Small Business Enterprise UK | Business Skills | Assignment
Added on 2020-02-12
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Small Business Enterprise
Table of ContentsINTRODUCTION...........................................................................................................................31.1 Profile of a selected small business identifying its strengths and weaknesses.....................31.2 Analysis of the business using comparative measures of performance ...............................4TASK 2............................................................................................................................................52.1 Recommendation to overcome identified weaknesses..........................................................52.2 Analysis of the ways in which existing performance could be maintained and strengthened.....................................................................................................................................................52.3 New areas in which cited entity could expand its business .................................................6TASK 3............................................................................................................................................73.1 Assessment of existing business objectives and plans..........................................................73.2 Business plans to incorporate appropriate changes...............................................................83.3 Action plan to implement the changes..................................................................................8TASK 4............................................................................................................................................94.1 Report on the impact of the proposed changes on the business and its personnel................94.2 How the changes will be managed in the business.............................................................104.3 Monitoring improvements in the performance of the business over a given timescale .....10CONCLUSION .............................................................................................................................11REFERENCES..............................................................................................................................11
INTRODUCTIONSmall business enterprise has a small business environment and a small businessfunctional structure. They require less capital to initiate business activities. Because theirbusiness 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 andassociation of person etc. In this report, Small business enterprise of UK and its structure hasbeen discussed further importance of developing business skills in small business enterprise hasalso mentioned. This report concentrates over the need for improvements in this sector. On theother strength and weaknesses of small business enterprise or cited entity have been analysed andthe techniques through which such identified weaknesses can be removed. Some techniques tosharp the edges of strengths so that cited entity could perform better in competitive businessenvironment (A. Harris and P. Patten 2014). TASK 11.1 Profile of a selected small business identifying its strengths and weaknessesCited entity is a small business consultancy firm and their consultant has been invited bysmall business enterprise to provide orientation to them for providing them guidelines in variousaspects of business environment. Profile of Hawksmoor restaurant which operate its business London, Manchester and Deansgate. Company name Hawksmoor RestaurantAddress157A Commercial Street Telephone No.+442074264850Email events@thehawksmoor.comWebsiteThehowksmoor.com Customer segment It is a British restaurant which provide different variety offoods 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 businessactivities. 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 firmand cited entity is focused towards such customers. This will increase the goodwill ofsuch 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 theycan 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 workson a lower level as compared with other enterprises, hence their operational structure hasless credibility because of this work force may face certain issues regarding their jobsecurity (Bridge and O'Neill, 2012).Less skill: Employee in the cited entity has very less activities to perform hence their skilland competencies become limited up to that level.Issues of capital and finance availability: Small business enterprises are generally has lesscapital and they can’t easily get finance through different sources of finance. Hence lackof 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 todiversion of cited entity from the path to achieve predetermined goals and objectives. Theanalysis regarding comparative measure of performance is mentioned below:Number of candidates: Cited entity needs to fulfil the gap of requirement of work forceso that they can perform all the operations which is required by their customers. Lack ofcandidates in management of operational activities reduces cited entity's capacity.Relation with big organisation: Cited entity needs to sustains its relations with its existingclients and they should also entertain its new clients in a way in which they can get easilyattracted towards it. Maintaining relations with big organisations helps an organisation toexpand its business (Carraher and Paridon, 2015).
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