Small Business Enterprise Assignment - Nisa

Added on - 21 Jul 2020

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SMALL BUSINESSENTERPRISE
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Profile of small business and its strength and weaknesses...................................................11.2 Analysis of business using comparative measures of performance......................................3TASK 2............................................................................................................................................62.1 Actions for overcoming weakness........................................................................................62.2 Methods for maintaining or strengthening current performance..........................................72.3 Recommend areas for expansion in business........................................................................9TASK 3..........................................................................................................................................103.1 Assessment of existing business objectives and plans........................................................103.2 Revision of business plan to incorporate necessary changes..............................................113.3 Action plan for implementing changes...............................................................................11TASK 4..........................................................................................................................................124.1 Influence of proposed changes on business and its personnel............................................124.2 Management of alteration...................................................................................................134.3 Monitoring of improvements in performance of business in defined time period..............14CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
INTRODUCTIONSmall scale enterprises are those business which are having minimum number ofemployers without having high volume of sales. In fact these kind of organizations are fallsunder private sector because entrepreneur are either sole proprietorship or may be in partnershipwith any corporations for generating maximum benefits (Abor and Quartey, 2010). In otherwords, actual definition of small sized business is that “an independent firm; limited in size,scope, employees and work for short term vision or mission” for example; a local bakery shophaving only 10 employs or manufacturing company that employees less that around 250 labours.Nisa is a small grocery shops or independent retailers and act as wholesalers in the UK. Thisassignment is going to be segmented into four different parts for highlighting the position ofsmall business at European marketplace. Initially, report is going to identify the strengths orweaknesses of an organization in order to overcome barriers which influence their success. Afterthat, various methods or appropriate plans will be mentioned for enhancing the currentperformance of Nisa supermarket. At the end, an effective business plan is drawn on the basis ofalterations in a company and strategies for implementing these changes properly is also outlined.TASK 11.1 Profile of small business and its strength and weaknessesNisa retail limited is a small independent firm that acts as a wholesaler in the UnitedKingdom by serving qualitative products in local regions of Europe (Ackermann and Audretsch,2013). Basically, their main objective is to fulfil the basic needs of domestic clients by offeringall grocery items which are required by customers on regular basis to live their life comfortably.For example: oil, food, bread, beverages, vegetables and so on. However, Nisa is growingrapidly by satisfying consumer’s needs, demands and desires within stipulated time period withthe best quality. Therefore, an impressive profile of Nisa retail company is described as follows:-Name:- NisaTag-line:- “making a difference locally”Industry: RetailFounded:- Around 1977Headquarters:- Scunthorpe, Lincolnshire, United kingdom.Area served:- UKFounders of organization:- Dudley Ramsden and Peter Garvin1
Chief executive:-Nick ReadIncome:-£1.5 billionNumber of employees:- Nearly 213Official website:- nisaretail.comAccording to above information in tabular form shows that Nisa is a very well-knownsmall business organization by having number of stores in various local areas of Europeanmarketplace (Al-Dajani and Marlow, 2010). Therefore, as per the above data, it has beenanalysed that main objective of this supermarket is to fulfil basic needs of desired customerswithin minimum time period.Apart from this, major strengths and weaknesses of referred association are highlightedas below:-StrengthWeaknessFirst and foremost potential of acompany is that they serve basic itemsor grocery products which areindispensable for human beings to liveLack of communication betweenemployees and employersImproper flow of information and datafrom higher society to lower2Illustration1: Nisa Retail(Source:- Shrimpton, 2017)
their livelihood comfortably.Offers qualitative productsAppoint skilled, knowledgeable,talented and well-educated employeesMake effective marketing strategiesEarn maximum revenue by seekingattention of millions of domesticcustomersIncreasing level of competitionEmergence of conflicts or disputesbetween staff members hampers theworkUnknown to customers because ofsmall in sizeLess participation of employees indecision making process due to strictpolicy of an organizationTherefore, above data helps in identifying the barriers of an enterprise in order toovercome it as soon as possible for attaining set objectives and goals within minimum timeperiod. Along with this, it clearly depicts the area which requires development or alteration forsuccess of a company (Bellucci, Borisov and Zazzaro, 2010). On the other hand, it also observedthat level of competition increases day by day due to emergence of various other rivalries that arecoming up with close substitutes.1.2 Analysis of business using comparative measures of performanceComparative measure is a term which means measuring the performance of anorganization by comparing it with other enterprises serving similar products. Therefore, it hasbeen understood that consideration of balance sheet is one of the most appropriate techniques forassessing the performance of a company at marketplace because it depicts the financial statementof a firm (Blackburn, Hart and Wainwright, 2013). However, it shows assets, liabilities andcapital employed of an enterprise.In fact, it is prepared and figure out on yearly basis byconsidering relevant facts or figures as well as all the other expenses incurred in a company.Additionally, balance sheet of Nisa identifies the net profit and highlights what a company owesor owns.Apart from this numerous of things or information is explained in balance sheet of anorganization in a monetary terms that supports managers while decision making process.Instead of balance sheet, profit and loss account also supports an organization whilemeasuring their performance with their competitors byaccumulating accurate information fromthe past or current records. Basically, expenses which incurred in office fall under P&L accountwhereas amount of assets and liabilities are outlined in a balance sheet of an organization which3
are prepared with the help of previous or current accounting records. Therefore, it has beenobserved that financial statements help in measuring the performance of a company bycomparing it with last year which is shown as follows:-Profit and loss account of 2016:-This account shows expenses which isincurred in office while accomplishing official job like management of entire workor job role of a company. Therefore, expenditure of official account is stated asfollows:-As per above data of Nisa retail stores, an organization may able to compare it with theircompetitors for example other supermarkets of European marketplace for getting aware abouttheir current performance or position. In fact this data helps managers of a company duringdecision making process by considering relevant facts or figures. Along with this, it also supportswhile modifying existing goods and services by considering total cost which incurred formanufacturing specific items. Therefore, financial and non financial factors are very useful and4
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