SWOT Analysis of Small Business Enterprise
Added on 2020-04-01
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Running head: SMALL BUSINESS ENTERPRISESmall Business EnterpriseName of the StudentName of the UniversityAuthor Note
1SMALL BUSINESS ENTERPRISETable of ContentsIntroduction......................................................................................................................................3Task 1...............................................................................................................................................41.1: Profile of the company and the strengths and weaknesses...................................................4Overview of the company........................................................................................................4SWOT analysis of the company..................................................................................................5Strengths..................................................................................................................................5Weaknesses..............................................................................................................................5Opportunities...........................................................................................................................5Threats.....................................................................................................................................61.2: Analysis of the business using performance measures.........................................................6Task 2...............................................................................................................................................72.1: Justification in overcoming the weakness of the business...................................................72.2: Ways in increasing the performances, maintaining and strengthening it.............................82.3: Justification and new areas that will help the business to expand........................................9Task 3.............................................................................................................................................103.1: Assessment of the objectives and plans of the existing business.......................................103.2: Revision of business plans in incorporating the necessary changes...................................113.3: Action plan for implementing the changes.........................................................................12Task 4.............................................................................................................................................13
2SMALL BUSINESS ENTERPRISE4.1: Impact of the change on the personnel...............................................................................134.2: Plans on managing the changes in the business.................................................................144.3: Monitoring the improvements in the business....................................................................15Conclusion.....................................................................................................................................15Reference List................................................................................................................................17
3SMALL BUSINESS ENTERPRISEIntroductionThe enterprises of business can be differentiated with respect to the scales through whichits operations are done. These enterprises are owned in an independent manner and try to earn itsrevenue through the operations that it carries out within the industry. The primary purpose of thisreport is to analyze the operations of the small enterprises and assess its strengths andweaknesses so that it can help the company in overcoming it. It will help in identifying theweaknesses that needs to be overcome along with continuing its performances in the industry(Storey 2016). It will also try to evaluate the present objectives and change it accordingly so thatit can help the enterprise in earning its profits. It will also try to analyze and monitor theimprovements that need to be done in the business performance so that it can help the business tobe successful. To gain a proper understanding about the small enterprises, the functions of anaccounting firm named Mac Accounting has been taken in to consideration (Schaper et al. 2014).An enterprise that is considered to be smaller in nature has to have a business where theturnover is less than $10 million and has around fifty employees. The objective of thesebusinesses is to offer the products and the services at a reasonable price so that it can help inattracting the customers towards it. They mainly keep their focus on the quality of the productthat they are offering along with the price at which it is being available in the market. Thecontext of these businesses is that they will try to set up their establishment in some of thebusiest areas so that it can help in grabbing the attention of the customers so that the sales can bemaximized. These enterprises mainly face a high level of competition, as the presence of globalorganization tends to hamper their sale of the products. The bigger organizations provide more
4SMALL BUSINESS ENTERPRISEspace for the customers along with different products, which provides the customers a widervariety of opportunities from where they can choose the products or the services. Theperformance of the organization along with the employees is observed mainly by the supervisorsso that the function ns can be operated in a proper manner. the observations are mainly done onthe basis of the punctuality and the way in which they tend to serve the customers. Task 11.1: Profile of the company and the strengths and weaknessesOverview of the companyThe company is in operation so that it can help in executing the principles ofmanagement that are related to accountancy. The company is providing better opportunities tothe young employees in exploring the market so that they can develop their career in the areasthat they are interested. The company provides advices to different organizations and businessesin Australia so that these organizations can execute their systems in a proper manner (Blackburn,Hart and Wainwright 2013). The company provides employees who are experts in the field ofinformation and research so that they can give advices to the other organizations. The membersare knowledgeable about the roles that they carry within the organization and proper training isprovided to them so that they can help in satisfying the clients and the customers who approachesthem. The company is known as an expert in the accounting and management field and providesconsultancy to the other organizations on using the accounting principles as an effective tool ofmanagement (Curran and Storey 2016).
5SMALL BUSINESS ENTERPRISESWOT analysis of the companyStrengthsThe primary strength of the company is that it hires qualified employees so that they canprovide their knowledge in different segments. The employees share a strong relationship withthe senior management, which helps them in executing the work in an organized manner. Thecompany also has a strong presence of the brand in the local market, which has helped them inattracting more number of clients. This has helped them in increasing their profits, as most of theleading organization consults them regarding the accounting principles (Burrows 2015). WeaknessesThe company is facing stiff competition from the industries that are operating on a largerscale and from different consulting agencies as well. The company is a small unit, as it has notbeen able to be recognized on a global manner or within the national market. Another majorweakness is that the employees have to carry out in-depth analysis sometimes, as per therequirement of the clients, which takes up time. The cost structure of the company is ineffective,which has created problem in using the resources in an efficient manner (Power 2014). Opportunities The opportunity of the company is that the demand of consultancy firms with respect tomanagement and accounting is increasing rapidly due to the rise of various organizations. Thecompany can use the strategies in diversifying themselves in to different as well, which will helpthem in covering other queries of the clients as well. This will also help the company inexpanding its business in a better way, as the companies will be able to recognize the brand(Goss 2015).
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