Small Business Growth and Success Factors

This assignment delves into the critical aspects driving the growth and success of small and medium-sized enterprises (SMEs). It examines various elements such as managerial capabilities, paths to growth, environmental responsibility, and the impact of entrepreneurial orientation on business performance. The analysis draws upon scholarly research and real-world examples to provide a comprehensive understanding of the key factors that contribute to SME success.

Small Business Enterprise

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Profile of your selected business...........................................................................................3
1.2 Analysing the business performance by using the comparative measures...........................4
TASK 2............................................................................................................................................5
2.1 Actions to overcome the weaknesses....................................................................................5
2.2 Ways in which the existing performance can be maintained ...............................................6
2.3 New areas in which the business can expand........................................................................7
TASK 3............................................................................................................................................8
3.1 Assessment on existing business objectives and plans.........................................................8
3.2 Review business plans and suggest areas where changes can be made................................8
3.3 Action plan to implement the changes..................................................................................9
TASK 4..........................................................................................................................................10
4.1 Impact the proposed changes will have on the business and its personnel.........................10
4.2 Plan for how the changes will be managed in the business................................................11
4.3 Improvements in the performance of the business..............................................................12
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

INTRODUCTION
Small and medium sized enterprises are those businesses whose having personal numbers
fall up to the certain limits. It is made up of enterprises which employ fewer than 250 persons
and which have a annual turnover not exceeding 50 million euro. Along with this it also having a
balance sheet total not exceeding 43 million euro. Small scale enterprises are those businesses
that employ small number of workers and do not have high volume of sales. Such enterprises are
privately owned and operated on the sole proprietorship and partnership. Small and medium
sized businesses are those which is made up of enterprises which includes fewer employees and
also having a less turnover ratio (Forsman, 2011). The regulatory bodies have to make
appropriate planning which help in increasing the number of the small business enterprises.
Along with this, they have to provide them an opportunity to increase scope of business
throughout the world. Group of companies who are having small businesses provide the
opportunity to different people and for that, they have to show their capabilities to get the job
which helps them to satisfy the requirements of people. The present report is based on Paul
Cockle- The Generating Company is the touring circus company which produce the large shows
and the events around the world. The generating company successfully appeared on Dragons'
Den (Autumn Statement, 2015). This assignment has focused upon investigating the performance
of selected small business enterprise. Along with this, changes to improve the management and
the business performance which will be discussed in it.
TASK 1
1.1 Profile of your selected business
Paul Cockle- The Generating Company having the contemporary circus production
business was determined to compete with the industry. The company have a secured clients such

as BBC and Audi. The format or structure of this series is very simple and entrepreneurs pitch
the dragons with the business plan. They are looking for the investment in return for the equity
share in the business. It assist in securing the investment from the panel of the venture capitalists.
The programme originated in Japan as Money Tigers or Tigers of Money. The format of this
Paul Cockle- The Generating Company against the questions which is being asked for the
financial side of the business and helps in managing to secure the investment. Local version of
the shows have been produced in the different countries. The most popular name for the show is
Dragon's Den and a name that originated in United Kingdom. The company have to adopt the
different and appropriate strategy which helps in expanding the business as well as growth (Gill
and Biger, 2012). To capture the opportunity as a marketing exercise which assist in effect the
pitching the product and services to the British public at large. The company members have to do
the proper activities to appear on the show which will help in maximising the return are that they
ensure the website up-to-date which will help in increasing the profile from TV. It is important to
use the new found fame which assist in engaging more suitable investors who can provide smart
money or more attractive terms. Paul stood strong against the questions which are asked about
the financial side of the business and helps in managing to secure the investment. The generating
company have secured clients which are BBC and Audi. Paul insistence that his business could
attain the success at the time of high competition in the industry. It must be a registered
company. Turnover must not exceed £6.5 million. Balance Sheet total no more than £3.26
million. Not employed more than 50 people. Should have been in operation and have filed
accounts with Companies House for at least 2 years.
Strength of Paul Cockle- The Generating Company having the strong position in the
market which provide the proper services to the other organisation or to the consumers. Along
with this all the things that they have to deliver well in this instance. Weakness of the company is
that all the things should be improved in this instance.
1.2 Analysing the business performance by using the comparative measures
In the high competition, performance of Paul Cockle- The Generating Company can be
measured on the different basis. It is the process which assist in making the report on the
performance of their individuals as well as employees to the top management level of people.
The corporation can analyse the performance of their own by using the three methods which
includes management by objectives, forced ranking and graphic rating scales. When Paul

Cockle- The Generating Company use management by objective method, then in this the firm set
the goals and the work will be allotted to the employees. At the end of the financial year, the
business entity have to evaluate their results with the objectives which are set by the company
(Oyedijo, Idris and Aliu, 2012). When firm is using forced ranking method, then the top
management of Paul Cockle- The Generating Company evaluate the performance of the
employees with the performance of the last year and on the basis of that they can determine the
position of the company in the market. If business entity is using graphic rating scale method,
then the rating indicates the job knowledge of the employees, responsibility or quality of the
work whether that are increasing or decreasing. By adopting these methods company can
measure the performance.
The performance of enterprise in the market depends on the customer relationship. If they
provide best services to their consumers then it become easy for Paul Cockle- The Generating
Company to achieve the goals. The performance of the company is also depends on the quality
of the services which they are providing to the consumers. The management of the company
should managed by the expertise to provide the best services to the other departments. Company
members have to compare the performance from the last year that it is increasing or not.
Otherwise, they have to create a action plan to improve the performance and attain the objectives
which are decided by the higher authorities of Paul Cockle- The Generating Company. Along
with this company can compare the performance with the other departments of the company
whether it is production, marketing, sales or the human resource. Further, they have to use the
new and innovative technology so that they can increase the sales and attain the maximum
profits and by the comparison of the different departments the employees of Paul Cockle- The
Generating Company which helps in measuring as well as performance of the company in the
market (Philip, 2011). Another company is Denise Hutton-Gosney- Razzamataz Theatre Schools
which is a dance school market so that the company members saw a gap in the industry back in
2007 when she stepped in front of Dragons. Paul Cockle is having the best performance in the
market from the Denise Hutton-Gosney- Razzamataz Theatre Schools (2007). It offers
exceptional and affordable singing, drama and dance lessons to children which having the age
from 4 to 18. Paul Cockle performance can be measured on the basis of some factors as there is
high competition in the UK market. In order to improve the companies overall performance the
manager can also evaluate the work of employees. On the basis of their work, the manager can

provide feedback so that they can improve their performance and the members whose
performance is good they are rewarded by some of the benefits. If compensation is given to good
working workforce then they feel motivated and perform well as others.
TASK 2
2.1 Actions to overcome the weaknesses
Small business enterprise having the various ways in which company members can do
the effective management as well as operations of the business in their respective industries
which will help the business in obtaining the success. For the Paul Cockle- The Generating
Company, the weakness of this business is that they are having the limited finance. In the
market, there is no limitation but the competition is high due to time of recession (World Bank
Group ed., 2013). Company can use value chain method to assess the weakness which helps in
improving the business and assist in determining strategic competitive advantage.
They can provide the best services which are identical to their rivals at flexible prices which
assist in attracting more customer than their competitors. If these consumers are get increased
then they can also generate more profits.
They can also use the concept of training and development programs which succour in enhancing
the skills, experiences and knowledge of the employees. If staff members are experienced then
they can provide quality services to their service users and through this they can also attract more
consumers.
Distribution – Services will be distributed or supplied directly to the end users.
Industry – Industry is growing and company has to operate in the wider area.
Consumers – These are those person who purchase the product of company or using services
which are provided by the firm and use the product as a final user.
Marketing and sales - Paul Cockle- The Generating Company is having the strong marketing
strategy. And they are using the niche marketing strategy which is the main advantage for the
company.
Procurement – Entity do not need raw material because its a business is based on the services.
Along with this it assist in hiring the employees and take the advices legally. In the case of
budgeting, company members have to provide invoices to the consumers.

Human resource – Human resource is the department in the entity and these are the person who
help in managing all the activities of the business and help Paul Cockle- The Generating
Company in obtaining the competitive advantage.
Technology Development – They have to use appropriate and innovative technology which
assists in obtaining the competitive advantage. Also, technology can be used in different ways.
Firm Infrastructure – It helps in ensuring the work of financial, legal and management
structure effectively and efficiently (Zortea-Johnston, Darroch and Matear, 2012).
By using this method, Paul Cockle- The Generating Company can find the problems and
if the staff is trained or experienced then they can easily solve the problems. Company’s
members can evaluate the stages which are used for the development of the company and on the
basis of that company members can overcome from the weakness. The employees of Paul
Cockle- The Generating Company have to do proper development and by innovation and
creativity, they can develop business by overcoming the weaknesses. Recommendations to
overcome from the weakness is that Paul Cockle- The Generating Company having the
insufficient capital or they are having poor credit arrangements. Quality of work must be a part
of performance appraisal. Along with this, they have to establish the levels of expertise and for
that, they need to set benchmarks.
2.2 Ways in which the existing performance can be maintained
There are many small business which are running in the world and it is necessary that
company members have to maintain sustainability and survival. The factors or elements which
are characterised with the maintenance as well as strengthening of Paul Cockle- The Generating
Company are - Marker share or positioning – Positioning is the concept of marketing which assist in
outlining that what the business should do to market in its product or services to its
consumers. It helps in creating the image for the product which is based on intended
audience. Business penetration – It is a measure of the amount of sales or adoption of a product or
the services compared to the theoretical market for the products and services. Market
penetration also includes the activities which assist in increasing the market share of the
particular product or the services (Ackermann, 2012).

 Consumer relationship – It helps in establishing and maintaining the relationship between
organisation and its consumers.
 Paul Cockle- The Generating Company is having appropriate records on the basis of
performance by which they can improve the labour turnover ratio, productivity and
efficiency. Company members have to take the advice from experts to protect the
business.
 The company member have to maintain the quality of the product and that product
properly deliver to the consumers by that staff members can maintain the performance in
the market.
In the review of performance, staff members of Paul Cockle- The Generating Company
have to meet several goals. They have to use different methods which include benchmarking and
also developing the career path. The manager of firm has to assign appropriate responsibilities
which affect the success of corporation. These responsibilities include the consumer service,
sales, inventory, etc. The employees of Paul Cockle- The Generating Company have to review
performance which assists in doing appropriate evaluation so that they can make the comparison
(Acs and Mueller, 2008). They have to set the goals which will help in evaluating the
performance and by that, they can improve the position as well as success within Paul Cockle-
The Generating Company. This performance review is based on the facts which help in attaining
the goals and objectives.
2.3 New areas in which the business can expand
The staff members of Paul Cockle- The Generating Company have to attain new
opportunities which will assist in attaining the benefits in existing market. In the small or large
business, employees have to do proper operational activities. Some steps are:- Company
members have to identify the area of expansion and it is the responsibility of marketers which
help in expanding their market activities to the areas outside central marketing (Schaper and
et.al., 2010).
 Export trade increases the profitability and growth but sometimes, it falls due to some
obstacles ranging from the language barrier.
 To attain new opportunities, they have to develop the market by using different tools and
techniques. Along with this, they have to target new consumers with the new locations
along with perceptions as well as culture.

 They have to use appropriate research technique which helps in creating opportunities for
the business.. The research technique divides into two pars which includes qualitative as
well as quantitative. In the qualitative technique, employees of Paul Cockle- The
Generating Company deal with sound opinions, views or perceptions. Along with this, it
helps in making correct decisions which leads to attain the success and improve growth
as well as productivity (Thompson and Doherty, 2006).
Re-branding is the opportunity for organisation as well as for the markets also. If
company members can grasp this opportunity then they can reap the targets and by that, they can
improve productivity as well as profitability. It assists in creating the market penetration by
rebranding of product along with the services. It succours in maintaining the brand image and
also, proves to be helpful in maintaining the goodwill of firm.
TASK 3
3.1 Assessment on existing business objectives and plans
To do the best and qualitative work the company members have to avoid the poor
business performance and for that they have to make the strategic plans. The staff members of
Paul Cockle- The Generating Company have to make the appropriate plans so that they can do
the improvements as well as developments. Plan should include some steps which are :-
 The company members have to set the strategic goals which helps in expanding the
growth in the market.
 Then they have to set as well as implement the objectives which assist in evaluating the
performance. Along with this they are having the ability which evaluating the stage in the
business (Burns, 2010).
 They have to take the action according to the plans. The managers of Paul Cockle- The
Generating Company have to provide the training to their employees so that
improvements can be done. Along with this they have to follow proper structure and have
to use the correct information which helps in attaining the targets.
 The last step is that they have to measure the performance for which they are doing the
improvements in Paul Cockle- The Generating Company.
The workers of the firm have to do the proper work by using the appropriate strategy so that they
can do the appropriate developments. The company having the needs that they have to motivate

the employees time to time so that they can do qualitative work (Eidand El-Gohary, 2013). They
have to set the targets or the objectives according to the needs and wants of the consumer so that
Paul Cockle- The Generating Company attain the success in the competitive market and by that
they can improve the performance along with the productivity. The manager of Paul Cockle- The
Generating Company have to motivate the employees which will depend on the work and the
consumer progression which succour in expanding the growth.
3.2 Review business plans and suggest areas where changes can be made
The employees of Paul Cockle- The Generating Company set the business plan without
the review and it is necessary for doing the changes or the improvements. The employees of the
firm think that its a waste of time. The outcomes or the results comes from the action which
assist in taking or completing the objectives. They have to review the proper plan and have to
evaluate the performance (Barbero, Casillas and Feldman, 2011). If Paul Cockle- The Generating
Company not providing the good satisfaction to the consumers then they have to make some
changes which depends on the results and have to follow the proper strategy. The employees of
Paul Cockle- The Generating Company is using the niche marketing strategy then they are not
getting the good results and also not getting the appraisal in the performance. The company
members have to revise the plan regularly but sometime they have do the review according to
time also. When there is a major change in the business environment and situation occurs in the
market. Sometimes behaviour of the customer change then they have to review the plans. The
manager of employees of Paul Cockle- The Generating Company have to do proper forecasting
so that they can attain the good results. They have to make the correct decision for doing the
changes and by that they have to make the adjustments. When they are making appropriate plans
and according to that they are doing the changes then they can improve the company's funding
also. Further, by the observation of the business environment, the workers of Paul Cockle- The
Generating Company can analyse the break even point by which they can improve the
performance as well as productivity in the market and on the basis of that they can do more
investments (Battisti and Perry, 2011).
3.3 Action plan to implement the changes
The manager of Paul Cockle- The Generating Company should implement a plan which
assist in maximising the turnover and also provides the services throughout the whole world. The
manager of the firm have to follow the proper process which includes some steps :-

Determine the purpose – When the manager of the company is going to develop a plan for that
they have to identify the purpose of the plan. Purpose for doing the changes should be relevant so
that they can earn maximum profits. Along with this they have to do appropriate research so that
they can set the purpose.
Build a vision – They have to set the clear vision which assist in attaining the success. It is the
responsibility of manager that they have to implement any plan to set the vision and this will
help in creating the path for the organisation (Bridge and O'Neill, 2012).
Clarify the model – In this, company members have to create the model and all the information
which are included is financial information like sales, profit, cost etc. and on the basis of this the
employees of Paul Cockle- The Generating Company measured the performance.
Target the market – The firm have to focus on their target audience and also provide the
qualitative services. Along with this company members have to provide the services which are
qualitative and they also follow the STP process to segment the market.
Design a plan – In this, manager of Paul Cockle- The Generating Company have to design the
new plan and can use the marketing mix to improve the performance of the firm in the market.
Implementation – It is the last step. In this they have to post the implementation and by that
manager can ask to their potential consumers and experts of the industry about the plan
(Business, 2013).
TASK 4
4.1 Impact the proposed changes will have on the business and its personnel
For the development of the business the company members have to consider all the
factors which affect the operations of the business. They have to do the appropriate development
which assist in achieving the objectives and it is necessary for the firm that they have to cop up
with the appropriate changes. There are some external factors which affect the performance of
the business which includes :-
Social factors are those factors which are related to the social culture which gets changed
due to preferences, behaviour and lifestyle of the consumers. These can affect the operation of
the business because Paul Cockle- The Generating Company provide the product to the
consumers in the whole world (Islam and et.al., 2011).

Legal factors are those factors which influence the business operations due to the
different policies of the regulatory bodies. For achieving the success in the competitive market,
Paul Cockle- The Generating Company have to follow the legal laws and policies in their
operations. Laws included in this are consumer protection law, health and safety law etc.
Economic factors are those factors which are related to the economic condition of the
consumers. If living of standard increased then demand and price of the product is also
increased. If demand of the product reduced then price of the product is also reduced. Other
economic factor like wage rate, interest rate and inflation in the economy affect the functioning
of Paul Cockle- The Generating Company. By these factors, companies have to take risk.
Political factors are those factors which are related to the government and their policies.
Along with this these factors affect the operations of the business (Small Business Enterprise
Program, 2016). Paul Cockle- The Generating Company is operating its business in the UK
market so they have to follow the regulations which are made by the ministry bodies of UK.
Technological factors are those which affect the performance of the firm. Paul Cockle-
The Generating Company have to use the innovated technology which helps in reducing the cost.
Along with this it helps in developing the new merchandise by using the new and modern
technology equipments which helps the company in attaining the targets and helps in improving
the profitability as well as proficiency (Jasra and et.al., 2011).
4.2 Plan for how the changes will be managed in the business
Management is the important as well as essential part of Paul Cockle- The Generating
Company. This department helps in managing all the business activities of the company which
assist in sustaining the competitive advantage in the market at the time of high competition.
Employees of the company have to do the technological change which succour in increasing the
sales. Some of the feelings like lose of power and control as well as ambiguity so these are
difficult in managing the employees by these changes company members can not perform well.
Sometimes, it is difficult to accept the changes by the workers because they do not want
compromise with their position (Mahmood and Hanafi, 2013).
In changing the policies of Paul Cockle- The Generating Company, the members of the
firm having some benefits and drawbacks. There are various ways which succour in dealing with
the changes in the business like effective management of the financial resources, making new
strategies. Along with this they have to use the appropriate techniques and the comparison of the

actual performance with the targets. Manager of Paul Cockle- The Generating Company have to
appropriate research of the market which helps in identifying the needs and wants of the
consumer and on the basis of that they have to provide the products to the consumers. The
employees of Paul Cockle- The Generating Company have to deal with the different culture of
the different countries. There are some changes which can be done on the technology by
providing the proper training to their consumers (The Small Business Enterprise and
Employment Act receives Royal Assent, 2015). These changes affect the operations as well as
functions of Paul Cockle- The Generating Company and all the changes which are done by the
staff members they are managed by the administration department of the organisation which
succour in reaping the targets and also helps in expanding the growth in the market at the time of
high competition.
4.3 Improvements in the performance of the business
The employees or managers of Paul Cockle- The Generating Company have to do
appropriate monitoring on the business activities which helps the organisation in improving the
performance. If the performance of the employees as well as organisation improved then Paul
Cockle- The Generating Company achieve the success. Company can monitor the performance
by benchmarking and this is related to the evaluation of the standard targets with the actual
performance of the entity. The process can be used by Paul Cockle- The Generating Company
and in the particular time interval so that performance can be enhanced or improved. When
organisation did not provide the training to the employees then they are not able to provide the
qualitative services (Understanding Enterprise Entrepreneurship and Small Business, 2015).
When entity provide the training to their staff then by that they can improve their knowledge as
well as skills and after that they can provide the best services to their consumers. It assist in
analysing and comparing the business performance and their financial position in the market.
They have to provide the proper training and development services which succour in improving
the performance. The employees of Paul Cockle- The Generating Company have to do
continuous monitoring which aid in identifying the fraud and if occur in the firm then they can
resolve before time because these type of activities can create the trouble for the employees as
well as for firm also. Along with this when issue properly resolved then Paul Cockle- The
Generating Company attain the targets and success.

CONCLUSION
From the assignment it has carried out that the company have to start the small
business but it is complex, time consuming and life altering. The members of Paul Cockle- The
Generating Company having the appropriate knowledge of the environment of the business along
with the opportunities. Further, company members have to assess the strength and weakness so
that they can not face any problem in starting the small business and also helpful in attaining the
targets. The employees of the company having the right skills which assist in implementing,
monitoring as well as evaluating the action plans so that Paul Cockle- The Generating Company
can improve the productivity in the competitive market. By using the value chain analysis or
SWOT analysis or SMART approach they can set the targets and also attain the targets. They
have to do the major changes in the environment whether it is micro or macro and Paul Cockle-
The Generating Company is capable in revising or adjusting the changes which succour the
entity in reaping the goals and objectives. The employees of the firm have to use the appropriate
creativity so that they can make the correct changes. Along with this they have to use the
relevant skills so that they can do the development or the improvement in the business and by
that Paul Cockle- The Generating Company attain the targets and success.