Positive and Negative Points of Small Business Enterprises
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Added on 2020-02-12
Positive and Negative Points of Small Business Enterprises
Added on 2020-02-12
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SMALL BUSINESSENTERPRISETable of Contents
INTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1.1 Small business strength and weakness...............................................................................3P 1.2 Analysis of the business using comparatives measures of performance ........................4TASK 2............................................................................................................................................5P 2.1 Appropriate actions required to overcome weakness in the business...............................5P 2.2 Ways in which existing performance could be maintained and strengthened...................6P 2.3 New areas in which the company could be expanded.......................................................6TASK 3............................................................................................................................................7P 3.1 Assessment of existing business objectives and plan........................................................7P 3.2 Business plan to incorporate appropriate changes.............................................................8P 3.3 An action plan to implement the changes..........................................................................9TASK 4..........................................................................................................................................10P 4.1 Impact of the proposed changes on the business and its personnels................................10P 4.2 How the changes will be managed in the business.........................................................10P 4.3 Improvement in the performance of the business over a given timescale......................11CONCLUSION..............................................................................................................................12REFERNCES.................................................................................................................................12
INTRODUCTIONThe small business enterprise is the business in which few people run the business. Intoday competitive market., there are various number of small business enterprise the economysmall, business enterprises capture a considerable share of the market (Altman,Sabato andWilson,2010). There are many areas in which the small business enterprise can grow in the longterm. In the following report it will be discussed that the small business enterprises have theirown positive as well as their negative sides in the market. The small business enterprises have tomake some efforts to upgrade their business. There are many calculation measure by which theperformance of the business of small business enterprise can be evaluated. Small businessenterprise like Austin Fraser limited can be many industry like engineering, informationtechnology and consultancy firms etc. There are many challenges of the small business enterprisehas to face while running the business with the success. To deal with then challenges the smallbusiness enterprises must use the and implement some appropriate action plan. The existingperformance of the small business enterprises can be improved by effective strategy.TASK 1P1.1 Small business strength and weakness Austin Fraser being a small business enterprise there are some strengths as wellas weakness in the business. The small business enterprises has the less complex managementsystem as it has few employees in the organisation (Bellucci and et.al., 2010). In the AustinFraser there are lower level of funding required. There is less risk in the small business enterpriselike Austin Fraser as there is well established huge goodwill in the market, so it can takeinnovative action in the business to improve the business in the future. Being a small businessenterprise of recruitment consultancy,Austin Fraser has the benefit of more focus on customers.Another strength of the small business enterprise is the organisation is moreresponsive about market need as it is in process to make identity in the market. The smallbusiness enterprises like Austin Fraser have many weakness also with them. The small businesscompany has the poor access to finance as it has no established image in the market, so there isno so much arrangement of the finance to support in running the business. There are limited
resources for the business in the small business enterprise as they have no monetary support somuch (Bridge and O'Neill,2012). As there are few people in the staff, there is less chance ofhaving highly skilled employees in small business enterprise. Another weakness of smallbusiness enterprise like Austin Fraser is that they have less strategic planning and thinking asthere are not much skilled management person.As there is no big staff in the small business, there is no job security for theemployees because of less capability of paying salaries to the employees. There is no specificstandardisation related to work environment or quality of the product and customer retention.Thus there are many strengths along with weakness in the small business enterprise like AustinFraser.P 1.2 Analysis of the business using comparatives measures of performanceAustin Fraser has to monitor the performance to make sure that there isimprovement in the existing performance of the business. There are many measures of thebusiness performance like questionnaire with customers, financial statements,sampledata,interview and research etc. In the measuring the business performance related to finance, thefinancial statements are analysed or reviewed (Chittithaworn and et.al.,2011). If there is anydeviation in the financial performance like cash flow, profit and loss account, balance sheet andentries in the journals, an appropriate action can be taken by the company. There are many smallmeasures of the financial performance like gross profit margin, operating margin, net profitmargin or return on capital employed through which the accurate current financial performanceof the company. Austin Fraser can use the customer responses by surveys , questionnaire in which somequestions are asked related to the product and services of the company. In the questionnaire , allresponses of the questions are recorded and an interpretation of each response is prepared sopthat in the final report of the questionnaire suggestions can be given to improve the performance.If the organisation gets the negative remarks by the customers then it would make some strategyto improve the services and product quality so that maxim um customer satisfaction can beachieved. Through interview with the employees which is also a measuring method ofperformance, the company can get the information about how comfortable its employees are sothat they can do their best in work.
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