Small Business Enterprise- Doc
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Added on 2020-10-04
Small Business Enterprise- Doc
Added on 2020-10-04
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Small BusinessEnterprise
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................11.1 Profile of a selected small business enterprise......................................................................11. Identification of size, structure, goals and objectives.........................................................12. Internal constraints on business..........................................................................................21.2 Comparative analysis of performance of business................................................................2LO 2.................................................................................................................................................42.1 Appropriate actions to overcome weaknesses in the business..............................................42.2 Approaches through which existing performance could be maintained and strengthened ..42.3 New areas of expansion for a business.................................................................................5LO 3 ................................................................................................................................................63.1 Assessment of current objectives and plans..........................................................................63.2 Revision of plan to incorporate changes...............................................................................73.3 Action plan for change implementation................................................................................8LO 4.................................................................................................................................................94.1 investigating and reporting potential impacts on business....................................................94.2 Management of changes in the business.............................................................................104.3 Monitor improvement over a given timescale....................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONSmall business enterprise is referred as a business which carries out its operations at adiminutive scale and employs less number of people ( Aremu and Adeyemi, 2011.). Theseenterprises are mostly owned and managed by individuals who carry out operations for self-gain.The popular manner through which small enterprises operate are sole proprietorship, partnershipsand corporations. This assignment aims to analyse the working of Hallmark Hotels. It is a smallscale business fulfilling the hospitality needs of people. This aims to investigate the performanceand identify ways through which performance can be enhanced. The objectives of business willbe revised so that changes can be proposed. Lastly, the impact of changes on business will beidentified. LO 11.1 Profile of a selected small business enterpriseHallmark hotel is a small business enterprise working in the hospitality sector in UnitedKingdom. It is referred as one of the fastest growing enterprises relating to hospitality sector incountry. This organisation began its operations in the year 2007 and experienced tremendousgrowth in the operating market. The number of employees in this corporation are lower than 50and annual turnover of this enterprise stands less than 10 million euros. 1. Identification of size, structure, goals and objectivesType of business: It is an organisation carrying out its operations in the hospitality sectorof country. This institution is responsible for fulfilling the housing and entertainment needs ofvisitors. Structure: The ownership structure of this organisation states that it is owned andmanaged by Topland group. This group has acquired Hallmark hotel for a price of 75 millioneuros. Topland group is an investment group encompassing number of people who are originallyknown to deal in the real estate industry. Mission, goals and objectives: The mission of this organisation is to provide best-in-classhospitality services to guests visiting the hotel. The organisation has adopted a tailored approachwhich refers to treat guests in manner they expect. The funding provided by Topland group is tobe utilised in rendering ideal services to customers which carry a positive impact on customerexperience. The long term strategy employed by this organisation aims to continue renderinggreat hospitality services and extend their operations up to number of 50 hotels. 1
2. Internal constraints on businessConstraints refer to the problems which are encountered by business in carrying out theiroperations. The major constraints which are encountered by this hotel are as follows:Competition: There are numerous organisations competing in the industry for a targetedpool of consumers. This intensity of competition in the industry persuades a business intodeploying discounting and vouching tactics leading to a maintain stability in their operations(Barbero, Casillas and Feldman, 2011). Resources: A small business enterprise does not match corporations in terms ofresources. They are not confined to the possession of adequate funds as it also takes intoconsideration workforce and technological resources as well. Such factors easily differentiatebetween corporations and enterprises. Expertise: This is another limitation which is encountered by small organisations. Theexperience of carrying out operations in the market provides a business with expertise. Thisfeature will further help a business in fulfilling needs of consumers in the best possible manner. 1.2 Comparative analysis of performance of businessTo compare the performance of this small scale enterprise, the financial statement such asprofit and loss account along with ratio analysis is employed. Profit and Loss Account For the year ended 30th April 2016 and 30th April 20172016£2017£Sales300420Cost of Sales5060Gross Profit250360Overheads100100Net. Profit150260Balance Sheet 30 April 2016 and 30 April 20172017(£)2016 (£)2
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