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Factors Influencing Small Business Success

   

Added on  2020-02-05

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SMALL BUSINESSENTERPRISE
Factors Influencing Small Business Success_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Profile of organisation with its strength and weaknesses......................................................11.2 Comparative analysis of performance of Beauty Blvd Company.........................................2TASK 2............................................................................................................................................42.1 Justification and recommendation.........................................................................................42.2 Analysis of ways that can make improvement in performance............................................42.3 New areas for expansion.......................................................................................................5TASK 3............................................................................................................................................63.1 Existing business plan and objectives...................................................................................63.2 Review of business plan to make changes............................................................................73.3 Action plan to implementation of change.............................................................................7TASK 4............................................................................................................................................84.1 Evaluating impact of changes on business and personnel....................................................84.2 Planning how the changes will be managed in business ......................................................94.3 Monitoring improvements in performance...........................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONThere are many small, medium and big enterprises working in different countrieswhich contribute in development of economy. It is evident that there are many small enterprisesestablished in country which is most common as it needs less amount of investment to start withlittle quantity of people. These are managed by the private companies as the decisions are madeby the owner only. Thus, the entire rights of managing the company and taking decisions arewith its owner. In UK, there is a famous TV serial Dragon's den which is based on adifferentiated concept of investing on various ideas presented by people having innovativeaspects (Eckerson, 2010). The panels of judges listen to the ideas of various contestants and thebest one is chosen so that their idea can be developed and aided through proper funds. Thepresent report is going to discuss one similar company for the further study. The Beauty BLVDorganisation is a company which was approached by Dragon's den when they were impressed bythe product. The report will discuss various strength and weakness of products along with itsSMART objectives that helped in gaining success. Besides this, some recommendations havebeen made which can overcome weakness of product.
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TASK 11.1 Profile of organisation with its strength and weaknessesThe Beauty BLVD is a cosmetic company which was funded by Dragon's den andestablished as a small business enterprise. The firm is located in 1, Silver Street, Lincoln in UKwhich is owned and managed by Racheal De Caux and Paula. The said firm serves its customersglitter lips range and similar glitter products like eye liner, lip gloss, glitter eyes and lip balms(Essers, Böhm and Contu, 2009). The mentioned organisation provides its products through itsphysical stores as well as online platforms. The form has its presence in global markets of NewZealand and Australia as well. Both co-owners of this entity had a good image in hair and beautyindustry they decided to start a venture. Both girls went into Topshop, and oxford streets wearingtheir Glitter lips because of which they were noticed by many of the floor staff. They tookpictures of them and sent to the head office. Soon they got response and offered with anopportunity to show their products to founder of Ruby & Millie make up along with beautyeditor of Vogue. The product gained much of the popularity due to its presence in Dragon Den'sshow. The people used to stand in queue for long hours just to try out the product. Last year thecompany has a turnover of £2.5million. The products of mentioned company got a big hype andthe owners decided to launch an online store so that they can cater the demands of customers(Finch, 2011). At initial stage, the organisation was not much successful as they used Paypal forselling their beauty products. Later, they found that they need to bring some improvements inpayment system which they improved through conducting researches and taking feedback fromcustomers. Thus, the company passed from various stages and later they successfully made theirmarket by winning the hearts of customers. Further, the product got more fame as it is of highquality and it does not harm lips as it contains Vitamin A, C and E. Besides this, the product isrich and long lasting up to 8 hours with just one time application. The organisation has enteredinto hair care as well and now it has made the product popular through its tag line “Wherehealthy hair care and beauty meet”. For analysis of mentioned organisation, its internal scanning has been done which revealsits various strength and weaknesses which are as follows:Strength The product has good innovative side which can easily attract largenumber of people (Fitzgerald and et.al., 2010).
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