Small Business Enterprise Report - Caffe Finix

Added on - 21 Jul 2020

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Small Business EnterpriseGoalsPeriodGoalsPeriod
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Background of Caffe Finix and its strengths & weaknesses............................................11.2 Evaluation of the performance of business using different measures..............................2TASK 2............................................................................................................................................32.1 Methods to be used for overcoming the weaknesses........................................................32.2 Ways to maintain current strengths and performance......................................................42.3 New areas in which the they can expand their business...................................................5TASK 3............................................................................................................................................63.1 Assessment of existing business objectives.....................................................................63.2 Revise business plans to incorporate appropriate changes...............................................73.3 Action plan to implement the changes discussed about...................................................7TASK 4............................................................................................................................................84.1 Influence of the recommended changes on the business and its members.......................84.2 Managing of the changes in the business.......................................................................104.3 Analysis of the improvements in the performance of the enterprise over a time period.10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONBusiness enterprises are the small ventures which are privately owned and with feweremployees they run their operations. Such industries are known for driving innovation andcompetition in many economic sector (Bridge and O'Neill, 2012). It plays a crucial role in thegrowth of country's economy and provides employment to the citizens of that country.Government has to understand the importance of small scale industries and need to support themin every aspect. They can create an environment where these type of organisations can penetrateand develop. In UK a company can be referred to as SME if it has turnover less than£25m oremployees number restricted to 250 only. It gave employment to approx. 15 million and had aturnover of £1.8 trillion. Looking at the future scope of these sector, government has decided togive every £1 from £3 which they will be spending to businesses by 2020. They are ready to givecontracts to the small and medium sized enterprises. Through this they are creating opportunitiesfor them. This report will be dealing with importance of this for economy of UK. How smallenterprises can be managed through change management and it is a revision of business plans bythem (Storey, 2016). All these will be discussed by taking example of a coffee shop i.e., CaffeFinix.TASK 11.1 Background of Caffe Finix and its strengths & weaknesses.Caffe Finix is a coffee shop located in the city of Stratford which is situated in the eastLondon. This coffee shop debuted in the market in 2009 and has become a popular place for thelocal coffee addicts. Someone who desire for a place where they can find peace and hang outwith friends, Caffe Finix is the best place for such purpose. Not only all these things, a visitingcustomer also get choices of reading books because they have maintained a good collection ofbooks. All the operations of the shop is carried out in the 150 square foot (Burns, 2010). Thisbusiness of coffee shop is run by owner Peter Scott and employed 8 people for handling all tasks.They provides various different kinds of coffee along with tea and breakfast. For identifying thestrengths and weaknesses of the business a SWOT analysis can be done. This will help the coffeeshop to make decision focusing on improving business operations and increasing profitsrevenues. Strengths and weaknesses in the SWOT matrix are the internal factors.1
Strengths:-It is defined as the areas of the company where it has expertise or has capabilities ofhanding those task very well. Strengths of the business helps them in gaining competitiveadvantage in the market. For example; Coca-cola has advantage of his strong brand name andApple are known for their different innovations in their products. Caffe Finix also hasadvantages like it serves variety of product (Stokes, Wilson and Wilson, 2010). They are knownfor their quality services and has good reputation among consumers. As it is very close toStratford college, which gives them benefit of attracting students or youths. Every year its salesturnover is growing up and has excellent fresh & quality coffee and food.Weakness:-It is the limitations of organisation or it is a defect of firm's operations that it does not dovery well. For example; a company is selling low quality products can be example of this. As abusiness consultant it is duty to find the areas where Caffe Finix is lacking behind. Following aresome weaknesses of the organisation:-Some of its coffee brands are not very much known;They have to pay a high rent which is affecting their business;It lacks the proper staffing management as they are failing in the process of retainingemployees (Down, 2010).1.2 Evaluation of the performance of business using different measures.If an organisation wants to know the status of their business they can carry outperformance management program. This activity is the comparison of enterprise with itscompetitor who are in the same sector (Goss, 2015). Performance of the staff, sales, production,customer service are some elements which can be taken in account for this purpose. Followingare some areas where performance can be checked:-Sales:If they want to know that if they are in loss or profit, sales of the organisation can indicatethat thing. Depending upon its aim they can evaluate this on the basis of monthly or quarterlysales. Through this they can improve their customer service, quality and can increase marketshare. By inspecting it they can modify their plans according to it, giving more importance tostaff, suppliers and distributors.2
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