This assignment delves into the key factors influencing the success of small businesses. It explores topics such as sustainability practices in tourism enterprises, challenges faced by European management, entrepreneurial initiatives, the impact of socio-economic conditions on success, and strategies for growth prediction in the context of web mining.
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SMALL BUSINESS ENTERPRISE
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INTRODUCTION...........................................................................................................................3 TASK 1............................................................................................................................................3 1.1 Strengths and weaknesses of the firm Small White Elephant restaurant.........................3 1.2 Business analysis on the basis of comparative performance tools...................................4 TASK 2............................................................................................................................................5 2.1 Suitable actions to overcome weaknesses........................................................................5 2.2 Methods through which existing performance can be maintained and strengthen..........6 2.3 Identifying new business growth opportunities................................................................8 TASK 3............................................................................................................................................8 3.1 Assessment of existing business objectives and plans.....................................................8 3.2 Plan to incorporate the changes in objectives...................................................................9 3.3 Action plan for implement the changes..........................................................................11 TASK 4..........................................................................................................................................13 4.1 Impact of the proposed impact on the business objectives and goals............................13 4.2 Plan to manage changes in business...............................................................................13 4.3 Monitor the improvements of the performances in a given time scale..........................14 CONCLUSION..............................................................................................................................15 REFERENCES..............................................................................................................................16 REFERENCES..............................................................................................................................17 REFERENCES..............................................................................................................................17 REFERENCES..............................................................................................................................18
Weaknesses: From the internal analysis that has been performed on the cited firm to analyze its work effectiveness it has been observed that it lacks in several factors. There are some areas on which the chosen organization should work, they are as follows: ï‚·Competition: There exists a high level of rivalry in the food and Beverage sector. Hence, highly effective and skilled cooks are required that can help entity in gaining competitive advantage ï‚·Size: The area of Small White Elephant is really small and customers are not much satisfied with this. Further, this weakness of the firm limits the entry of more number of consumers. ï‚·Technology: The business operations are not performed digitally. This in turn, impacts on the automation of the company (Chahal, Mishra and Soni, 2014). ï‚·Home Delivery Services: There are not effective home delivery services provided by the firm. This affects the consumer buying behavior. ï‚·Promotional activities: It has been found that the selected firm is not having effective marketing and promotional techniques. This is thus limiting the market expansion of it. ï‚·Resources: The major weakness of the cited firm is the lack of suitable resources. In order to evacuate all the flaws present in the business, a huge amount of money and time will be needed(Romero, Cavalieri and Resta, 2014). 1.2 Business analysis on the basis of comparative performance tools. Evaluation of the effectiveness of the selected firm with reference to the key rivals is regarded as the comparative performance. This type of assessments is helpful for the companies to understand the best practices that are being used by the competitors. There exist different methods that can be used to evaluate the comparative performance. Generally organizations make use of benchmarking. In this technique, the best implement strategies of the other companies are observed, analyzed and then implemented in the company. However, it should be recognized that this method works only for the firms that works in same sector and on same scale. Other than this, tools that can be used to analyze the performance of competitors are five force model, financial analysis, etc.(Bernstein, 2015)A major role is played by comparative performance measurements of in achieving organizational goals and objectives. The findings of these assessments help in analyzing the flaws of the businesses and thus, by evacuating them
effectiveness can be achieved. All fragments of the organization can be improved by making use oftheoutcomesgeneratedbycomparativeperformanceinvestigation,suchasbusiness management, operations, policy making, budgeting, strategies implementation, etc. In context to the present case scenario, the results obtained by the comparative performance analysis are partially in favor with the Small white Elephant restaurant. However, to remove the challenges organization should work hard. It has been observed that the employees of the firm are highly effective as compared to the other organization. Their behavior with the customers is recommendable. It is because of the reason that they are highly motivated. Also, the employees of the firm possess reliable skills (Ciravegna, Majano, and Zhan, 2014). This credit goes to the human resource department of the selected firm. Further, in terms of services too, the cited organization is proved to be effective. Both the quality and variety are helpful in ginning competitive advantage. In contrary to this, it has been observed that the other companies provide amazing home delivery services which should be implemented in the small white elephant restaurant. Further, the chosen entity should also work on the automation of the business operation.Thisishighlynecessarytoreducetheworkloadandthus,increasingthe effectiveness. Further, Small white elephant restaurant should pay attention on marketing and promotion of the products. For this, internet is an effective platform.Digital marketing will help the management and the organization to enable promotional activities on social media and online easily and efficiently. In this way, organization can expand its market. TASK 2 2.1 Suitable actions to overcome weaknesses The small business enterprises incorporating their operations in United Kingdom possess with some strengths and some weaknesses. The suitable and appropriate actions to overcome the weaknesses of Small White Elephant restaurant will help in growth and development of the organisation. Thus, the suitable actions are provided below:ï‚·Large Space and Ambience:In order to overcome weaknesses, the management of Small White Elephant needs to increase their restaurant space and ambience (Geppert, Matten and Williams, 2016). This will increases the customers and organisation will able to increase its sales effectively and efficiently. Further, increasing the space and ambience
will aid the management to promulgate the customer base. Thus, it will strengthen the market position of the organisation effectively and efficiently.Promotion and expansion:The marketing and promotional strategies of the organisation are weak as compared to other restaurants. Marketing management of the Small White Elephantneedstofocusonincreasingthepromotionsandcommercialsofthe organisation (Coles, Dinan and Warren, 2016Font, Garay and Jones, 2016). This will aid the management to overcome its weakness efficiently and lead the organisation towards growth and development.Home delivery services:Small White Elephant management needs to focus on providing home delivery services. This will aid in promulgating the customer base and also leads to growth and development of the organisation (Romero, Cavalieri and Resta, 2014). Home deliveryserviceswillfacilitateincrementinproductivityandprofitabilityofthe organisation. This strategy will also assist the organisation to gain competitive advantage effectively and efficiently. Implications of digital technology:Management of Small White Elephant needs to implement digital technology in order to increase the market growth. Digital technology will also help the management to increase the marketing and promotional activities effectively and efficiently (Obeng and Blundel, 2015). Further, it will also increases the effectiveness of the quality of products and services. Eventually, management can overcome weaknesses effectively and efficiently.Customers Feedbacks:Customers feedbacks are very vital and essential part of the organisation.Ithelpsthemanagementtoconcentrateontheweakpointofthe organisation and promotesgrowthanddevelopmentof the SmallWhiteElephant restaurant.Thus,managementofSmallWhiteElephantneedstoaddressallthe customers’ feedbacks effectively and efficiently. 2.2 Methods through which existing performance can be maintained and strengthen There are ample of methods and steps through which management of Small White Elephant can maintain and strengthen its existing performance effectively and efficiently (Şener, Savrul and Aydın,2014).Further,implementationofthesestepswillaidthemanagementofthe organisation to increase their productivity and profitability. The steps are listed below:
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Developing Technologies:The management of Small White Elephant needs to upgrade their existing technologies and invest in new and improved technologies. The new and improved technologies will help the management to outcast their existing performance and move forward towards increasing level of performance (Ahmad and Muhammad Arif, 2016). The upgraded technologies will help the management of the organisation to move forward towards growth and development effectively and efficiently. Conducting Market research:It is the responsibility of marketing management of the organisation to conduct market research. This will help the management of Small White Elephant to acquire new and recent information about customer’s trends and preferences effectively and efficiently (Geppert, Matten and Williams, 2016). Further, it will also help in retaining information about the competitors’ moves and strategies. Providing rewards and benefits:The management of Small White Elephant needs to provide attractive rewards and benefits to the employees and staff in order to increase effectiveness in their performance. Rewards and benefits will increase the motivational level of employees and they will perform better and efficient. This will impact on the quality and productivity of the organisation effectively and efficiently. Training and development:Time to time training and development of employees and staff will promote growth and development of the organisation effectively and efficiently. Thus, it is the duty of human resource department of the Small White Elephant to provide time to time training to employees so that their skills, knowledge and competencies can be increased effectively and efficiently. Concentrate on professional development:The management of the Small White Elephant needs to concentrate on the professional development of employees and managers (Coles, Dinan and Warren, 2016). This will helps in increasing the brand value and reputation andalsopromotesgrowthanddevelopmentoftheorganisationeffectivelyand efficiently. By concentrating on professional development, management of restaurant can strengthen their existing performance adequately. 2.3 Identifying new business growth opportunities Identification of new growth opportunities will helps the management of Small White Elephant to increase their productivity and profitability. In this context, the new growth opportunity are listed below:
operations in significant manner. Therefore, building of brand will be developing in systematic manner at workplace. In addition to this, the chosen organization has several advantages to put their price as per the market requirement so that objectives and goals will be accomplished in significant manner (Romero, Cavalieri and Resta, 2014). However, in UK market there is high requirement of the qualitative products so that the business should focus on the interest that assists to accomplish goals and objectives at workplace. 4.3 Monitor the improvements of the performances in a given time scale In order to make effective results and incorporate the changes, the chosen organization has responsibility to ascertain effective functions in their operations and functions(Henry, Rushtonand Baillie,2016). In this aspect, Small White Elephant Cafe need to develop their monitoring on the performances in the following aspects: Key Activities Week 1 Week 2 & 3 Week 4 Week 5 Week 6 Week 7 Week 8& 9 Week 10Week 11 Identify the issues and problems Assessment of the problems Collection of the resources Examination of the Collected Data Design for make solution for business Methodology for analysis the data Analysis the information Development of the data
REFERENCES Books and Journals Glaub, M.E., Frese, M. and Hoppe, M., 2014. Increasing Personal Initiative in Small Business Managers or Owners Leads to Entrepreneurial Success: A Theory-Based Controlled RandomizedFieldInterventionforEvidence-BasedManagement.Academyof Management Learning & Education, 13(3), pp.354-379. Saleem,M.A.,2017.Theimpactofsocio-economicfactorsonsmallbusinesssuccess. Geografia-Malaysian Journal of Society and Space, 8(1). Henry, C., Rushton, J. and Baillie, S., 2016. Exploring the sustainability of small rural veterinary enterprise.Journal of Small Business and Enterprise Development, 23(1), pp.259-273. Wright,M.,Chrisman,J.J.andSteier,L.P.,2014.Familyenterpriseandcontext. Entrepreneurship Theory and Practice,38(6), pp.1247-1260. Te, Y.F. and Cvijikj, I.P., 2017, June. Design of a Small and Medium Enterprise Growth PredictionModelBasedonWebMining.InInternationalConferenceonWeb Engineering(pp. 600-607). Springer, Cham. Cavusgil, S.T., Knight, G. and Rose, E.L., 2014.International business. Pearson Australia. Romero, D., Cavalieri, S. and Resta, B., 2014, September. Green Virtual Enterprise Broker: Enabling Build-to-Order Supply Chains for Sustainable Customer-Driven Small Series Production. InIFIP International Conference on Advances in Production Management Systems(pp. 431-441). Springer, Berlin, Heidelberg. Whatmore, S., Marsden, T. and Lowe, P. eds., 2017.Rural Enterprise: Shifting perspectives on small-scale production. Routledge. Bergthaler, M.W., Kang, M.K. and Monaghan, M.D., 2015.Tackling Small and Medium Enterprise Problem Loans in Europe. International Monetary Fund.
REFERENCES Books and Journals REFERENCES Books and Journals Glaub, M.E., Frese, M. and Hoppe, M., 2014. Increasing Personal Initiative in Small Business Managers or Owners Leads to Entrepreneurial Success: A Theory-Based Controlled RandomizedFieldInterventionforEvidence-BasedManagement.Academyof Management Learning & Education, 13(3), pp.354-379. Saleem,M.A.,2017.Theimpactofsocio-economicfactorsonsmallbusinesssuccess. Geografia-Malaysian Journal of Society and Space, 8(1). Henry, C., Rushton, J. and Baillie, S., 2016. Exploring the sustainability of small rural veterinary enterprise.Journal of Small Business and Enterprise Development, 23(1), pp.259-273. Wright,M.,Chrisman,J.J.andSteier,L.P.,2014.Familyenterpriseandcontext. Entrepreneurship Theory and Practice,38(6), pp.1247-1260. Te, Y.F. and Cvijikj, I.P., 2017, June. Design of a Small and Medium Enterprise Growth PredictionModelBasedonWebMining.InInternationalConferenceonWeb Engineering(pp. 600-607). Springer, Cham. Cavusgil, S.T., Knight, G. and Rose, E.L., 2014.International business. Pearson Australia. Romero, D., Cavalieri, S. and Resta, B., 2014, September. Green Virtual Enterprise Broker: Enabling Build-to-Order Supply Chains for Sustainable Customer-Driven Small Series Production. InIFIP International Conference on Advances in Production Management Systems(pp. 431-441). Springer, Berlin, Heidelberg. Whatmore, S., Marsden, T. and Lowe, P. eds., 2017.Rural Enterprise: Shifting perspectives on small-scale production. Routledge. Bergthaler, M.W., Kang, M.K. and Monaghan, M.D., 2015.Tackling Small and Medium Enterprise Problem Loans in Europe. International Monetary Fund.
Henry, C., Rushton, J. and Baillie, S., 2016. Exploring the sustainability of small rural veterinary enterprise.Journal of Small Business and Enterprise Development, 23(1), pp.259-273. Obeng, B.A. and Blundel, R.K., 2015. Evaluating enterprise policy interventions in Africa: a critical review of Ghanaian small business support services.Journal of Small Business Management.53(2). pp.416-435. Romero, D., Cavalieri, S. and Resta, B., 2014, September. Green Virtual Enterprise Broker: Enabling Build-to-Order Supply Chains for Sustainable Customer-Driven Small Series Production. InIFIP International Conference on Advances in Production Management Systems(pp. 431-441). Springer, Berlin, Heidelberg. Saleem,M.A.,2017.Theimpactofsocio-economicfactorsonsmallbusinesssuccess. Geografia-Malaysian Journal of Society and Space, 8(1). Şener, S., Savrul, M. and Aydın, O., 2014. Structure of small and medium-sized enterprises in turkeyandglobalcompetitivenessstrategies.Procedia-SocialandBehavioral Sciences.150. pp.212-221. Te, Y.F. and Cvijikj, I.P., 2017, June. Design of a Small and Medium Enterprise Growth PredictionModelBasedonWebMining.InInternationalConferenceonWeb Engineering(pp. 600-607). Springer, Cham. Whatmore, S., Marsden, T. and Lowe, P. eds., 2017.Rural Enterprise: Shifting perspectives on small-scale production. Routledge. Wright,M.,Chrisman,J.J.andSteier,L.P.,2014.Familyenterpriseandcontext. Entrepreneurship Theory and Practice,38(6), pp.1247-1260.
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