Small and Medium Enterprise- Doc
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Added on 2020-10-22
Small and Medium Enterprise- Doc
Added on 2020-10-22
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Small and Medium EnterpriseTable of Contents
INTRODUCTION.......................................................................................................................................3Overview of the Organization..................................................................................................................3Interview Questions.................................................................................................................................3MAIN BODY..............................................................................................................................................3Environmental factors faced by SME......................................................................................................3Issues faced by SME...............................................................................................................................5Strategic issues in SME management......................................................................................................6Growth and development strategies adopted by SME.............................................................................6Government Support scheme available to business.................................................................................8CONCLUSION...........................................................................................................................................8RECOMMENDATION...............................................................................................................................9REFERENCES..........................................................................................................................................10
INTRODUCTIONSmall and medium enterprise (SME) refers to the business that has followingcharacteristics such as those company who has only 50 or less than employees & the amount ofturnover is less than £10 million is small company and those company who has 250 or lessthan employees & the amount of turnover is less than £50 million is medium company(Uwonda and Okello, 2015). There are so many companies who are working under the differenttypes of industries and running various types of business. SME is one of the big industries inUnited Kingdom. It has played a significant role in the development of the economy andenhances the GDP of the country.Overview of the OrganizationWilliam Jet Tender Company House is a private limited Company which wasincorporated on 10th September 2004. Its headquarter is in United Kingdom (UK). This companyis still running. This business is building pleasure and sporting boats (WILLIAMS JET TENDERSLIMITED, 2017). Interview QuestionsQ.1 What is the nature of your entrepreneurship venture?Q.2 How did you start entrepreneurship?Q.3 What will be your concept and different sources that will provide competitive advantage inthe market?Q.4 What is current level of demand in the market?Q.5 What are the challenges that will be faced by small business enterprise while runningbusiness?Q.6 What is the current growth and development strategy of Small medium enterprise?Q.7 Any measures that have been taken for combating challenges in the market?
MAIN BODYEnvironmental factors faced by SME For the analysis of the impact of environmental factors (external factors) on the SMEindustry, William Jet Tender Company House will have to do Pest analysis which is a strategictool used for the purpose of analyzing the impact of environmental factors on the industry whichin turn impact the company itself. It is an acronym of Political, Economic, Social andTechnological. Pest analysis of the SME industry is as follows – P – Political Factor – Political factor refers to that factor which cause due to government & itsrelated authorities and due to change in any kinds of political aspects. Example of politicalfactors are political conditions of the country, government parties, political stability, monetarypolicy, taxation policy, foreign exchange policy and employment & labor policy etc.There are various initiatives started by government to promote the SME growth and salesof goods and services which lead benefits to the Company house also. But due to taxation policy,company has to pay heavy tax which lead to negative impact on the profitability and growth ofthe company house (Massaro and et.al., 2016). E – Economic Factor – Economic factor refers to that factor which arises due to economicaspects of the country. Example of economic factors is such as employment & unemploymentrate, interest rate, foreign exchange rate, inflation rate, demand & supply pattern, purchasingpower of the customers and economic cycle of the products & business etc. Due to high interest rate, Company is not able to produce so many units of their goods &services which impact their profitability. Due to development of SME industry, theunemployment rate of the country reduces which lead to economic growth of the companyhouse.S – Social Factor – Social factor refers to that factor which arises due to social structure of thecountry (Saghebi and et.al., 2019). Demographic structure of the country, cultural aspects of thepopulation, family structure in the country, life style of the population and changing preferencesetc. are the example of social factors.
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