Challenges Facing Small Businesses

This assignment examines the multifaceted challenges confronting small and medium-sized enterprises (SMEs). It analyzes factors hindering SME growth, including financial constraints, access to resources, market competition, technological advancements, and regulatory hurdles. The assignment also explores potential solutions and strategies for overcoming these obstacles, emphasizing the importance of innovation, adaptability, and strategic planning for SME success.

Small Business Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................3
1.1 Profile of a selected small business identifying its strengths and weaknesses.....................3
1.2 Analysis of the business using comparative measures of performance ...............................4
TASK 2............................................................................................................................................5
2.1 Recommendation to overcome identified weaknesses..........................................................5
2.2 Analysis of the ways in which existing performance could be maintained and strengthened
.....................................................................................................................................................5
2.3 New areas in which cited entity could expand its business .................................................6
TASK 3............................................................................................................................................7
3.1 Assessment of existing business objectives and plans..........................................................7
3.2 Business plans to incorporate appropriate changes...............................................................8
3.3 Action plan to implement the changes..................................................................................8
TASK 4............................................................................................................................................9
4.1 Report on the impact of the proposed changes on the business and its personnel................9
4.2 How the changes will be managed in the business.............................................................10
4.3 Monitoring improvements in the performance of the business over a given timescale .....10
CONCLUSION .............................................................................................................................11
REFERENCES..............................................................................................................................11

INTRODUCTION
Small business enterprise has a small business environment and a small business
functional structure. They require less capital to initiate business activities. Because their
business operations are not performed on a level which is usually performed by large enterprise.
Small business enterprise generally exist in the market as partnership firms, sole trader and
association of person etc. In this report, Small business enterprise of UK and its structure has
been discussed further importance of developing business skills in small business enterprise has
also mentioned. This report concentrates over the need for improvements in this sector. On the
other strength and weaknesses of small business enterprise or cited entity have been analysed and
the techniques through which such identified weaknesses can be removed. Some techniques to
sharp the edges of strengths so that cited entity could perform better in competitive business
environment (A. Harris and P. Patten 2014).
TASK 1
1.1 Profile of a selected small business identifying its strengths and weaknesses
Cited entity is a small business consultancy firm and their consultant has been invited by
small business enterprise to provide orientation to them for providing them guidelines in various
aspects of business environment.
Profile of Hawksmoor restaurant which operate its business London, Manchester and Deansgate.
Company name Hawksmoor Restaurant
Address 157A Commercial Street
Telephone No. [phone]
Email [e-mail]
Website Thehowksmoor.com
Customer segment It is a British restaurant which provide different variety of
foods to its all types of customers specially for local public.
Small business enterprise containing its strength and weaknesses has been mentioned below:
Strengths:

 Customer Focused: Cited entity provides consultancy services in various business
activities. As in the small business enterprise, they generally outsource their services as
they generally have less work force so it becomes tough for them to manage all activities.
In given case, small business enterprise is depended on small business consultancy firm
and cited entity is focused towards such customers. This will increase the goodwill of
such entity (Altman,Sabato and Wilson2010).
 Quick Response: Cited entity respond towards their clients efficiently and effectively.
Giving an immediate response to customers build up faith of customers in the cited entity
(Bellucci, Borisov and Zazzaro 2010).
 Informal working environment: Employees feel less pressure on them, in this case they
can work more confidently and they can provide quality in their services.
Weaknesses:
 Lack of Job Security: In cited entity, job security is a major issue. As cited entity works
on a lower level as compared with other enterprises, hence their operational structure has
less credibility because of this work force may face certain issues regarding their job
security (Bridge and O'Neill, 2012).
 Less skill: Employee in the cited entity has very less activities to perform hence their skill
and competencies become limited up to that level.
 Issues of capital and finance availability: Small business enterprises are generally has less
capital and they can’t easily get finance through different sources of finance. Hence lack
of adequate finance affects working activities of cited entity (Burns, 2010).
1.2 Analysis of the business using comparative measures of performance
Cited entity is facing a lot of problems in managing their operations. This may lead to
diversion of cited entity from the path to achieve predetermined goals and objectives. The
analysis regarding comparative measure of performance is mentioned below:
 Number of candidates: Cited entity needs to fulfil the gap of requirement of work force
so that they can perform all the operations which is required by their customers. Lack of
candidates in management of operational activities reduces cited entity's capacity.
 Relation with big organisation: Cited entity needs to sustains its relations with its existing
clients and they should also entertain its new clients in a way in which they can get easily

attracted towards it. Maintaining relations with big organisations helps an organisation to
expand its business (Carraher and Paridon, 2015).
 Satisfaction of customers: customers are the backbone of any business nothing will be
fruitful if the customers are not satisfied. Cited entity is benefited because of its
customer’s satisfaction. Its clients are satisfied towards its services.
 Classifications: Small business enterprise has classified its activities into various
categories. So its operations are now easily managed by limited workforce.
Performance indicator: It is essential for a business to analyses and evaluate its performance by
using various tools and techniques. In this context, there are following aspects of performance:
Howksmoor group was started in 2006 and today they having 5 store in London, Manchester and
Foxlow. The growth is of the company is quite good and its provide job more than 600.
According to the survey, 78% positive score get by this firm and its ranked 10 in SME sector
which is quite good as compare to other businesses.
Comparison of two SME business in various aspects are given below:
Howksmoor Group Twist Restaurant
This company is operating its business in more
than three cities more geographical area.
On the other hand, this firm is quite small as
compare to Hawksmoor group. They having
only one restaurant in city of London.
They expand more money in to marketing and
promotional aspects and focused on expand
more food restaurant in near future.
Twist generally using social media platform
such as Facebook, Twitter, You Tube in order
to promote its product and services.
They having more than 600 staff which is quite
large as compare to Twist.
Twist is having too small employees due to its
size and scope.
TASK 2
2.1 Recommendation to overcome identified weaknesses
There are certain weaknesses which exists in the working environment of cited entity,
through this they can achieve their targeted objectives. Recommendations to remove such
weaknesses are mentioned below:
 Lack of job security: Cited entity has a major disadvantage regarding job security of its
employees. As its business activities are limited and they also have less finance hence

this will lead to chances of termination of employees or resignation of employees. As
every person who is working in the cited entity expect a salary which is as per his duties
and responsibilities in the business enterprise. Cited entity should offer them a salary
which they deserve so that the labour turnover of cited entity can be reduced up to a
certain level (Chittithaworn and et. al., 2011).
 Lack of Skills: Workers performing operations in small business enterprise requires to
perform limited activities. Hence their skills and competencies becomes limited, hence
cited entity should organise seminars and workshops to increase the skills of its work
force (Dracut and Rae, 2011.).
 Lack of Finance: Small business entities has less finance. In absence of adequate
finance, they may face problems in performing required activities. Every activity
involves finance in itself, like providing salary to work force, purchase of raw material,
electricity charges, payment of rent, finance to acquire any fixed asset which is
necessary to work efficiently. Cited entity requires to find new sources of finance which
are cost effective and easily available.
2.2 Analysis of the ways in which existing performance could be maintained and strengthened
Cited entity needs to implement certain strategies so that they can easily achieve what
they have decided. Further they need to maintain their performance so that development rate can
be maintained by cited entity. Following are certain points which are necessary for maintaining
and strengthening the existing performance:
 Training: Cited entity can maintain its performance by giving training to its work force.
They can use several methods to give training like seminar and workshops. These
training sessions develops skill and competencies of an individual worker (Problems of
Small-Scale Businesses. 2016.).
 Communication Skills: Leaders and managers of cited entity can motivate their
subordinates through their communication skills. Communication with subordinates
helps management of cited entity to develop good and ethical working environment in
business structure. This will reduce the conflicts and confusions related to work among
the employees. Hence through better communication skills performance of an enterprise
can be easily managed (Fassin,Van Rossem and Buelens, 2011).

 Marketing: Marketing strategies should be framed in way so that it can reach to every
element of business environment. A good marketing strategy provides faithful and loyal
customer base (Forsman and Temel, 2011). It can be recommended to the cited entity
that, in addition to other employees cited entity should employ an experienced person
who can frame a better marketing strategy and he can also perform marketing activities
in an efficient manner.
2.3 New areas in which cited entity could expand its business
Cited entity should search different areas where it can expand its business activity. They
can generate more revenue through expansion. But expansion needs to be planned and it should
be made after proper analysis of marketing facts and figures. Areas where cited entity can
expand its business activities are mentioned below:
 Educational Institutes: As cited entity requires man force to perform its operations.
Hence they can expand its business in educational sectors so that they can give
educations which is required as a qualification to get job in cited entity. There are two
advantages of such expansion, first one is they can get revenue through such expansion
and secondly they can get better work force which is required by cited entity (Goss,
2015).
 Hiring for undergraduates: Cited entity can expand its business by allowing
undergraduates to do job. Through this they can increase the number of activities which
is performed in business enterprise. This expansion can be considered as the expansion
of existing business activities.
 Various other sectors: Cited entity can grow its activities in various other sectors like
sector of information technology(IT). As now a days IT sector is growing really fast,
hence cited entity should invest in IT sector so that they can better returns.
These are some above mentioned areas where cited entity could expand its business
activities and operations. To achieve growth and to accomplish business objectives, expansion
can become a key factor (Gronum,Verreynne and Kastelle, 2012).
The cited business organization can expand its business by using Ansoff matrix which can
provide consistent growth. It is a growth strategy and use in order to increase market share and
profitability in the market, which is a common goal for every company. Ansoff matrix having
four elements which are given below:

Market penetration: This is one of the most appropriate strategy for cited firm because it
less risky. In this approach marketing manager is try to increase its
market share by using existing market and product. For this, they
can provide discount pricing methods which helps to increase sales
and market share in an effective manner.
Product development: It is another strategy where company try to launch new product and
services in to existing market. It involves more risk as compare to
market penetration, it requires more fund to launch new product
range according to customer needs.
Market development: This strategy is riskier because it requires large amount of capital to
expand its business in to a new market. Cited firm can introduce its
existing product in to other European countries which helps to
increase their market share and revenue.
Diversification: It is related to diversify business operation and identify new area for
business. the main aim of this strategy is to increase market share in
existing market. Cited firm can select retail sector which needs
more fund and risk which is not possible for the company.
TASK 3
3.1 Assessment of existing business objectives and plans
There may be different business objectives of organisations which belongs from different
industries. But there are two basic objectives which each entity have and these two basic
objectives are customer satisfaction and profitability (Gronum,Verreynne and Kastelle, 2012).
Other than these two objectives, cited entity have certain other objectives (Characteristics of a
Small-Scale Business. 2016.). There objectives and a detailed analysis of such objectives is
mentioned below:
 Profitability: Most important objective of cited entity is to achieve its profitability
objective so that they can achieve a better growth rate.
 Productivity: Training of employee working inside entity, maintenance of equipment’s
which are used for the production are some elements which are categorised in

productivity. Management of cited entity needs to implement such strategies so that the
productivity level of cited entity could be maintained.
 Customer services: Customer satisfaction is primary objective of an enterprise. If
customers are not satisfied with products and services which are provided by the
enterprise. Small scale industries are mainly depending on revenue generated out of its
operations as they don't have finance to invest somewhere else. So they cannot get returns
from other investments (Islam and et. al., 2011).
 Retention of Employees: Employee turnover is the main weakness of cited entity. They
are facing high labour turnover as it is a basic issue which is faced by small business
enterprise. Cited entity and its management needs to implement such decisions which can
remove issues related with conflicts and confusions. Communication of leaders with
subordinates assist leaders to resolve any dispute arising in working environment.
There are following business plan for Howksmoor group
Research This is first stage for every business plan where researcher required
that to conduct an appropriate research and identify customer needs.
This is one of the complex and competitive task which required more
time and money. Howksmoor group required that to take expert
opinion which can help to meet its long term goals.
Product development Once customer need identified, company required that to develop
new product and services which fulfil the requirements of customer.
they need to make prototype and conduct test marketing.
Analyse market
opportunities
In this stage, firm conduct market research in order to determine
market opportunities.
Estimate financial need This is one of the critical stage where corporation required that to
estimate budget and arrange finance in order to implement their
business plan.
Design marketing
strategy
Marketing plays a significant role in promoting firm’s product and
services. There is various marketing strategy can be using by
Howksmoor group like electronic media, and print media. Now a day,
social media such as Facebook, Instagram, You Tube etc. use in cost
effective manner.

Implementation This is final stage which implement overall proposed business plan
and monitoring it in an effective manner.
3.2 Business plans to incorporate appropriate changes
Drafting business plans assists management of cited entity to achieve its predetermined
goals and objectives. Business plan must be framed as per the need of business entity and
business environment in which cited entity exist. Revise plans can be helpful for meeting
customers and business requirements. For making appropriate changes in operations of cited
entity a procedure of planning must be followed (Jones and Iredale, 2010).
Management of cited entity needs to research over the market so that they can get
adequate information to draft or frame any plan for bring appropriate and effective changes in
business organisation. After collecting data through research and analysis, managerial
personnel’s needs analyse such facts and figures which are derived out of such research and
analysis. Third step in planning is to find various options for meeting out such issues which are
prevailing in market (Kitching and Smallbone, 2012). Thoroughly analysing various options,
allows cited entity to select the best alternative. After selecting best alternative, management
should implement strategies in accordance of such alternative. As cited entity is a small business
enterprise hence they are facing problem of adequate financing. Revised plan with better
strategies assist cited entity to find better resources of finance. Which helps an entity to achieve
its targets and goals (Lambert, and Davidson, 2013).
Once business plan implemented, this is the responsibility of manager of Howksmoor group is to
identify various loopholes at every stage. It is essential for a successful plan and avoiding
potential business risk. With the help of effective evaluation, they can improve it for the future
and attain long term goals and target.
3.3 Action plan to implement the changes
Changes in cited entity can be made through the implementation of action plans. They
should have an aggressive action plan so that cited entity can fight with any situation in an
effective and efficient manner. As cited entity doesn't have any expert in area of small business
enterprise. Because of this, each and every business activity requires involvement of Chief
Executive Officer(CEO). This will reduce the effectiveness of CEO in his work. Hence in
absence of any expert, management needs to handle this situation through implementation of

better action plan. An action plan which is needed by cited organisation to manage its operation
in an effective way is mentioned below:
 Promotions: management of cited entity needs to promote its products and services so
that the services and goods can get acknowledged by its customers. They can use both
traditional and modern media to promote their products. In traditional media, they can
give advertisements in newspaper, magazines, radio or television. And they can also use
modern media by promoting their products on social networking sites (Malhotra and
Temponi, 2010).
 Hiring of Professionals: Second step for implementing a better action plan is to recruit
some professionals who are experienced and have certain required skills to deal with
issues of business environment. As at present cited entity don't have any expert who can
deal in business activities of small business enterprise, and CEO of cited entity needs to
manage all activities. Hence cited entity needs to recruit an expert professional who is
experienced enough and competent in handling of business activities (Nga and
Shamuganathan, 2010).
TASK 4
4.1 Report on the impact of the proposed changes on the business and its personnel
Recommended action plans and strategies assist an enterprise to achieve the goal and
targets which they have expected or estimated. A better organisational strategy will help an
entity to grow faster and this will assist an enterprise in sustaining an adverse business
environment. An effective strategy helps an organisation in long run. Marketing strategy helps an
entity to grow and to develop itself like a brand. Strategies should always be framed in
accordance with elements of business environment and by keeping view of future goals. It has
been recommended to cited entity to recruit professional who are experienced in small business
enterprise sector. An expert through its strategies can easily and effectively manage all business
activities. This will also increase productivity level of cited entity (Olson,and Staley, 2012). A
systematic plan can be very helpful in carrying out business activities. Through a systematic
action plan like promotional activities, cited entity can attract its customers towards its products.
As a result, revenue of cited entity will get increased and cited entity can get expected
profitability. Further cited entity can provide training to its employees through seminars and
organised workshops. Training increases potentiality and skill of employees through which they

can yield required results. Leaders and managerial personnel’s can communicate with them. So
that any conflict and confusion faced by employees which are becoming hurdles in growth of
cited entity can be removed easily (Rae, 2010).
4.2 How the changes will be managed in the business
Changes cannot be stopped, as business environment is dynamic in nature and it keeps on
changing. Changes in business environment can make a huge impact over small business
enterprise. As generally they deal in single operations and they don't have any other source of
income to set off the loss which may be caused by changes in business environment. So they
need to cop up with the changes so that they can avoid its adverse effects. An entity needs to
grow in market to survive in a competitive environment hence they need to take risk for
betterment of its organisation. Taking risk is a differentiating factor between a successful entity
and an entity without growth and unsuccessful operations. Changes could be managed by
implementation of effective strategies by experts. A strategy should be designed in accordance
with the market situations and issues which are prevailing in business environment. Present
business environment needs update on a regular basis as competitors are growing faster as
twenty first century is a technological era and it requires the management to possess a sound
knowledge of technology. Cited entity and its management needs to make such strategies which
can assist them to manage the changes (Storey, 2016). Cited entity requires to use evaluation
techniques to make a detailed analysis over outcomes of such strategies and approaches which
are implemented by management of cited entity to sustain changes in business environment. If
cited entity manages all changes then it will become successful in achievement of its goals and
objectives (Thornton, Ribeiro-Soriano and Urbano,2011).
Change management process: it plays an important role in management system of all
organisation. There are some steps of Kotter’s change management approach which are
following as under:
Estimate sense of urgency: This is the first step of change management. According to this if
company wants some kind of modifications then it is necessary to build urgency for the change.
Form a powerful coalition: After creating urgency in second step, managers should change mind
of employees towards the change. Along with this, discover strong leaders to lead that change.

Create vision: After making alliance to concrete actions, mangers should develop vision for
company. While making change many ideas and solutions come in the mind of manger which
helps in creating vision for change.
Communicating the vision: After making change vision it become a responsibility of leaders to
communicate that vision to the employees of organisation so that they contribute their efforts to
achieve that change vision.
Empowering others: To achieve desired goals, it is required to motivate employees and build
confidence within them, because motivated workers contribute lot of efforts to gain their
objectives as well as organisational objectives.
Planning for Creating short term wins: Business managers should plan various strategies and
policies to achieve change vision. They should also divide desired results into little goals because
it is easy for employees to attain short term objects.
Consolidating improvements: After accomplishing short term goals it is required to make
necessary improvements or corrective actions to improve current performance.
Institutionalising new approach: This is the last step of change management. In this company
mangers regulates new models and approaches to evaluate that everything is going according to
requirements.
4.3 Monitoring improvements in the performance of the business over a given timescale
Risk factor is an important element which drives the business enterprise. For becoming
successful an entity needs to take risk and its needs to involve in such activities which are unique
in nature so to provide customers something new. This can be regarded as risk, because it may be
possible that product and services launched by cited entity may get disliked by customers.
Management of cited entity needs to monitor its performance so that they can easily get their
desired results. Cited entity and its management needs to manage their relations with big
companies in market so that they can help cited entity to grow faster. Professionals needs to
manage and monitor the performance of his subordinates. Further through training and
development of employees, skill and competencies can be developed inside them. Thus they
himself can monitor their work. Professionals through their skills and experience can employ the

available finance in best projects so that they can get yield better results (5 Biggest Challenges
Facing Your Small Business. 2016.).
Key performance indicator: It is essential in restaurant sector is to maintain an average profit
margin year by year. There are various issues are facing by management relating to cost control
and operational efficiency. These are following aspect which considered by the company:
Food cost: This cost is measured and calculated against food sales and determine profit margin.
Therefore, manager of the cited firm is required to control food cost and increase profit margin.
Kitchen Labour: This is also calculated against food sales which needs to be focused by the
manager.
Seating: it is related with the how many table being turned over within a time period. If turnover
is high its impact on customer service.
SMART objectives
Specific Hawksmoor Restaurant wants to increase its presence in other cities as
well.
Measurable Their target is to increase market share by 2 percent in upcoming years.
Attainable These targets should be attainable by the company staff.
Realistic These targets also must be realistic which can easily achieve in an
effective manner.
Time bound These targets also having a limited time frame.
CONCLUSION
After summing up the report it can be concluded that the small business enterprises have
analyse their strength and weaknesses to compete in the market. The measure performance has
also compare to improve the quality of services. The managers have expanded their business in
new areas so that it can maintain the royalty of the customers. It will be beneficial also to
increase large amount so that they can meet out with their revenues. Further, some plans have
also managed to implement appropriate strategies in the organisation. The mangers of small
business enterprises have to monitor all the activities so that appropriate actions can be taken on
time to achieve the targets.

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