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Small Business Enterprise Assessment

   

Added on  2020-10-04

17 Pages5475 Words222 Views
Small BusinessEnterprise

Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................11.1 Profile of business enterprise along with its assessment..................................................11.2 Carrying out a business analysis through comparative measures....................................2LO 2.................................................................................................................................................42.1 Recommendation of ways to overcome weaknesses........................................................42.2 Analysis of ways through which existing performance could be improved....................52.3 New areas of expansion for business................................................................................6LO 3.................................................................................................................................................73.1 Assessment of existing business objectives and plans.....................................................73.2 Revision of business plans to introduce changes.............................................................83.3 Preparing action plan for implementation of changes......................................................9LO 4...............................................................................................................................................114.1 Impact of proposed changes on Business and personnel................................................114.2 Planning the manner in which changes will be managed...............................................114.3 Analysing the improvements of business performance..................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONThe government of United Kingdom defines small business as an enterprise whichemploys workforce ranging from 10-50 people. The annual turnover is defined to be residingbetween 2 to 10 million euros. It is defined to be employment engines of the economy. Thegovernment have recently took up various initiatives and programmes to promote the level ofentrepreneurship in the region (Aremu, and Adeyemi, 2011). This assignment takes intoconsideration working of The Elm Tree hotel. It is an small enterprise catering its services in thehospitality sector. This organisation have taken assistance from a small consultancy firm knownas CAPCO to carry out its business planning for the future. The various aspects which will becovered in this report are investigation of performance of business through comparative analysis.The business will be assessed so that changes in the enterprise could be introduced and businessperformance could be improved. LO 11.1 Profile of business enterprise along with its assessmentThe Elm Tree Hotel is an enterprise dealing in the hospitality sector of the country. Thishotel is located in Llandudno Bay, UK and possess 14 luxurious room which serve best in classaccommodation. Along with ideal rooms, there are presence of renowned public lounge andterrace garden which makes this enterprise more tempting than ever. The owners and workforceis trained to deliver life-long experiences to consumers with its services and attention todetailing. Recently this hotel has been awarded with “No. 1 Boutique hotel in the UnitedKingdom” for the year 2018. This hotel marks its presence in the Wales' largest coastal resort which is known for itsaward wining ambience. This place is known for its beaches, quiet and peaceful which makes itone of heavenly place to visit in the country. Llandudno is growing as a major tourist attractionin the recent times which carries a direct impact upon the sales outcomes of this boutique hotel(Barbero, Casillas and Feldman, 2011). The presence of local events and attractions such asLlandudno Pier, The great Orme and copper mine are very well renowned. All of these locationsare known to be at walking distances from hotel which is another major factor for visitors toavail services of this enterprise. 1

To further understand market standing of an enterprise, it is essential to conduct an briefanalysis of strengths and weaknesses so that decisions for future can be taken in the best mannerpossible. The identification of strengths and weaknesses of business are as follows:Strengths: These are referred to as major factors which could be capitalised upon bybusiness enterprise for further enlargement of operations (Blackburn, Hart and Wainwright,2013). The major strengths of this business are its goodwill among small enterprises. Thelocation and luxurious services which are offered by this enterprise helps in emerging as besthospitality service provider in town. It is a boutique hotel which can be a major attractions forpeople who are looking to have a distinct experience. Weaknesses: These are refers to the areas which a businesses needs to work upon so thatbetter position in the market could be availed (Bridge and O'Neill, 2012). The small size of thisenterprise makes it one of the major factor which can cause potential harm to the enterprises. Thecosting and seasonal nature are another factors which makes it difficult for enterprise to carry outits operations in the ideal manner. The competition from mega corporations is a major factorwhich is to be countered by an enterprise.1.2 Carrying out a business analysis through comparative measuresA business operates so that better financial results could be achieved. Therefore it isextremely important for a business enterprise to take into consideration financial measure such asbalance sheet, ROI, customer's satisfaction and profit and loss account. The Elm Tree Hotel isknown to be one of the best small scale hotel in the country but still it is important formbenchmarks so that financial performance of business could be compared with another enterprise(Broekemier, Chau and Seshadri, 2015). The balance sheet of The Elm Tree Hotel is as follows:2

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