Small Business and Entrepreneurial Development

This assignment delves into various aspects of small business and entrepreneurial development. It examines topics such as business model applications in small enterprises, the role of networks in innovation, ethical considerations, social impact, financial structure, and the influence of enterprise education. The provided research papers offer insights into these areas, encouraging a comprehensive understanding of the complexities and opportunities within the small business sector.

SMALL BUSINESS
ENTERPRISE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Producing a profile of business and evaluating its strengths and weaknesses.................1
1.2 Analysing business using various comparative measures of performance......................2
TASK 2............................................................................................................................................4
2.1 Recommendations and correct actions needed to overcome weaknesses in business......4
2.2 Methods to maintain and strengthen existing performance..............................................5
2.3 New region in which company can expand......................................................................6
TASK 3............................................................................................................................................7
3.1 Giving assessment on existing business objectives and plans..........................................7
3.2 Reviewing the business plans and suggesting areas where changes can be made...........8
3.3 Preparing action plan to implement the changes..............................................................9
TASK 4..........................................................................................................................................10
4.1 Impact of proposed changes on business and its personnel...........................................10
4.2 Direction of proposed changes in business....................................................................11
4.3 Measurement of improvements in the business over past two years..............................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Small businesses are contributing towards growth and development of economy at a very
fast rate. They are valuable in providing development to various elements and stability factors in
the economy. It is valuable in enhancing liquidity ratios in economy so that more number of
persons can be added to the financial system of the economy. The firms who are operating their
business at smaller scale help in providing employment to large number of people in order to
increase their living standards. There were conditions of recession in the economy in 2008 at that
time small business gave their support in achieving growth in economy. Clearly PR are firms
which are dealing in marketing. They were also concerned about stability while achieving
growth (Ackermann, 2013). There are various acts which have been stated in statutory laws like
companies act 2006 etc. This act states that all the small scale companies are one which are
having less than 50 employees working under them and turnover is of more than 6 million. This
report is based on the execution of small scales business, modifications which can be
implemented in order to improve performance of business concern and management, revising
objectives and changes as well as impact generated from these mod
TASK 1
1.1 Producing a profile of business and evaluating its strengths and weaknesses
The Clearly PR which are involved in marketing communications and Public Relations
are based in UK in Wales. These business activities are growing rapidly due to different creative
approaches used in order to successfully perform all the business operations. These are involving
in serving multinational purpose in various fields in market areas. The company came into force
on 4th March in the year 2014. This project was aided by the Government authority of UK in
order to achieve growth and development in nation. Chairperson of the firm is Mr Alexander
Paul Mackenzie-Cummins. They are mainly focusing on providing solutions to their potential
clients in order to resolve the issues. They have been received awards and novels for their good
work. Various methods have been used in order to increase their sales ratios and achieving
satisfaction of customers. They can easily make difference from other marketing areas by using
new and innovative methods (Bellucci, 2010)
Company has achieved growth which can be evaluated by increasing turnover of 2.3
million and they are trying to enhance it further by 7 Million. They have taken contract from
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various firms which are performing their business activities in different sectors. This can include
the agreement for handling all operations which are dealing in marketing and making effectual
public relations for universities which are situated in Southern Wales. Their motive remains
similar in all aspects for ever as one of their cooperative founders left the organisation. The tag
lines used by business are “To know about read and heard by all persons who are most valuable
in society”. They have notices increasing in there sales ratios as compared with the past years.
The selected business is having well founded and established social media which are valuable in
attracting large group of persons who are facing some issues. Various SMART Targets have
been set by firm so that they can easily achieve al there Goals and business objectives which are
evaluated as:
To becoming creative thinker and develop insightful.
Innovations should be used in order to produce goods so that they can easily achieve
higher levels of customers satisfaction by giving them goods according to there choices.
Growing with the help of ecology and concern about the environmental aspects
(Carraher, 2015).
Strengths of businesses are:
 Generating solutions according to customer’s clients
 Larger established client portfolios
 They are well established business at the marketplaces.
 They had established team working in order to achieve effective results.
Weaknesses of company are:
 They are having limited number of shares in the economy at marketplace.
 Ratio of staff turnover rate is higher.
 They are having high risk from the competitors.
 They are lacking in having concern for social responsibilities towards the society.
1.2 Analysing business using various comparative measures of performance
The selected small level business which are dealing in Communications and establishing
Public Relations. They are achieving growing and will soon see themselves among the top
positions at market place. In the current scenario, they have employed more than 50 employees
who are evolved in performing their business operations. They are dealing with different types of
customers. It is the duty of managers to evaluate performance of their employees in order to
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assess their strengths and weaknesses which had to be fixed in developing strategic plans. The
firms are facing hard competition from the players who have already existed at the market place
like Stripes and Hot-wire communications channels. They can have risk if new firms enter in the
marketplace. Thus, it is vital from every aspect to analyse the performance of their workers with
the help of following methods:
Quality Audit: This is a useful method in order to evaluate that standard quality is used
in manufacturing products according to the needs of clients. This is helpful in analysing all gaps
that are seen in the quality and standard levels. Campaigns which are related with marketing are
helpful in measuring the effectiveness of the project so that if they need any modifications then
that can be easily done. It helps in establishing standardised methods in order to carry out the
business operations. Policy of benchmarking in which firms use the best policy by adopting the
good strategy are helpful in attaining the set aim effectually.
Customer Satisfaction: This method is valuable in analysing the satisfaction level of
customers by the goods and services which have been offered to them. Various questions are
asked to them in order to know about their happiness level weather they are satisfied with
products or not (Bellucci, 2010).
Financial Reports: This contains fiscal and monetary reports which are developed by the
managers so as to evaluate all gaps and achievable moments within desired time frame. It is
related with the profitability factors and viability at firms. These projects are useful in informing
all the stakeholders about growth and financial conditions of firms that they have achieved over
the desired time frames.
The financial statement of company’s current position is evaluated as:
2015 2016
£ £
Sales 130000 300000
Costing of sales 90000 180000
Gross profit Scales 50000 60000
Overheads Cost 90000 16000
Net profit Earned 40000 45000
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From the above table, it can be evaluated that selected business is earning large amount
of profits from their business operations. They have achieved growth in their sales ratios. This is
useful in evaluating that they are using effective tools and techniques in order to achieve higher
profit ratios in relation to the past years (Wilson, 2010).
TASK 2
2.1 Recommendations and correct actions needed to overcome weaknesses in business
Every business is focusing in order to identify the strengths and weaknesses so as to
make changes which can be achieved to make improvements within desired timeframe. This is
valuable in the identification of various acts which can be conducted at business places.
Currently, public relations are serving in different fields and they are trying to solve the problems
in an effective way. There are currently 50 employees who are involved in the business activities
so as to achieve their main aim and objectives. The critical issues which are faced by the
employees are related with work overloaded as there are more than 2 projects which are running
at the same time. It reflects on the innovation and creativity being reduced as they are doing
double work. The outcome of this is related with high turnover of workers as employees are
leaving the place and it hampers the growth factor of business organisation.
Another issue which is faced by business is threats from the competitors who are dealing
in the same business. The present areas where company is operating is communication,
marketing and public relations. This areas are having high risk from their competitors as they
have fear of risk from the firms who are already existing in the market along with new players
who will be coming to the industry. In this situation, it is difficult to make a person survive in the
market place because of higher competition. Thus, they have to face difficulty in achieving their
aim and business objectives (Burns, 2010).
Third issue is linked with their market shares as they are very limited. This arises because
of restricted methods which are used by the firms. They are not having their operations in
manufacturing sectors and health cares which are having large growth rates. Thus they puts a
limit on firms to achieve larger market shares and serve more people. There will be some
difficulty faced in exploring new ventures due to diversification strategy.
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Another weakness is evaluated that is linked with fulfilling all the core corporate
responsibilities at workplace. This is a critical issue and they have to be addressed by firms and
the overall responsibility of this is with the top management and he had to assure that proper and
true images are created at market places which can be easily recognised by there potential
customers.
2.2 Methods to maintain and strengthen existing performance
The firms have to adopt various tools and techniques in order to improve their
performance and achieve growth in economy. If proper plans and strategies are formulated than
they are helpful in achieving all goals and business objectives within a particular timeframe. It is
the complete responsibility of higher authority to evaluate the performance of firms while
focusing on their core values and the level of competencies which have to be achieved by them.
In industries like marketing, social media and public relations there are huge scopes of earning
profits with the helps of activity and tasks. There were various modifications which were enacted
in the past years in which concept of marketing has been arranged with public relations. Now,
the main focus of firms are on adopting good relations with their customers. This can be
achieved by conducting campaigns in order to make a strong connection in between employees
and business.
They are enhancing various platforms like social media, online methods of advertisement and
modifications in the field of economy has been achieved. Various tools are used by company in
order to give strengths to their operational and functional business operations. They have to
analyse those areas which are useful in achieving growth and development and also those where
they lack to achieve the objectives (Karataş-Özkan, 2010). They have to pay attention on the
core values like innovations in their products will help them to achieve efficiency and
productivity in their business operations. The firms had to develop systems according to the
technologies in order to deal with the changing environmental aspects. This is valuable in
avoiding any uncertain factors that are stopping them from achieving success and increasing
production scales. Various activities are conducted by the firms in order to deal with different
situations which are described as:
Team building and working: It is valuable in achieving capacity of firms as it helps in
identifying the directions in which they have been used. It helps in boosting morale of employees
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and they can involve themselves in decision making process in order to solve all their problems
by applying effective solutions.
Consumer preferences: The firms need to access the dynamics of the market places as as
to evaluate demanding factors of customers and supply them products according to there needs
and wants. Thus PR can be achieved by conducting campaigns which can be adjusted with
products and services offered.
Quality of product: It is valuable in satisfying differential needs of customers. If the
campaigns running by PR Company at not at linked with the satisfaction level thus it is
ineffective in providing satisfaction to customers. This is very critical issues for firms.
Addressing Social issues: The company had to focus on the social issues which are
influencing the people of the society in order to achieve brand images.
2.3 New region in which company can expand
There are various regions in which the firm can easily expand their business operations.
Expansion is needed in order to increase their market shares so that its scope for growth can be
increased. Presently, company is having its operations in fewer cities and limited sector like
corporate communications and IT sector.
It has to expand its operations in various areas so that they can easily serve large number
of customers and increase growth rate. This will need more finance in order to carry out their
operations but it helps in increasing profit ratios and enhancing market growths (Cowling,
2012).
Presently PR are dealing in health care, manufacturing, education, Information technology etc.
Their are various fields in which company can easily expand their business like providing
services to customers and achieving effective results.
In the health care sector and manufacturing firms: They require marketing activities
and public relations in order to achieve success. All the firms which are dealing in marketing
sector have to follow different plans and policies. Business can use Ansoff Matrix in order to
expand their business with the help of existing products. This is result of establishing their
business and making themselves stable.
National and international expansion: Company is having its operations in few areas
like UK. If they will expand in new areas then it will help in increasing their sales by customer
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footfalls. They can make contract with the firms operating at international level so that they can
easily establish themselves at the market areas (Bridge and O'Neill, 2012).
Diversification into new sectors: The company is having business in very few areas but
they had to focus on serving business into operational areas like in order to gain more profit
ratios and increase in marketing shares. They can have their business into the field of hospitality
and manufacturing firms in order to helm them to achieve growth.
The business wants to expand its operations into new areas and enhancing their work
presence at the national and the international regions. This results in achievement of growth and
development of firms. The small business should focus on those areas where they can achieve
high growth which are very feasible and helps in achieving good profit scales.
TASK 3
3.1 Giving assessment on existing business objectives and plans
The communication and PR companies are well implanted and they are formulating plans
in order to achieve there aims while reduction in the cost factors and removing disarray from the
minds of the workers. Long terms can be achieved with the help of goals which had to be
established by firms. On the other hands the defined objectives are the sub factor of the goals and
they are used in order to measure the performance level of the employees . These companies are
stating that they are developing relations with public where they are dealing with various
branding specialist, story tellers, digital express etc.
They have clearly stated on the website of company that their main roles are linked with
helping clients and they should only be read by the individuals at the right phrase and times.
They are useful in handling all the competitions so that they can easily gain competitive
advantages at marketplace. They have defined clear process by which they can achieve
efficiency and effectiveness in their business process which is described as:
Strategic approach: The managers and staff members are considering projects as new
ventures and they are formulating various types of strategies in order to resolve all the issues in a
planned and effective manner (Nicolopoulou, 2010).
Concentration on digitalisation: Company is concerned with establishing digital
solutions in order to attract a large group of customers who can easily purchase their products.
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Creativity and innovation: These are described as the core values and competency of
business firms. Every project needs innovative ideas in order to implement them at the working
places so that they can easily gain competitive advantages at business.
The goals of marketing firms are linked with managing factors which are evaluated
as:
Clients: These are the persons who are using services of business and thus generating
income in order to execute their business process.
Shareholders: They are valuable in developing effective use of resources and arranging
funds in order to execute their business operations.
Staff: There should be focus on developing the skills of their employees so as to achieve
all set targets within stipulated time frame (Domenico and Miller, 2012).
In the business plans all the gaols and strategies are used which are helpful in achieving there
business objectives. In this planning
3.2 Reviewing the business plans and suggesting areas where changes can be made
Business planning is useful in achieving all goals and business objectives in the desired
timeframe. It evaluates the success and failure paths of business. Planning is done with the help
of accessing all situations so that they can easily handle all situations in an effective and planned
ways. Selected business is making planning on the basis of performance in the past years in order
to set standards by which their current and future performance can be easily analysed. This is
helpful in identifying the problems in implementing strategy.
If the business wants to develop effective business plans then they have to evaluate all
factors that are evolving in business like internal and external factors. Planning also helps in
developing innovative ideas by which products can be manufactured.
The steps which are analysed in making business plans are described as:
Setting goals and objectives: This is the first stage where objectives are developed in
order to achieve all targets within specific time period. The firms can use SMART targets in
order to achieve all their set goals and strategies (Chell, 2010).
Developing a plan: Plans are developed when all the set aims and targets have been
achieved. In this, various factors are analysed which are useful in accessing the capabilities of
business so that they can perform all business operations in a planned way.
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Allocation of resources: The resources which are available at workplace should be used
in an effective way in order to achieve all their set targets and objectives.
Monitoring and measurements: If all the activities are monitored effectively then it will
help in achieving success for business and if not achieved then proper plans and strategies have
to be formulated.
All these have to be achieved in order to execute the business plans in effective ways.
3.3 Preparing action plan to implement the changes
The actions plans are developed in order to easily resolve all the problems that can arise
at the workplace and effective solutions have to be implemented in order to solve them. PR firms
are knowing the importance of action plans in order to address all issues which can arise if there
is failure in implementing any business strategy or changes in the environmental factors
(Carraher and Paridon, 2015). These plans are useful in delegating authority and responsibilities
at various levels in business ensuring that all the modifications are made effectively.
Various steps are implemented in making action plans which are described as:
 Identification of different activities that are conducted at business organisations
 Advantages of achieving benefits of set targets and strategies formulated
 Taking corrective actions
 The task should be arranged in a systematic way according to their priority factors
 Give deadline in which all the activities have to be completed
 Review and measure the performance of employees in order to achieve results
These actions planning have to be completed in desired timings thus the workers have
formulate strategies in which they can easily accomplish all there goals. If they are implemented
in an effective way, then all the said issues can be easily resolved in a planned way.
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Targets Objectives Time
Identification of problems The problems which are faced
by business have to be
identified for effective
working.
2 weeks
Measures to solve them Various plans and strategies
should be adopted in order to
solve the problems in effective
ways.
1 week
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TASK 4
4.1 Impact of proposed changes on business and its personnel
If company wants to implement changes in order to achieve growth and success then this
can have a huge impact on the present activities which are operating at business places. These
can be managed effectively by formulating various types of plans and strategies (Sharma, 2012).
The changes can be classified as uncontrollable and controllable.
Changes which are controllable are operating in internal environment and uncontrollable
changes are operating outside the business places. Plans and policies have to be changed in
specific time frame in order to achieve growth and success. If the changes are made then it will
have a huge impact on the business activities which are described as:
Work Burden: As business wants to expand their business operations then it will have
an impact on the work which is assigned to the employees. They have to do the working on more
than two types of projects. This will reduce work performance and in turn productivity scales.
Financial issue: If the firms want to implement changes then they have to incur a large
amount of cost in order to implement the changes. If their are changes in functioning then it will
have impact on their ability to perform all the business operations.
Organisation structure: The firms are following flat structures because of its size and
necessitate in order to implement changes.
If there are expanding their business than they have to use complex structures in order to
complete all the activities in planned ways.
Impact on employee morale: If their is increase in workload then the morale of
employees will automatically slow down. This will have a huge impact on the performance of
employees as they have the feeling that they are being used as machines and not human beings
(Storey, 2016).
Thus, PR companies have to focus on resolving all the issues so that they can focus on
increasing productivity and enhancing performance of employees.
4.2 Direction of proposed changes in business
In small businesses, if their are any changes then they have their own impact on the
business operations. They are not having efficiency in resources and so, they avoid making
changes in the business activities. They are having danger in making changes like if the company
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collapse or does not succeed in achieving these goals and strategies. All the risks have to be
analysed by the authorities so that it would not affect their functioning. Clearly PR are operating
at smaller scales thus, they are not having efficient resources in order to make changes. Thus,
planning has to be made in order to ensure that all the targets and goals are achieved in an
effective manner.
Diversification of business at national and international business will help them in adding
new features to the product ranges which helps them to achieve growth and success. They have
to conduct research in order to know about needs of customers so that modifications can be made
accordingly. This is valuable in achieving high market shares and increased growth factor.
Various tools can be used in order to make changes in the business organisations (Wilson, 2010).
4.3 Measurement of improvements in the business over past two years
There is high growth noticed in Clearly PR and marketing organisation in the past 3
years. Campaign and innovation process are useful in giving support to various activities
organised at business places. Various plans and strategies are used in order to implement
changing process in an effective ways. These models should be adopted by firms as they are
giving them base by which changes can be implemented.
They are basically using Lewin models for making changes in their business operations.
Unfreeze: In this phase, firms are unfreezing the process and the activities are required in
order to make changes (Small Business Enterprises, 2017).
Transition: New changes are implemented in this process.
Freeze: In this phase firms are starting the process with new methods.
After this can been done mangers are monitoring the overall business operations in order
to make effective changes by applying different tools and techniques.
The organisation have to screen out all the business problems and than different strategies
should be applied which are helpful in implementing changes in the business. The firms can take
measures to resolve each and every issues in effective ways so that all the employees are
satisfied with their working. This is useful in achieving growth and development in order to
achieve success.
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CONCLUSION
From the above report, it can be evaluated that small businesses are valuable in achieving
growth and development for business operations. This is beneficial in increasing the living
standard of people and making employees aware about the use of scarce resources in the
economy. Government is taking initiatives to help these businesses to grow so that they can
achieve growth and development. Their should be changes implemented at the business places in
order to satisfy customers by providing them products according to their choices.
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REFERENCES
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Online
Small Business Enterprises. 2017. [Online]. Available Through:
<https://www.gov.uk/government/collections/small-business-enterprise-and-
employment-bill>. [Accesses On 29th August2017].
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