Report on Small Business Entity - Cocofina

   

Added on  2020-06-03

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SMALL BUSINESSENTERPRISE
Report on Small Business Entity - Cocofina_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Profile of selected business organisation..........................................................................11.2 Compare the performance measures................................................................................3TASK 2............................................................................................................................................32.1 Recommendations to overcome from weaknesses...........................................................32.2 Methods of manage existing performance of the firm.....................................................42.3 Suggest new areas in which a business could expand itself.............................................5TASK 3............................................................................................................................................63.1 Assessment of business objectives and plan....................................................................63.2 Revision of a business plan..............................................................................................73.3 Develop an action plan for implementing changes..........................................................8TASK 4............................................................................................................................................94.1 Impact of proposed changes.............................................................................................94.2 Concept of change management ....................................................................................104.3 Improvements in performance........................................................................................12CONCLUSION .............................................................................................................................13REFERENCES..............................................................................................................................14
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INTRODUCTIONIn today’s scenario, small business organisations play an eminent role in the growth andsuccess of an economy. They develop capital investment and prevent unequal distribution ofincome. In the recent years, there are several small scale industries established which have taken40% share of the total industry outputs. British government also provides them financial supportin terms of subsidies in order to enhance their market area. Small business entities are alsoassistive in providing job opportunities to people so as to improve their living standard in society(Hilmersson, 2014). Furthermore, small scale industries are liable in balanced regionaldevelopment of a country. It also focuses on the mobilisation of local resources. Suchorganisations create an environment for entrepreneurship and promote innovation betweenpeople. Apart from this, the present report will describe overview of a small business entity i.e.Cocofina. There will be discussion upon certain areas in which a business can easily expand.Furthermore, managers need to adopt some functions in order to get rid out from weaknesses. Abusiness plan is developed for implementing the major changes. The firm has to use balancedscorecard in order to measure employees' performance. TASK 11.1 Profile of selected business organisationAccording to Small business Administration (SBA), a business is called to be small if ithas fewer than 100 employees. Globally, small businesses have been contributed over 90% oftotal business and 50 to 60% of total employment in the UK. There is 99% of the total industriesare small businesses and they produce more effective products rather than any multinationalbusiness. Besides this, Cocofina is one of the famous small business firms which provides coconutbased food and drinking products. It is the 14th series of Dragon Den. In addition, the coconutfood brand focuses on investing its money in different fields and currently, it is operating inalmost 28 countries. Recently, Cocofina has sold its 30 outlets across the world; it has beenserving sine 10 years in UK's market. Basically, it focuses on taste and quality of coconutproducts. At last, the main objective of this small business is to sell yummy and healthy coconutgoodies to its target audiences (Hansen and Hamilton, 2011). Its brand represents honest, healthyas well as qualitative products. They use value added ingredients, preservatives and additives. 1
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Overview of Cocofina: - Name of thebusiness Cocofina Owner structure It is an equity owned business entity in which shareholders have 5%shares of the overall business. History Cocofina was a region renowned entrepreneurship. It was established toproduce everything which is made from coconut i.e. chips, sugar, vinegar,sugar, flour, etc. It launched its first coconut water in the UK in 2005. Activities Produces food items and drinking beverages from coconut by giving itnew shape and taste. Location England Founder Sarah Louise Willingham Investment sought £75,000 for 5% equityDescription Deal in coconut retailing products such as food drink, snacks, bakingitems, etc. Strengths and weaknesses of Cocofina: - STRENGTHSWEAKNESSESOffers high quality and value addedproducts and services. Using online marketing and mobileapplications which help customers toplace any orders. New product pipeline and streamlinedprocess.Cocofina has well qualified and skilledstaff members as it organises varioustraining and development programmes. Effective innovation and managementabilities which help in maintainingbusiness activities across the worldHigh operating costs Limited reach of current productionfacilities Low sources of funding Challenges regarding product's taste,quality and packaging High transportation costs Unstable delivery system Changing customer base 2
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