Small Business Management Research Analysis

The provided assignment is an in-depth analysis of small business management research. It includes a list of references to various studies on the topic, covering themes such as risk management, entrepreneurship, and climate action plans. The document also provides online sources for additional information.

Small Business
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Small business strengths and weaknesses.............................................................................1
1.2 Analysis of company by using comparative methods...........................................................2
TASK 2............................................................................................................................................3
2.1 Evaluate actions to overcome identified weaknesses in business.........................................3
2.2 Evaluate the way of performance will be maintained...........................................................4
2.3 Recommend new areas in which business will expand........................................................5
TASK 3............................................................................................................................................6
3.1 Analyse the existing business objectives and plans..............................................................6
3.2 Business plan to appropriate changes...................................................................................7
3.3 Action plan to implement change.........................................................................................8
TASK 4 ...........................................................................................................................................9
4.1 Impact of proposed changes for The 7star company............................................................9
4.2 Evaluate changes will managed in business........................................................................10
4.3 Improvement in performance of business...........................................................................11
CONCLUSION .............................................................................................................................12
REFERENCES..............................................................................................................................13
....................................................................................................................................14
...............................................................................................................................14
.................................................................................................................14

INTRODUCTION
Small business enterprise is an enterprise which is operated and controlled by limited
members. It has at least 250 employees who works in an enterprise. This type of organisation is
owned by private company and also sole traders, individuals corporation etc. who managed the
activities of the small enterprise. There are some rules and regulations which are made by
government and they have to follow that rules. Small business have to maintain and manage the
strengths and weakness of their employees in an effective manner. It is an enterprise which
manage and control their sale in small scale (Bridge and O'Neill, 2012). The 7 stars company is
business media and networking company. It has 124 workers in their office. Its co-founder is
Jenny Biggam. The company provides self services equipments and programmes that engage
their clients.
The purpose of this report is to focus on the processes that includes change management,
improves performance of small business enterprise. In this project learner can understand
different sources of fund that available for small business and also provides work experience and
continue the career in the small business enterprise.
TASK 1
1.1 Small business strengths and weaknesses
Small business enterprise offers discount prices to their customers that attracts more
customers in limited time period. The company should prefer best quality products or services in
an effective manner that attracts large number of customers and satisfy the needs and wants of
existing customers. The 7 star company provides services to their current as well as new
customers. SWOT analysis helps to identify company's strengths, weakness, opportunities and
threats (Schaper and et. al., 2014). This can provides good plans and strategies that has to
develop and find out the positive and negative effects and also solve these queries and issues
which helps to overcome the weakness.
Strengths  It has wide marketing plan
 Use different sales channels
 Produce new marketing strategies
 Find out new opportunities and market
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 Capabilities in internal market
 They have skilled team
 Get 12th rank in social agency
Weakness  Problem related to damages
 High cost of operating cost
 Increases activity cost
 Lack of cash due to provides training
 Lack of finance & skill of advertisement
Opportunities  Scope of expand the market
 It promotes new channels
 Adopt large and popular marketplace
 Identify new location
 Developing market areas
 Increase advertisement level
Threats  Entrance of new media industry
 Threats of rival company
 Analyse staff activities
 Substitutes channels
 Customers demand may reduce
 Strong rivals
1.2 Analysis of company by using comparative methods
The analysis is important for every the 7 star company that helps to calculate and
measures their financial position of current situation. It find out the strengths and weaknesses of
an enterprise. It is useful to provides efforts to deal with these factors such as strengths,
weakness, opportunities and threats. There are some different methods which helps to analyse its
performance that includes graphical, logical, tabular, ranking methods etc. This research helps to
identify the company rank and rating of whole market with their rivals and also compare position
to the company (Storey, 2016). It is profit and loss account year ended on 1st April 2016 to 31st
March 2017 of The 7 STAR company are given below:
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2016(value ) 2017(value)
Sales 160 200
Cost of sales 60 80
Gross profit 100 120
Overheads 30 70
Net profit 70 50
Balance sheet for the year ended on 1st April 2016 to 31st March 2017 of The 7 Star
shows given below:
2016(value) 2017(value)
Fixed assets 25 20
Current assets:
Stock 10 15
Debtor 8 20
Bank 5 0
48 55
The current assets and current liability evaluate the correct position of the company. In 2016, the
fixed assets is greater than current asset and difference is 2. And in 2017, the fixed asset is lower
than current asset and its difference is 15.
TASK 2
2.1 Evaluate actions to overcome identified weaknesses in business
Weaknesses directly affects organisation system in a major way. There are rivals which
will creates barriers or errors between growth and development of the 7 star company. So, it is
important for an organisation to use these techniques in an effective manner. It helps to
overcome the weakness. Hence, company provides extra growth and progress that develop an
organisation strategies which are beneficial for them. There are many issues and problems which
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face by company to maintain lack of relationship, new market place, awareness of products, tools
and techniques, comparative methods etc. in the market (Blackburn, Hart and Wainwright,
2013). It is very important to identify some issues and problems that measures methods and also
analyse marketing techniques that helps to enhance production and profitability.
The company also helps to highlight the problem and issues that must be improved by an
organisation in an effective manner. The 7 star company adopt necessary methods which helps to
evaluates performance of the workers and also identify its strength and weakness. This problem
is overcome in the business which can affects its customers satisfaction level and it helps to
control business in easy way. The company will use high turnover rate that is expire in a limited
time period. An organisation has to achieve goals that helps them to deal with the problem. It
control and maintain quality products which will satisfy the customers wants and needs in an
appropriate manner (Malhotra and Temponi, 2010). The business should evaluate its current
trends and future needs which identify the weaknesses that occurs in future time period. There
are some weaknesses which needs to improves in a given time period. The company also
maintain its goodwill and status which is important for an organisation. The enterprise should
provides channels that enhance media networking and also provides high quality channels. They
can maintain market strategies and analyse internal or external environment in an effective
manner. There are some factors which helps to overcome its weaknesses are as under:
 Technological change- The company can evaluate technology then implement change to
its services. It is important to change techniques which helps to innovate its old
technology. The 7star company adopt new technology and gives training to their
employees for know the functioning.
 Human resources- The human resource manager can manage or control their workers
performance in an effective manner. It provides required resources to the workers.
 Procurable- It helps to control and manage services that are based on raw material. The
company need to evaluate its customer preferences.
 Business infrastructure- It means that organisation need to manage its finance, legal,
budgets and infrastructure that helps to enhance growth and development.
 Sales and marketing- The 7star company should develop new marketing strategies. It is
important to analyse the advantage of competitions in the market. The sales and
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marketing evaluate the plans and strategies that help to implement new technology and
equipments.
2.2 Evaluate the way of performance will be maintained
This is an important for the 7 Star company to use business strategy which develop high
technology and services (Gronum, Verreynne and Kastelle, 2012). Its main function is to analyse
opportunities to increase activities that helps to deal with their rivals. They can maintain the
business activities which need proper change and identify it is positive sides that helps to exist
new competition in the market. It also analyse internal and external environment that based on
scanning of overall market situation in an effective manner (Herbane, 2010). There are different
techniques which should be used by company to reach the position where all weakness converted
into strengths. An organisation mostly adopt those tools which make effective solutions and
maintain their current performance of the company:
 Flexible and change adoption- It is an important factor which helps to adopt changes in
an organisation. It identify new tools and methods that need to change on regular basis. It
also face the rivals and competitors that arises in the market. The company should adopt
or update its technology, make changes, update techniques and methods etc. or other
activities which are used by the 7 star company. This can help to develop high quality
media or channels of an enterprise.
 Large number of customers- The company will attracts the current and new customers
who purchase latest technology equipments. It helps to fulfil the demand of the customer
that increases its quality of network in the market. All the companies adopt various
techniques and methods that helps to make new customers and provides satisfaction to
their current customers of the networks.
2.3 Recommend new areas in which business will expand
It is an important for every organisation to expand its business growth and develop new
level of progress. It helps to the company in increasing market coverage and make profitability.
The 7 star company provides high qualities technology and networks. It is an important to
expand the enterprise so that they provides services and qualities which serve performance in an
effective manner. There are many areas where company can expand its business are as under:
 Customer care service- The company can expand its business in customer care service
industry. It helps to solve and resolve queries related to the networks and channels which
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provides information about its controls and managed function (Altman, Sabato and
Wilson, 2010). The company can evaluate those customers who are interested in their
networks and channels and gives information related to their high quality networks.
 Employ other extra networking- If the company offers extra networking and also
improves the channels in an effective manner. It helps to enhance its high quality media
which attracts its current and new customers. This is important for organisation to
develop more channels to increase the number of customers.
TASK 3
3.1 Analyse the existing business objectives and plans
This is an important goals and objectives of the company which is maintain objectives in
an effective manner. Organisation should analyse needs which are based on regular assignment
and helps to achieves necessary goals or objectives. It also helps to evaluate all plans and
strategies that complete target goals and objectives (Fassin, Van Rossem and Buelens, 2011).
The 7 star company main focus is to provides best services and develop high technology
networks to their customers. An enterprise can control and manage its status and reputation
which need to maintained by their workers. The main target of the 7 star company is to analyse
internal as well as external environmental factors that provides growth and development in an
effective manner. It also manage the time strategies which helps to evaluate the plans and
technologies of the company.
It is basic responsibility of the company to provides high quality networks and channels
which enhance its customers volume. It increases media networking and provides advertisement
to their customers. The company make advertisement to their clients on television and make sure
that it is according to their clients demand. There are some objectives which helps to make ads
and advertisements that provides complete knowledge about services or products to their
customers. The company can focus on their future plans and strategies that help in evaluating
objectives and goals in an effective way. There are some factors which implement strategies are
as under:
 Important goal- The company can achieves its goals and objectives which provides
growth and development. The 7star main objectives is to start new business and expand
the company in market areas.
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 Objectives developed- It need to implement its plans which analyse the performance of
the workers and helps to evaluate its business activities or growth (Gill and Biger, 2012).
The company can develop its goals and objectives that will reach the target.
 Measurement of action plan- The plan should be measure or evaluate by the company.
There are some factors which analyse the operational activities. The communication skill
can be evaluated to inform information to top management.
 Performance activity- It is important to perform each and every activity by the
company's manager (Rae, 2010). Organisation should achieves its target goal and
objectives that helps to perform better by their employees in an effective manner.
3.2 Business plan to appropriate changes
The 7 star company change their networks and advertisement portfolio according to the
market demand. It will adopt new technology and techniques that increase the customers value in
the market. They can research on their market strategies, collects all necessary information,
identify customers behaviour, find out latest techniques. The business can change its plans and
strategies that affects the latest technology. They will achieve all goals and objectives in an
effective manner. The company should survive in market where different types of small
enterprises are exist and they creates threats to the rivals or competitors. In recent time period, all
customers prefers new techniques and networking sites which analyse the latest trends in the
market. It helps customers in enhancing methods and provides best advertisement services to
their clients that develop awareness about its services among the audience. It is an important to
change in the business plans and policies which analyse its latest tools and techniques.
Market segmentation- The 7 star company should focus on its market segmentation
activities which identify the current market situations. They analyse the whole market and find
out that a group of customer who likes to see the new advertisement and channels of the
company. All customers who know the products related information they simply adopt this
techniques. The company analyse the market conditions and segment its type of market place. It
includes areas, society, community, state etc. of the market. It helps to covers almost target
market that identify location to the company.
Target market segmentation- It is an important for the company to analyse the target
market where all necessary information are provides. Target the market in various situations that
deals with specified customers (Ratten, 2014). They will research the whole market then evaluate
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it then their customers focus on latest technology and channels. It provides unique quality of
customers services which help their clients to identify each and every high quality networks. All
the customers prefers best technology services and provides necessary networks which is high in
each manner. It maintain its customers base and analyse the new one which increase its status
and reputation.
3.3 Action plan to implement change
It is important to change in the activities of the business. Changes provide latest
technology to an organisation. There are some changes which is necessary to build in the
employees (Yin and et. al., 2012). It is essential to evaluate external and internal environment for
change in functions. It is important for the 7 star company to perform an action plan and
strategies which changes the current and future technology in an effective manner. Market is
always change with diversify the customers demand and needs and also provides new technology
and equipments development. It enhance living of standard to change in the current demand and
supply. An organisation should change its network designing, high quality products, best
advertisement quality etc. in an effective manner. There are some factors that plan action are as
follows:
 To evaluate the factor which can be covered.
 It is necessary to analyse research of whole market that they need to improve its
business activities.
 To analyse the current and future changes which company can provides to their
customers.
 Organisation need to complete demand and supply of the customers in an effective and
efficient way and helps to apply plans and strategies.
 All the plans and strategies should be implement on time and develop in an effective
manner so that they can achieve their target goals and objectives.
Currently, the 7 star company change their networking and advertisement channels which
adopt plans and strategies. It helps to evaluate business activities and functions that change its
technology and tools. The company need strong plan in an effective manner and which help to
implement and develop new strategies.
 In an organisation, research is an important element to identify all information and data
which are related to the task (Windolf and et. al., 2012). So, that they need to know the
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customer demand, behaviour, preferences and attitudes towards their channels.
Research needs to collect and gather data or information that helpful to an organisation.
 It is important to identify the external and internal environment and also find out
current financial position of the company that includes balance sheet, budgets, cash
book (Scarlat and Banja, 2013). They need to analyse technological, economical,
environmental, legal and political factors to scan the marketplace.
 Then, they can found required resources and networks which helps to attracts new
clients towards company plans.
TASK 4
4.1 Impact of proposed changes for The 7star company
It is responsibility of top management to maintain and implement proposed changes that
provides continuous improvement in the business activities. The plan can be change due to its
process evaluation. The 7 star company need to plan and identify the opportunities which helps
to changes its business functions and strategies and cover large market area. Changes provides
expansion to its business branches. A company can also operate the business activities and helps
to change in their technology. There are some factors which majorly affects the business
operations such as internal and external environmental factors and also swot analysis identify its
strengths, weaknesses, opportunities and threats. It is an important element which provide
satisfaction to their customers and it is difficult to identify skills or knowledge. The company can
improves and innovate changes which helps to adopt new technology.
It is necessary to evaluate future changes which provides better performance to the
organisation. The company's manager should plan and implement proposed changes on daily
basis. The workers needs training to know the new technological change and it help to achieves
company goals and targets on time. Changes need to attracts or retain customers and clients for
the limited time period.
Impact on business
 There are some changes which helps to identify opportunities that scan the market area. It
is important for business segmentation which helps to implement plans and strategies in
the company (Boswell, Greve and Seale, 2010). It helps to expand market place.
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 It is an essential element factor which increase the business activities in an effective
manner. By this help, the company target large number of customers. They need to
provides better quality networks to attracts more clients.
 An organisation need to fulfil its customers and clients demands which increase goodwill
and reputation in the market.
Impact on HR
 This is an important factor which helps to change employees behaviour and attitudes and
increase efficiency of the human resource department. The company need to develop and
adopt changes for improving its workers performance.
 It is necessary to modified and innovate their networks and advertisement channels
quality with customers preferences (Tang and et. al., 2010). They need to adopt changes
in the business activities. It is time consuming process which changes the whole
operational activities.
 The company can reduce their employees salary when they adopt costly changes in the
technologies and equipments. The main issues and problems occurs when they left the
job during the changes in an organisation.
4.2 Evaluate changes will managed in business
There are some changes that can implement and manage The 7star company are as under:
 Change decision making- An action plan is important to change and expand its business
activities. The amount can be reduce due to take long term decision that affects plans
would be change. The changes will be adopted to run the business in smooth way.
 Changes in trial- The company can set its action plan which will help in changes. Trial
change is set for limited time period. The 7 star company can evaluate errors, issues and
problems which identify during the implement change.
 Feedback from customers and employees- Each employee have to change its task
which is difficult to achieve. For the workers change process is simple and easy for
implementation and changes in plans or strategies. On the other hand, customers must
know the changes in products or services. Customers can not accept changes of company
every time.
 Take advices to change- Changes are not always works for the company and it creates
harmful effects to their customers choice. Some sources which advice to adopt change in
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an organisation (Gill and Biger, 2012). There are some factors which analyse changes
that should be implement to their products or services.
 Flexibility- The company need to change market situations which are flexible in nature.
They can adopt new changes that helps to modified and innovate the services and
networks (Ratten, 2014). It provides easy way to change its business activities and adopt
new technology in the company.
 Changes required- All organisation need to change in its plans and policies which is
necessary to the adopt by the customers. For the survival in the market, the company
needs to adopt new technology and equipments which help to perform better in the
marketplace. When an organisation can not adopt these changes then they will suffer
from loss.
 Equal improvement- It is an important duty to adopt change which improves demand
and supply of the company. They need to support maximum number of customers. An
organisation can change its technology which help to improves its equipments with
effectively in whole manner.
 Vision for change- It is an important factor which help to evaluate vision in an effective
manner. The company need to adopt change that helps to understand the new
technological and equipments factors.
4.3 Improvement in performance of business
The change should be adopted by the 7 star company that helps to modified their old
techniques into innovative technology. It provides strength to the business growth and increase
progress (Rae, 2010). The important factor will be identify and also its impact on the business
activities. The company also adopted changes that enhance action plan which provides growth
and development. The improvement is required to evaluate the existing position of the company
and helps to modified its old techniques. There are some factors which identify company's
strengths, weaknesses, opportunities and threats.
SWOT analysis- The swot analysis identify strengths, weaknesses, opportunities and
threats of the 7star company. It helps to evaluate the internal environment factors. This will help
to improves or maintain strength and overcome its weaknesses and analyse the scope of
opportunities, identify the threats which enter in the company.
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Tendency analysis- It is important to identify the latest trend which are famous in the
market. Trends helps to change its customers demand and prefer to use new services or products.
It helps to evaluate that they can adopt change or not in the company or how will it impact on the
business profitability. The 7star should know the objectives or setting of the trends.
Standard analysis- This is important to analyse the standard of company with compare
to the other standard enterprise. It can describe the comparison of standard which help to analyse
the other company performance and profitability.
Balance score card- It helps to measures the performance of an organisation. Balance
scorecard identify the company's internal and external environment factors (Tang and et. al.,
2010). It measures the financial position of company and reduce issues or barriers which helps to
evaluate errors in an organisation.
The action plan can change its performance of the company. It is important to evaluate
forecasting which are compared to its rival company. The strategies plan can change
technological and equipments which help to achieve best result.
CONCLUSION
As per above mentioned report can be conclude that business evaluate strength,
weaknesses, opportunities and threats. It helps to implement, evaluate, monitor and identify skill
of their employees in an effective manner. The 7star company adopt accurate skill that helps to
motivate their workers. The company set goals and objectives by using SMART analysis. If an
organisation develop change in the internal and external environment that help to maintain or
monitor performance of the workers. The business plan can helps to change its operational
activities that need to attracts more customers and clients towards their services and products.
The company's manager has to achieve its target goal and objectives which is necessary
to grew and progress. It helps to improves skills and help to solve problem that is important to
the company.
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REFERENCES
Books and Journals
Bridge, S. and O'Neill, K., 2012. Understanding enterprise: entrepreneurship and small
business. Palgrave Macmillan.
Schaper, M. T., and et. al., 2014. Entrepreneurship and small business.
Storey, D. J., 2016. Understanding the small business sector. Routledge.
Blackburn, R. A., Hart, M. and Wainwright, T., 2013. Small business performance: business,
strategy and owner-manager characteristics. Journal of small business and enterprise
development. 20(1). pp.8-27.
Malhotra, R. and Temponi, C., 2010. Critical decisions for ERP integration: Small business
issues. International Journal of Information Management. 30(1). pp.28-37.
Gronum, S., Verreynne, M.L. and Kastelle, T., 2012. The role of networks in small and medium‐
sized enterprise innovation and firm performance. Journal of Small Business
Management. 50(2). pp.257-282.
Herbane, B., 2010. Small business research: Time for a crisis-based view. International Small
Business Journal. 28(1). pp.43-64.
Altman, E. I., Sabato, G. and Wilson, N., 2010. The value of non-financial information in small
and medium-sized enterprise risk management. The Journal of Credit Risk. 6(2).
p.95.
Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions
of business ethics and CSR-related concepts. Journal of Business ethics. 98(3).
pp.425-453.
Gill, A. and Biger, N., 2012. Barriers to small business growth in Canada. Journal of Small
Business and Enterprise Development. 19(4). pp.656-668.
Rae, D., 2010. Universities and enterprise education: responding to the challenges of the new
era. Journal of Small Business and Enterprise Development. 17(4). pp.591-606.
Ratten, V., 2014. Future research directions for collective entrepreneurship in developing
countries: a small and medium-sized enterprise perspective. International Journal of
Entrepreneurship and Small Business. 22(2). pp.266-274.
Tang, Z., and et. al., 2010. Moving from agenda to action: evaluating local climate change action
plans. Journal of environmental planning and management. 53(1). pp.41-62.
Boswell, M. R., Greve, A.I. and Seale, T.L., 2010. An assessment of the link between
greenhouse gas emissions inventories and climate action plans. Journal of the
American planning association. 76(4). pp.451-462.
Scarlat, N. and Banja, M., 2013. Possible impact of 2020 bioenergy targets on European Union
land use. A scenario-based assessment from national renewable energy action plans
proposals. Renewable and Sustainable Energy Reviews. 18. pp.595-606.
Windolf, J., and et. al., 2012. Changes in nitrogen loads to estuaries following implementation of
governmental action plans in Denmark: a paired catchment and estuary approach for
analysing regional responses. Environmental science & policy. 24. pp.24-33.
Yin, H. S., and et. al., 2012. Readability, suitability, and characteristics of asthma action plans:
examination of factors that may impair understanding. Pediatrics, pp.peds-2012.
Online
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Implementation of action plan. 2017. [Online]. Available Through:
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