Small Business Success Factors

This assignment delves into the crucial factors influencing the success of small businesses. It examines various aspects, including resource allocation, strategic decision-making, collaboration opportunities, and the impact of government policies. The analysis draws upon a range of scholarly articles and online resources to provide a comprehensive understanding of the challenges and triumphs faced by small business owners.

SMALL BUSINESS ENTERPRISE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Profile of Swing patrol Ltd....................................................................................................3
1.2 Comparison of the business performance of Swing Patrol with rival firms..........................5
TASK 2............................................................................................................................................7
2.1 Appropriate actions to overcome weakness..........................................................................7
2.2 Ways in which existing performance can be maintained......................................................8
2.3 New areas in which firm can expand its business.................................................................8
TASK 3............................................................................................................................................9
3.1 Assessment of existing business objectives and plans..........................................................9
3.2 Reviewing business plans and suggesting areas of improvement.......................................10
3.3 Preparation of action plan to implement changes................................................................11
TASK 4..........................................................................................................................................11
4.1Impact of changes on the business and personnel................................................................11
4.2 Plan in order to manage change...........................................................................................12
4.3 Improvement of business performance of the Swing Patrol Ltd.........................................13
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
In today era, business conditions become highly complex and it is difficult for most of
people even to start the business enterprise. There are number of entrepreneurs that open their
business but after some time same get wind up. This happened because right approach is not
followed to run a business. In the current report small business firm Swing Patrol Ltd is
analyzed. In this regard profile is prepared and business strategy that firm must followed is
determined. The impact that implementation of proposed strategy have on the business firm is
identified. Changes that need to be made in these proposed changes is ascertained and its final
impact on the firm is determined. In this way, entire research work is carried out.
TASK 1
1.1 Profile of Swing patrol Ltd
Entrepreneurs are different from the other people because they are highly intelligent people
and one of the largest risk taker. With passage of time many new business firms are coming in
existence. It is very important to understand new startups, the areas where they are weak and
steps that can be taken to improve their performance. In the current report Swing Patrol is taken
in to consideration and its business profile is given below.
Business name Firm that is selected for the analysis purpose is
Swing patrol whose business idea was
projected by individuals in the Dragon den
series (Smallbone and et.al., 2010). Mentioned
firm is operating a dance academy where
varied sort of dances are teach to the
individuals. It can be said that Swing patrol is
operating in entertainment industry.
Structure of ownership In the firm there are two individuals that are
managing entire business operations. Name of
these two relevant entities is explained below.
Scott Rowan: He is the individual which is the
director of the firm and responsible for giving
a training to the students. In the year 2008 in

the month of September he become director of
the mentioned firm and play a great role in
making it successful.
Claudia anna: Mentioned entity is another
director of the firm and responsible for
instructing trainees. He is also the director of
the mentioned firm.
Firm history since its incorporation Swing Patrol commenced its operations in the
year 2008 under which it start providing dance
training to the school level students. Along
with this, entertainment services are also
provided by the dance academy to the students
(Goss, 2015). By doing so it retain students in
the academy and this lead to elevation of
earning in the business.
Activities There are number of business related activities
that are performed by the Swing patrol in its
business. As part of activities dance classes are
organized on daily basis. Moreover, varied
events are also organized in order to give
opportunity to the students to present their
dancing skills in front of the people.
Entertainment related activities are also
performed by the firm which positively affects
its growth rate.
Business location Business firm is headquartered in the London
and its current address is Maggle Qulgley
Bookkeeping 5 Tunstall Studios, 34-44
Tunstall Road, London, SW9 8DA.
Strong and weak points Strong areas
There are varied strong points of the business

firms and some of them are explained below.
 Mentioned firm have trainers that have
vast experience and are highly talented
in their work.
 Firm has one of the best choreographer
in its workforce (Coad and Tamvada,
2012).
 Firm is covering entire area of London
because it is operating varied centers in
different areas of the mentioned city.
Weak points
Weak points of the business firm are explained
below.
 Firm is not doing aggressive marketing
of its products due to which it is unable
to beat its competitors (7 Challenges
that will make you more successful,
2017).
 People are less aware about the name of
the Swing Patrol.
1.2 Comparison of the business performance of Swing Patrol with rival firms
Swing Patrol Avant Garde
Year Sales Profit Sales Profit
2011 9000 1800 2000 300
2012 9300 1850 2500 400
2013 8000 1926 2300 414

2014 8700 2240 2800 504
2015 9700 2600 3400 680
2016 9800 2800 3900 819
It can be seen from the table given above that sales of the Swing Patrol is increasing consistently
from 9000 to 9800. However, sales declined in the financial year 2013 and 2014. However, in
the FY 2015 and 16 again sales value increased at rapid pace. In the case of Avant grade sales is
elevating regularly 2000 to 3900 and decline is observed in the sales value in the year 2013. It
can be observed on analysis of figures that Swing Patrol perform better then Avant grade. This
happened because in comparison to Avant grade huge amount of sales is observed in case of
Swing patrol. Moreover, size of profit is low in case of Avant grade then Swing Patrol. All these
things clearly reflects that Swing patrol is in better condition than Avant grade. There many
reasons that are responsible for poor business performance. Hence, it can be said that seeing
petroleum is one of the firm that earn goo amount of profit in its business.
Swing
Patrol Avant Garde
2011 20% 15%
2012 20% 16%
2013 24% 18%
2014 26% 18%
2015 27% 20%
2016 29% 21%
It can be seen from the table that net profit ratio of the Swing Patrol is 20% for two years
consistently. This means that firm successfully maintain stability in its business performance.
Thereafter, profit percentage increased to 24% in the FY 2013 from 20%. This reflects that firm
give good performance in its business. Same trend remain continue and profit percentage
increased to 26% from 24% in the FY 2014. Further, in FY 2015 and FY 2016 net profit ratio
percentage increased to 27% and 29%. This trend is not observed in case of Avant Grade as is
net profit ratio value is very low relative to Swing Patrol and same also increase at very slow
pace. It can be seen that from the FY 2011 to 2013 percentage increased from 15% to 18%.
Thereafter, stability come in the firm performance in the FY 2014. Profitability rate further

increased to 20% and 21% but all time same remain below Swing Patrol. Hence, it can be said
that Swing Patrol performs well than its rival firm which is Avant Garde.
TASK 2
2.1 Appropriate actions to overcome weakness
There is a weak point of every sort of business firms and they always try to improve their
business performance by taking some decisive steps in the business. In the case of the current
business firm there are lots of weak points that are related to advertisement and lack of
awareness among the people about Swing patrol. There are number of steps that can be taken by
the business firm to overcome its weakness. Some of them are explained below.
1. Increasing expenditures on marketing: In order to remove weakness business firm can focus
on making heavy expenditure on advertising its brand name. Due to advertisement of the
firm services at mass level more and more number of people will become aware about its
name. Thus, customer portfolio will increase overnight in the business (Ma'atoofi and
Tajeddini, 2010). In order to make marketing more aggressive firm can focus on two factors
namely service quality and price. Swing Patrol is already making available good quality of
service to the customer. Thus, on this area there is no need to do anything. Second is price
factor which play important role in attracting customers towards the firm. Swing Patrol can
make available its services at very low price to the customers. Due to low price in
comparison to rivals and best service quality large number of people will like to take service
of the relevant business firm. Thus, by communicating low price marketing campaign can be
made highly effective. Advertisement of the product and services can be done through
newspapers and television. By using both channel of communication easily firm can
approach to the large number of customers. In this way advertisement can be made effective
in the business.
2. Word of mouth marketing through existing customers: Marketing through traditional
channel of communication is not sufficient as it is also important to generate discussion about
firm among the general public. Thus, there is a need to formulate a specific strategy which
will promote word of mouth marketing of the firm name among the customers. Those
candidates that are taking training under the trainer in the Swing Patrol will be paid for doing
word of mouth marketing of the firm name (Mason and Brown, 2013). Trainees will spread

positive information about academy among the people and will promote their known people
to join training program. This will increase word of mouth marketing of the firm name
among the general public.
2.2 Ways in which existing performance can be maintained
It is very important to maintain existing performance level in the business. In this regard steps
that can be taken by the Swing Patrol are as follows.
1. Retention of employees: Employees are the one of the most important asset of any business
firm. Currently, firm have best trainers and choreographers at the workplace. Entire business
of the firm is dependent on these trainers and choreographers. Hence, if they will leave an
organization there is a high probability of decline in the business profit. It is very difficult to
find out such kind of talented employees again in short time period. Hence, in order to
maintain existing performance it is very important to retain current employees in the business
(Berger and Black, 2011). In order to do so financial and non-financial incentives must be
given to the employees at the workplace. Under financial incentive for giving best
performance cash must be given to the employees. Apart from this, under non-financial
incentive non-monetary benefits can be given to the trainers. By doing so current workforce
can be maintained in the business and performance can be maintained at specific level.
2. Schemes and discounts for customers: In order to maintain current performance level every
time it is very important to provide best quality of service to the customers at affordable
price. Thus, different package can be prepared by the business firm under which at varied
price levels customers can obtain different type of services (Ibrahim, 2015). Thus, in the
dance academy in order to attract every type of individual different sort of schemes can be
prepared. By doing current performance can be maintained and can be improved.
3. Evaluation of business performance weekly: Business performance can evaluated weekly by
the managers. By doing so it can be identified that in which weak poor performance is given
by the firm in its business. Thus, evaluation of business performance weekly will act as risk
management mechanism for the business firm.
2.3 New areas in which firm can expand its business
Business firms cannot stop at single point if they are at growth phase. It is important for
them to expand business at rapid rate in order to obtain edge over the rival firms. In order to
determine the new area for business expansion it is very important to understand the Ansoff

matrix in order to make better business decisions. This matrix was prepared by an individual
which is known by name Ansoff. There are four parts of the Ansoff matrix namely market
penetration, market development, product development and diversification. There is a huge
difference in the both strategies (Stokes, Wilson and Wilson, 2010). Market penetration strategy
refers to the strategy under which any firm on the basis of low product price try to penetrate a
market. This strategy is commonly used by many firms in their business. Other Ansoff matrix
strategy is market development in which firm consistently operating its business in the traditional
market and try to expand its business in the new market. Product development strategy refers to
the developing a new product or service in the business while operating in the same market
segment. Final strategy is diversification under which company diversify in to new market or
product or service. On the basis of evaluation of these strategies it is identified that firm must
expand its business in the foreign market especially in Asia (Thomas, 2013). Thus, it can be said
that Swing Patrol is following a market development strategy under which it will regularly
operate its business in the existing market and at same time will commence its business
operations in the new market which is Asia. In the Asian market especially in the nations like
India with passage of time youngsters are taking more and more interest in dance and there is a
lack of best dance academies. Hence, this is the gap that can be filled by the Swing Patrol. By
opening many new branches in the Indian market firm can earn huge number of revenue by
creating large number of target customers in the business. Thus, it will be better for the Swing
Patrol to focus on the Asian market.
TASK 3
3.1 Assessment of existing business objectives and plans
Every business firm have its own objectives and plans to achieve same. Swing Patrol main
objective is to increases its market share by 15% in the London. Apart from this, mentioned
business firm main objective is to increase revenue and customers in the business to maximum
possible extent during a year. Besides this, giving maximum satisfaction to the customers is the
ultimate objective of the business firm. So, these are the basic objectives of the business firm and
in order to achieve same it is following a specific plan in its business. Under this, in order to
deliver best quality of services to the trainee’s checklist is prepared by the trainer and weekly
assessment of the performance of individual is done. On the basis of assessment ranking in

specific range is given to the trainee and areas where same is weak is identified. Work is done on
the weak areas of an individual in order to improve its performance (De Jong and Freel, 2010).
This is the plan that is followed in order to improve trainee’s performance at the workplace. Firm
main plan is to expand its business in the London and nearby cities. This is because its main
target is to increase market share by 15% in the London market. By operating current number of
centers it is very difficult to increase market share up to 15%. This is because every center only
up to specific capacity can give better quality of training to the trainees. Hence, firm is planning
to expand its business by opening new centers in the London market. By doing so firm wants to
increase number of customers in its business. Thus, it can be said that plans are prepared
according to the business objectives. However, it is very important to evaluate business plans in
systematic way. This is because sometimes big loopholes remain in the business plan and firm
failed to identify same in the business due to which expected results are not obtained. Thus,
managers of the Swing Patrol must carefully evaluate their business plan time to time.
3.2 Reviewing business plans and suggesting areas of improvement
Business plan refers to the plan which is followed to expand business at rapid rate in
systematic way. As mentioned above it is very important to evaluate business plan time to time
so that loopholes from same can be removed (Cruz and Nordqvist, 2012). It is not necessary that
for specific time period if business plan was good then in future also same will be equally
effective for the firm. Swing business plan is to expand its business in London and nearby cities.
This is the big loophole that is in the firm business strategy. Instead of limiting business to UK
firm must think about expanding its business at international level. Second loophole in the firm
strategy is that it does not determine that in London in which area it will open its new centers.
Hence, it can be said that everything is unclear in the business strategy and here changes need to
be made by the business firm. As part of modification of the business plan new locations where it
is necessary to open new centers in London and nearby cities must be clearly specified. So that
on time it can be determined that when operations of developing new centers will be commenced
in the London and other markets. The other main loophole in the firm business strategy is that it
does not do aggressive marketing of its products and service. Only traditional channels of
communication were used to do marketing of the product. In the current time period rival firms
are doing marketing of their products in innovative ways. They make use of digital marketing
method but still firm is using traditional channel of communication which is not good for the

business firms (Gorgievski, Ascalon and Stephan, 2011). Thus, on this front modification is
required in the business plan and under this Swing Patrol must do marketing of its products
through social media etc. This innovative way will surely help business firm in improving its
business performance.
3.3 Preparation of action plan to implement changes
In the business merely determining changes that need to make in the business is not
sufficient. It is also very important to prepare an action plan that will be followed to implement a
change in the business. In order to select a new locations for opening a business as part of action
plan market research will be done by the business firm (Greene, Brush and Brown, 2015). Under
this contract will be established with the research firm which will generate a report in which
areas where firm must commence business operations will be recommended. Research
specification will be provided to the research firm. As part of specification research firm will be
asked to carry out research on European and Asian market. Thus, it can be said that research
work will surely help business firm in expanding its business on right locations. In order to
implement marketing strategy an action plan is prepared under which marketing of the firm name
will be done through social media. Under this, images of the Swing Patrol will be circulated on
social media and pictures that are related to the special program will be uploaded on the
Facebook page. This, will increase likes on social media and more and more people would come
to know about the business firm. However, a specific approach need to be followed while doing
marketing through social media. Hence, research in respect to people consumer behavior about
the dance course will be done and then accordingly product will be advertised on social media.
This is the entire action plan that will be followed to implement change in the business. There is
a need to review the current action plan (Russo and Perrini, 2010). This is because only by
reviewing same it can be identified that in which areas changes need to be made in order to make
action plan more perfect for the business firm. Thus, managers must collectively make effort to
review and modify action plan.
TASK 4
4.1Impact of changes on the business and personnel
Proposed changes have a positive impact on the business and proposal. Proposed changes
are business expansion in the selected area and doing a fierce marketing of the product. Business

expansion will be done on the locations that will be proposed by the market research report. All
these changes will have positive impact on the business. This is because business cannot be
started on any location. Before commencing business on any location many factors need to be
considering factors like demand and concentration of target customers. Market research company
after considering these factors will recommend suitable location. Thus, it can be said that by
using inputs provided by the market research firm business firm will be able to open its business
on right location. Thus, firm will earn good profit in its business. Hence, in this way proposed
changes will positively affect the business firm. In same way marketing strategy that is proposed
to be implemented have positive impact on the business firm. Under proposed strategy marketing
of the firm will be done through social media (Wennber and Lindqvist, 2010). This will help
firm in accessing to large number of people in short time period on wide geographic location.
Thus, it can be said that marketing strategy will affect the business firm. Personnel will
positively affected by the business firm. This is because salary and other benefits that employees
receive are directly related to the firm in which they are working in current time period. If
business firm will be in better condition than employees will receive good amount salary and
benefits on their job. Thus, it can be said that proposed changes have direct and positive impact
on the business firm and personnel.
4.2 Plan in order to manage change
In order to manage change in the business some of the important steps will be taken by the
business firm. In order to ensure that best market research company will be searched. Reviews
about Market Research Company will be collected from relevant sources and on this basis best
marketing research company will be selected by the business firm. In order to ensure that good
marketing research company is selected negotiation round will be carried out with relevant
company directors. On the basis of all these things it will be determined whether specific
marketing research company is appropriate (Storey and et.al., 2016). Other proposed change is
the social media marketing. Under this a contact will be established by the firm employees with
their friends and relatives and data about consumer behavior of the people will be gathered. This
process will be carried out quarter wise. If any change will be observed in the consumer behavior
of the people then accordingly change will be made in the social media strategy. In this way
changes will be managed in the business and this will lead to earning of higher amount of

revenue in the business. Thus, it can be said that these steps will ensure that changes are
positively implemented on the workplace.
4.3 Improvement of business performance of the Swing Patrol Ltd
On implementation of these changes it is identified that business performance of Swing
Patrol Ltd gets improved. By following recommendations of the market research report on the
best locations in different nations business units are opened. Hence, untapped opportunities are
explored by the business firm. Thus, it can be said that implementation of this strategy positively
affect the business firm. Aggressive marketing strategy positively affects the business firm.
Social media help Swing Patrol Ltd in creating new customers in the business at rapid rate. Thus,
it can be said that business performance gets improved due to implementation of these changes
in the business. Firm also expand its business at rapid rate in the international market and it is
reason due to which it earn huge amount of profit from the Indian market. There are many TV
reality shows related to dance currently running on the varied channels. There are number of
candidates that want to participate in these reality shows. Such kind of candidates takes
participation in the Swing Patrol Ltd dance academy. Due to this reason in the Indian market
firm earn good amount of revenue in its business.
CONCLUSION
On the basis of above discussion it is concluded that it is very difficult task to open new
business and to run it in profit consistently. This is because in the small business there are
limited amount of resources and there are number of rival firms. Hence, it becomes very difficult
for the small business firms to compete with the competitors due to limited amount of resources.
It is also concluded on the basis of analysis of report that if right strategy will be followed then
small business firm can give stiff completion to the rival firms. Thus, it is the right approach due
to which small business firms in short time period become of middle or giant size.

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Online
7 Challenges that will make you more successful, 2017. [Online]. Available through:<
https://www.entrepreneur.com/article/289043>. [Accessed on 14th February 2017].