Managing and Strengthening Performance of Hungry House: A Small Business Analysis
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This report analyzes the strengths and weaknesses of Hungry House, a small online takeaway ordering service company. It also provides strategies to overcome weaknesses, manage and strengthen performance, and explores areas for business expansion.
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SMALL BUSINESS ENTERPRISE
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TABLE OF CONTENTS INTRODUCTION..........................................................................................................................................................3 TASK 1...........................................................................................................................................................................3 1.1Profile of business along with its strength and weakness.....................................................................................3 1.2Analysis of business by using comparative measures of performance................................................................5 TASK 2...........................................................................................................................................................................6 2.1Appropriate actions to overcome the weaknesses of Hungry House...................................................................6 2.2Ways to manage and strengthen existing performance........................................................................................7 2.3Areas in which business can expand....................................................................................................................8 TASK 3...........................................................................................................................................................................9 3.1Assessment of existing business objectives and plans.........................................................................................9 3.2 Revision of business plan to incorporate changes.............................................................................................11 3.3Action plan to implement changes....................................................................................................................12 TASK 4.........................................................................................................................................................................14 4.1Impact of changes on the business and its personnel.........................................................................................14 4.2Management of changes.....................................................................................................................................15 4.3Monitoring of improvement in performance over provided time scale.............................................................18 CONCLUSION............................................................................................................................................................21 REFERENCES..............................................................................................................................................................22
INTRODUCTION In the present scenario, small business plays an essential role in development and growth of the country. These enterprises having less number of employees and they also having low volume of sales. These types of firms also contribute for the development of economy by providing the employment opportunities in a country (Burrows, 2015). The main objectives of small enterprise is to fulfil the needs and desires of the local people. Present report is based on Hungry House which is a online takeaway ordering service company which was established in the year 2007. the company is providing excellent services to their customers and provide all the facilities to them. This report covers the strengths and weaknesses of Hungry House with the analysis by using different comparative measures of performance. Apart from this, this report also explains some of the new areas where the small enterprise can expand their business. Further, it also covers the assessment on the existing objectives of business and action plan for implementing changes (Goss, 2015). Thus, there are some of the impact of those changes on the business and plan regarding managing the changes. TASK 1 1.1Profile of business along with its strength and weakness Small businesses can be defined as the companies which are owned independently and have workforce of less than 500 workers.Furthermore, these businesses plays very important role in growth and success of economy by contributing in GDP and employment. Small businesses are the one which are involved in operation and needs to fill their account with the companies’ house for the last 3 years. In context of owner, it can be stated that Shane Lake and Tony Charles are the key owners of Hungry house who has founded the business in year 2003. It is located in78York Street W1H 1DP and can be contacted on the number 0800612333 (Hungry House Customer Service Contact Details,2017). Its operating hours from Monday to Friday includes 09:00 am to 5:00 pmand the business remains closed on Saturday and Sunday. Its key competitor includes e Rooftops Limited, Ridee Ltd. and Scoffabl.At the time of carrying out its operations, there are wide range factors which need to be taken into consideration. The activities of Hungry house are affected by factors such as changing customer taste, economic environment and increasing level of competition. The strengths of selected business lie in its staff members. For example its staff
members are highly effective and capable enough to understand the need and requirement of customers. On the other side of this, its weakness lies in areas such as market research. The selected business enterprise do not invest large amount of resources in conducting market research and therefore it has created several obstacles in overall success of the brand. In the selected business which is Hungry House that allows users to search for the restaurants which helps the people to place an order online. Further, the management of the company make appropriate plans for the development so that they can provide effective and efficient services to the customers (Blackburn, Hart and Wainwright, 2013). In addition to this, with the help of training the employees get motivated and so that they take care of personal development as well as growth. Further, the management also gives importance to the meetings and conferences which is helpful in discussing different issues which are faced the staff members and they are using various methods so that they can make improvement in the services. Strengths- ď‚·Highly motivated and trained employees so that they are able to provide appropriate services to their customers. ď‚·Creativity in work of employees and use different ideas for attracting huge number of customers. ď‚·Culture at workplace motivate employees and it helps to retain them for long period of time (Ackermann and Audretsch, 2013).ď‚·High quality of services to customers at reasonable prices so that it helps to increase in the volume of sales. Weakness- ď‚·Lackofresearchanddevelopmentinwhichthecompanycannotgetappropriate knowledge regarding the preference of customers. ď‚·Adoption of new technology with the time and the company have to make some of the modifications in their online services. Therefore, this are some of the strength and weakness of the Hungry house which are evaluated and are needed to manage them in appropriate manner (Carraher and Paridon, 2015).
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1.2Analysis of business by using comparative measures of performance All of the businesses have to carry out analysis of their operational activities in a proper time frame. The main aim behind this is to that it supports the business in order to get aware of the different areas which are required to be improved. Along with this, this types of analysis plays an significant role for the purpose of determining the appropriate strategies (Harris, Gibson and Taylor, 2015). Hungry house analysis is using different comparative measures of the performance which are carried out as follows: Customer satisfaction-It can be said that the rate of customers satisfaction is appropriate after carry out the assessment of Hungry House. The company wants fast delivery services and the company also make changes as per their requirement which is beneficial for them. Further, they keep on working in context of providing quality services and they have to make changes for the same. Tools of marketing-In the current scenario, company is using traditional methods for the promotion of their services such as advertisement, television and newspapers. In this context, they are not suing the techniques of social media marketing which includes the online marketing through different sites, e-mail marketing which can be beneficial for them (Eid and El-Gohary, 2013). Thus, all these new techniques of promotion help to increase in the volume of sales and profit of the business. Financial data-This is considered as another comparative measure of performance that can be used by business in order to carry out analysis. After the assessment of the financial data it can be inferred that in the last few years there is increase in the sales and profit of the company to greater extent. But at the same time, the stated business has the capability to perform in an appropriate manner and able to overcome their weaknesses in an effective way (Ritchie, 2015). Speed of services-The services of Hungry House are reliable and fast and they are serving their customers in an appropriate manner. This will support the business for creating a good image in market and attract large number of customers for a long period of time. YearProfitbefore tax(values in 000) TaxationProfit after tax 2016ÂŁ500100ÂŁ400
2015£35070£280 2014£25050£200 Kindly note that the figures are assumed as there is no information provided over internet regarding the financials of selected small business enterprise. Assumptions The above small scale business's performance has been evaluated by ascertaining the profitability of the Hungry House over last three years. The tax rate used here is 20% which is corporate rate of taxa applied on the business of Hungry house. The annual profit before tax has gradually increases over the years which shows the significance of the business. The tax amount has increases butr not with that much pace like increment in the profit. It can be said that the profit after tax has gradually increases from one period to another which showacses an entity's good performance. TASK 2 2.1Appropriate actions to overcome the weaknesses of Hungry House It can be stated that Dragon Den is a kind of television series of Britain which is hosted by Evan Devis. Furthermore, Sony pictures are the owner of Dragon Den series and the television show is entirely based on Japanese series. Here, the series provide entrepreneur in UK with an potential opportunity to share their ideas and views regarding business. The selected business enterprise which is Hungry house was founded in the year 2007 and it comes on 5thposition of the dragon den series. Its key business practises are related with online takeaway ordering services and it has raised investment from the dragon den. In the year, 2013, Hungry house was entirely acquired by Delivery Hero which was Berlin based key competitor of the selected business enterprise (Dragon’s Den success stories: Hungryhouse2015).It is essential and needed by Hungry house to take appropriate measures and correct actions to overcome all the weaknesses in order to manage all of the activities and operation insmooth flow. There is high
competition in this business now a days and it is important for business to increase the volume of sale and profit for the company (Woo, 2015). There is one of the major weakness of company is adoption of new technology in business which is to be done with the help of using different sources which are helpful in gaining knowledge regarding the new techniques for providing services to customers. They have to focus on the sessions of the training and development which is beneficial for learning aspect and it is helpful in managing different activities of the business. It is necessary to implement new technology in business for the purpose of providing fast service delivery to the customers so that it enhances the level of profit. Further, there is requirement of more research and development in order to evaluate the preference of customers so that they can provide appropriate services to the customers (Sluyterman, 2013). It can be done with the help of different department in which their work is to carry out research in the different areas so that it helps to gain knowledge regarding the preferences of various customers. Therefore, it can be stated that the above mentionedtherearetwomostappropriateandeffectiveactionsthatcanbetakeninto consideration by Hungry House in order to overcome the main weaknesses which are faced by the management. In context of tip of training, it can be expressed that the selected business enterprise can focus more on offering training and development programs to all its workers. Furthermore, training sessions related to market research, industry trend analysis and customer survey etc. can be provided to people working in organization. This will increase the overall productivity and will also enhance the volume of sales and profits. 2.2Ways to manage and strengthen existing performance In the current scenario, each businesses is needed to manage the strengthen their existing performance of the business for survive in the long run and stay competitive in the market. Hungry House is also needed to maintain their level of performance that can be done with the help of different methods. One of the most important and effective way is that to provide the sessions of training and development to the employees (Cunningham, Sinclair and Schulte, 2014). It is essential for the employees to understand and meet the requirement of customers. With the help of training and development it will increase in the innovative strategies which
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increase the level of profit and sales. It will also increase the capacity to adopt new technologies and different methods which is beneficial for business. On the other hand, feedback is another way to maintain and strengthen the current level of performance at workplace.For example Hungry House can implement an effective feedback system which focuses on extracting valuable information from customers. The information can be related to the fact that whether products and services offered is satisfactory or not, what type of changes can be done, what new services can be introduced etc.It is implemented to know the review and opinion of the customers considering the level of satisfaction so that Hungry House can make changes as per the requirement of the customers (Jenner, 2016). This will helps to understand the changes in the needs and demand of the customers and it will be able to make strengthen in its current level of performance. It facilitates the management to make appropriate changes which are required by the business. Feedback from customers is essential so that increases the level of understanding by considering the point of view of customers which is helpful in managing the various activities. 2.3Areas in which business can expand Business are needed to expand in some of the different areas so that they can changes in the range of their offerings. There is one of the main advantage of expanding the range of products and services even in the conditions of the sale of products slow down the enterprise can survive along with the sales of other products and services (Longenecker and et. al., 2013). For competitive in the market the Hungry House is also needed to expand their activities and operations in other areas so that it will helps to attract different customers and increase in the volume of sales. The small business enterprise can also introduce some of the other services which are helpful in order to expand the business and to manage different activities which are beneficial for business for long term. This will helps to increase the number of customers and people will find out the various types of services at one place. They also can expand their business in different cities of UK so that they can create a huge customer base with different types of people in their business that is important for the company (Malin, 2012).Hungry House can come up with its restaurants in different locations of the country. This will directly contribute in overall growth, development and expansion of the selected business enterprise. The same quality and quantity of food can be offered by Hungry House to its customers.
In addition to this, the Hungry House also expand its sales and market share with the help of techniques using internet and through the social media marketing which helps in attracting large number of customers. Hungry House can promote its services by using various sites such as Facebook and Twitter with an objective to create more and more awareness among people in the market. This is beneficial because it will assist Hungry House in carrying out marketing and promotion of all its products/services in more effective manner.It can be accessed easily by the people and it will helpful for small business so that it increases the brand awareness in an effective manner. Further, the company will deliver their services in different areas which are required to be manage by the business so that it helps them to work in an appropriate manner (Moore and Spence, 2006). They can expand their business with the help of different business strategies and with the help of market development which helps to increase in the level of profit. Through the strategy of market development so that it helps in reaching new customers and expansion in the new geographical areas and to capture the new area of market. Thus, these are some of the areas in which the company can expand their business and it is essential for them in order to increase in the level of profit and sales. TASK 3 3.1Assessment of existing business objectives and plans Describing the business- It can be stated that Hungry House, was founded in the year 2003. The business provides its customers or people in UK with a very potential platform for ordering online food.Along with this, Hungry House also provides services such as browsing menu of restaurants and seeking for the review provided by customers. Marketing examples – The brand is carrying out marketing and promotion of all its services and products by both online and offline platform. For example it has developed its official page on social media site such as Facebook. This allows the small business enterprise to interact with customers, make them aware about the products/services offered and promote the same. In terms of competition, it can be asserted that The Love Takeaway is key competitor of Hungry House which is providing very intense competition to the small business enterprise. Operations – locations – transportation It is located in78 York Street W1H 1DP and it is presently offering its services via online platform. Customers are required to visit the
online site of Hungry House in order to purchase and use the services provided by selected small business enterprise. Furthermore the company has adopted for a moderate pricing strategy in order to gain competitive advantage over other market players. Financial source of finance - Bank loan and owners capital can be considered as the two major sources of finance which are taken into consideration by Hungry House in order to carry out smooth flow of all its operations and business practises. Objectives can be defined as what a company needs to achieve in short run and long run. It is required by businesses to set the goals with actions so that the company get directions for achieving those objectives. The assessment of the existing business plan and objectives of Hungry House are mentioned below: Assessment of business plan Each and every business plan start with the procedure of setting up the goals and it has been identified that Hungry House has established some of the long and sort term objectives (Street, C. T. and Cameron, 2007). Further, after the company set their objectives the business define the different strategies which are useful for attaining those objectives. In context of this, it can be said that the stated business has developed some of the appropriate strategies and also needs some changes. Apart from this, the process of implementation taken into consideration and the management of cited business implement all of their plans and strategies. There is lack of effectiveness in the process of monitoring which is one of the most important aspect. The services which are provided to customers are not monitoring and sometimes it creates issues. Thus, after assessing the plan of business it can be stated that whole plan is appropriate but it needs some of the changes (Thomson and McAdoo, 2015). Assessment of Objectives The main objective of Hungry house is to provide services to their students and appropriate facilities. One of the aim of the company is to achieve competitive advantage over other players in the market. Further, another aim is to increase in the profitability and market share of the company. These objectives are proper according to the nature of small enterprise after assessing its objectives. In order to survive in the long run and grow so that the changes are required to be done. In addition to this, SMART objectives can be made for the expansion in the
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operation of the business (Tompkins Jr, Kent and McDonald, 2006). Thus, by adopting new marketings strategies and to make sure all the objectives can be achieved. This objectives helps in order to generate profit and sales of the company and increase in the productivity of the employees at workplace. The specific business objectives plans are mentioned below as: ď‚·To increase sales and profits by 20% within next 2 years ď‚·To enhance customers base by 25% within next one year ď‚·To open 5 new physical stores within the period of next 3 years 3.2 Revision of business plan to incorporate changes It has been identified that the dance company have to make changes as per the requirement because they are facing tough competition from other companies. It is required to revise their existing business plan for incorporate the changes. With the help of changes the company is able to improve their efficiency and also assist in the competitive advantages. Further, in context of this Hungry House needed to develop smart objectives so that it can be measured in an appropriate time frame and the main objective is to achieve in effective manner (Burns, 2010). Along with this, the company have to adopt some of the new techniques of marketing. It helps in attracting large number of customers and it helps in the development of the company. Thus, small business enterprise has to use some of the new strategies of marketing in their whole business strategies. The stated business is required to make changes in the process of monitoring which is an essential part of the business. For this, they have to assign people in order to monitor the work at Hungry House. This is helpful in managing the work and to make sure that all the activities are carried out by the enterprise in an appropriate manner. Moreover, the company have to use proper resources which are needed for providing services to their users which is essential for the business (Carter and Evans, 2006). It can be expressed that in order to incorporate changes, Hungry House will be required to opt for an open communication process. Employees and other staff members should be allowed to present their views and opinions towards success of the business enterprise.
From the assessment carried out above, it has been reviewed that Hungry House is to increase its sales by 20% within next 2 years. It can be expressed that the business will need to focus more on its marketing activities in order to achieve the desired objectives. In the business plan developed by Hungry house, there are certain improvements which need to be carried out. For example it needs to add some more aggressive strategies in order to achieve its long term and short term objectives. Furthermore, the monitoring is also required to become more effective so that the business can understand whether its resources and efforts are heading towards right direction or not. 3.3Action plan to implement changes There are some of the changes which are required to be made by Hungry House and it is needed by the enterprise in order to create an action plan for implementing changes. Further, with the help of plan it will help in the different aspects including the people who are providing services in dance company and they have to adopt transformation and to get positive results. The action plan to implement the changes in the stated business is given below:ď‚·Procedures to handle changes-This is the most essential stage of the action plan and it explains for the completion in the transformation process. In context of this, Hungry House is needed to make changes in their strategy for the implementation and manage the changes (Dobbs and Hamilton, 2007). The staff at workplace are developed and manage the process of transformation in an effective manner. The process of handling the changes is required to be done in appropriate manner so that it increases the level of performance of the employees and manage it in an effective manner.ď‚·Roles and responsibilities of the staff-It has been identified that the changes are appropriate and employees are also provide their contribution. In addition to this, the company is required to take appropriate care of their staff members and various activities that are affected by the transformation process. Hungry house is a small enterprise and they are not facing any issues in order to implement changes. In this context, the business is needed to assign some of the roles and responsibilities to the members of staff so that it helps in achieving appropriate outcomes with the help of transformation.ď‚·Tools which required to be used- Enterprise using different tools ad techniques for implementing changes in the company. It is needed by Hungry House to identify which
tools are beneficial at the time of transformation of process (Down, 2010). Along with this, the company get proper outcome of the changes by using effective tools at workplace. This tools helps the company to use it in effective manner and to deal with the various changes. ď‚·Monitoring- It is important aspect for business to monitor the various activities which are performed by the members of staff. The process of monitoring will help in identifying impact of transformation on the activities of employees which might be affect their work and it cannot be handle by the management (Hamel, 2008). Further, through monitoring the management of company can analyse the different changes occurs at workplace. Thus, it can be stated that with the help of monitoring there are different areas which are required to be manage and needs proper analysis. Action plan ActivitiesWeek 1Week 2Week 3Week 4Week 5Week 7Week 8 Developing objectivesof change Formulating achange management team Selecting different change management techniques
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Implementin g the changes Monitoring ofchanges implemented Taking corrective measures Getting desired results TASK 4 4.1Impact of changes on the business and its personnel There is direct impact of the changes on the business as well on personnel. It is important to make some of the changes in the strategies and objectives in order to grow and stay profitable for the long period of time in market. This changes helps in order to increase in the share of market and it helps in the process of expansion (Harris, Gibson and Taylor, 2015). The company is required to use some of the modern techniques in order to promote their business through social media which is cost effective. This method is helpful in attracting large number of customers through different techniques of social media marketing. It leads to increase the sales of the company that is beneficial for them. On the other side, there is improvement in the level of performance with the help of changes in the objectives. All of the personnel's also get impacted due to the changes and it will also improves the effectiveness and productivity. They are also able to perform in an appropriate manner and provide better services which will helps to increase in the satisfaction level of customers (Blackburn, Hart and Wainwright, 2013). Apart from this, sometimes it have negative
impact on the employees due to the various changes at workplace which is essential to manage that changes. Thus, it is important for the management to make sure that all of the staff members accept the changes and work accordingly. With the help of proposed changes it will improve the quality of their services, market share and profitability in their services and the staff members are also productive and efficient. It can be stated that this changes helps to manage different areas for the development of the company. It is helpful for small business as they can use various sources for making changes and appropriate use of those changes in the business. It leads to increase in the level of profit and volume of sales in the services. Thus, it will helps to increase the business and manage the different activities at workplace. It can be stated the selected business enterprise which is Hungry House has made certain changes in the context of using technology. This will have a direct and positive impact on areas such as sales and profits of Hungry House. The rationale behind this is that using high end and latest technology will support in carrying out easy and more convenient access of the online platform for sale and promotion. Therefore, this will results in enhancing the volume of sales and profitability of Hungry House. The other impacts of changes are mentioned below as: Resistance to change – It can be termed as one of the most important factor which needs to be considered by Hungry House after implementation of change. Employee’s resistance to change can results in affecting the entire outcomes of the modification carried out. Anxiety –It can be stated that the changes can also results in increasing the stress level and anxiety level among people working in the organization. Furthermore, this can results in increasing the overall rate of employee turnover within the selected business enterprise. Business- The changes will result in increasing the scale of profits and sales of the company. Along with this, the changes will also affect the overall degree of customer satisfaction in positive sense. In short run, the changes may results in increasing the overall cost of operations for the selected small business which is Hungry House. 4.2Management of changes In order to produce appropriate results all the changes which are made in businesses are needed to be managed in an effective manner. All the employees and managers of Hungry House
have to take care of the aspects that the process of transformation is properly implemented in an effective manner. After the changes are introduced they are required to monitor with the help of system track and impact of it on the different activities and other members of staff (Tompkins, Kent and McDonald, 2006). It is necessary to take correct actions against if there is any unwanted outcomes are produced due to the changes. It can be stated that action plan considering changes must be revised in a particular time frame so that it helps in achieving the objectives of change and expected results. There is one of the main goal behind the changes in Hungry House is to increase in the market share and it is check within the gap of three months and they evaluate the progress of the company. It has been identified that if the company cannot handle the changes properly so that there is decrease in the level of productivity of an employee and it also develop dissatisfaction among the members of staff. Thus, the best method in order to manage the process of transformation is by developing the team at workplace as they are responsible for implementation and manage the changes in Hungry House. This changes are important for the business and helps to increase in the level of performance so that it helps to manage the different activities which are beneficial for the business (Thomson and McAdoo, 2015). It can be stated that maintain the changes as per the requirement of the business and the management of the company is able to handle all of the aspects related to the changes in the business. The process of transformation can be developed through the team members and they are able to mange the the work which is assigned to them. Change management process and diagram In order to carry out effective management of changes in Hungry House, model such as kotter 8 steps of manage change will be taken into consideration. furthermore the eight stages are mentioned below as: Creating a sense of urgency – It is the first stage in which people working in Hungry House will be required to develop a sense of urgency for carrying out changes. Developing a guiding team – It can be termed as an important stage in which Hungry House will be required to lay emphasis on formation of a guiding team. The team will be responsible for implementing desired changes and management of the same in the best possible manner.
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Developing a proper vision of change- Hungry House will be required to formulate a clear vision of change and need of change. Communicating the vision or need- Hungry House need to communicate the same to all its workers. This will create sense of satisfaction among workers and will also encourage them to place their efforts Empowering action – In this stage of change management, Hungry House will empower all its workers and team of change management in context of accomplishing changes. Furthermore,theblocksandobstaclesfacedinchangemanagementwillbealso eliminated in this stage (Kotter’s eight-stage change model,2017). Creating quick wins - Hungry House will need to create some short run and quick wins so that people in the organization can start believing in the changes and place their efforts in the management of same. Building the change – This is the stage in which Hungry House will start building the change slowly and slowly. Here, the selected business enterprise will need to ensure that changes get rooted in the behaviour and values of all the staff members working in Hungry House. Making changes stick- This is the last stage in which Hungry House will be required to ensure that the changes are permanent and has stick with its business operations and practises.
Figure John Kotter's 8 steps to manage changes (Source:Kotter’s eight-stage change model,2017.)
4.3Monitoring of improvement in performance over provided time scale In the modern era, effective monitoring of business practises has become very essential for overall growth and success of any company. Nowadays, the competition among businesses has become so intense that it is no longer easy for businesses to attract customers and retain the old ones. Furthermore, effective monitoring supports in getting aware of the key areas which needs to be improved. According to the systematic plan of monitoring, first of all the selected business enterprise is required to set up the objectives related to monitoring. On the basis of developed objective, the business needs to develop action plan which can help in carrying out the monitoring in the best possible manner (Dobbs and Hamilton, 2007). Further, the plan will be implemented in order to achieve desired results. However, it can be argued that at the time of implementation of plan, it is required by the company to develop open communication process and follow democratic style of leadership. After implementation of the plan, the company will work out on determining the performance measurement tools which can assist in evaluating the overall performance carried out by the business enterprise. On the basis of information collected, the business will work upon eliminating the key loop holes in the plan. After this, steps will be taken into consideration in order to improve the services. This will help in creating sense of satisfaction among all customers and will also help the selected business enterprise to achieve adequate growth (Street and Cameron, 2007). ActivityWeek 1Week 2Week 3Week 4Week 5 Establishment of objectives Developing action plan Implementing the plan Determining
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andevaluating performance measurement tools Findingout loops holes Eliminating loop holes Improvement ofservice quality Monitoring the process
CONCLUSION From the above carried out study it can be concluded that small business enterprise are required to identify their strength and weaknesses in order to survive in the market for a long period of time. Further, the strategies are made to overcome the weaknesses and there is analysis which is carried out for the maintenance of the existing performance of the company. It can be inferred that Hungry House is facing a huge competition from the other company and they have adopted some of the changes which are required for the business in order to develop in market. Moreover, it can be summarized that the changes plays an important role in the business and to stay competitive for the long run survival. Hungry House needed to make changes in their objectives and strategies of marketing. With the help of appropriate marketing they are able to promote their business with the use of different tools and techniques. Thus, it can be stated that small businesses can easily implement the changes according to the requirement of company.
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