Small Business Strategies and Growth

This assignment explores the various strategies employed by small businesses to achieve sustainable growth. It delves into topics such as open innovation, leveraging advanced technology, adapting to market shifts, and understanding the role of family ownership in shaping business decisions. The analysis draws upon academic research and real-world examples, including the case study of Qbic hotel, to illustrate successful growth models in a competitive environment.

SMALL BUSINESS
ENTERPRISE

Table of Contents
INTRODUCTION ..........................................................................................................................1
TASK 1............................................................................................................................................2
1.1 Produce profile of selected business and assess their strength and weaknesses...................2
1.2 Analysis of business with using comparative measure of performance...............................3
TASK 2............................................................................................................................................4
2.1 Actions to overcome the weaknesses....................................................................................4
2.2 Existing performance which maintained and strengthened..................................................5
2.3 New areas to expand the business.........................................................................................7
TASK 3............................................................................................................................................8
3.1 Assessment of existing business objectives and plans..........................................................8
3.2 Revise the plans with incorporate changes...........................................................................9
3.3 Action plan to implement changes......................................................................................10
TASK 4..........................................................................................................................................11
4.1 Impact of proposed changes on the chosen organisation and their employees...................11
4.2 Plan for managed changes in business ...............................................................................12
4.3 Monitor improvement in performance of company with time scale...................................12
CONCLUSION .............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Small business enterprise defines as the firm which deals as corporation, limited liability
company and proprietorship. It has less than 500 or less than employees who perform several
functions and operations together (Kuhn, Galloway and Collins-Williams, 2016). In this context,
National chairman Federation of Small business can easily earn high amount of profit through
support of medium size enterprise. In this context, present report based on Qbic hotel which
deals as small and medium firm to enhance profits and revenue. In addition to this, the chosen
enterprise has less than 50 employees those work together for developing effective results in the
market.
For gaining insight knowledge of the business, present report covers produce a profile
with selected organisation with its strength and weaknesses. Furthermore, it includes
comparative analysis for measuring performance. Moreover, it includes assessment of existing
business objectives and plans. In addition to this, it includes action plan to implementation of
changes. At last, improvements has been made for performances of the organisation in given
time-scale.
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Illustration 1: Qbic hotel
Source: (Qbic hotel, 2017)

TASK 1
1.1 Produce profile of selected business and assess their strength and weaknesses
Qbic is small and medium business enterprise which working successful in international
market through deliver qualitative and quantitative services. In this way, the company make
planning and directions decisions to focus on the issues (Williams and Martinez, 2014). Further,
they are providing creative elements within the market to enhance opportunities in market. This
hotel situated in the city of London within 5 minutes walking distance from Aldgate East and
Tube stations. Connection also made with the circle, district, Hammersmith & city of
metropolitan lines. In addition to this, hotel also provide free Wi-Fi facility at workplace to
enhance customer base. In addition to this, Qbic restaurant offers different kinds of breakfast
menu and all day menu as well. Therefore, people can select tea/ coffee, wine, beers, cocktails
throughout the day (Neubauer and Lank, 2016).
Beside this, firm has following strength and weaknesses of the Qbic hotel to make
business decisions:
Strengths: In the chosen business, following are certain strengths exists which assists to
maintain effective sustainability towards workers to work in business unit. Therefore, following
strength determines at workplace of Qbic hotel:
 Qbic hotel has ability to make their functions very effectively to accomplish positive
results.
 They have competitive advantages to compete with several same business so that better
performances will be done in effective aspect (Atkinson and Storey, 2016).
 The company locate at good location so that it enhance business performances that
enhance positive impact on customers.
 Further, sales turnover very growing that creates goodwill to of the Qbic hotel which
enhance profits and revenue in high aspect.
 The chosen business has opportunities to creates proper working environment which
positively impact on the customers (Sluyterman, 2013).
Weaknesses: Weaknesses are such limitations of the company that make negative impact on the
business operations. Following are certain limitations of Qbic hotel that create negative impact
on its functions and operations:
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 Rent of Qbic hotel is very high so that it create high cost which generate negative impact
on the business outcomes. As results, it is very expensive towards customers which give
less preference to firm.
 The chosen firm has less effective food products so that customers moves towards the
other businesses (Glover and Kusterer, 2016). This is because, there are various
competitors exist in the business unit.
 Less experience employees of the selected organisation so that they are unable to serve
effective results at workplace.
 Lack of time management also create negative impact on the Qbic hotel performances.
1.2 Analysis of business with using comparative measure of performance
Qbic hotel has several types of resources through they are able to easily measure
organisation performances. Therefore, it can be stated that comparative analysis measurement is
the best tool that help to organisation to assess their outcomes in effective manner (Wynarczyk,
Piperopoulos and McAdam, 2013). In this context, following are such manner could be
implemented to measure performances:
 Financial statements of the company: Qbic hotel measure their performances through
assess financial outcomes. In this way, the selected enterprise can assess balance sheet
and other statements. The organisation can include several things in these statements such
as assessment of profit, investment and cash flow (Ward, 2016). These assists to
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Illustration 2: Strength and weaknesses of Qbic hotel
Source: (Strength and weaknesses, 2017)

determine liquidity position in the business unit. In respect to measure these statements,
performance can be evaluated when the company has lack of enhancing profit.
 Ratio analysis: In respect to assess liquidity position, Qbic hotel need to assess their
performances in systematic way. It assists to develop minimum liquidity of the business
that helps to accomplish goals and objectives of the organisation. It is the best way to
ascertain maximum profits and revenue at workplace (Duberley and Carrigan, 2013).
Further, it includes comparison of previous year records which assists to compare exiting
year performances. Beside this, organisation can also implement their comparison with
another organisation as well.
 Feedback from customers: Customer feedback is the another important parameter that
assists to accomplish goals and objectives. In this way, Qbic hotel need to assess
satisfaction level of customer through providing different products and services. When
customers are positively satisfied, the chosen business will easily enhance their
performance and services in different areas (Thomä and Bizer, 2013). Beside this, survey
can be conducted towards the measurement of business operations which helps to
develop profitability in business. It is the best way to assess actual demand and
requirement of customers to make products and services accordingly.
TASK 2
2.1 Actions to overcome the weaknesses
In order to develop effective functioning, small business operate their operations in
significant manner. However, there are many difficulties take place which impact negatively to
Qbic hotel operations and outcomes. Due to less skilled members, the firm unable to delivered
productive outcomes in the products and services (Henry, Rushton and Baillie, 2016). Along
with this, employees also feel difficulties to handle their customer queries to make effective
functioning. Poor communication among people and managers also create issue to take decisions
in the business unit. Proper and effective management: In this aspect, Qbic hotel can take actions at
workplace to manage their work. With the help of proper management of operations,
issues can be resolve from the business (Wright, Chrisman and Steier, 2014). For
determine targets and goals, latest and update technology can be implemented for
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development of the business unit. It is the best way which assists to make proper working
environment. Make new segment area in market: Qbic hotel also need to make effective segment area
through offers different types of services. It is the effective way to overcome the issues
and attract more customer according to segmentation (Pollack and Adler, 2016). At new
area of market, customers will be enhances in significant manner through offers
maximum classified services and products. It is the best way to establish company
operations according to the target market. Recently, there is no segmentation according to
age and gender so that it is the best opportunity towards the company to make sure that
profitable results will be enhances. Proper training to employees: Qbic hotel has not highly skilled employees so that they
have to provide them proper training to them. This is because, it is the best strategy to
overcome their issues which exist due to lack of knowledge (Daryanto, Khan and
Chakrabarti, 2013). With the help of implementing proper training to employees,
according to the customer requirement products and services will be implementing. As
results, it makes effective functions in business unit. Implement effective and proper communication: Communication is the another strategy
through organisation will develop their targets and goals in effective aspect (Whatmore,
Marsden and Lowe, 2017). In this way, Qbic hotel need to implement proper attention of
workers towards the business objectives. It assists to deal with customers in proper and
effective manner. All personnel need to develop proper communication with customers
so that positive environment can be made easily.
 Undertake effective plan of management: In addition to this, carrying effective plan can
be implemented to assess issues of the selected business unit. In this way, Qbic hotel can
accomplish the targets and goals through perform task and work within the team.
Through providing roles and responsibilities according to people qualification and
interest areas, the chosen enterprise develop performances (Bergthaler, Kang and
Monaghan, 2015). As results, business never fail to do operations positively.
2.2 Existing performance which maintained and strengthened
In order to grow continue, Qbic hotel also needed to maintained change and strengthen at
workplace. There are so many ways through organisation will easily analysis and maintained
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their strengthen performance. Through offering different types of products and services,
performances will be enhances towards the customers. With implementing innovative products
and services, the organisation will easily grow their outcomes in several areas (Bhatt, 2015). In
addition to this, company also need to implement changes in policies so that they can accomplish
targets in significant manner. In this aspect, rules and policies will be developing that assists to
make future growth with implementation of measurement. Following are different methods
implemented at workplace of the chosen business through they can maintain and strengthen the
organisation strength:
Continuous evaluation: In order to maintained and strengthen the organisation
performances, Qbic hotel can implement continuous evaluation method. It is the best strategy to
work in significant aspect. In this way, 360 degree evaluation strategy can be implement through
organisation can review working in the business unit. It helps to assess working environment at
workplace. As results, future goals can easily developed within the chosen business (Wynarczyk,
Piperopoulos and McAdam, 2013).
Undertake feedback from customers: Customer and employees feedback is the another
important technique through business will easily maintain their strengthened. With the help of
employees feedback, Qbic hotel will easily enhance their business loyalty. This is because,
employees are internal assets of the business through business can accomplish their targets and
goals (Bergthaler, Kang and Monaghan, 2015). Every member can contribute their effective
opinion and views towards the organisation work. On that parameters, performances could be
evaluates easily. Along with this, customer feedback also important part through the selected
enterprise will easily overcome their issues.
Motivate to employees: Organisation personnel very important part to make successful
results in business. In this aspect, they are support to the organisation to accomplish goals and
objectives of Qbic hotel. With the help of employees activities and actions, fundamental aspects
can be create at workplace that assists to accomplish goals and targets. There are so many
methods through the chosen business will easily motivate their workers to take part in
accomplish their operations (Whatmore, Marsden and Lowe, 2017). For example, financial and
non financial reward such as monetary benefits, bonus, good performances' accomplishment, etc.
When satisfaction level of employees will be enhance, they all are working in effective manner.
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2.3 New areas to expand the business
In order to expand business operations, Qbic hotel need to implement new areas through
they are able to make effective results. Following are such strategies through the chosen
organisation can implement new areas for expansion:
 Add new products and services in the business: In this aspect, the chosen firm can
easily face challenges with sound strategy. It is very simple to face challenging towards
products and services. It is the best way to conduct market research with committing the
resources such as financial and human towards new products in Qbic hotel. In order to
ask through customer, new products and service ideas can be implementing in business
unit. Market research needs to focus on the customer demand for new products and
services (Kuhn, Galloway and Collins-Williams, 2016).
 Selling more products and services to existing customers: It is the flip side in the first
strategy. With the help of penetrating deeper into the current customer base is more
important to perform market segmentation analysis. It is the best way for Qbic hotel to
analysis market segmentation to see that who are buying services of the chosen business.
Marketing and sales efforts are made to focus on the customer in effective way. In this
way, the selected business can divide their customer segment on the basis of different
characteristic such as age, gender, location, etc. (Pollack and Adler, 2016). Therefore, the
organisation can easily analysis potential profitability towards new products and services.
 Expansion in the new territories: Main aims of each company is to selling existing
products and services through targeting new people. These types of new customers can be
belong through different segment and location where organisation currently operate. For
implementing these criteria, Qbic hotel need to make proper advertisement for the
products and services of residents in new region (6 Tips for Expanding Your Business —
Regardless of the Economy, 2017).
 Target to new customer market: Most of the hotel businesses target to customer with
implementing marketing efforts for specific customer market. In this aspect, demographic
elements can be implemented in Qbic hotel such as age, gender, location. In addition to
this, it also supply according to psycho graphic elements such as interests, activities and
values as well.
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TASK 3
3.1 Assessment of existing business objectives and plans
In order to develop effective functions and operations, objectives and plans of the
business make successful results in the business unit. In this way, Qbic hotel need to cater their
future plan according to current policies and practices. In order to make improvements of the
quality of business, the selected business can also gain high market share. Main goal and
objectives of the chosen enterprise is to provide proper guidance to all employees through they
are able to accomplish high growth. Therefore, following activities implemented in the
organisation to achieve their objectives in systematic way: Structure of the organisation plan: Qbic hotel require make structure for the business
plan that never harm to actions of the selected business unit. In order to make plan, all
activities need to be planned according to the goals and objectives which assists to
develop market in systematic way. In this regard, changes has been made according to the
flexibility of the enterprise to take decisions in it (Whatmore, Marsden and Lowe, 2017). Assessment of the goals and objectives of business: Further, Qbic hotel also require
maintenance of their objectives plans to assess business results. In this aspect, balance
sheet, sales, profit, etc. report identify continuing in the market. In addition to this,
current and future performances will be evaluates in systematic way. With the help of
assessment of performance evaluation, organisation can make changes in their products
and services (Thomä and Bizer, 2013). Changes in the objectives: Changes in the goals and objectives need to be implemented in
business to assess drawbacks in it. With this regard, Qbic hotel can monitor development
of the company in systematic way. As results, it assists to grow outcomes and results in
positive aspect. Hereafter, changes also implemented to perform several functions in the
business unit (Atkinson and Storey, 2016). In the development of company, targets and
objectives can be planned to make changes in the chosen firm.
 Identify impact of changes on the business performances: It is the effective tool to assess
impact of changes in the business plan. In this way, Qbic hotel can determine and
formulation of policies that can be taken in the cited firm. It is the best strategy for
ascertain more profits and revenue at workplace.
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3.2 Revise the plans with incorporate changes
In order to adopt the selected plan, Qbic hotel unable to accomplish their targets and
effective results in business unit. Therefore, they have to make changes and revising plan so that
targets and targets can be made effectively in the business unit (Wynarczyk, Piperopoulos and
McAdam, 2013). According to changes in needs and customer demand, performances can be
evaluated and plan has been revised with implementing of following elements:
 Adopt new technology: In respect to assess the business performances, Qbic hotel need
to make changes in plan as per customer needs. In this way, the organisation can adopt
advance technology system to develop their targets and goals. With the help of
implementing new and advance technology, the chosen business able to delivery quick
services to their customers (Daryanto, Khan and Chakrabarti, 2013). Therefore, business
plan assists to create effective functioning and transaction to achieve desired result.
 Evaluation of the business performances: In order to evaluate the business
performances, plan can be develop with measurement of the objectives and goals. This is
because, continue monitoring help to measure that work is done or not. As results, the
chosen organisation can easily assess development of operations through focusing on the
objectives and goals (Bergthaler, Kang and Monaghan, 2015).
 Changes in budgeting: In respect to assess the business outcomes, Qbic hotel need to
make changes in their plan. It is the best strategy through they can easily demonstrate
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Illustration 3: Advance technology
Source: (Advanced technology, 2017)

budget which create a way to assess customer requirement. As results, it will help to meet
with business targets and changes to maintain the performances.
 Future growth forecasting: In the evaluation, future growth also forecast which is
important source to ascertain target market. It is the best strategy through Qbic hotel can
predict for enhancing their revenue and profit. Hence, plan can be made easily with
enhancing growth as well (Daryanto, Khan and Chakrabarti, 2013).
3.3 Action plan to implement changes
Through determines effective action plan, Qbic hotel can easily accomplish their targets
and goals for future development. In this way, business need to understand things which done on
priority level. In this way, priorities can be made which taken to reach towards the goals. Action
plan starts with listing the goals which essentially achieve and setting future targets in step by
step. With implementation of goals and responsibilities and delegate power, action plan can be
prepare in effective aspect. In the selected business unit, firstly market research can be done
which needed to reach the goals. It also includes collection of information about the business
operations (Whatmore, Marsden and Lowe, 2017).
After this, in second step the chosen organisation need to gather relevant information
through they able to conduct research in significant manner. According to the scale group,
information can be gather which assists to perform several functions and operations in business
unit. Finally, Qbic hotel able to use social media activities to collect information. For each
activity, time frame require to done all tasks with assigning roles and responsibilities to existing
employees. Therefore, based on the results the selected business need to recruit future employees
(Atkinson and Storey, 2016).
Action plan to implement proposed changes
Tasks Responsibilities Time frame Action time taken
Drafting of the plan
for determines new
enterprise venture
Manager 2 months 2 ½ months
Methodology to gather
relevant information
Survey and feedback 3 months 3 ½ months
Plan for resources Physical, HR and 4 months 3 months
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technological
Estimation of cost and
time
Department head 2 ½ months 3 months
Recruitment and
selection of new staff
member
HR manager 3 ¼ months 4 months
Marketing of new
enterprise in the
market
Sales manager and his
team
2 ½ months 2 months
TASK 4
4.1 Impact of proposed changes on the chosen organisation and their employees
Changes in the business operations have positive and negative both type of impact.
Changes affect to the development of the business unit and environment in which operations held
by Qbic hotel. Changes are proposed that assists to gain competitive advantages from many
competitors. It can collapse the entire the business to operate effective results. Following are
certain changes can be implemented to proposed changes in communication:
 Finance: In order to make changes, finance is the main element for the Qbic hotel which
impact positive in the business. Beside this, success of new venture also depends on the
new team that recruited (Kuhn, Galloway and Collins-Williams, 2016).
 Workloads: The chosen organisation need to schedule in the action plan which proposed
to recruit team which work on the new venture. In this aspect, workload can be divide
among the members according to their qualification. Therefore, Qbic hotel need to
trained their employees according to new business venture.
 Morale: When new team members recruiting in the organisation, there are chances that
existing employees feel insecure (Thomä and Bizer, 2013). Communication always place
when team spirit encouraged. As results, the selected business well known to enhance
participation of people.
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 Organisation structure: There are many changes required in the structure in business. In
this way, job profile need to be match according to new team so that it enhance effective
results in business. In addition to this, all people of Qbic hotel need to work on the
market research.
4.2 Plan for managed changes in business
Most of the small business enterprise need to take changes in policy due to involvement
of risk. Changes are done with the intension of implementing changes which create better work
place and the environment. Within the Qbic hotel, proposed changes have impact on the business
and staff members as well. In order to venturing the field the market research, the company will
receive new dimensions for ascertain successful operations. With bringing more profits,
company can focus on local and national customers as well (Daryanto, Khan and Chakrabarti,
2013). System of the policies is more established which effect on the performance.
In the changes, organisation also require make modification in personal relation and
communication. Therefore, changes in things can impact on the competitors. In addition to this,
employees of the organisation grow and enhance their confidence level to improve outcomes in
the future (Bergthaler, Kang and Monaghan, 2015). Changes is the inevitable for Qbic hotel that
is more flexible on the new project. It is very important to implement changes in business for
employees towards new project. In this way, they are willingly learned many things which
perform in new task without any hesitation. Existing employees also trained in business to
perform operations in the field of market research.
4.3 Monitor improvement in performance of company with time scale
In the Qbic hotel, changes are implemented to enhance performances in effective manner.
With this regard, they did modification and reformation that make successful results in business
unit. As results, it helps to accomplish targets in international market (Wynarczyk, Piperopoulos
and McAdam, 2013). With the help of effective monitoring and controlling, changes need to be
bring that measure business performances in significant manner. Following are certain activities
implemented in business for monitoring and controlling the results:
Activity (in month) 1 2 3 4 5 6 7 8 9 10 11 12
Setting of the goals and
objectives
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Conducting market research for
analysis demand of the products
Development of new products
Promotional activities for
increasing brand image
Implementation of the plan
Expansion of business
operations
Increase customers satisfaction
through implementing the
activities
Monitoring and controlling the
process of business results
(Costanzo, Vurro and Perrini,
2014).
Maintain and sustain
organizational performance
through innovation and
evaluation
CONCLUSION
From the above report, it can be concluded that changes are inevitable within the business
unit. In this context, report based on the Qbic hotel which is small enterprise in UK market and
develop their operations and functions in systematic way. Furthermore, report summarized about
strengths and weaknesses of the business which need to be identified for enhancing outcomes in
significant manner. Moreover, it articulated about methods to overcome weaknesses within the
business environment. It assists to develop performances and objectives of the organisation for
revenue and profitability at workplace. In addition to this, report also discussed about the action
plan which implemented to develop profitability and performances of new venture in the
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enterprise. Along with this, change management also implemented in the report to ascertain more
productivity in operations. At last, different activities cater in Gantt chart with time scale.
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REFERENCES
Books and Journals
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Enterprise Problem Loans in Europe. International Monetary Fund.
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Medium Enterprise. International Journal of Business Analytics and Intelligence. 3(1).
p.17.
Daryanto, A., Khan, H. and Chakrabarti, R., 2013. Adoption of country-specific business
websites: The case of UK small businesses entering the Chinese market. Journal of Small
Business and Enterprise Development. 20(3). pp.650-660.
Duberley, J. and Carrigan, M., 2013. The career identities of ‘mumpreneurs’: Women’s
experiences of combining enterprise and motherhood. International Small Business
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Glover, D. and Kusterer, K., 2016. Small farmers, big business: contract farming and rural
development. Springer.
Henry, C., Rushton, J. and Baillie, S., 2016. Exploring the sustainability of small rural veterinary
enterprise. Journal of Small Business and Enterprise Development. 23(1). pp.259-273.
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Neubauer, F. and Lank, A.G., 2016. The family business: Its governance for sustainability.
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Pollack, J. and Adler, D., 2016. Skills that improve profitability: The relationship between
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Sluyterman, K.E., 2013. Dutch Enterprise in the 20th Century: Business Strategies in Small
Open Country. Routledge.
Thomä, J. and Bizer, K., 2013. To protect or not to protect? Modes of appropriability in the small
enterprise sector. Research Policy. 42(1). pp.35-49.
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