Small Business Management and Entrepreneurship

This assignment delves into the realm of small business management and entrepreneurship, examining the significance of various strategies, concepts, and technologies in facilitating innovation and growth. It covers topics such as entrepreneurship, petty capitalism, and the restructuring of Britain, as well as the importance of project management in small-and medium-sized enterprises (SMEs). The assignment also touches upon the role of networks in SME innovation and firm performance, entrepreneurial marketing in small businesses, and the factors affecting the adoption of B2B e-commerce technologies. It provides a comprehensive understanding of the strategies and concepts that are crucial for small business success.

SMALL BUSINESS
ENTERPRISE

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of Cocofina and its strength and weaknesses............................................................1
1.2 Analysis of business using comparative measures of performance.....................................3
TASK 2............................................................................................................................................3
2.1 Recommendation to overcome the determined weaknesses................................................3
2.2 Analysing the ways in which current performance can be maintained and strengthened....4
2.3 Suggestion of new areas in which business can expand.......................................................5
TASK 3............................................................................................................................................6
3.1 Production of an assessment of current business objectives and plans.................................6
3.2 Revising business plans to suggest areas which need modifications....................................7
3.3 Action plan for implementing the changes...........................................................................8
TASK 4............................................................................................................................................9
4.1 Impact of proposed modifications on the business and its employees..................................9
4.2 Planning of how such changes would be managed in the business....................................10
4.3 Improvement in the performance of business over two past years.....................................11
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Small business enterprise are commonly those organisations which consist of less number
of employees having the short term aims and objectives and those firms invest minimum amount
of revenue (Ainin and et. al., 2015). Main motive of entrepreneur having such enterprises is to
earn maximum profits and live their life more comfortably by improving the standard of of their
life styles. In UK, there are large number of medium sized and small firms emerging in a local
area having their personal aim to contribute in the economy of their country. Cocofina is a small
organisation which is located in a local area of UK having the main task is to manufacture
coconut based food and drinks. They do their business of retailing by offering coconut water,
snacks , baking ingredients and many more things.
The present report is segmented into four equal parts which explains the profile of small
enterprise known as Cocofina. Its position in the market place is going to be analysed with the
assistance of financial and non financial measurement. In addition to this, it also describes the
tools and techniques used to overcome the weaknesses by improving the performance of the
complete association by making smart business plans. Besides this, this report also highlights the
impact of changes occurred in the corporation and its personnel management. And at the end, it
displays the monitoring activities for development which is created by the firm in order to
identify the hidden issues and problems which affects the successfulness of the venture.
TASK 1
1.1 Profile of Cocofina and its strength and weaknesses
Cocofina is a small business enterprise which is located in the local area of the UK. The
motto of entrepreneur is to draw the attention of the large number of customers with their tasty
foods and drinks. The founder of the organisation was Jacob Thundil and it was built in the year
of 2005 (Anderson, 2011). Thundil had launched its brand from first coconut water in the retail
industry in the UK. After that the venture created many food items created from coconut water
and its energy like chips, vinegar, sugar , flour, etc. In June 2107, this business had reported turn
over of over $3.6m. Cocofina is now sold in more than 3, 000 speciality and healthy outlets in
not only UK but also in 28 more nations throughout the world.
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(Source : Cocofina, 2017)
There are some strength and weaknesses of every organisation. In the same manner, there
are some of the weaknesses and strength of Cocofina that is explained below :
Strengths Weaknesses
This is a term which represents positivity of
the venture by which they can create money
and achieve their setted goals and objectives.
Thus, Cocofina have some attractive strengths
which is listed below :
 Attractive and delicious food items
manufactured by the firm.
 They offer their products at an
affordable price so that every people
can taste their food items.
 They offer pure and healthy food or
snacks which is completely cooked
from the coconut oil and water which is
very good for health (Blackburn, Hart
and Wainwright, 2013).
 They also offer drinks as coconut water
and food in an artistic way for drawing
the attention of large number of users.
 They offer their products in various
Negativity of the venture are count under the
weaknesses. Some of the weaknesses of
Cocofina are described below:
 Main problem of the firm is the
presence of less number of workers and
due to this they some times get
unsuccessful in fulfilling the orders of
their clients on time.
 There is absence of skilled and
qualified workers.
 Additionally, there is lack of
communication between the lower and
the superior authorities and due to that
misunderstanding gets creates between
them. This affects the performance of
the company.
 There are different other corporations
offering the same products. So, the
number of competitors are rising day on
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Illustration 1: Cocofina, 2017

stores which is convenient to the
customers. They also sell goods via
online. This made their business to
expand in a large area that generally
covers more than 28 nations in all over
the world.
 One of the main strength of the
company is its fame in the present
British market due to its outstanding
performance.
day (Brady, 2012). This lead to the
segmentation of the customers which is
not good for the cited venture.
1.2 Analysis of business using comparative measures of performance
In the British market, there are different other enterprises that offers same products like
Cocofina. On the ground of several types of parameters, the performance of the cited corporation
can be compared very easily. Among those parameters, way of human resource management, use
of technology, financial performance, level of profitability and its selling, etc. can be brought
under the consideration. The firm's overall probability is ever enhancing very rapidly since its
establishment as the coconut based enterprise. At first, firms's complete economic situations was
not very sufficient (Bridge and O'Neill, 2012). Having very poor investment, organisation had
started their business activities. But afterwards, the establishment for the cause of marvellous
performance at the level of production, human resource management, sale, etc. , the venture is
showing its outstanding performance. In very early, there was very less capital but some years, it
has been increased effectively. It is also earning an increasing amount of profits. At the end of
June, it was reported that company had turnover of over $3.6m.
The main competitor of Cocofina is “The zanzibar coconut company limited” which is
offering same kind of products to their clients. In addition to this, various other firms are present
in UK that is providing the same. Due to this, consumers of Cocofina get divided and in turn they
face high amount of loss.
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Also profit and loss account and balance sheet of Cocofina that is related to 2016 and
2017 that are discussed as follows:
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TASK 2
2.1 Recommendation to overcome the determined weaknesses
Weaknesses are major problems and hindrances that impact on the success of the
Cocofina as it creates issues while achieving its setted aims and objectives. Therefore, it is very
important for the manager of the cited company to conduct various activities or programmes in
order to overcome the present weaknesses. Each and every business has to face various types of
problems due to the presence of different competitors (Brien and Hamburg, 2014). Thus, higher
authorities of the enterprise needs to minimise the hidden as well as visible problems by taking
certain instant steps. Some of such steps are listed below: Lack of workers : First and major problem of the Cocofina is the shortage of personnels
at the working location. So, the initial step that should be taken by the firm is to increase
the number of employees. They can do so by taking help of the human resource
management as they are some one which hires plenty of personnels having the high
skills and knowledge. They also provides them training and development programmes
so that they can easily learn their main job role. Shortage of skilled and qualified employees : The second issue is the presence of poor
skilled workers who are of no need. So, as a second step, company requires to develop a
training and development programmes for their workers so that they can easily learn
their job or duties (Burrows, 2015). They get a good experience from this sessions and
their skills gets automatically improved. They as a result manufacture quality based
goods and services that attracts a large number of users towards their firm. Communication barriers : Another weakness of the enterprise is the problem of
interaction due to which the employees present at lower level are not able to share their
problems with the superior one. And because of this, some confusions are creating on
regular basis (Curran and Storey, 2016). So, employers requires to make healthy
relationship with their employees so that confusion get resolved and works get
completed at allocated time.
 Duration : The time duration taken for placing or delivering any order is another main
issue of the company as it consist of less number of personnels. So, to overcome this
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issue, firm have to hire more employees and distribute equal work among them so that
their order gets completed with in the given dead line.
2.2 Analysing the ways in which current performance can be maintained and strengthened
Cocofina is not a large company so their fund is limited and along with that less amount
of capital they want to earn large sum of profits by satisfying the needs and demands of
consumers. Their long term goal is to expand their business in various other nations. Thus, it is
essential for venture is to maintain and make better performance of their workers, overall
association and managers by executing different tools and techniques which are explained
below : Creation of healthy relationship : Firstly, for maintaining the performance level of
personnels, managers of the Cocofina have to generate a positive or healthy relationship
between their employers and employees (Dennis, 2011). By this way, their staff members
gets motivation and give their best and work towards the organisational as well as their
personal goals. Maintain friendly environment : The managers also needs to maintain a peaceable
environment so that workers would easily perform their duties in an appropriate manner
without being disturbed from any one. This will increase the productivity of the firm as
staff members can do their task comfortably without facing any kind of obstacle (Fassin,
Van Rossem and Buelens, 2011). Conducting improvement programmes : The performance of overall association can be
improved and maintained efficiently by executing different policies for developing the
skills and knowledge of their employees. Training and development : It is also one of the methodology that helps in updating the
learning and skills of workers. They can develop a training session for them which would
of approx 2 or 3 months so that they can improve their learning from that. Appraisal sessions : According to this technique, venture requires to arrange some
appreciation programmes so that the existed workers gets motivated towards their
objectives and goals which is very advantageous for the organisation in several manner. Maintaining appropriate performance records : As per this technique, managers needs
to monitor the working of their employees so that they can examine their performance
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and on that basis they create any other developmental programmes (Gardet and Mothe,
2012).
 Maintaining share market : Organisation also needs to maintain their market share in the
British economy so that they can maintain their brand value in the eyes of their customers
as well as nation.
2.3 Suggestion of new areas in which business can expand
Cocofina have to consider a number of factors at the time of expanding their business
across national boundaries as it is not easy to set up new branches in different areas. Some of the
important factors that should be considered to enlarge the business are described below :
 Identifying the areas of expansion : Corporation first needs to determine the areas which
can be spread out. For instance, they should focus on niche market. It means they should
concentrate on upgrading and selling their goods and services to a specialized segment of
market (Gronum, Verreynne and Kastelle, 2012). They can expand their business
internationally by making partnership with the global stakeholders.
 Costing : This is one of the important factor that plays a significant role in the process of
expansion. A large sum of money is needed to accomplish all the activities of the
company such as human resource management, manufacturing quality based products
and services, training and development, etc. Funding is considered as compulsory factor
which is required by each and every large and small companies because complete
association is totally dependent on this only.
 Expanding the domestic market : Cocofina is a British based very renewable corporation.
For flourishing any type of firm, the local market should be embellish and focused. As
the pillar of any type of venture is dependent on the regional market of the enterprise's
location. In this case, venture named Cocofina should prioritise on the local market.
 Expanding the international market : As the cited organisation is working in more than 28
nations , so in this case firm should focus on the activities of foreign market. The global
market is very much bigger than local market, thus international marketing criteria should
be given more priority in comparison to regional one.
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TASK 3
3.1 Production of an assessment of current business objectives and plans
Strategy for achieving success is very important for the development and improvement of
the company in commercial nature. The primal objective of the firm is to increase the facilities
for their consumers by providing them good quality products or services. This will seek the
attention of large number of users towards their enterprise (Gronum, Verreynne and Kastelle,
2012). Hence, such sort of plan assists the vision, missions, qualities , targets, etc. of the firm. It
is realised to make improvement and progress in the strategies. To increase the benefits, it is the
major motivation behind cited company to determine their new goods or items and inventive
administration in moneymaking nature. Hence, an effectual plan for Cocafina is listed below :
Employees vision :-
 The primal vision of Cocafina is to provide good administrations and positive working
conditions to their personnels. From the same, they can give their full concentration and
allegiance in the corporation.
 Company is more skilled and it needs to add some food items or products as they are
planning for advancement, so it is very important to improve the capabilities and working
capacities of their employees (Jones and Rowley, 2011).
 Provide their representatives healthy compensation for their extra work.
 To offer prizes, awards, rewards and appreciation.
Buyer's vision :-
 Offering food of good quality along with maintaining hygienics is extremely basic for
the purchasers to complete uttermost fulfilment.
 Creation of positive and healthy connection between vendors and purchasers.
 Suitable or proper assurance in demands and inclinations of several remote and nearer
purchasers.
 Serving consumers in a very less interval of time. For the same, giving different
commodity at the affordable costs.
Share – owner goals and objectives :-
 Main motto of Cocofina in terms of partnership is to focus more on advertisement and
offers.
 Income statement with a particular end target for contributing more.
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 Their achievement.
 Disclosers of explosion.
 Long term agreements and maintenance of healthy relationships.
Business plan : These are the schemes which are used to acquire the targeted aims and objectives
of the company. As Cocafina is deals with retailing sector in British market, so it is very
important acquire all the objectives and goals by taking help of their staff members, partners and
customers.
3.2 Revising business plans to suggest areas which need modifications
Business plans requires some of the important changes in order to develop and uplift the
complete firm. Fir this purpose, existed norms and policies should also modified according to the
taste and preferences of the consumers (Love and Roper,2015). In this case, corporation desires
to take such type of plan for the intention of the rapid and supreme growth and development. As
the situations of the competition is enhancing in the business environment in very large extent ,
so the firm should bring some technology based and business requisite plans in order to integrate
proper changes. One of the best and essential plans of the Cocofina for this purpose is
generating a good name for its goods or services or the company itself. In this term, venture can
do some types of primary work like enterprise can do the work of gaining popularity and
highlights of the goods of the venture. Regarding this matter, advertisement or various types of
promotional activities should be arranged in high scale.
In addition to this, another very vital plan for the venture would be offering products or
services in an affordable prices. Company can provide different offers at the time of festival
season. But there will be no compromise done with the quality of goods. By adopting all such
activities, Cocofina can gain very much fame and can hold a good place in the present
marketplace.
3.3 Action plan for implementing the changes
According to the above explanation, venture requires to present and modify the strategies
for achieving the success. This is particularly fundamental for the achievement and development
of business (Mohammadjafari and et. al., 2011). In this case, organisation can establish the
arrangement with the assistance of worker's vision and the goals of partners.
Tasks Duration
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Plan 2 to 4 days
Revising of business plan 4 to 5 days
Information linked with the brand new product
quality services
3 days
Finding and analysis of important resources in
comparative market
2 to 3 days
Categorization of competitive goods and
services
2 days
Expansion in advanced region 4 days
Finding new purchaser in the market 3 days
Recruiting skilled and talented personnels who
have some experienced in the sector of
retailing
4 days
Providing vision to workers and consumers 1 day
Preparing smart objectives and impressive
strategies
2 days
Expansion of the business to make joint
venture
5 days
Offering rewards or bonus and compensation
to workers
1 day
According to the above tabular representation, managers and employees have to follow
such an action plan in order to attain their missions and objectives in a particular time interval
by taking care of relevant facts and figures. They have to strictly follow the above presented time
intervals for a particular task. For this purpose, organisation needs to train their representatives
so that they can easily achieve all these goals. Company should provide reasonable compensation
or rewards to their workers so that their personnels get motivated and do their work more
effectively.
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TASK 4
4.1 Impact of proposed modifications on the business and its employees
when demand increases for coconut's product some changes has taken by cocofina
company,for this a panel of discussion has been set up along with strategist and marketer teams.
Whenever changes occurs it shows or affect on business and employees both. The main reason is
to make changes are increasing demand and maintaining profit at the time of high competition in
market.
At times Modifications /changes are good for business and employees, vice versa.
 Segmentation- Segment is to cut down the market into parts or levels or to categorise
them according to the need-requirements (Schaper and et. al., 2014). At the 2005, when
firm begin the serves to one market and produce accordingly but on current scenario,
where demand is increasing day by day and company too, panel of expertise took the
decision to categorise their market and serves accordingly but after segmenting the
production system gets higher work load because of this problem employees are in under
work presser.(segmenting helps company to grow but employees have work load that
may effect their work efficiency)
 Hiring new employees- Business expand comes with higher work requirement so that
company needs to hire new employees but it affect business positivity and negativity as
firm should serve all to that they hire new ones to take care their employees its helps to
grow but on the other side, firm invest on new employees to train them, made them able
to attend their employees and fulfilling demand.
 Costing- Costing too affect by round ways. Demand increases so the cost of production
got to hike up, to have good skilled and powerful machineries firm should invest on high
basis.
4.2 Planning of how such changes would be managed in the business
Planning is to pre-defining or making outlay of work which guides how to work and what
are the steps should be taken. Planning resist misleading.
changes are use another instead of that means if some decision are taken by superiors , so it
implies all over the work system and employees should learn about it.
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For managing change in business some of planning should be taken_
 Proposal and acceptance- When changes occurs, its natural to accept it but at the time
of changing decision if superiors proposed it to employees to get their view and ask for
any other change, it will be helpful to create loyalty in employees and change can easily
accepted (Singh, 2011).
 Researching- To manage change in business higher authorities should conduct various
research in each level of work regarding the matter of changing, and have data to review
so that if the change is not suitable for any level they have time to take proper steps about
it.
 Instruction and training- For managing change, training need to be given to the
employees so they learn about new trends and techniques, firm called specialised trainer
for it from out side of firm who gives instructions and provide training to employees
taking their examine, analyse them on the basis of their capacity of work ans learning
skill. Ones they done with this process they will give feedback about new change,
acceptance, and training function.
 Evaluation of performances- A very fair stage of managing changes, here all training
process are done but expertises, took feedback too (Van Der Wijst, 2012). Now, they
analyse the over all performance with respect of new change that they wanted to impose.
 In this stage if all the thing are matched with expectation, change will easily
accepted or managed in business.
Initiatives - To manage change, authority should take some steps which includes awareness
about change, planning that shows how to imposing it, proper training, need for change and
knowing employee's working capacity.
4.3 Improvement in the performance of business over two past years
Despite of multiple changes and emerging issues, Cocofina has enable itself to operate
its business. As a result of their hard work there were various improvements in this organisation
during past two years. Improvements of Cocofina are given below-
 Firstly, by effectively managing various changes and by developing different effective
strategies this company made itself able to enhance its operations and performance. In lat
two years, this company was able to increase its profits.
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 Condition of its different departments is very satisfactory. This company is doing so
many tasks by adopting the changes (Sila, 2013). It also tried to increase the efficiency
and competence of its various departments. It is also focussing on monitoring overall
performance of its departments.
 Cocofina has been able to build a strong and different place in the market place during
last two years. It shows that its performance of this organisation is very impressive.
 This company also focussed on professional development by spending time and money
on research to make themselves ready for competition. These efforts also resulted in
improved performance in last few years (Improvement made in Cocofina, 2017).
 It also worked hard to maintain quality of its products by providing customers with good
quality products at same price like competitors. This resulted in building its brand value
and increasing customer loyalty and trust in their brand. This was another way how they
improved their performance.
 For them, customer is very important when they think about success of business in long
run. They worked extremely hard to build customer value which reflects their improved
working .
 They have paid extra attention on serving what is right rather then just listening to
customers. It is important to make consumer happy but with right but with right things.
This added more value to their brand name and helped in improving its performance.
 Above all, these small business entities gets huge support from government. They gets
financial aid and training and development related help from governing bodies. This also
facilitates their growth and improves their performance.
 Cocofina also worked hard to make their human resource very efficient and enhance their
productivity. Special training sessions are been provided to provide them extra skills and
knowledge related with their tasks (Singh, 2011). This resulted in improved working of
workforce. This also contributed in improvement in performance of this company during
last two years.
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( Source : Improvement made in Cocofina, 2017)
CONCLUSION
From the above based report, it can be concluded that whether a small business enterprise
is not very popular but they effectively contribute in the growth of the economy of their country.
For instance in this case, Cocofina is playing an eminent role in increasing the GDP of UK. The
profile of the organisation has been discussed here along with their strategies and action plans.
There are some of the strength as well as weaknesses of the company but important steps are
taken to minimise the weaknesses of this firm.
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Illustration 2: Improvement made in Cocofina

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