Small Business Enterprise - Performance Analysis and Strategic Recommendations

This assignment delves into the analysis of Skinnydip Limited, a small business enterprise, comparing its performance with competitors, identifying strengths and weaknesses, proposing strategic recommendations, and evaluating past performance.

Small Business Enterprise
1

Table of Contents
Introduction......................................................................................................................................4
Task 1...............................................................................................................................................5
a) You are to produce a profile of your selected business or one from the Dragons Den series
using the suggested headings:..........................................................................................................5
b) Compare the performance of your selected business with one of the following; (AC1.2).........7
Task 2...............................................................................................................................................9
a) Recommend with justification, appropriate actions to overcome the weaknesses. (AC2.1).......9
b) Analyse ways in which the existing performance could be maintained and strengthened and
(AC2.2)............................................................................................................................................9
c) Suggest new areas in which the business could expand with reasonable justification. (AC2.3)
.......................................................................................................................................................10
Task 3.............................................................................................................................................12
a) Give your assessment on existing business objectives and plans. (AC3.1)..............................12
b) Review business plans and suggest areas where changes can be made. (AC3.2).....................12
c) Prepare an action plan to implement the changes. (AC3.3)......................................................13
Task 4.............................................................................................................................................16
Based on the information you have collected produce a report on:..............................................16
Introduction....................................................................................................................................16
a) The impact the proposed changes will have on the business and its personnel. (AC4.1).........16
b) The plan for how the changes will be managed in the business. (AC4.2)................................17
c) The improvements in the performance of the business over the past two years (AC4.3)........18
Conclusion.....................................................................................................................................22
Reference List................................................................................................................................23
2

Introduction
The term “small-scale enterprises” or “small business enterprises” refers to that form of
business employing small number of workers and having low sales volume. The ownership of
small business enterprises lies in the hands of private individuals, partnerships, corporations or
sole proprietors. As per the Companies Act 2006, in United Kingdom a small business enterprise
employs less than 50 individuals and their turnover is less than £6.5 million. In case of UK, 99
per cent of the corporations are either medium sized or small sized business companies, thereby
having a significant contribution in generation of employment opportunities and GDP of the
country. The given assignment focuses on highlighting the significance of a small scale
enterprise with reference to Skinnydip Limited, a London based brand dealing in fashion
accessories. The investors in the reality show conducted by Dragons Den had supported
Skinnydip with investment needed for the expansion of their business. Theo Paphitis, Peter
Jones and Deborah Meaden had invested an amount of £120,000 in their company. Established
on 2011, it offers a wide variety of creative products like bags, iPhone cases and covers,
headphones, speakers, clothes, accessories and other stylish goods. The assignment will be
analysing the current performance of the company and accordingly recommendations have been
offered for improving their business performance and operations.
3

Task 1
a) You are to produce a profile of your selected business or one from the Dragons Den
series using the suggested headings:
 Name of the Company: Skinnydip Limited
 Owner structure: The Company was established on 20th January, 2011, in London by
James Isadore Gold, Richard Matthew Gold and Lewis Blitz, operating under the
ownership of “Companies House of United Kingdom” (Skinnydip.com 2018). A private-
limited company by nature, it is registered under “Wholesale of telecommunication and
electronic equipment and parts”. Currently, the three founders of the company are its
acting directors.
 History/Background: Two brothers founded skinny dip. They were namely Richard
Matthew Gold and James Isadore Gold, along with Lewis Blitz their friend. Initially, the
business function of the organisation was to supply headphones, iPhone cases and other
accessories. With the group efforts of the three friends, they were successful in supplying
original motivating goods, a wide variety of goods that come in unique designs and
unconventional forms, which makes them different from the products offered by other
companies. After completing one year, the owners of the company decided it take part in
a reality show named Dragons Den for acquiring financial assistance for expansion of
business. Impressed by the owners of the company, the investors at Dragons Den agreed
to offer it the necessary funds. Further, within 18 months of its incorporation, the
company had managed to sell approximately 2, 00,000 goods (Skinnydip.com 2018).
The profits were reinvested by investing into retail business and expanding their business
operations. The company joined hands with e-commerce retail companies like River
Island, Asos.com, Harvey Nichols and Topshop. The company has more than 30 stores
spread across different parts of the United Kingdom, U.S.A. and other places. The
company had settled with Peter Jones for 30 per cent of the equity in return of £120,000,
but the deal was cancelled with a settlement of 20 per cent equity for £120,000
(Skinnydip.com 2018). The Dragons Den reality show helped the organisation in gaining
4

immense popularity and creating positive impression in the minds of the investors helped
in its prosperity.
 Its activity: The primary function of the company is to provide designer iPhone cases and
covers, bags, headphones, backpacks, jewellery, stationeries, sunglasses and other
fashionable accessories through its chains of retail stores and e-commerce business.
 Business location: The registered office of the company is situated at “30 City Road,
London, United Kingdom, EC1Y 2AB”. With 32 retail stores in London and online
website delivering in 30 countries, the country operates its business (Skinnydip.com
2018).
 Strengths and weaknesses: The strengths and weaknesses of the company have been
analysed and presented in the table below:
Strengths Weaknesses
 The prime locations of the stores helps
in attracting large number of customers
who are fond of fashionable and
exclusive accessories.
 Online business has helped in acquiring
67,400 Facebook, 18,800 Twitter, and
423,000 Instagram followers.
 Student discounts have helped in
acquiring customers of young
generation.
 Creativity and innovation in their
designs have helped in their growth.
 The products of the company are
slightly expensive.
 Poor website, which does not offer
necessary information relating to the
company
 It has a huge turnaround rate of its
goods, as it operates in the fashion
industry, which makes it difficult for
the company to deal with the latest
trends.
 Failure to offer products with the
current trends hampers the profit
margin.
Table 1- Strengths and Weaknesses of Skinnydip
(Source: Created by the learner)
5

b) Compare the performance of your selected business with one of the following; (AC1.2)
In order to make a company comparison based on their performance, Wolf and Badger has been
selected. Wolf and Badger is a company offering various independent brands through its online
website.
Basis of
Distinction
Skinnydip Wolf & Badge
Background It was incorporated in 2011 as a fashion
retail company offering designer
iPhone cases, various accessories,
headphones, bags and others
(Skinnydip.com 2018).
It was incorporated in 2009 offering
variety of goods serving the needs of
women, men, kids and some home
ware goods (Wolf &Badger.com
2018).
Marketing With the implementation of marketing
strategies like special student offers, the
company has been able to attract a large
number of youth as their customer base.
In addition, social media activities and
promotional offers have been equally
beneficial. The association with Coca-
Cola for designing and advertisement of
their goods was another milestone of
success. Nevertheless, in comparison
to other fashion retailing companies, it
has less buyers and followers.
The marketing strategies of the
company comprised of sending
customised messages to every
customer, designed as per their
interests, which further helped in
acquiring large number of loyal
customer base. Further, the automation
technique of the company helped in
advanced marketing of the goods. The
online website helped in generating
more revenue and increased it by 4 per
cent. The magazines also help in
presenting and marketing their
products.
Sales In 2016, the organisation earned a profit
of £2.5 million through the sale of its
designers and exclusive products
Despite the large collection of goods
and services offered, it did not incur
huge profits in 2016. Instead, a loss
amounting to £2.3 million was
6

(Skinnydip.com 2018). incurred, which was more in
comparison to loss of 2015 (Wolf
&Badger.com 2018).
Human
Resource
The human resource managers are
highly innovative, creative and
committed to the company. The three
owners, or the three directors support
the employees and look for growth
prospects. The offers effective
internship programs by giving quality
training to individuals and recognises
the efforts if the designers. Employee’s
blogs and customer preferences have
helped in increasing the customer base
visiting the official website. The
website does not have a separate
section about the business partners or
designers.
Unlike Skinnydip, Wolf & Badge has
a separate column for the business
partners and designers on its official
website. The other employees work
independently, which helps they stay
focused on their work and work
ethically.
Table 2: Difference between Skinnydip and Wolf & Badger
(Source: Created by the author)
Based on the above differences, Skinnydip would be recommended to improve their official
website and give more importance to its designers. Business operations can be expanded by
increasing the range of products offered; thereby more customers can be acquired.
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Task 2
a) Recommend with justification, appropriate actions to overcome the weaknesses. (AC2.1)
On comparing the industry performance of Skinnydip Limited with Wolf & Badger, the various
flaws in the business practices in Skinnydip have been identified. As the company is performing
in the retail industry, it needs to formulate new strategies for overcoming these weaknesses, so
that it can deal with the stiff competition of the retail fashion industry. Following
recommendations have been given for enhancing the business operations of the company:
 The official website of the company can be improved if the senior management focuses
on providing more content relating to company functions and their designers.
 The impression of its website can be improved by adding team pages, a navigation
system, value proposition and carousels (Prajogo and McDermott, 2014).
 Customer base and active buyers can be increased by continuously informing the
customers about the company operations and latest products through social media and
emails. Information about the promotional offers can be posted on social media and
personally mailed to them as well (Bridge and O'Neill, 2012).
 Business expansion can be done by getting associated with e-commerce companies like
eBay, Amazon, Argos, to name a few. Selling their products on these sites will help in
increasing company revenue. Continuous innovation of ideas will help in increasing the
range of goods offered.
 The pricing strategy should be changed as per the purchasing power of its target
customers. This will help in acquiring new customers and generate more revenue.
The adaption and implementation of these strategies will help Skinnydip in improving their
industrial performance and face competition from other fashion brands.
b) Analyse ways in which the existing performance could be maintained and strengthened
and (AC2.2)
Operating in the fashion retail industry, Skinnydip offers designer, exclusive and innovative
goods across 30 nations, through its offline and online stores. Despite the fact, that the company
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was generating high profit and sales in its initial years, the entry of new firms declined its sales.
The competitors offer more appealing and user-friendly website, use better marketing and
promotional strategies, which have adversely affected Skinnydip. As a result, website
development, formulation of new and reasonable pricing strategies, valuing the work of
designers, analysing its competitor’s business strategy, will help in company to continue
operating in the industry (Purcarea et al., 2013).
In addition to the special student discounts offered, the company should offer special discounts
to its regular customers. This will help in retaining them and new customers would also start
purchasing on a regular basis for receiving these discounts (Hilmersson, 2014). Personal emails,
newsletters and publishing of company magazines will help in communicating to the customers
about the latest products, discounts and offers (Schaper et al., 2014). Modification of the pricing
strategy based on the price of similar goods in the market will help in increasing customer base
and sales generated. Collecting customer reviews on factors like product quality, price of goods,
range of goods and services, marketing activities and others will give the company an analysis of
their customer needs, demands and their satisfaction level. As a result, business performance will
improve, variety of products will improve and customer base will increase.
c) Suggest new areas in which the business could expand with reasonable justification.
(AC2.3)
Based on the performance evaluation conducted earlier, it can be said that the company incurred
a good amount of profit during its initial year of establishment. The reason behind this was
implementation of an effective and appropriate business strategy for reaching out to the
customers while offering its customised and designer products. The increase in competition in
the retail fashion industry has made it difficult for the company to deal with the intense
competition. Better websites, more sharing of information about their designers, business
partners and employees had helped in attracting more customers in case of the competitors
(Iturrioz et al., 2015). In addition to the “blog” section on their website, the company should
include information about its employees, designers and partners, as well as share contribution to
the company (Van Der Aalst et al., 2014). Unlike Wolf & Badge, the company does not offer a
monthly or weekly magazine about its products and offers. New professional writers and editors
9

should be hired for publishing magazines for informing customers about their goods and
services.
In addition, the categories of product like menswear, home ware and kids ware should be
focused on for expansion of business operations, thereby help the company in entering new
markets and amplifying customer base. The product return policy should be changed as the
customers have to return the product to a specific warehouse, which becomes quite hectic. New
employees can be recruited and new return policies should be formulated with features like pick-
up and drop facility, thereby making the process simpler (Curran and Storey, 2016). The issues
with the website can be resolved through implementation of SEO techniques and better
navigation features.
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Task 3
a) Give your assessment on existing business objectives and plans. (AC3.1)
Currently, the prime goal of the Company is to focus on customers belonging to the niche class
by providing them with innovative, exclusive and designer products, keeping in accordance with
the prevailing trends. As per the new business plan, the company aims to expand its business
operations in the international market of China and Japan. Taking into consideration the business
objectives and proposed business plan, Skinnydip Limited is targeting on enhancing its industrial
performance and conducting better business operations. The innovation and creativity in their
designs and products offered as their core strength, giving them a competitive edge over others.
However, the decision of targeting on niche customers is its weakness, as it has limited its
market. The management would be recommended to propose business plan for catering to
different customer needs.
In order to increase business activities in China and Japan, the market trends should be studied
and appropriate market research should be conducted for understanding customer demand and
behaviour (Blackburn, 2013). As a result, an effective price strategy and marketing approach will
be developed. The finance managers should formulate an effective budget so that company
resources can be effectively utilised in the expansion procedure. The new market strategy where
it associated itself with Coca-Cola was a successful business strategy. Similar strategies can help
in acquisition of both market share and customers.
b) Review business plans and suggest areas where changes can be made. (AC3.2)
The case company, Skinnydip is planning to expand its business by offering more variety of
products, thereby increase their scale of business and acquire more customers. As per one of its
active directors, the company was lucky to attract customer attention from the time of its
establishment as well as impress big businessmen. By receiving continuous feedback, reviews,
support and motivation, the company can amplify its growth (Eid and El-Gohary, 2013) by
getting associated with companies like Coca-Cola, Amazon and Topshop. The poor customer
base and limited product variety shows the failure of the company, thereby developing a need for
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better business strategies. The company needs to recruit new employees for conducting new
business functions of the company, thereby accomplishing the goals of the business plan.
Implementation of the new business strategy will help in the growth and development of the
company and make its operations more stable. According to the plan, the website will be
modified through SEO techniques, addition of navigation, addition of new column for designers,
recognition of their work and details about the business ideas of the company. Suggestions
should be acquired from the workforce for acquiring new ideas and methods that can be used in
the improving the current business operations (Klewitz and Hansen, 2014). Market research
about the choices and preferences if the customers belonging to UK, China and Japan will help
in offering customer-oriented goods, thereby increase their satisfaction level.
c) Prepare an action plan to implement the changes. (AC3.3)
The proposed changes can be brought by following the given action plan:
Action Plan
For the year 2018
Strategic goal Strategy Success Criteria Time
Required
Resources
Required for the
activities/
Responsibility
1. Expansion of
business
operations
The Company is
planning to expand
its operations in
the nations of
Japan and US,
acquire more
Conduct an in-depth
market research for
comprehending the
current market
scenario and the
market of Japan and
China
Identify customer
demands of Japan
Cooperating and
communicating
with present
designers,
employees and
management team
Identifying
feasible customers
in the new
4 months Effective business
strategy
Formulation of a
professional
market research
team
Availability of
finance needed
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customers in the
current and other
markets.
and China
Analyse the demand
for closely related
goods in Japan and
China market
markets for setting up the
business
2. Modifying the
official company
website
A separate column
for its designers
and their work
Column
appreciating the
work of the interns
Making it user-
friendly
Will help in
acquiring more
customers and
improving brand
image
Effective use of SEO
techniques
Taking feedback and
suggestion from the
designers,
employees
Sharing of
appropriate
information on the
website for
recognising the work
of their designers
Promotion of
organisational
activities
Continuously
motivating the
employees for
working harder
Making changes
in the website for
acquiring more
customers
4 months Google Analytics,
SEO, Hootsuite,
MailChimp,
Google Keyword
Planner, to name
a few
Hiring new
professionals for
website
development
Hiring
professional
content writers
for the new
additional
columns
3.Introducing a
new return policy
and making
changes in the
Taking suggestions
from the members of
employees and
members of the
company regarding
Effective
implementation of
the pick-up and
drop return facility
Positive reviews
5 months Various
marketing tools
Survey on the
new return policy
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marketing strategy
The company
would acquire
customer
confidence, acquire
new customers and
attract potential
customers
the changes to be
made in the current
company policies
Making changes in
the market strategy
fir increasing
consumer awareness
regarding business
operations, their
products and
innovation strategies
of the customers
Increase in
conversion rate
through pay-per-
click
advertisement
Hiring of new
delivery
employees for the
new return policy
4. Increasing the
variety of products
offered by
introducing kids
wear, menswear
and home ware
Suggestions from
employees and
designers
Market research
about customer
demands for
formulating an
effective strategy for
the new products
Effective utilisation
of company finances
for expansion
process
Acquiring
customer attention
through the
introduction of
new product
variety
Recruitment of
new professionals
for selling the new
goods
5 months Planning of
product range
based on the
company
resources and
scale of business
operations
Information about
menswear,
kidswearn home
ware
Survey for
collecting
feedback
Large amount of
funds
Table 3: Action Plan for Skinnydip Limited
14

(Source: Created by the author)
Task 4
Based on the information you have collected produce a report on:
Introduction
The report discusses the implementation and potential impacts of the proposed changes
indentified in the action plan of Skinnydip. In additionally, draws report of a trend analysis to
gauge the profitability of the firm between 2015 and 2016.
a) The impact the proposed changes will have on the business and its personnel. (AC4.1)
The proposed changes made in the action plan of Skinnydip Ltd., would have resonant and
lasting impact on the business operations and personnel structure of the company. Reviewing the
first proposition of the business action plan for 2018 underlines the importance of business
expansion is to extend operations to multiple locations through expansion of the target market.
Opening up operations to China and Japan would yield maximum benefits for the Small
merchant retailer dealing in rapid fashion and related fashion accessories. Extending their
operations to the proposed locations would mean the bonus of cheaper labour along with wider
and a potpourri market. The elements of both resourcing and raw materials are cheaper in both
the countries and with the rapid westernization that has taken over their traditional markets,
Skinnydip would get the opportunity to shepherd fresh customers and clients remodelling and
adapting their value proposition in keeping with the necessity and demand graph of their new
customers. Thus the cost structure, scope and size of the business would enlarge manifold and
would contribute to iconoclastic rocketing of its global reputation brand awareness and prestige.
The importance of brand awareness is rooted deep into the psychology wherein, the symbol,
slogans, logo and catch phrases that are part of a company’s advertising campaigns set a
mnemonic pattern in the mind of the existing and potential customers. The company should thisr
resort to the first suggestion on the action plan.
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The second plan of action is modifying the official website of the company to include some
essential details that are missing from the company’s webpage. The idea is to furnish the website
with suitable description and graphics about the identity, background and proficiency of their
designers and complimenting the interns with apposite recognition and the laudatory columns of
the website. In addition, the key information about the partners of Skinnydip should be shared on
their official webpage.
The third change that is proposed as an inclusion to the existing business plan, translates to
instrumental profitability for the small merchant enterprise rocketing the loyalty and trust level
of their customers. A flexible and comprehensive set of return and refund policies generate
increased levels of customer satisfaction and seize the approval, recognition of value for money
and recommendation from the service users. It would also mean in addition, the recruitment of
separate staff in their financial, strategic marketing team and IT department to give structure and
form to realise the recommended changes.
The fourth change proposed in the action plan is to implement extensive product diversification
to include menswear, kids-wear and home supplies and decor. Product diversification increases
the probability on one hand to ensure the miscellaneous product range generates disparate
responses, so the company works on a reduced risk line by allocating capital budgets across
different variables. Additionally it creates unique appeal for the existing customer base that
reacts positively to assorted product options according to consumer behaviour experts.
Thus, it can be concluded from the above discussion that substantial benefits can be realized by
Skinnydip in all spheres of operation and levels of personnel from the implementation of the
advised changes in its action plan.
b) The plan for how the changes will be managed in the business. (AC4.2)
The implementation of the proposed changes calls for intensive change management
programmes that are to be reviewed and implemented by the management and marketing team of
Skinnydip.
Change management can be divided into six essential quadrants which are listed as follows:
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 Mapping the desired inclusions: Skinnydip should define the changes it wishes to
introduce in its business plan and objectives. The next segment of change management is
to map the features according to their priorities in a series; be it product diversification
target-market expansion or policy changes (Hayes, 2014).
 Analysing areas of lacking, this calls for improvement: The business enterprise should
then analyse the missing elements in its BMC (Business Model Canvas) that needs to be
updated to suit the new changes that Skinnydip wishes to introduce.
 Drafting suitable strategies to bring changes: The Company should then draft the
most cost-effective steps and measures at its disposal to implement those changes.
 Analysing gaps and breaks in training, skills, competencies: The Company should
then map competencies and skills the organization lacks to implement the suggested
changes and accordingly train the employees or recruit new talent to fill in the novel
responsibilities.
 Implementing changes suitably: This would mean bringing into force all the suggested
changes through CAPEX, recruiting, training , purchasing raw material or revamping the
supply chain according to the demands of the situation (Michalski, 2013).
 Extracting data through KPIs to evaluate the scale of performance: The final
segment of the change management project is to test and evaluate its efficiency and
efficacy and respond accordingly.
c) The improvements in the performance of the business over the past two years (AC4.3)
Cash at hand
2015 2016
Cash at bank and in
hand
£
7,70,333
£
12,54,450
Table 1: Cash at hand analysis of Skinnydip Limited
(Source: amazonaws.com, 2018)
17

2015 2016
£-
£200,000
£400,000
£600,000
£800,000
£1,000,000
£1,200,000
£1,400,000
Cash at bank and in hand
Cash at bank and in hand
Linear (Cash at bank and in
hand)
Figure 1: Cash at hand analysis of Skinnydip Limited
(Source: amazonaws.com, 2018)
Analysis
From the above trend graph, it is evident that, Skinny dip has encountered increase of cash at
bank and in hand in 2016 compared to the previous year. This trend line is clearly showing a
linear development of cash at bank and in hand. The ration has developed up to £ 1254450 form
£ 770333 in 2015.
18

Profitability
2015 2016
Profit £
13,37,617
£
9,51,358
Table 2: Profit of Skinnydip Limited
(Source: amazonaws.com, 2018)
2015 2016
£-
£200,000
£400,000
£600,000
£800,000
£1,000,000
£1,200,000
£1,400,000
£1,600,000
Profit
Profit
Linear (Profit)
Figure 2: Profit of Skinnydip Limited
(Source: amazonaws.com, 2018)
Analysis
From the above trend graph that illustrates the profitability of Skinny dip, it is evident that,
organizational profitability has fallen out of favour for the company from previous year.
Profitability ratio in 2015 amounted to £1,337,617, whereas in 2016 Skinnydip has registered a
profit line of £951358 in their domestic market. The fall in profitability is also sketched in the
19

linear form to aid the understanding and interpretation of the figures of the annual financial
report o Skinnydip.
Conclusion
The changes listed according to their impact in the organizational and personnel level of
Skinnydip is discussed above. In addition, a trend analysis has been performed to provide insight
into the internal and market performance status of the business.
20

Conclusion
The assignment discusses the various elements of the operations and the legal structure scope
and size of small business enterprise with suitable examples of Skinnydip. In addition, it draws a
comprehensible comparison between Skinnydip and Wolf & Badger on the criteria of their
marketing, sales, organizational input and human resources. The succeeding segment of the
study discusses the indentified strengths and weaknesses of business performance of Skinyndip
with suitable changes to overcome the former and capitalize on the latter. The discussion
continues into business objectives, reviewing business plans and suggests changes on the
loopholes that surface following the assessment. The consecutive part sketches an action plan to
introduce certain changes and the concluding part of the assignment illustrates a report of
Skinnydip outlining a trend analysis of the company’s performance between 2015 and 2016. The
report is additionally furnished with the putative change management suggestions and
prospective impacts of the same on the business performance and personnel strength.
21

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