Impact of Factors on Small Business Success

This assignment examines the various factors that contribute to the success of small and medium-sized enterprises (SMEs). It analyzes the influence of elements such as leadership style, innovation capacity, business climate, and ethical practices on SME performance. The research explores relevant scholarly literature and empirical studies to provide insights into the challenges and opportunities faced by SMEs in today's dynamic business environment.

SMALL BUSINESS
ENTERPRISE

Table of Contents
INTRODUCTION ...................................................................................................................................................3
TASK 1 ....................................................................................................................................................................3
1.1 SMART objectives and its strengths and weaknesses............................................................................3
1.2 The business comparative measures of performance and its corporative theories.................................4
M1 Strategy for appropriate solutions...........................................................................................................5
TASK 2 ....................................................................................................................................................................5
2.1 Recommendations with justification, appropriate actions to overcome the weaknesses........................5
2.2 Existing performance could be maintained and strengthened.................................................................6
2.3 Recommendations with justification, in new areas of the business could be expanded........................6
M2 Appropriate methods and techniques-....................................................................................................7
TASK 3 ....................................................................................................................................................................8
3.1 An assessment of existing business objectives and plans.......................................................................8
3.2 Revise business plans to incorporate appropriate changes.....................................................................9
3.3 Action plan to implement the changes....................................................................................................9
M3 Present and communicate appropriate findings....................................................................................11
D2 Responsibility for managing and organisation activities......................................................................11
TASK 4 ..................................................................................................................................................................12
4.1 The impact of the proposed changes on the business and its personnel...............................................12
4.2 Plan how the changes will be managed in the business;.......................................................................12
4.3 Improvements in the performance of the business over a given timescale...........................................13
D1 Use critical reflection to evaluate own work and justify valid conclusions..........................................13
D3 Demonstrate convergent/lateral/creative thinking................................................................................13
CONCLUSIONS....................................................................................................................................................14
REFERENCES.......................................................................................................................................................16

INTRODUCTION
Unicorn grocery is small business enterprise in the UK a corporate grocery store to
provide a different range of groceries. Its sells fresh food, drinks are organic and focus on
local sourcing including households, body care and general grocery products according to the
customer needs and wants(Bridge and O'Neill, 2012). A small business enterprises are non
subsides its independents firms which include less employers in the business process. The
company is based on a model on corporative structure and employees participation in all
activities. This company is based on own core principle of corporative business and
democratically run by owned employees.
TASK 1
1.1 SMART objectives and its strengths and weaknesses.
Unicorn grocery is a small business enterprises to involving the local market and
households and provide the general grocery items in the market. The objective of the
company to provide the safe products are pure organic to satisfies the consumer needs and
wants. SMART objective of the company are.
Specific- The objective should bi specifics to target the one area to improve them.
Company' s objective to provide the organic food to target the local households.
Measurable- Company goals are measurable to provide a quantify products or at least
suggest a right indicator of progress of the business in the market to achieve the aims.
Achievable- The result of the all activities and efforts of the employers should be
realistically or achieved by available resources of the company.
Responsible- A responsible objective in the company who take the responsibility of
the all functions help in achieve the objectives(Bridge and O'Neill, 2012).
Time-related- Managers are decide the time line to get the objective before quite the
end of the time.
Strengths of the company- Company strengths are provide target the local and households to
provide the general grocery items. They are give the equal opportunity for the employees are
aim to give the learning disability. Company provide the foodstuff and households products
are non animal origin.

Weakness of the company- Company are target only small and local households in the
market. Company provide only limited general grocery items in the market. Employers are
very limited to control the whole organisation and limited profit revenue in the market.
1.2 The business comparative measures of performance and its corporative theories.
Company measure the performance of the employers to use the different methods and
get the result of the performance of the members in the business process.
Graphic rating scale- This method are ideal for production work in the company and
measure the employees performance according to the requiring preparations to control the
departments or manage the workforce duties.
Management by objectives- Mangers use measure the performance of members by
the supervisory and managerial positions in the company(Storey, 2016). They measure the
performance in evaluation period the managers meet weakly, monthly, to discuss bout the
employers progress and meet the goals the members need the resources.
Forced ranking- This method measure employees achievements against those of
others members and comparing the employee's current performance result against the
employee's own past performance results.
Indicators of measuring organisation performance-
Customer relationship and effective communication- An employee understand the
customer needs and wants to communicate with the consumer and create the good
relationship with the customers.
Employees satisfaction and development- Company provide the equal and secure
trade to their employers in the workplace to help to achieve the goals and objective and
increases the profit revenue.
Suppliers relations- Company maintain the relationship with the suppliers in the
market to get the result according to the needs and wants of the company.
Brand image- Company with a good brand image to attract the customers and create
the new market for new consumers to help in the increases the profit revenues.
There are many pathways to entrepreneurship- Before start a new business to
identifying and create a path way for star the new venture. There are amny various type of
roadmaps and pathways to achieve the organization goals and objects. The help of these
pathways to determine the problems in the enterprise face by the entrepreneur. The owner of

the business open a new franchise to create a safeguard to secure their franchise rights are not
copied by another firms. And also get a license of the all bushiness types and purchase the
new technology for the company.
M1 Strategy for appropriate solutions.
Company use the systematic problem solving strategy for the appropriate solution the
problems. Company firstly identify the issues of the problem and identify the impact of the
issues in the business process. To create a strategy road map for planning the solve the
problem Firstly identify the problems and its impact on the whole organisation work. Next is
identify the root for the chose the strategy for the appropriate solution and barnstorms for the
solutions(Muller, 2012). At the end select the appropriate solutions and implement the
strategy to identify the impact. A checklist is a method that can be used to decrease the failure
by compensating for the possible limits of human brain and attention. This will give
consistency and correctness in doing a particular job.
TASK 2
2.1 Recommendations with justification, appropriate actions to overcome the weaknesses.
Unicorn grocery company use the appropriate for increasing the financial condition in
the business to maximise the earning potentials in the market. Use the new tools and
techniques are effective advertising of the products, Company also inverses the employees
performance to the different training and development programs. Company also identify
those indicators to measure the organisation performance. Managers target the areas and
expending those area with adequate seats of new consumers to buy the products. Outstanding
the company payroll and improved their cash floe activities. Company improved the some
benefits of the outsourcing of the lower costs, create great flexibility in the services. Manager
focus on business operations to get the result in better consumer services in the market and
best quality of the products. Use the best supply resources and relationship with the suppliers
are not available in the local houses. Company target the big houses to use the pure organic
products to get the result for satisfaction of the customers. Managers increases the employees
performance to use the method to identify the old performance and to meet the goals for the
employees to need the resources. Use the different outsourcing method to increases the profit
revenue of the company are target the new markets. The unicorn company owner need to

examine the strength and weaknesses of their business. It is an essential factor for business
owners to inspect who are good at planning,organizing,and making decisions that can
provide profit to business in long term. The business must be aware about the customers that
want to target that will give them the power to recognize best market for product and
services. The growth cannot be expected as it is hard to guess the future economy,so they
should generate a strategy for what to do in both positive and negative situation.
2.2 Existing performance could be maintained and strengthened.
Company provide the continuation of the products in the local market and household
with the general grocery items to the regular customers. Company introduce to the new
products in this way the consumer are never get tried of company products with the same
regular products to change their choice(Schaper And et. al, 2014). Consumer all always
looking for the new and innovative products in the market. Use promotion and advertising
campaign to promote the products and getting the more consumers to aware of the business to
help in increases the sales in the market by the publicity or word of mouth advertising.
Company research the knowing the customer preferences to find the likes and dislikes about
the products. Use the effective and creatives packing of the products to attract the new
consumers and provide the all detail about the products like non animal origin products. Use
the different pricing strategy the differ from the competitors in the market. Unicorn
organisations create the new packing and designing strategy against the competitors and also
maintain the quality of the product to reach the customers. Organisation also maintain the
relationship with the consumers to treat by the employers by using good communication, and
with attitude. Its create the good relationship with suppliers to supply the products and use the
resources in those houses are not available. The performance can be maintained and
strengthened of the unicorn by continuously monitoring the job to find out the areas there
are problems and informing the employees regrading the problems and solving it to enhance
the efficiency of company.
2.3 Recommendations with justification, in new areas of the business could be expanded.
Company use the many recommendations in new business areas thus business
expanded the new business activities. Managers create the new areas for the products like
children areas including the products according the kids demand like toys cloths games etc.
Research are development the niche market to use the smart business strategy of targeting

only some of the consumers have a common needs and buying the habits. Managers also
identify the regular check the accounting for saving and spending. Company discussed about
the savings and provide informations or use the different methods to save the money.
Stakeholders maintain the regular accounting will done to be able to allow the business
spending their money in the new outsourcing to more savings. Unicorn must display the
employers and customers services in the stores and consumer feel the services to providing
the employers to identify the needs and wants(Terziovski, 2010). Organisation motivate their
staff to improve the efficiency in the work. Company expend the saving to create the new
market for the new consumers. To improved the quality of the products and its packing and
designs and clients like the get quality for their money. Company use the new tool in the
supply chain management to provide the products in those areas the unavailability of the
supply resources.
M2 Appropriate methods and techniques-
Organisation use the different appropriate methods and techniques to design the new
appropriate strategy for increasing the value of the business. Those techniques are use in
design for solve the problems-
Identify the problem- Researchers firstly identify the objective to design to maintain
the organisation activities and what strategy adopted to solve the problems.
Use performance indicators- Mangers use the different types of performance
indicators for the employers what will do and able to the new innovations, get the outcomes
and new learning about the task.
Assessment plan and Action research methodology design- Use an assessment plan
for the apply the new design and at the end of the process to take action for evaluation of the
all design.
Monitoring of jobs-This will help to monitor the jobs in order to find out areas where there is
a problem and issues to overcome those areas and strengthen the performance of the
organization.

TASK 3
3.1 An assessment of existing business objectives and plans.
Company exit the plan like as a parachute the unicorn owner have unique and
complex challenges to reduce the tax, providing security for the families, selling the business
and give the charities.
Specific Sales of unicorn will increase by 3% in next year.
Measurable By making specific plans it can be measured.
Attainable Proper market research has conducted which shows that it is
possible to achieve this.
Realistic Data have been taken from authentic sources
Time-based The time to achieve the desired target is one year.
Many company have a common observations about the exit plan and set the
assessment for the planning(Chittithaworn and et. al, 2011). Company owner write a plan,
formalized the plans for business and its family. The company exiting the objective without
impact on the new business plans.
Time for check the holes, organisation focused on objectives advices for facilitate the
decision about the business future and families future. Owner take the first step to a meeting
to learn about the particular situation in the market and identify the indicators of an owners
concerns and weaknesses are regarding to the exit the company objectives and planning.
Company owners check the all issues for exiting situations and its prepare a new plan
for the exit the time of the old organisation objectives and planing .
Company create an assessment for exiting business planning and its objectives and
goals. Organisations also manage the our business values in the market. They include the key
elements for employments development and create a plan for incentives of the employers.
Managers should separation the business assets from operation activities and convert not to
comparing planning. Director are planing for the buy selling agreement and planning for
personal wealth management(Gronum, Verreynne and Kastelle, 2012). Unicorn planning for
the pre-sale situations and and identify the potentials buyers in the market.

There are three types of testes to check success rate of business plan. Competitive test
analysis the strength and weakness of the competitors in the market place for a particular
business and help in formulating different types of strategies to gain the competitive
advantages. Reality test Analysis of the position of the organization in current market place
and identifying its weaknesses in the market. Value test define profitability of the products
over its cost and liability. Those all test help to firm to increases its effectiveness to
performing task and operations. The weakness can be proper marketing research has not been
conducted to find out the wants and desires of the customers The data and figures found in
research are not being appropriately utilized due to this plan has not been made appropriately.
The roles and responsibility is not been made clear to the employees so the impact of plan
was not so powerful.
3.2 Revise business plans to incorporate appropriate changes
Company revise and updating the business plan for appropriate change in the business
process The real plan always require the revise the plan timely(Obiwuru and et. al, 2011).
Company real plan neds to good place, right dates, financial support, forecast and
management responsibilities. After the some times revising the plan are need the all sources.
Unicorn organisation hopes for a consistent long-term planning and strategy built on short-
step incremental changes in the real plan, not major revisions for the full plan. Consistency to
important for strategy and the company some time avoid the temptation to jump the one
strategy to another strategy in the process of revising the plan. Managers also remembers that
a strategy is well set and implemented is much better others strategies in the plan. Business
requiring the major revision in the old plans for appropriate changes. There are some
indicators involve at the time of change
1.Specific Sales of unicorn will increase by 5% in next one year.
2.Measurable By making specific plans and strategies it can be measured.
3.Attainable Proper market research has conducted which shows that it is
possible to achieve this.
4.Realistic Data have been taken from authentic sources
5.Time-based The time to achieve the desired target is one year.
The market plan have been changed from 3% sales to 5% now.

Major change in the market situation according to the economy and customer
demands of the products and services. Managers look the change in the market factors like
economical, social, political, environmental and cultural factors(Aremu and Adeyemi., 2011).
Managing the planning process and set the annual updates about the plan of the business.
Company try the to come with new segmentation in the market and target the new consumers.
Researcher look and target the new potential market fort the problem need the situation.
Company also identify the old planning strategies and methods to revising the plan process.
3.3 Action plan to implement the changes.
Unicorn use a an action plan for implemented changes in the organisation process. An
action plan is a way to make make sure the organization's vision and mission is made
concrete way to achieve the aims. The actions plan describes the way to the company group
will use its strategies to meet its objectives of the company. Take a action plan for
implementing change to defining and managing the process of developing and integrating the
information technology capabilities into the organisation use in a way that is sensitive to,
compatible with the business different operations. Company create an action plan for
implementing changes in the business process and operations-
Create a revenue plan and give a title- Company identify the sources for revenues of
products and services that company offer, plan for selling and set the prices will company
charge by the consumer. Planers give at title fro action plan and create a summary of the
company goals.
Map for gap and know the customers- To identify the gap between the employees
and customers because the identify the needs, wants and profile of the clients(Forsman,
2011). To know the profile of the clients will help the save the time of the company and
money.
Create a position in the market- Identifying the problem in the market place the
position of the company in the market. Company identify the problems and issues of the
market factor that affect the positions of the company.
Sets the each goal for specific action- Managers also identify the each goal for take a
specific action. Use the specific strategy and method for a specific action for implementing
changes.

Take action- At this time for taking action for identify the missing action about the
specific goal for the changes. Determine the distributions channels use in the supply chain
method to provide the products and services.
Select the right strategy- At the end of the action plan to chose the right strategy
according to the different function of the business.
There are many types of key elements of business plan to use the new marketing
strategy to identifying the condition of market. Researcher of the company evaluating the
market and products demand. Its also analysis the interest of the customer in which product
of firm. Its describing the target customer in different market place and understanding the
clients needs and wants towards the products. Organization create a new advertisement sue
the many promotional tools to attract the consumers and providing the information about the
new products and services providing by the firm. Launch na new product that the firm
identify the market size and determine the new trends of the market. Location is the most
important for a company products are available in the market and easily reached by the
customers. Pricing of the products is aslo affect on the buying decision of the consumer.
M3 Present and communicate appropriate findings.
Company employees takes a lot of work, but conducting the research project to get
the result in significant changes in the different department. Employers use the formal and
informal way to contaminate, use presentation for the new products. Communicating research
findings , researchers must avoid the research issues so that audience are not understand the
meaning of the employers massage(Altman, Sabato and Wilson, 2010). Employees must
change the contaminating process to delivered the right massage to the consumers about the
new products and services. The SBE should take suggestion from the employees to make
there plan more effective and should try to involve the employees in decision making
process. This step of SBE will encourage the employees to work in a proper manner
TASK 4
4.1 The impact of the proposed changes on the business and its personnel.
Unicorn change in the business process to impact on the all functions and department
of the company. There are many impact of the changes in the business-

Staying current- Change can help in the business to stay current with the industry
trends in the market, also make the more attractive to potential customers as well as help
maintain current customers in the new and old market.
New opportunity- The ability the change the give the new for the employees and the
business. Changes the give many opportunity to the business to get the new techniques in the
different departments are production, financial, distribution and human resources. To give the
opportunity in personal in human resources department to use the new tools and techniques in
training and development for the employers.
Encouraging innovations- Company adopt a change in the environment that
encourage the new innovations in the business process. Its also improved the business
efficiency of the work processed.
Increased efficiency-The change in efficiency at work place,can provide more satisfaction to
customers and employees. A new delivery process may enhance the speed in which customer
receives feedback. A new technology can be helpful to workers to complete their work in less
time.
Improved attitude-Any change in an organization could bring a positive effect on employees
behaviour. The change in philosophy of human resource can provide more comfortable work
atmosphere.
4.2 Plan how the changes will be managed in the business;
Unicorn create a plan to mange the changes in the all functions and departures of the
organisation(Bianchi and et. al, 2010). Change management is the process that assure the
company structure including employees to handle the change.
Analysis the business profile and identify those areas to need the change. Collect the
information and data use in the create to proposal of the changes in the company. Create a list
to arrange the activities and create a presentation for explaining the changes impact on the
organisation. Present the informations and encourage the input about the changes outputs and
including managers feel the impact on the company department. Introduction the change plan
to employees and encourage the workers to give input on the plan of the employees and
analysis the new ideas(assin, Van Rossem and Buelens, 2011.The appropriate training and
programs must be organized for the employees at least 30 days from before so that they are
familiar with the changes that has been done. Employee must be encouraged to ask question

in these training programs so that they are able to understand better. The employee's to
change the experience with the new experiments in the change process.
4.3 Improvements in the performance of the business over a given timescale.
Company improved its performance of the business in given time scale to measuring
the performance of the organisation and the employee's. Measure the inputs including the
financial resources, human department, operating and capital expenditures. Measure the
process to identify the numbers of ideas are generated it and creations the time
implementations of the ideas. Company also measure the suppliers and partners are involved
in the change process. At the end the measure the output are including the revenue from the
products, numbers of new products, market share growth, return on investment innovation,
numbers of new customers, percentage of customer satisfaction and employees satisfaction
level.
D1 Use critical reflection to evaluate own work and justify valid conclusions
According to me unicorn target the new market and maintain the quality of their
products and services in the market(Herbane, 2010). Use the new techniques in the supply
chain management process and cover those areas to easily cover by the supply resources.
Identify the impact of the change in the business plan and solve the all issues of the
employers. Create the new management team for new task to target the potentials customers
in the market. As per the sales data it had been shown that the company had made the
sales .However on the other it also show that performance of the company is not as up to the
mark as it was expected.
D3 Demonstrate convergent/lateral/creative thinking
Company with a small scale business in the market to provide the food and drinks,
general grocery times to covered the local market and households(Dethier, Hirn and Straub,
2011). Company use the more supply chain method to cover the new market and generate the
profit revenue. To be effective in performance in next to years,SBE should try t develop and
build more innovative ideas and plans to sustain in a competitive market place and earn
profit. They should employee the staff according to the plans and ideas to add a value to SBE.

CONCLUSIONS
On the basis of this report based on the unicorn grocery to provide packing foods and
drinks are not included any animal origin. Company set the smart objectives according to the
strength and weakness of the business. Company use the different methods of the measure of
the performance of the company and the employers and also identify the impact of the change
in the business process and give the recommendations for weakness, strengths and business
explained in the new market.
REFERENCES
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ONLINE
SMALL BUSINESS ENTERPRIESE. 2017. [Online]. Available through.
<http://certifications.thomasnet.com/certifications/glossary/ownership_diversity/
ownership_diversity/small-business-enterprise-sbe/>. [Assessed on 25th April 2017].
Small-Scale Enterprise. 2017 [Online]. Available through.
<http://smallbusiness.chron.com/definition-smallscale-enterprise-17652.html>. [Assessed on
25th April 2017].