Fitness Industry & Small Business Success
Added on 2020-01-28
25 Pages7292 Words170 Views
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SMALL BUSINESSENTERPRISE
TABLE OF CONTENTSINTRODUCTION..........................................................................................................................................................3TASK 1...........................................................................................................................................................................31.1Profile of business along with its strength and weakness.....................................................................................31.2Analysis of business by using comparative measures of performance................................................................5TASK 2...........................................................................................................................................................................62.1Appropriate actions to overcome the weaknesses of Hungry House...................................................................62.2Ways to manage and strengthen existing performance........................................................................................72.3Areas in which business can expand....................................................................................................................8TASK 3...........................................................................................................................................................................93.1Assessment of existing business objectives and plans.........................................................................................93.2 Revision of business plan to incorporate changes.............................................................................................113.3Action plan to implement changes ....................................................................................................................12TASK 4.........................................................................................................................................................................144.1Impact of changes on the business and its personnel.........................................................................................144.2Management of changes.....................................................................................................................................154.3Monitoring of improvement in performance over provided time scale.............................................................18CONCLUSION ............................................................................................................................................................21REFERENCES..............................................................................................................................................................22
INTRODUCTIONIn the present scenario, small business plays an essential role in development and growthof the country. These enterprises having less number of employees and they also having lowvolume of sales. These types of firms also contribute for the development of economy byproviding the employment opportunities in a country (Burrows, 2015). The main objectives ofsmall enterprise is to fulfil the needs and desires of the local people. Present report is based onHungry House which is a online takeaway ordering service company which was established inthe year 2007. the company is providing excellent services to their customers and provide all thefacilities to them. This report covers the strengths and weaknesses of Hungry House with theanalysis by using different comparative measures of performance. Apart from this, this reportalso 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 forimplementing changes (Goss, 2015). Thus, there are some of the impact of those changes on thebusiness and plan regarding managing the changes. TASK 11.1Profile of business along with its strength and weaknessSmall businesses can be defined as the companies which are owned independently andhave workforce of less than 500 workers.Furthermore, these businesses plays very importantrole in growth and success of economy by contributing in GDP and employment. Smallbusinesses are the one which are involved in operation and needs to fill their account with thecompanies’ house for the last 3 years. In context of owner, it can be stated that Shane Lake and Tony Charles are the keyowners of Hungry house who has founded the business in year 2003. It is located in 78 YorkStreet W1H 1DP and can be contacted on the number 0800612333 (Hungry House CustomerService Contact Details, 2017). Its operating hours from Monday to Friday includes 09:00 am to5:00 pm and the business remains closed on Saturday and Sunday. Its key competitor includes eRooftops Limited, Ridee Ltd. and Scoffabl.At the time of carrying out its operations, there arewide range factors which need to be taken into consideration. The activities of Hungry house areaffected by factors such as changing customer taste, economic environment and increasing levelof 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 ofcustomers. On the other side of this, its weakness lies in areas such as market research. Theselected business enterprise do not invest large amount of resources in conducting marketresearch 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 therestaurants which helps the people to place an order online. Further, the management of thecompany make appropriate plans for the development so that they can provide effective andefficient 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 personaldevelopment as well as growth. Further, the management also gives importance to the meetingsand conferences which is helpful in discussing different issues which are faced the staff membersand they are using various methods so that they can make improvement in the services. Strengths-Highly motivated and trained employees so that they are able to provide appropriateservices to their customers. Creativity in work of employees and use different ideas for attracting huge number ofcustomers. Culture at workplace motivate employees and it helps to retain them for long period oftime (Ackermann and Audretsch, 2013). High quality of services to customers at reasonable prices so that it helps to increase inthe volume of sales. Weakness- Lack of research and development in which the company cannot get appropriateknowledge regarding the preference of customers.Adoption of new technology with the time and the company have to make some of themodifications in their online services. Therefore, this are some of the strength and weakness of the Hungry house which areevaluated and are needed to manage them in appropriate manner (Carraher and Paridon, 2015).
1.2Analysis of business by using comparative measures of performanceAll of the businesses have to carry out analysis of their operational activities in a propertime frame. The main aim behind this is to that it supports the business in order to get aware ofthe different areas which are required to be improved. Along with this, this types of analysisplays an significant role for the purpose of determining the appropriate strategies (Harris, Gibsonand Taylor, 2015). Hungry house analysis is using different comparative measures of theperformance which are carried out as follows:Customer satisfaction- It can be said that the rate of customers satisfaction is appropriate aftercarry out the assessment of Hungry House. The company wants fast delivery services and thecompany also make changes as per their requirement which is beneficial for them. Further, theykeep on working in context of providing quality services and they have to make changes for thesame. Tools of marketing- In the current scenario, company is using traditional methods for thepromotion 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 marketingthrough 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 andprofit of the business. Financial data- This is considered as another comparative measure of performance that can beused by business in order to carry out analysis. After the assessment of the financial data it canbe inferred that in the last few years there is increase in the sales and profit of the company togreater extent. But at the same time, the stated business has the capability to perform in anappropriate 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 theircustomers in an appropriate manner. This will support the business for creating a good image inmarket and attract large number of customers for a long period of time. YearProfit beforetax(values in 000)TaxationProfit after tax2016£500100£400
2015£35070£2802014£25050£200Kindly note that the figures are assumed as there is no information provided over internetregarding the financials of selected small business enterprise. AssumptionsThe above small scale business's performance has been evaluated by ascertaining theprofitability of the Hungry House over last three years. The tax rate used here is 20% which iscorporate rate of taxa applied on the business of Hungry house. The annual profit before tax hasgradually increases over the years which shows the significance of the business. The tax amounthas increases butr not with that much pace like increment in the profit. It can be said that theprofit after tax has gradually increases from one period to another which showacses an entity'sgood performance.TASK 22.1Appropriate actions to overcome the weaknesses of Hungry HouseIt can be stated that Dragon Den is a kind of television series of Britain which is hosted byEvan Devis. Furthermore, Sony pictures are the owner of Dragon Den series and the televisionshow is entirely based on Japanese series. Here, the series provide entrepreneur in UK with anpotential opportunity to share their ideas and views regarding business. The selected businessenterprise which is Hungry house was founded in the year 2007 and it comes on 5th position ofthe dragon den series. Its key business practises are related with online takeaway orderingservices and it has raised investment from the dragon den. In the year, 2013, Hungry house wasentirely acquired by Delivery Hero which was Berlin based key competitor of the selectedbusiness enterprise (Dragon’s Den success stories: Hungryhouse 2015). It is essential andneeded by Hungry house to take appropriate measures and correct actions to overcome all theweaknesses in order to manage all of the activities and operation in smooth flow. There is highcompetition in this business now a days and it is important for business to increase the volume ofsale and profit for the company (Woo, 2015).
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