Analysis of Small and Medium-Sized Enterprises (SMEs) Research

The provided assignment is an analysis of research on Small and Medium-Sized Enterprises (SMEs). It includes a list of references to academic articles and online sources discussing various aspects of SMEs such as business ethics, innovation capacity, resilience, and sustainability. The assignment also appears to be preparing for the publication on Desklib, which provides past papers and solved assignments for students. However, no specific assignment title or instructions were provided.

Small business
enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of Kirsty and their strength and weaknesses..............................................................1
1.2 Analysing business performance by using comparative measures........................................2
TASK 2............................................................................................................................................4
2.1 Recommendations to overcome with their weaknesses.........................................................4
2.2 Ways in which existing performance could be maintained...................................................5
2.3 New areas in which business could be expand......................................................................6
TASK 3............................................................................................................................................7
3.1 Providing assessment on existing business objectives and plans..........................................7
3.2 Reviewing business plans and suggesting ideas where any alteration can be made.............8
3.3 Preparing an action to implement the changes......................................................................8
TASK 4............................................................................................................................................9
4.1 Impact of proposed changes on business and its personnel...................................................9
4.2 Managing proposed changes in entity.................................................................................10
4.3 Measurement for improving the performance of business over last two years...................10
CONCLUISON..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Small business being independently owned and regulated with small capitalisation which
comes from small individuals and are not commanding on high market share. These enterprises
are crucial for country because they are contributing something for the development and growth
of economy. As micro and small enterprises are adding more value for the improvement of
economy and society (Aremu and Adeyemi, 2011). As per provision of Companies Act 2006, it
was stated in section 382 that total turnover of small enterprises should not be exceeding by 6.5
million pound and employees should not be more than 50. Thus small business enterprises offer
opportunity to local community in inspiring and enhancing their standard of living.
In present assignment a discussion about Dragon Dan serious has been done. This series
has been introduced by BBC and providing platform for young entrepreneurs for making
investment. Among this series Kirsty’s who is former of Worthenshaw’s and providing
readymade healthy foods for adults as well as kids. Besides this, profile of this company has
being discussed along with their strength and weaknesses. Further, recommendations have been
provided in order to overcome with their weaknesses. In last, performance of business is
discussed for the last past two years.
TASK 1
1.1 (1a) Profile of Kirsty and their strength and weaknesses
Kirsty is the founder of Worthanshaws Ltd and it was established on 27 July, 2009. This
company was established with a motive of to provide sugar-free, diary-free frozen pudding
which is an alternative of ice-cream. She is the youngest entrepreneur who is receiving fund from
the dragon den series. Kirsty alleged the idea about pudding for discovering when she found that
her son Jacob was allergic towards the intolerant and nuts. As this company was rebranded in
2012 because she wanted to personalise the brand and really want to connect with those
customers who are suffering from this type of disease (Barbero and et. al., 2011). This rebranded
shows that there was a change in part of ice cream market and focusing on the whole food
segment.
As this entity is selling their products from different stores which are located in UK. The
products which are offering by this enterprise is registered with 75% growth rate in retail stores.
1

Now, these products are sold from all major super markets and which is valued at approximately
5 million pounds in present.
Kirsty had won several awards in last 11 years because of good quality of food and drink.
She is mainly focusing on such activities through which she can provide healthy savoury meals
to customers and also who are not having time to cook their own food (Blackburn, Hart and
Wainwright, 2013). Along with this, she is making lots of efforts so that she can find out those
people to satisfy their yearnings while providing health and safety food.
Apart from that there are some strength and weaknesses of this business which has to be
analysed which will assist them in taking more appropriate decision for the expansion of their
business. Strengths are described as below:
 Selling unique products with reasonable range such as healthy savoury meals.
 These products are health conscious and tasty.
 These are now available in major super markets also.
 Products are designing who intolerance with nuts.
Weaknesses:
 In adequate of market exposure and having low market share.
 Revivals are selling more variety of foods and ice creams.
 Customer interaction is very low due to selling in domestic market only.
 Major investment is done by Dragon den serious to support their business in modern era.
 A lack of differentiate/diversity products.
1.2 (1b) Analysing business performance by using comparative measures
Kirsty is severing read to eat meals to those people also who can’t cook and also focusing
on quality of food to satisfy their requirements. As they are having capability to become market
leader while doing lots of efforts. The competitor of this company Purbeck Ice cream is also
offering same products with more variety of choices (Bridge and O'Neill, 2012). So, their
performance has been measure with their competitors in different manners.
Quality audit – In this manager are having a major role which has to saw that whether
quality of work has been done by employees or not. Kirsty is offering different kind of food
which is very dynamic and to keep this they need to balance between taste and nutrition.
Financial report – With the help of financial report, it become easy for organisation to
analyse it current position in competitive market. Along with this it is also used as a measured
2

tool which can be used by organisation at any point of time. The financial report of Kirsty and
their competitor i.e. Purbeck Ice cream has been analysed as below:
Figure 1: Financial balance sheet
(Source: Worthenshaws ltd, 2016)
It has been concluded from above balance sheet of Worthshaw’s Ltd that company is
attaining growth on regular basis (Worthenshaws ltd, 2016). As the debts of this company are
increasing but they are having cash at bank it can reduce some uncertainty for a particular period
of time. Along with this, it will also help them in expanding their business at different areas.
Now balance sheet of Purbeck Ice cream.
3

Figure 2: Financial Balance sheet
(Source: Purbeck Ice Cream limited, 2016)
It is comprehended from above data that Purbeck Ice Cream is older than Kirsty who is
serving in this competitive world (Purbeck ice cream limited, 2016). The changes in organisation
will enable to organisation to more engaged with customers as well as to identify their needs in
appropriate manner.
Non-financial measures: Human resource
Year ending 2014 Worthenshaw’s Ltd (Kirsty) Purbeck Ice cream
Staff turnover 8% 10%
Absentee rates 3% 5%
4

% of job offers accepted 15% 12%
Customer perception pf product and service quality
Year ending 2014 Worthenshaw’s Ltd
(Kirsty)
Purbeck Ice-cream
Is it good value 85% people said yes while
rest were either confused or
did not answer
Most of the consumer agreed
that business was serving
good quality of food.
Can it really deliver superior
performance
Yes, since 2012 it is growing
at a rate of 5%
yes, only if they diversify
their business offerings
How does it compare with
competitor offerings
It has highly diversified
offerings in ready to eat
meals and ice creams.
It offers dairy products and
needs to approach other
sectors for further expansion.
TASK 2
2.1 (2a) Recommendations to overcome with their weaknesses
It is essential for this company to overcome with their weaknesses so that they can
expand their business at international market. The products of this company are selling through
supermarket where consumer are paying attention towards it and trying to purchase these
products. But still it is important for Kristy, to focus on their weaknesses in order to attain their
growth and beat their competitors. So, for this she has to adopt new strategies or make plans in
order to overcome with that (Chun and Mun, 2012). Further, she is also focusing on to divide its
business into segments i.e. ready to make meals and; healthy and nutritious meals for families.
Apart from that, below mention are recommendations has been provided to Kristy in order to
overcome with their weaknesses:
Restricted market shares and growth – It is essential for Kristy to focus on other
segments so that she can expand her business. Also capture more market share. The products of
this company are only selling through major supermarkets such as TESCO, ASDA etc. But this
should also sell through small retailer chain through which it can increase their value chain and
local areas.
5

Competitors are selling more and variety of products – The competitor of this business
are selling new and tasty food according to need change in taste of customers. Along with this
they are also offering more variety of fast food and this become barrier for Kristy to retain
customers for a long period of time. So, it is important for her to add some more value in food
and ice creams time to time so that customers retain happy for a long period of time.
Interaction of consumer is low – As this company is selling their products through
online also (3 Ways You Can Expand Your Business in to New Areas, 2017). But nowadays it is
essential for to interact with those customers who are offline and reach to different customers
while adopting some innovative tools and techniques of advertisement.
2.2 (2b) Ways in which existing performance could be maintained
In modern era, it is significant for organisation to maintain their sturdy position in
competitive market by improving their existing performance. As it will support them in attaining
their goals and objectives in specific time period (Eid and El-Gohary, 2013). As they need to also
focus on their strength so that it can be become more strong while working upon on these. So,
they need to also concentrate on their core value of business in order to attain sustainable growth
and beat their revivals. As this company is selling readymade meals to customers who are very
healthy conscious and these are accessible at major superstore. To become succeed in
competitive market, company has to also focus on their strength and so that they can build their
brand image in more innovative and creative ways. As this company is also providing online
services to customers so that they can make strong position with them and resolve their issues
which are facing by them regarding the quality of food. But, it is essential for them to reach with
those customers who are not active on online and who are conscious about their health. As well it
is also their responsibility to know about their competitor’s strategies which are adopted by them
so that they can target other customers also. Below mention are ways in which Kristy can make
their stronger position in market through the strength:
Know the stages of customer royalty – Kristy need to analyse the royalty of customers
towards the products which are selling by them. To maintain strong position in their minds, they
need to take regular feedback from so that they can also came to know about taste and
preferences which are changing from time to time.
Build a strong team – Building a strong team will help to organisation to run their
business function smoothly (El-Gohary, 2012). Team build should be made according to the
6

capabilities of employees so that it will also increase their skills and give their best to give
fruitful result to company.
Maintain superiority of goods and services – Kirsty need to maintain the quality of
products and services through which through they can attract more populations.
Competitors business strategy is allowing organisation to produce or sell their products in
more effectively manner than revivals. Differentiation is one of the strategy where company is
trying to sell their unique products and services. As it includes launching those products which
are not currently available in economy. Along with this, integrating with unique advertising
strategies in order to encourage customers towards it.
2.3 (2c) New areas in which business could be expand
Kirsty is providing healthier and nutritional food to customers. While expanding business
in new areas it will give huge scope to company in retain in market for a longer period of time.
As it will also make strong customer base which will help them in expand their business. The
food which are provided by Kirsty is based on some concept i.e. there should be delicious food;
should maintain the calorie and nutrition and should be free from the diseases which can cause
harm to health. These thoughts are telling about that what products and services are offered by
company to their customers. To retain in market; lead their competitors or capture large market
share, then company should expand their business in new areas. Through this company can grab
those opportunities which are available in market and serve more meals to customers.
Develop diverse and dynamic partnerships – The company has to look upon the partners
which will enhance their capabilities. With the help of this Kirsty can easily access with new
customers and also emerge with new technologies (Fassin, Van Rossem and Buelens, 2011).
Moreover, she can also look outside for generating innovative ideas so that it become likely to
perform on top in terms of profitability and growth.
International expansion – This gives an opportunity to Kirsty to expand her business or
open new outlets other than UK also. This can be done by tiding up popular supermarket who are
running their business at international level and easily sale their products to more customers also.
Apart from that, there is also one idea where Kirsty can provide the meal i.e. in school
and colleges. As it will support them in generating more revenue and easily meet out with their
existing expenses which are doing by them.
7

Ansoff matrix or market growth strategy is suggesting that how business attempts a grow
whether it depends on entry into new market or existing market or existing product in new
market. Four major strategies are included in this; market penetration, product development,
market development and diversification. In market penetration, company is focusing on selling
current products into existing markets. While using this strategy company is likely to have good
information about competitors and customer needs. Other is market development, in this
business is seeking with to sell their existing products into new markets. New market can include
exploring the business in terms of export, different pricing policy in order to attract customers or
creating new market segment. But in case of product development, introducing new products
into existing markets. It requires that there is modification in products which can appeal into
existing markets. Apart from that in diversification, where new products are selling in new
markets.
Market development for Kirsty is very helpful for them. as it is giving them opportunity
to sell their existing products into new market at international level also.
TASK 3
3.1 (3a) Providing assessment on existing business objectives and plans
In current scenario, companies are more focusing on strategies and plans which are
adopted by them in order to target their aims and objectives. The objectives of company are
considered as sub part which are set by higher authorities. On the basis of these objectives,
managers are trying to make plans and strategies so that they easily target them. While forming
this company, main motive of Kirsty is to serve health and tasty food to consumers without
causing any harm to their health (Forsman, 2011). Here some of the objective of this company
are listed as below which is also showing their core values.
 The prime objective of company is to earn profit with the satisfaction of customer needs
and yearnings.
 It also providing good ambiance to employees through which they can work efficiently
and retain them for a long period of time.
 Comply by ethical rules and regulations so that customers will also believe on that they
are providing legal services to them.
 To provide healthier food even to those people who are not having time to cook.
8

 Also ensuring about providing safe working environment to employees at workplace.
 To identify the changes which has been made by government and implement the plans
accordingly.
 To conduct proper training session for employee in order to make healthier food for
people.
Furthermore, there are also some more objectives which need to be focus by organisation
and target the people to serve quality of food. Kirsty is highly dedicated towards providing the
high quality of food in order to get best result in the form of feedback from customers. She needs
to do major modifications if there is any change in the rules and regulations which are made by
the government (Gunasekaran, Rai and Griffin, 2011). Furthermore, there is also requirement of
change in some approaches in order to deliver delicious food to kids and families.
Business plan of company outline the basic ideas about the organisation products,
services, potential target market and how they will achieve their aims and objectives. Business
plan must be prepared in such a manner which tell about the marketplace or financial section.
Financial section included cash flow statement, fund-flow statement, budget and many more. As
it sets out the budget of company during the year that how much funds are needed by
organisation to invest in particular activity.
Furthermore, business plan must be based on the SMART objectives which clearly
defines aims of Kirsty. For example, increasing customer base by 15% by 2020 are specific and
these are also measurable. For achieving this, appropriate time period should be set by
organisation and proper action plan must be implement by them.
3.2 (3b) Reviewing business plans and suggesting ideas where any alteration can be made
The business plan of company gives ideas to organisation about attaining their goals and
how they will improve their existing performance. If there is no effectiveness in the plan, then
organisation will lead into the failures and become difficult for them to sustain in market for a
long period of time. Generally, business plan of company state about the activities which are
going to perform by them as well as in which time period they will be executed. That why it is
essential for organisation make plans accordingly so that task will be completed within time
period and in effective way also (Islam and et. al., 2011). Below mention are some steps where
Kirsty is required to follow them while making business plan and review other aspects also:
9

Update goals and objectives – Kirsty is required to update their goals and objectives from
time to time. While changing this it should be integrated with all required changes which is
essential for them. For example, objective might be set that company has to capture 5% market
share by 2020.
Analysing plan – There is a requirement of evaluation so that they can remove the
loopholes which are exist in market plan. With the help of this company can adopt various
strategies and techniques in order to remove the barriers which are facing by them at the time
implementation of plan.
Rationalisation of resources – The funds or resources which are utilising by Kirsty
should be re-allocated in such a manner so that required changes can be done properly (Jasra and
et. al., 2012). Along with this, make required changes regarding allocation of resources and it
will reduce the wastage which are producing by company.
Follow up – The management should be ensuring about that whatever changes which are
made in the each in every stage should be properly implemented and managed accordingly. As it
will help in to identify the deficiency which are facing by any employees.
These above plan should be properly analysing by Kirsty before targeting any potential
customers. It will also assist them in proper utilisation of resources is there.
3.3 (3c) Preparing an action to implement the changes
It is crucial for organisation to make an action plan through which they can complete task
in efficient and effective manner. Action plan will help to Kirsty in allocating the task and set
time period in proper manner (Olszak and Ziemba, 2012). As there are several changes which are
being introduced in the company, so it is significant for them to make an action plan for a
particular time period. Along with this they also need to work upon the recommendations so that
they will reach at higher level of satisfaction of customers. Marketing department of Kirsty needs
to conduct proper research to identify that whatever changes are made in organisation are not
affecting to other environment and it has been re-adjusted properly in business plans. Action plan
for Kirsty will be conducted in following way so that changes can implemented in appropriate
manner.
Identification of diverse activities – The recommend changes which has been given
should be diversified and also cover more areas to target those people who does have to time to
cook their own food.
10

Identify advantages and disadvantages of each fluctuation – While doing this, it will
assist the company to increase their market share and also aid in growth and development. But, it
will increase the workload for employees and cost of company.
Set target which has to be performed on priority basis – A list of task should be made
which help to organisation that which activity should be executed on priority basis (Philip,
2011). Also ensure about the task has been completed in time period.
Follow up – In this, use appropriate tools through which Kirsty can analyse the variances
and improve their existing performance to attain growth.
Action plan for Kirsty in order to achieving their goals and objectives
Objectives Benefits Tasks Success
criteria
Time
Frame
Resources
To increase
the customer
base by 15%
by 2020.
Lead in
competitive
market and
health of
customers
will remain
healthy.
To identify the
customer
satisfaction
level by
conducting
various
programmes.
By taking
regular
feedbacks
from
customers.
Buying
behaviour of
customers.
One month. Taking help of
expertise and
implicating
ideas
accordingly.
Staff training It will
improve the
staff
performance,
level of
confidence.
On regular
basis training
session will be
conducted
which will also
increase the
skills.
Improved
performance,
clear objective
of training.
One month Funds, venue
etc.
11

TASK 4
4.1 (4a) Impact of proposed changes on business and its personnel
If there is any little change has been done in any organisation, then it is also having small
impact on entity whether in positive or negative. As it depends upon the company that they are
dealing with that changes. But some changes are helping to organisation in attaining competitive
advantages. There are two type of changes i.e. controllable and uncontrollable. The changes
which are done by company itself are considered as controllable. On other side, uncontrollable
changes arise when there is variation in the external environment. However, in this company and
personnel’s have to adjust accordingly in order to run business function in better way (Soininen
and et. al., 2012). Further, below mention are some impact which can be faced by Kirsty;
Increase the workload – Changes will increase the workload and also various pitfalls
will arise among employees. To control these workload, it is important for her to implement the
changes step by step.
Impact on financial condition – While performing any activity it required cash and it
should properly manage by organisation in order to reduce scarcity. Well of budget of company
should be made in such a manner, if any changes are made suddenly then it will be managing in
easy way.
Morale – The proposed changes will also increase the employee morale. Else it will
result in to get higher productivity and fruitful outcome from them.
The proposed changes will also impact on organisational capabilities in term of providing
services to customers. To deal with these changes proper training session has to be provided by
higher authorities. Apart from that it will also impact om functional and technical resources.
Here the activities which are performing by different departments has to use appropriate and
limited resources so that these can also use in future.
4.2 (4b) Managing proposed changes in entity
There are many small business enterprises who are avoiding minor changes so it also
carrying high risk on them. As it will increase the risk factor and collapse entire structure of
entity. Kirsty is having small amount of funds in order to implement the changes (Williams and
Schaefer, 2013). For doing this, she needs to make a create a path so that little changes can be
brought at workplace.
12

The proposed changes will give advantage to organisation in expanding their business in
different areas. Currently, Kirsty is severing their food meals with the help of supermarkets. But
selling these products at international level firstly she needs to analyse the potential market
where she can easily own products. Besides this proper management should be done by higher
authorities in different ways. For example, they need to channelize all activities which are
performing by employees. As it will help in identifying the impact which is influencing
organisation goals and objectives.
Apart from that entity has to adopt some new media channel through which they can
increase the awareness of organisation. Through this they can also evaluate their existing
performance in accurate manner.
The model of Kotter eight step changes had proved the major changes efforts which do
not have always the desired results. This model is enumerated as below:
Creating a sense of urgency – By making employees aware about the changes, support
will be created. As this requires honest and convincing dialogues.
Creating guiding coalition – This is made for those employees who are working in
different position and they are rely on the group.
Create a vision for change – Kristy has to develop a clear vision for everyone which
help employees what the entity is trying to achieving in set period of time.
Communicate the vision – This step is providing a support and acceptance to
employees. The vision of company is only achieved when there is a proper communication
among the administration and employees.
Remove obstacles – While making changes at all levels, it is crucial to remove the
obstacles so that it could undermine the vision.
Create short-term wins – Kristy has to create a short-term goal which will help to
employees in having a clear idea that what is going on. It goals are meet with in time period, an
employee will also get motivated and there is an opportunity to expand the change.
Consolidate improvements – In organisation changes are slow-going process and it
must be driven into the overall corporate culture. But Kristy need to keep looking for continuous
improvements in order to establish change is paying off.
13

Anchor the change – The change which has been made in organisation will become the
part of corporate culture and employees must support them in that. Regular evaluation and
discussion about the progress help will consolidate the change for getting fruitful result.
4.3 (4c) Measurement for improving the performance of business over last two years
From last two years, it has been saw that sales of cream which is provided by Kirsty has
been increased and also there is increase in the profitability due to change marketing approaches.
To analyse the improvement in business, it can be determined with the help of trend line which
will also show current performance of entity (Zortea-Johnston, Darroch and Matear, 2012).
Further, if any changes have been made in entity then manager should also analyse their
performance. As it will help them to measure actual performance with standard.
While formulating the changes in entire organisation, proper theories and models should
be used by them such as Lewin. With the help of this it will also analyse appropriate action
which will be taken by company. Apart from that it will support in making more strong and
powerful position of entity among their revivals. Moreover, if positive feedbacks are coming
from customers, then it shows that consumers are happy with their quality of products and taste
which are providing by them.
With the help of Balanced Scorecard model, Kristy can analyse their performance in
competitive market. This model is considered as strategic performance measurement. An
objective of this model is that to translate the mission and vision of entity into operational
strategic planning i.e. in actual actions. Four major prescriptive are there which help to Kristy in
measuring their performance.
Financial perspective – The figures of financial data are based on the benchmark from
the past. As it is providing reliable insights into operational management for choosing best
strategy.
Customer perspective – Kristy is trying to meet customer expectations time-to-time. If
an existence of competitors is there, then it having large influence on customer satisfaction.
Internal business process – It is stating about what activities should be carried out by
employees within the process. While adding value is expressing the performance towards
customer’s satisfaction.
14

Learning and growth – Kristy is having learning ability and innovation indication in
order to deal with the continuous improvements in dynamic environment. dynamic environment
may be due to new rules and legislation, economic changes or increasing in number competition.
CONCLUISON
It has been concluded from above report, there are several changes which has to be
managed by Kirsty in order to deliver best food to customers. Along with this, it is good for them
to analyse their strength and weaknesses so that they can make plans and strategies accordingly.
Apart from that, recommendations which has been given to company should be properly
implemented and used by them so that their existing performance can become more strong and
overcome with their weaknesses and threats.
15

REFERENCES
Books and journals
Aremu, M. A. and Adeyemi, S. L., 2011. Small and medium scale enterprises as a survival
strategy for employment generation in Nigeria. Journal of sustainable development. 4(1).
p.200.
Barbero, J. L., Casillas, J. C. and Feldman, H. D., 2011. Managerial capabilities and paths to
growth as determinants of high-growth small and medium-sized enterprises. International
Small Business Journal. 29(6). pp.671-694.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Chun, H. and Mun, S. B., 2012. Determinants of R&D cooperation in small and medium-sized
enterprises. Small Business Economics. 39(2). pp.419-436.
Eid, R. and El-Gohary, H., 2013. The impact of E-marketing use on small business enterprises'
marketing success. The Service Industries Journal. 33(1). pp.31-50.
El-Gohary, H., 2012. Expanding TAM and IDT to Understand the Adoption of E-Marketing by
Small Business Enterprises: An Empirical Investigation. In E-Marketing: Concepts,
Methodologies, Tools, and Applications (pp. 931-952). IGI Global.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’
perceptions of business ethics and CSR-related concepts. Journal of Business
ethics. 98(3). pp.425-453.
Forsman, H., 2011. Innovation capacity and innovation development in small enterprises. A
comparison between the manufacturing and service sectors. Research Policy. 40(5).
pp.739-750.
Gunasekaran, A., Rai, B. K. and Griffin, M., 2011. Resilience and competitiveness of small and
medium size enterprises: an empirical research. International journal of production
research. 49(18). pp.5489-5509.
Islam, M. A. and et. al., 2011. Effect of entrepreneur and firm characteristics on the business
success of small and medium enterprises (SMEs) in Bangladesh. International Journal of
Business and Management. 6(3). p.289.
Jasra, J. M. and et. al., 2012. Determinants of business success of small and medium enterprises.
Olszak, C. M. and Ziemba, E., 2012. Critical success factors for implementing business
intelligence systems in small and medium enterprises on the example of upper Silesia,
Poland. Interdisciplinary Journal of Information, Knowledge, and Management. 7(12).
pp.129-150.
Philip, M., 2011. Factors affecting business success of small & medium enterprises
(SMEs). Amity Global Business Review. 6(1). pp.118-136.
Soininen, J. and et. al., 2012. Entrepreneurial orientation: Growth and profitability of Finnish
small-and medium-sized enterprises. International Journal of Production
Economics. 140(2). pp.614-621.
Williams, S. and Schaefer, A., 2013. Small and medium‐sized enterprises and sustainability:
Managers' values and engagement with environmental and climate change
issues. Business Strategy and the Environment. 22(3). pp.173-186.
16

Zortea-Johnston, E., Darroch, J. and Matear, S., 2012. Business orientations and innovation in
small and medium sized enterprises. International Entrepreneurship and Management
Journal. 8(2). pp.145-164.
Online
3 Ways You Can Expand Your Business In to New Areas. 2017. [Online]. Available through:
<https://chiefexecutive.net/3-ways-can-expand-business-new-areas/>. [Accessed on 28th
October 2017].
Purbeck ice cream limited. 2016. [Online]. Available through:
<https://beta.companieshouse.gov.uk/company/05474647/filing-history>. [Accessed on
28th October 2017].
Worthenshaws ltd. 2016. [Online]. Available through:
<https://beta.companieshouse.gov.uk/company/06973781/filing-history>. [Accessed on
28th October 2017].
17