Monitor and Manage Small Business Operations

This study focuses on the management of small business operations and provides insights on business goals, WHS issues, environmental sustainability, risk management, quality management, and more. The company discussed is a small bookkeeping and consulting business organization.

Monitor and Manage small business operations 1
Monitor and manage small business operations

Monitor and Manage small business operations 2
Table of Contents
Introduction.................................................................................................................................................2
About the company.....................................................................................................................................2
SK1...............................................................................................................................................................3
Business goals and objectives-.................................................................................................................3
Possible WHS Issues................................................................................................................................3
Environmental & Sustainability...............................................................................................................4
Risk Management....................................................................................................................................4
Quality Management...............................................................................................................................5
Performance measures............................................................................................................................5
Innovation & Continuous Improvement..................................................................................................5
SK2...............................................................................................................................................................5
SWOT analysis.........................................................................................................................................5
Stock control systems..............................................................................................................................6
Staffing....................................................................................................................................................6
Compliance with legal, ethical, cultural and technical standards............................................................6
Provision of products/services in terms of time, quality and cost specifications....................................7
SK3...............................................................................................................................................................7
The tables below to evaluate the performance of business and identifying gaps in order to adjust the
business plan...........................................................................................................................................7
SK4...............................................................................................................................................................7
The Evaluation Data.................................................................................................................................7
Assessment Part 2 - Major Activities:..........................................................................................................8
1) Develop operational strategies and procedures................................................................................8
2) Implement operational strategies and procedures...........................................................................8
3) Monitor business performance.........................................................................................................8
4) Review business operations...............................................................................................................8
MA1.............................................................................................................................................................9
An action plan..........................................................................................................................................9
MA2.............................................................................................................................................................9
The Issues that must be considered in terms of work health and safety and the environment..............9
MA3...........................................................................................................................................................10

Monitor and Manage small business operations 3
The aspects of a quality assurance system............................................................................................10
MA4...........................................................................................................................................................10
An example of a performance measure for the business......................................................................10
MA5...........................................................................................................................................................11
The benefits of embracing new web-based and on-demand technologies within the business
strategies...............................................................................................................................................11
MA6...........................................................................................................................................................11
Documentation of each of the KPIs for the business scenario and explanation....................................11
MA.7..........................................................................................................................................................12
Using the business scenario, documentation of the business’s system for controlling stock................12
MA8...........................................................................................................................................................13
The percentage of the costs of running the business is allocated to staffing requirements..................13
MA9...........................................................................................................................................................13
The legal standards that must be comply when carrying out the provision of your business’s
goods/services.......................................................................................................................................13
MA10.....................................................................................................................................................13
Identification of one of the products/services that the business provides cost and quality
specifications.........................................................................................................................................13
MA11.........................................................................................................................................................14
The aspects of the business that should be monitored and reviewed to ensure optimum business
performance..........................................................................................................................................14
MA12.........................................................................................................................................................14
The operations and problems identified at the time of reviewing the systems and structures of the
business.................................................................................................................................................14
MA13.........................................................................................................................................................15
Action taken to correct these problems................................................................................................15
MA14.........................................................................................................................................................15
The aspects of your business plan may the company need to adjust at the time of review.................15
MA15.........................................................................................................................................................15
MA16.........................................................................................................................................................15
The new business opportunities that are available to the business......................................................15
Conclusion.................................................................................................................................................15
References.................................................................................................................................................16

Monitor and Manage small business operations 4
Introduction
The aim of this study is to learn the management of small business organization and its
operations. It is easier to set a small business but it’s really difficult to manage it as
there are so many woks and task divided in the same. There is an increase in the
number of small enterprises who are unable to run for even two years. It can happen
because of poor management of the financial resources. The entire task depends on
how we can manage the small business in an effective and efficient way so that it can
run for longer period of time (Voss, 2010).
The aim of operation management is to manage the overall operations of the
companies whether they are big or small. Each and every organization has many
operations that must be performed by proper planning to achieve advantage from the
competitors. It helps in increasing the customer value, market value and also enhances
the value added services of the company. The aim of this organization is to achieve the
same as it is a small company that aims to run their business on the basis of their
customer satisfaction. there are many keep concepts of the operations management of
the small enterprise like management of customers, market, innovation, technology, etc.
the motive is to make the customer satisfied by providing them best services and
products so that they can be loyal ad trustworthy for the longer period of time (Slack,
Chambers, & Johnston, 2010).
About the company
In this task the company on which we will discuss is a small book keeping and
consulting business organization. The name of the company is best books who done
book keeping BAS reporting, distribution and selling of MYOB software and also training
manuals. The business is a sole trader business that is located in Docklands. The
company provides its services throughout the Victoria. The company has to keep good
professionals with them who can manage to do accurate book keeping, record keeping,
also who manage the compliance (Krajewski, Ritzman, & Malhotra, 2013). There are
many services provided by the company like book keeping and Bas services. the

Monitor and Manage small business operations 5
company do not limit up to this as they also do management of the books of the clients,
accounts receivable and payable, management of inventories, payroll processing,
financial reports of the business organizations, IAS reports, MYOB software, etc. the
company do not charge much as they believes in reasonable prices that is bookkeeping
& BAS services at $40.00 for one hour, MYOB software installation and also the training
charges are approx $90.00. The company also charges GST (Barratt, Choi, & Li, 2011).
There are total 5 employees in which one is the business owner who is the manger of
the others. There is 2 full time staff to manage the bookkeeping and BAS services, 1part
time IT person and 1 full time person to manage the payroll, administration, and
reception services. The company does not have many assets as they are small
enterprise. They just have computers office equipments and printers (Peng, & Lai,
F.2012).
SK1.
Business goals and objectives-
The aim and goals of the business is to provide good services of accounting at very
reasonable prices. They are trying to provide all types of professional services that are
affordable in price to most of the individual and also the start up business organizations.
The company is a small enterprise so they do aim for good profit levels as it is a
growing company and need investments to be done to expand the business
organizations. The company is customer driven company that completely aims the
satisfaction level to their customers by providing them best possible services in time.
Possible WHS Issues
WHS refers to workplace health and safety that previously known as OHS. In this
company the possible WHS can be related to the health of the employees, report of an
accident, serious incidents, hazards, accidents, health and safety issues faced by the
employees, etc. (Subramanian, & Ramanathan, 2012)
The basic issues are
 poor and improper lightening in the office

Monitor and Manage small business operations 6
 ergonomic hazards
 the temperature at the office may be high and there will be o air conditioners
 manual handling problems
 fall, slip and trip problems
 electrical issues like appliance, power sockets, etc
 there are chance of contagious disease due to the other ill workers and
employees
 Chemical hazards like cleaning products, etc.
 stress issues at the work place
These are the basic hazards that may affect the individuals at work place. There are low
risk in some hazards but if all safety measures taken by the company and the
employees than these hazards would not affect. Stress hazard in one that cannot be
seen and difficult to identify. It is relevant for the companies to check with all the above
written points to eliminate the risk of accident and calamity. After the proper check,
there is requirement of proper monitoring and controlling for the same (Galindo, & Batta,
2013).
Environmental & Sustainability
Environment and sustainability refers to the responsibility of a business organization
towards the environment and society in which it is working. It is related to the
degradation and depletion of the resources that must be avoided to allow the same for
the long run. The aim of the company is fulfilling the needs of the business
organizations without affecting the future generations and their needs. The company is
dealing with such work that does not affect the natural resources of the country
(Akkerman, Farahani, & Grunow, 2010).
Risk Management
The management of risk is very relevant to analyze the risk involved in the business. It
is related to the process of finding, analyzing, and also accepting the uncertainties that
may come in the way of the work and affect the same. The need of effective risk
management is required in this business too. there are various types of risk like
financial risk, risk from the competitor, cost factors risk, expansion risk, etc. risk can be

Monitor and Manage small business operations 7
good or bad both for the company as we know hat more he risk more the benefits will
be earned by the company. But there s one thing that must be remembers that the risk
cannot be bigger than the entire organization goals and objectives. Risk is an element
that is inseparable in nature. Each and every business is inclusive of some risk factor
(Pilkington, & Meredith, 2009).
Quality Management
It is very important for the company best books to maintain quality in their services that
affects the reputation in the market. Quality is also refers to the type of the quality that is
given in the market by the competitors. The company must adhere to the quality given
by them and try to bring improvement in the same. It will help the company to have
competitive advantage and also bring differentiation in the business (Rumble, 2019).
Performance measures
Performance measures refer to the measurement of the performance done by the
company. It is important for firms to analyze the performance of their business
organization. It will give the idea to the owners that in which direction the firm is moving.
It can be done by collecting feedback form the customers and also analyzing the
marketing position of the company by collecting and information on the business. The
evaluation of the quality performance of the firm is known as performance measures of
the same.
Innovation & Continuous Improvement
In this company, there is large scope of innovation and growth as it is an accounting
firm which plays an important role for most of the business organizations working in that
will remain in the market, the company requires having innovative techniques to brig
competitive advantage and differentiation. It can be done by analyzing the changes
taking place in the industry and make improvements on the basis of the same. They can
change the techniques, use new software and applications, change the staff or recruit
new staff who will be more updated, etc. (Motahari-Nezhad, Stephenson, & Singhal,
2009)

Monitor and Manage small business operations 8
SK2
SWOT analysis
Strength
 The strength of the company is that they are hardworking, good staff, good client
base, effective management, etc.
 Services at reasonable price
Weakness
 The weakness in small staff so they cannot take much work as the capacity is low,
small scale industry with low margin levels
Threats
 The competition presents in the market and the rivalry firms
Opportunities
 Growth and development in the future
 First mover advantage
Stock control systems
The stock control system is also known as inventory management system. There are
many types of stock control system like perpetual inventory management, periodic
inventory management, barcode inventory systems and radio frequency identification
inventory systems. Here in this organization, the company do not need as their entire
work in on computer systems (Huang, Li, Yin, & Zhao, 2013).
Staffing
Staffing plays a vital role as it affects the working of the company. The company best
book has good staff that is efficient in their work. There are total 5 employees in which
one is the business owner who is the manger of the others. There is 2 full time staff to
manage the bookkeeping and BAS services, 1part time IT person and 1 full time person
to manage the payroll, administration, and reception services (Verbano, & Venturini,
2013).

Monitor and Manage small business operations 9
Compliance with legal, ethical, cultural and technical standards
The company has compliance with all the four factors that are legal, ethical, cultural and
technical standards. Under this, the company is working within the legal parameters and
following the rules and regulations given by the government of the country. The ethical
behavior of the company is also good as they follow all the safety measures required in
the business. Technically, the company is very simple and using simple technologies
like compute and other equipments. The company is not also harming the culture as
they know the ethics of working (Longenecker, Petty, Palich, & Hoy, 2013).
Provision of products/services in terms of time, quality and cost specifications
Under this the company best books is complying with best quality they can provide to
their customers we have read above. It is very important for the company best books to
maintain quality in their services that affects the reputation in the market. Quality is also
refers to the type of the quality that is given in the market by the competitors. The
company must adhere to the quality given by them and try to bring improvement in the
same. It will help the company to have competitive advantage and also bring
differentiation in the business It is the aim of the company to provide best possible
quality within the time frame. The cost is also lower as they do not have much cost
involved in their business (Burns, 2016).
SK3.
The tables below to evaluate the performance of business and identifying gaps in
order to adjust the business plan
Business Goals And
Objectives
Current State Gap Future
Time Time lags in some
work when there is
more work
Delay in the work
Delay in deadlines
It can be covered
through increase
the staff and
outsource the work
quality There is low quality
in some reports
Lower It can be improved
through training to

Monitor and Manage small business operations 10
the staff members
System And
Structures
Current State Gap Future
infrastructure Small office, low
facility, etc.
Poor infrastructure It can be done
through providing
better facilities
technology Old and obsolete
technology at some
part of the office
Slow work, no up
gradation, etc.
Introduction of new
technology
SK4
The Evaluation Data
Using the evaluation data completed in the above table, identification of the areas within
the business plan that need adjusting and documents the necessary changes
(Chittithaworn, Islam, Keawchana, & Yusuf, 2011).
Assessment Part 2 - Major Activities:
1) Develop operational strategies and procedures
There are four operational strategies and methods use by the companies to achieve the
objectives and goals. It helps in examine and implementing the efficient and effective
systems for using the person, individual and resources of the business. There are many
service oriented companies like best book who can use these strategies to take the
decisions (Jamil, & Mohamed, 2011). The strategies are
 Corporate strategy and the cross functional interaction in the business
 The customer driven strategy in which the customers are very relevant than other
things
 Strategies related to the development of the competitive priorities in which the aim is
to analyze the competitors in the market
 The strategies related to the development of products and services in the company
that can be new and innovative to run the business and bring continuity.

Monitor and Manage small business operations 11
2) Implement operational strategies and procedures
The above mentioned all the strategies can be applied to the best ok company to
achieve various types of advantages by first analyzing the requirement. It can be done
by identifying the area where strategy is needed. After that, finding ways to implement it
in effective manner is the next step (Zorpas, 2010).
3) Monitor business performance
It is the step under which the company has to analyze the working of the new strategies
in the company and its structure. It is very important to check the same so that the
impact can be identified and changed if not working well (Taticchi, Tonelli, & Cagnazzo,
2010).
4) Review business operations
Review is related to find out the final results of the current operations strategies applied
on the business. It is the final step of applying organization operations as it shows the
end result of any changes taken place in the past. The reviews and result help the
business to take the decision while the strategies are working well or not and if not then
take the decision accordingly (Edwards, 2013).
MA1.
An action plan
An action plan is comprises of basically the marketing and sales plans for the business.
The aim of this plan is to identify and achieve the sales and financial goals of the
company. The motive of using and making this plan is to obtain high profits as it focus
on the sales and marketing of the business. Action plans are of many types like
management plan, operation plan, contingency plans, etc. the company applies these
plans according to the need of the situation occurs in the company (Sangster, 2015).
MA2.
The Issues that must be considered in terms of work health and safety and the
environment
The issues in the work health and safety and the environment are

Monitor and Manage small business operations 12
 poor and improper lightening in the office
 ergonomic hazards
 the temperature at the office may be high and there will be o air conditioners
 manual handling problems
 fall, slip and trip problems
 electrical issues like appliance, power sockets, etc
 there are chance of contagious disease due to the other ill workers and
employees
 Chemical hazards like cleaning products, etc.
 stress issues at the work place
There is need to analyze certain issues and safety measure that are required by the
company like
 Legislation of safety and health
 The provision set out for the safety statement
 Safety and health guidance to the employees
 Best practice in the employment sector (Mattessich, 2012)
MA3.
The aspects of a quality assurance system
1. Quality system
2. Quality assurance
3. Quality control
4. Quality management
All the above mentioned elements are required in the aspect of quality assurance
system. under the quality assurance system, the company assures that they will provide
best quality to their cutosmers. It can be done by business effective quality systems in
the company. It helps the company in preventing the risk and mishaps in the company.
Quality can be managed by applying all the four effectively and efficiently. There are
steps that can be used like first determine the quality assurance, than apply the quality

Monitor and Manage small business operations 13
management to the services. After that there is need to apply quality systems that help
in god quality of the services. At last here must be control on the quality of the services
(Edwards, & Walker, 2009).
MA4.
An example of a performance measure for the business
An example of a performance measure for the business that includes the following
categories:
1. Effectiveness- the company has good staff and employee base under which they
apply effective operations system and theories that help the company to achieve
their goals.
2. Safety- the company is working with good infrastructure that allows the
employees to work in full safe and secure environment.
3. Efficiency- the company is efficient enough as they are having good profits and
growth perspective in the future.
4. Timeliness- the goal and objective of the company is to satisfy their customers by
providing them fast service and timely work so they do not have to suffer with any
pendency.
5. Quality- the staff with this company is well trained and skilled as per the
requirements and need that can provide quality work to their customers.
6. Productivity – the productivity can be measured by the growth and development
perspective the business organization is having in the future.
MA5.
The benefits of embracing new web-based and on-demand technologies within the
business strategies
The benefits of embracing on demand technologies and web based technologies is that
the company can earn competitive advantage that can help to face the challenges in the
market. The new strategies are based on the new technologies that would be beneficial

Monitor and Manage small business operations 14
to get the work done on time and also to provide better quality to the customers and
clients.
MA6.
Documentation of each of the KPIs for the business scenario and explanation
1. Measurement- the KPI is a measurable value. The KPI measurement is the
financial reports of the company in which all the figures will be mentioned like
cash flow, burn rate, current ratio, etc.
2. Target- the KPI for the target can be achieved by review the procedure in
achieving the plan, selection of the most relevant KPI, calculate the five year
targets, and making plan to achieve the same.
3. Personnel responsible/accountable- under this firm, the owner of the company is
the person who is accountable. Though it is the fact that the accountability and
performance measures cannot be comfortable with each other at the time of
accountability. They generally help in calculating the performance of the
employees.
4. Objective/aim- the key performance indicators is a value that shows that how
efficiently and effectively the company is achieving its objectives and goals. This
KPI is really important is determining the solutions when the set goals won’t be
achieved (Huang, Li, Yin, & Zhao, 2013).
MA.7
Using the business scenario, documentation of the business’s system for controlling
stock
Using the business scenario, documentation of the business’s system for controlling
stock in relation to the following aspects:
1. Inventory control system
It refers to the management of inventory in the business organization. It involved
planning and controlling of the inventories.

Monitor and Manage small business operations 15
2. Sales/Services there are many types of inventories like safety inventory, cycle
inventory, decoupling inventory, anticipation inventory and pipeline inventory.
There is much software with the company that they use to manage the plan the
inventory of the firm. There are systems used by the business organization to
monitor all their inventories.
3. Ordering/Receiving- it refers to the orders of the work received by the company
and receiving is related to the same. The more the orders and receiving, the
profits earned by the company.
4. Criteria for stock rotation
Under this business, there is no scope for the stock rotation as the company
does not have stock. The company is an accounting firm whose most of work
done on the computers.
5. Warehousing/Storage
The company also does not require any ware house and storage till the date. In
future when the business will grow, they need storage because of the papers and
documents of the customers.
6. Health and safety and WHS requirements
Legislation of safety and health
The provision set out for the safety statement
Safety and health guidance to the employees
Best practice in the employment sector
7. Stock management including expenditure cost, wastage and shrinkage
There is no much storage cost involved in this business organization due to the fact that
they deal in more computer work rather than the paper work. Though they have less
stock for MYOB Software and training as the company works on small scale basis. They
also replace order when the stocks fall below 10 items. The company also used
Periodic Inventory system (Subramanian, & Ramanathan, 2012).

Monitor and Manage small business operations 16
MA8.
The percentage of the costs of running the business is allocated to staffing
requirements
There are not particular costs determined to fulfilling the staffing requirements of the
company. The company has the capability to increase the same if it is required in the
future.
MA9.
The legal standards that must be comply when carrying out the provision of your
business’s goods/services
Taxation is one of the most important legal standards that the business is complying
with related to the services provided by the company. They have proper GST number of
the company and they charge right percentage of tax. The others are ABN, TFN, BAS
Agent’s licensing requirement, OHS Legislation, Financial Services Act, Tax Legislation,
Tax Agent Services Act 2009, Privacy Act, Anti-discrimination Act (Mattessich, 2012).
MA10.
Identification of one of the products/services that the business provides cost and
quality specifications
 quality specifications
 product/service description
 Delivery method
 time scale
The contract is between the owner of best books and the customers and clients to the
company. There is no particular time for delivery of the services as it depends on the
nature, size and types of work given y the customers to the company. . There are many
services provided by the company like book keeping and Bas services. the company do
not limit up to this as they also do management of the books of the clients, accounts
receivable and payable, management of inventories, payroll processing, financial
reports of the business organizations, IAS reports, MYOB software, etc. the company
do not charge much as they believes in reasonable prices that is bookkeeping & BAS

Monitor and Manage small business operations 17
services at $40.00 for one hour, MYOB software installation and also the training
charges are approx $90.00. The company also charges GST. The company uses
software to deliver the services to the customers (Slack, Chambers, & Johnston, 2010).
MA11.
The aspects of the business that should be monitored and reviewed to ensure
optimum business performance
There are various aspects maintained for the optimum business performace like
effectiveness, timelines, efficiency, quality, performance of the employees, etc.
MA12.
The operations and problems identified at the time of reviewing the systems and
structures of the business
 slow in the economy
 alternative competition
 increase and decrease in the regulatory pressure
 technology patters and changes
 increase and decrease in capital demand
MA13.
Action taken to correct these problems
 increase in the process and productivity
 analytics of business and market
 selection of technology
 program management
 outsourcing and offshoring the work

Monitor and Manage small business operations 18
MA14.
The aspects of your business plan may the company need to adjust at the time of
review
Same metioned in the above question
MA15.
 Information that should be included when documenting proposed changes for future
planning
 Current plan
 Future plans
 Objectives
MA16.
The new business opportunities that are available to the business
 Specialization in certain fields that increase the customer base of the firm
 Work virtuality
 Freelancing of the work
 New software can help in better accounting
Conclusion
This study has provided us knowledge about the operation management of the
company that can help in monitoring, controlling and planning for the same. There is a
theme that has to be applied on the company to achieve effective management of the
operations of the business. It will also help in enhancing the need and wants of the
business as well as of the employees. The company has to determine certain policies
and themes that can work well for the development and growth of the company. As the
company has scope to grow, they have to apply innovation and research on the same
and analyses the market requirement so that they can move in the right direction of the
same (Akkerman, Farahani, & Grunow, 2010).

Monitor and Manage small business operations 19
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