclusiveness and the diversification of the
human capital are crucial for the competitive capabilities. Ellis and Pecotich (2012, p.119)
described that having a mix of talent and the capability to change the marketing mix help in
expanding its areas in the software sector. It helps in application of capabilities in innovative
ways and harness the technology successfully. The company can innovate a different ways like
communicating with the customers in meeting their demands in a deadline. It can invest in the
latest technology in order to solve the problems effectively. The establishment of a company in
a new location absorbs a considerable time and effort which helps in better nad large payoffs.
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Task 3
3.1 Producing an assessment of the existing business plans and objectives:
The aim and the objective of the business is to expand the business globally. aS a small business
company it needs funds to improve the stature of the business. Its effective partnerships can
enhance its customer loyalty on its service. The different pricing strategies and the entering into
the new market segment will give it an impetus to run successfully in the future. A business
helps in finding the investors sa many investors want to see the business plan and its objective in
order to realize their profits. A good business plan helps in realizing the objectives of the
business. A good funding helps in technology revolution. The customers generally have lot of
problems when their server do not work properly so the company needs good investment in order
to give timely help in resolving those problems. As stated by Giaoutzi et al. (2016, p.1), it helps
in reviewing the performance of the business in attaining the business growth. The marketing
objectives help in gaining the new customers and retaining the existing customers for its
business. It also helps in assessment of the financial statement in evaluation of profits and
revenue growth. The urban customers are tech savvy customers who prefer timely help in
resolving their problems regarding their network.
3.2 Revising business plans to incorporate appropriate changes:
The appropriate adoption of business strategies help in realizing the loopholes and in addressing
those loopholes in order to provide effective resolving of the issues. The effective business plan
helps in forming long term relationships with the clients to deliver rules based solutions to the
clients. The changes in the marketing strategy help in giving the value based solutions which are
in according to their challenges and needs. Creators, users and owners of the geospatial databases
use the company's solutions and seek its expert services in order to manage the data through its
lifecycle. Gibb (2012, p.13) commented that the company through the changes seeks to make the
data smarter by making it current, complete, consistent and automated in order to ensure that the
decisions are based on the best available information. By incorporating the appropriate changes
in the business plan the company can achieve in maximizing the customer satisfaction. The
strategic planning will help in increasing its profit and becoming the leading company in the
software market. It will help in delivering a rules based approach in creation of automation in all
stages of lifecycle. Gorman et al. (2012, p.57) stated that partnership with some technology
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firms can help in building an effective technology in resolving the issues and the problems of
servers. There is an increase in the geospatial data and location of data that helps the company's
expertise to address the problems. The need for funding, enhancing the employment
opportunities of the employees and engaging the employees in the decision making process of
the company will help in building the trust and loyalty of the customers. Its constant process in
the evolution and innovation in the technology will help in providing expert advice to the
geospatial and data management customers.
3.3 Preparing an action plan to implement the changes:
Plan Action plan to be
implemented in
Collection of funds with the help of meeting with the
shareholders
1 week
Innovation in technology 5 weeks
Effective training to the employees 4 weeks
Building effective partnerships 3 weeks
Engaging the employees in the decision making process 2 weeks
Table 1: Action plan of the company
(Source: Learner)
This action plan shows that collection of funds with the meeting of the shareholders will take
about 1 week. On the other hand innovation in technology will take longer time sa it will take 5
weeks. The effective training to the employees will be given in 4 weeks. In building the
effective relationship the company will take 3 weeks and engaging the employees will take 2
weeks. This shows that the company needs to give more time and effort in its innovation process.
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Task 4
4.1 Impact of the proposed changes on their business and the personnel:
The proposed changes will have a positive impact on the performance of the organization and the
employees. The employees will play an important role in meeting the aims and objectives of the
company. As a small business company it needs to plan a budget so the meeting with the
shareholders will help in gathering resources that will help in innovation in the technology. The
effective training will boost the morale of the employees who will build an effective relationship
with the company. Gronum et al. (2012, p.257) commented that they will help in giving the best
quality service within the specific time. It will help in earning a good revenue and help in earning
a decent profits. The performance of the employees will boost the performance of the
organization. The changes will help the company in dealing with the loopholes of the company.
It will also help the company in devising the marketing and financial strategy to meet the
demands of the emerging markets and the tech savvy customers. This will help in including the
global clients like telecommunication business, emergency services, defence and national
mapping agencies. This will help in earning a name in the global market.
4.2 The way changes can be managed in the business:
These changes are managed by devising an effective business plan and strategies in order to run
the business effectively. The meeting with the shareholders and the constant innovation process
will help in evolving the business strategies and the objectives of the company. The location and
the adoption of the culture will help in meeting the needs of the emerging markets. The changes
will involve imparting the decision making process of the company. Hoffman et al. (2012, p.55)
commented that the company needs to seek the opinion of the employees in making the company
better in the software sector. In order to outdo its competitors the company needs to constantly
innovate its technology in the market. This will help in earning the government contracts and
funding. Keeble and Walker (2012, p.411), described that regular meetings with the
shareholders, marketers and the experts will help in building an effective relationships with
them. In addition incentives can be given to the best performed employees in order to encourage
them to perform better. The continuous innovation and development will help it to earn the
partnerships of some global players. As a software company it needs to make complete,
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consistent, automated and current data in order to meet the demands of the tech savvy customers
and highly competitive markets.
4.3 Monitoring the improvements in the performance of the business over a given time
scale:
The management needs to monitor the performance of the company after the adoption of the
proposed changes. The impact of these proposed changes will help the company to earn the trust
of the shareholders and the customers. It will help the company to earn the profit. With the
continuous innovation in the technology the company will be able to form partnerships with the
global giants. As per Loader (2017, p.111), this will help in increase the funds of the company
which will be required in its innovation and development process. The changes will help the
company to become a leading company in the software sector. In addition, the changes will help
in making a strong company structure which will emphasize on the performance of the
employees. When the performance of the employees will improve the performance of the
organization will be improved. The innovation in the technology sector will help in giving the
real value based solutions to the IT companies in resolving their software security problem. The
constant monitoring of the company will help in realizing the profits and amending the
loopholes. The monitoring will help in retaining the existing customers and gaining new
customers.
Conclusion:
It has been concluded that with the proposed changes in the company spatial plc will help in
mitigating the problems and resolving the issues of the company. In the event of increase in the
workload this changes will help in running the company smoothly. It will also help the company
to streamline the business and retain the existing customers. With the continuous innovation and
development process in the field of technology the company will able to become the leading
company in the software sector. The shortage of funds can be resolved with the help of the
proposed changes. It will help in the growth of the company and in earning profits.
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Appendiz:
Appendix 1
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