Small Businesses Enterprises Austin Fraser
Added on 2020-07-22
17 Pages5653 Words44 Views
SMALL BUSINESSENTERPRISE
TABLE OF CONTENTSINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................11.1 Strengths and weaknesses of small businesses enterprises..............................................11.2 Comparing small businesses and analysing its performance...........................................2TASK 2............................................................................................................................................32.1 Steps to overcome weaknesses in businesses...................................................................32.2 Methods to maintain performance and strengthen them..................................................42.3 Scope of small businesses for expansion..........................................................................4TASK 3............................................................................................................................................63.1 Analysis of Businesses Objective and Plans....................................................................63.2 Improvising businesses plan to make appropriate changes..............................................63.3 Action plan for implementing changes.............................................................................7TASK 4............................................................................................................................................84.1 Influence of changes occurred in the business plan.........................................................84.2 Management of changes in businesses.............................................................................94.3 Monitoring performance of businesses for given time period..........................................9CONCLUSION..............................................................................................................................10REFERENCES................................................................................................................................1
INTRODUCTIONSmall Business Enterprises are the firms which are privately owned collaborations, thatmay exist in partnership or own proprietorship (Abor and Quartey, 2010). They have feweremployees and their annual revenue is less than any regular sized corporation. They areclassified on the basis of their annual revenue, sales, assets, net profits and number of employees.This report is based on Austin Fraser, which is a consultancy firm. It consists of people who arespecialized in IT, life science and engineering. They are recruitment consultants. Main purposeof this report is to understand the concepts of small business enterprises and their strengths andweaknesses. There are certain strategies and plans implemented to monitor the performance andpractices of done by Austin Fraser. Various methods have been described in the report toovercome the weaknesses of business. Some changes have been suggested to improve the qualityof business. Along with that, effects of changes on business policies are analysed in this report.TASK 11.1 Strengths and weaknesses of small businesses enterprisesSmall business is independent one organisation it may consist of the fewer than the 500employees. Company like Austin Fraser is spread on very small locations and they deal with thesmall markets only with targeting the particular focused audience. Being a small company, it iseasy to deal with the people consumer at the ground level and this can help them to know theirdemands and needs so that they can produce products accordingly. They are liberal no one candominate them they are own boss (Ackermann and Audretsch, 2013). They run their marketaccording to them. There are few weaknesses of Austin Fraser being the small business whichare as follows:-Financial limitation: - For small business organisations, it is hard to raise too muchcapital for investment or for other projects because of lack of money. Unlike big organisations,bank doesn't provide loans easily to small business enterprises as they give to other bigcompanies. Along with that, too much formalities they have to do while asking for the loansfrom banks.Staffing: - Generally, small business organisations don't give smart salary to theemployees and thus, workers in Austin Fraser hardly find such opportunity in this firm. Theirmostly time spend on away doing the day by day running things they got few time to do focus on1
the targeted objective (Altman and Wilson, 2010). They have heavy workload and they don'trecruit much employer or if they do so then they don't give them a mart income.Strengths of Austin Fraser being the small business enterprise are as follows:- Greater flexibility:- This is the advantage of small business they can do things by theirown they don't have to get in trouble by asking permission from anyone in fact their productlines are very small they can easily fine the loopholes.Motivation: - The owner motivate employees by their own they work hard, and quitelonger time and as a small organisations its easy to involve by the workers easily and motivatethem by giving bonus etc.1.2 Comparing small businesses and analysing its performanceKey success for Austin Fraser is its capability of offering reasonable programs. Thiscompany has increased its consultancy centres and added more efficient methods of talking toclients to understand them well (Bellucci, 2010). By this they are getting great exposure ofvarious activities and extended their services . This would give their customers with maximumsatisfaction. Below presented a statement of two major recruitment companies so that valid andsuitable comparison or differentiation between them so that better and effective distinction inthem could be done for gaining better results: Agency Central LimitedAustin Fraser££Sales250350Cost of sales120150Gross profit 130120Overheads2030Net profit 110502
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