Factors Affecting Small Business Success

The assignment delves into the critical factors that contribute to the success of small businesses. It analyzes the impact of various elements, including effective marketing strategies, innovative approaches, and strong entrepreneurial orientation. The analysis draws upon research and case studies to provide insights into the challenges and opportunities faced by small businesses in achieving sustainable growth.

SMALL
BUSINESS
ENTERPRISE

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
1.1 Profile of selected business and its strength and weaknesses...............................................3
1.2 Analysing comparative measures of performance used by the business..............................4
TASK 2............................................................................................................................................5
2.1 Recommendations for actions to overcome the identified weaknesses in the business,.......5
2.2 Ways to maintain and strengthened the existing performance of the business.....................5
2.3 Recommendations for new areas in which business could expand.......................................6
TASK 3............................................................................................................................................7
3.1 Assessment of existing business objectives and plans..........................................................7
3.2 Business plans to incorporate appropriate changes...............................................................7
3.3 Action plan to implement the changes..................................................................................8
TASK 4............................................................................................................................................9
4.1 Impact of the proposed changes on the business and its personnel......................................9
4.2 Plans to manage the changes in the business........................................................................9
4.3 Monitoring the improvements in the performance of the business over given timescale...10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

INTRODUCTION
The emergence of the small business enterprises in the economy of the United kingdom is
increasing day by day(Forsman, 2011). The small business enterprises starts businesses in the
different fields as per their choice to earn the profits from the products and services provided by
this business. The small business is generally owned by the private owners, it may be sole
trading or it may be partnership firm. The small business enterprise operates in the limited area
with the limited scope. The capital invested in the business is to low and they use the borrowed
capital in the operation of the business. These business generally operates in the sectors such as
grocery stores, saloons and hotels. These all business have less rules and regulation for the
incorporation. In the assignment we will make study on the Unicorn grocery store operating in
England and Manchester.
TASK 1
1.1 Profile of selected business and its strength and weaknesses.
Unicorn grocery is the cooperative grocery store located in the England and Manchester.
The store was founded on 21st September, 1996 and the store in run by the owners and the
members of the organisation. The store was formed by the group of the two working individuals.
The funds were provided by the Industrial Common Ownership Finance Ltd and by the Triodos
bank. The Unicorn grocery follows the flat management pattern and and equal rate of the pay is
provide to the all members. The company provides healthy consumption good to its consumers
and better household product which don't have any link animal origin. The organisation provides
equal opportunities to the employees of the store with the security in the employment to the
members of the organisation. The some of the strengths and weakness of the organisation are as
follows:-
Strengths:- The unicorn grocery store has some strengths which help the organisation in the
success. The strengths of the Unicorn grocery is listed as follows:-
 The unicorn grocery store provides equal opportunities to the employees which help the
organisation to motivate the employees in increasing the performance. The equal
opportunities provided to the employees helps the organisation to retain the employees in
the organisation for long term(Gill and Biger, 2012).

 The organisation provides better quality of the products to the customers which are not
linked to the animals and maintains the sugar level and level of salt which helps the
organisation to increase the consumer(Oyedijo, Idris and Aliu, 2012).
Weaknesses:- The certain weakness of the Unicorn grocery store are as follows:-
 The stores offers limited number of the variety of the goods to the customers.
 The store is younger in the market.
 The store faces large amount of the competition in the market.
 Lacks in the use of the technology.
 Does not have strong marketing policy.
 Uses borrowed funds.
1.2 Analysing comparative measures of performance used by the business.
The Unicorn organisation is the grocery store which provides the food and house hold
products to the customers. The following comparative method is used by the organisation to
measure the performance of the business.
 Reviewing the progress against the attaining the objectives of the organisation:- The
unicorn grocery store reviews on the objectives and the goals of the business whether
they are achieved or not. The reviewing of the achievements of the goals and objectives
helps the organisation to determine the objectives which are not achieved yet which helps
to take the necessary steps for achievement of these objectives within the time frame.
 SWOT analysis:- The SWOT analysis is performed by the unicorn grocery in order to
determine the strengths and weakness within the organisation and the opportunities and
threats outside the organisation. The SWOT analysis helps the organisation to carry out
the necessary steps in eliminating the weakness of the organisation and grab the
opportunities available for the organisation.
 Analysing the satisfactions of the product user:- As the store deals in the food and house
hold product it is necessary for the organisation to take check the satisfaction level of the
customers in respect of the products provided by the store(Philip, 2011). The Unicorn
grocery store takes the feedbacks from the customers in order to check the satisfaction
level of the customers which helps in measuring the performance level of the store.
 Review of the financial targets of the organisation:- The store is the profit organisation
which aims on the profits from the food and household products provided to the

customers(Zortea-Johnston, Darroch and Matear, 2012). The Unicorn store carry outs the
review on the financial target to check the performance of the business. The review of the
financial targets helps the organisation to check whether the targets are achieved or not
and take necessary action as required.
TASK 2
2.1 Recommendations for actions to overcome the identified weaknesses in the business,
The Unicorn grocery store can lead to the working in the loss because of the weakness of
the store. The determination of the weakness of the organisation is necessary to over come from
these weakness within the time frame. The elimination of the weakness from the organisation
helps to survive among the competitive market and helps to increase the growth of the store. The
organisation should develop the strong marketing policy in order to develop the brand image
among the society. The marketing will help to create the awareness of the store among the
individual which helps in increasing the number of the customers of the store. The marketing of
the store can be done through the banners, social media broadcasting, television and radio. The
firm should make the use of the new technologies in the store operation which help to increase
the effectiveness and efficiency in the performance of the employees. The use of the new
technology helps in the convenience of the customers. The new technologies can be used in the
form of software's for the payments and ordering of the products. The store uses the more
borrowed funds from the organisation and banks which increase the credit of the store and due to
the higher rate of the interest it may face the lack of capital during the inflation. The store must
use the ownership capital to reduce the liability of the business and increasing the asset of the
store. The alteration of the management structure within the time frame will help the
organisation to enhance the performance of the store employees(Ackermann, 2012).
2.2 Ways to maintain and strengthened the existing performance of the business.
The Unicorn grocery store focuses on providing the quality food and house hold products
to the customers. The customers are the key elements in the who are responsible in the growth of
the store and in the dissolution of the organisation. The strength of the organisation is that it
provides quality service to he customers which shall be maintained for the long time to increase
the number of the users for the products provided by the store(Schaper and et.al., 2010). The
store can maintain strength by developing the quality of the products which help in retaining the

existing customers and increasing the new customers for the store. The store should take the
feedbacks from the customers regularly which will help the organisation to get the knowledge of
the wants and needs of the customers. The determination of the wants of the customers through
the feedback will help the organisation to develop the product significantly. The feedback will
help the store to determine the positive and negative factor of the products. The positive factor
are the strengths for the business where as the negative factors reduces the strengths, the
organisation must focus on the negative factor and should take the necessary step in order to
eliminate the negative factor which will help in maintaining the strength of the Unicorn grocery
store. The pricing policy of the store must be maintained for the longer term the continuous
changing of the pricing policy will decline the number of the customers. The price for products
must be as per the type of the product it should be not too high or too low which can affect the
profitability of the business(The Small Business Enterprise and Employment Act receives Royal
Assent, 2017.). The good relation must be developed among the employees and owners of the
organisation. The relation will help to motivate the employees and enhance the performance by
them.
2.3 Recommendations for new areas in which business could expand.
The business tries to expand in the different areas with the existing business to grow the
brand image and increase the profits of the organisation. The Unicorn grocery store is the
business which provides food and house hold products to the customers. The business store can
expand its business by providing the electronic items such as mobiles and computes to the
customers. The today's market is technological in nature the store will be beneficial in supplying
of the electronic item. The selling of the electronic items will help to increase the profits of the
organisation and also helps in developing the brand image of the organisation. The Unicorn
grocery store can expand the business by performing the import and export of the products. The
import and export will help the organisation to develop the brand image among the international
market. The expansion of the business in the export and import will help to increase the
international customers of the store(Burns, 2010). The increase in the international customers
will help the organisation to increase the profitability of the store and help in the earning of the
foreign currency. The business can expand by increasing the variety of the products in the stores.
The variety of the products will help the organisations to fulfil the the requirement of the

different customers with the variety of the products. The fulfilment of the different need of the
customers will help to increase the new customers and helps in retaining the existing customers.
TASK 3
3.1 Assessment of existing business objectives and plans.
The every small business enterprise has its aim and objectives for which the owners and
employees tries to work effectively and efficiently to achieve them(Eid and El-Gohary, 2013).
The main objective of the Unicorn grocery store is to provide the quality products to the
customers. The organisation focuses on producing the quality of the healthy products for
delivering to the customers. The Unicorn grocery has objective to expand its business in the new
countries and in the new fields. The store has the objective to earn the profit by providing the
quality food products to the customers. The business focuses on the achieving the objective of
the survival in the competitive business word with the stable growth. The business have long
term objective to build the brand image among the international business market. The Unicorn
grocery store have formulated certain plans and policies in order to achieve the short term and
long term objectives of the organisation. The owner of the Unicorn grocery store have framed the
marketing strategy which helps in the promotion of the business in the country. The promotion
helps in creating the awareness among the public about the store which helps to increase the
number of the customers and helps in the development of the brand image of the organisation.
The business have developed the strategy and plan for the development of the product in order to
enhance the quality of the product. The product development help the business to achieve the
business objective of delivering the health food items to the customers.
3.2 Business plans to incorporate appropriate changes.
It is necessary for the organisation to develop the effective plans in order to implement
the changes in the organisation. The preparation of the plan is the difficult task for the
management of the business. The plans framed by the management must focus on the
achievement of the objective through the plans. The development of the effective plans will help
the business in the growth of the business whereas the ineffective plan will decline the growth of
the business(Barbero, Casillas and Feldman, 2011). The plan should be framed by the business
as per the individuals tastes and preferences regarding the products where the business operates
to get the profits from the plan. For implementing the changes in the business it is necessary to

develop the significant plan(Battisti and Perry, 2011). The plan framed by the business is not the
legal document, it can be changed as per the situation arises in the incorporation of the change in
the business. For framing the business plan it is compulsory for the manager to analysis the
current business structure which help in development of good business plan. The firm must
develop the pricing plans in order to change the prices of the products. The plan will help the
business to make changes in the price of the products effectively. The good developed
management plan will help the business to increase the efficiency in the performance of the day
to day routine of the Unicorn grocery store. The organisation can develop the marketing plan in
order to increase the brand image of the organisation which will help the organisation to
implement the marketing plan.
3.3 Action plan to implement the changes.
The guidelines to the manager of the organisation in day to day working is referred as
action plan. The development of the action plans must be done strategically. The action plan is
the key element in the implementation of the changes. The aims and objectives of the
organisation must be considered important in the development of the action plan for
implementation of the changes. The action plan of the business plan in implementing changes
must specify the targets to be achieved. The action plan in the business is carried down in the
certain steps and phases. The every steps of the action plan must be carried out safely in order to
get the better results from the implementing changes within the organisation. The personnel
implementing the changes in the business must pre plan the tools and the steps to be carried out
in the plan. The development of the action plan starts with determining the methodology to
collect the information. The next step comes to collect the data of the small and medium size
business. Finally the Unicorn grocery store uses the media and newspaper to gather the
information. The store manager has to do all these activities within the time frame. The business
must assign the roles and responsibilities to the personnel who can perform the work
significantly. The monitoring is necessary once the action plan is implemented to check the
implemented action plan(Bridge and O'Neill, 2012).

TASK 4
4.1 Impact of the proposed changes on the business and its personnel.
The changes implemented in the organisation is done to achieve the goals and the
objectives of the business(Business, 2013). The changes implemented in the organisation helps
in the development of the business. The changes applied in the organisation can lead to the
positive impact on the functioning of the business or it may lead to the negative impact on the
Unicorn grocery store. The change in the organisation are done achieve the objectives which
have impact on both the business and the personnels. The work load of the personnels have
declined due to the use of the new technologies in ordering and payment system. The changes
have impacted positively the working of the personnels by helping in enhancing the performance
of the employees of the Unicorn grocery store. The ability to perform the work is increased of
the personnels of the organisation on other hand the roles and responsibilities have increased due
to the expansion of the business(Small Business Enterprise Program, 2017). The changes have
increase the profit earning of the organisation. The change made have lead to increase in the
brand image of the organisation. The changes in the pricing policy lead to the increase in the new
customers and helped in retaining the existing customers for the business. The expansion of the
business in import and export have increased the international consumers and have lead to
earning the foreign currency with the development of the brand image in the international
market. The change in the product development positively impacted in developing healthy and
quality food and house hold products of the Unicorn grocery store.
4.2 Plans to manage the changes in the business.
The changes are made within the business to achieve the goals and objectives of the
organisation. The changes implemented in the organisation effects the working of the
organisation. The effects of the changes can be positive or negative on the functioning. The
positive effects helps to achieve the targets for which the change is implemented whereas the
negative effects becomes the obstacles for the business in achieving the targets. It is necessary
for the manager of the Unicorn grocery store who is responsible for the implementation of
change, to try and eliminate the negative effects from the business(Islam and et.al., 2011). For
managing the changes implemented in the business the manager has to regularly monitor the
change applied. The monitoring on the changes will help the manager to get knowledge where

the change lack behind and he must take necessary steps in order to eliminate the changes. The
eligible personnel must be appointed with the proper responsibility to implement the change and
for managing the change. The negative impacts must be taking in the account smartly and try to
eliminate them. The business must conduct the training session in order to cope up with the
changes in the business(Jasra and et.al., 2011).
4.3 Monitoring the improvements in the performance of the business over given timescale.
The monitoring of the implemented changes in the business is necessary for the Unicorn
grocery store. The responsible person must monitor the implemented changes in the business
continuously. The monitoring of the activities within the organisation will help the business to
get the knowledge of the current working performance of the organisation. The negative factors
can be eliminated from the business and it helps in converting the negative factors into the
positive. The monitoring will help to make plan and take necessary steps for the elimination of
the negative effects. The monitoring helps to increase the strengths of the business from the
positive impacts. The improvement in the business performance with the help of monitoring
helps the organisation in benefiting the organisation in long term. The continuous monitoring in
the business help in the protection from the fraudulent activities by the employees of the
business. The regular monitoring help the business to determine the level of the brand among the
business market. The monitoring of the profitability of the organisation will help the
organisation to determine whether the targeted profits are achieved or not by the business. The
performance monitoring help to determine whether the customers are satisfied with the product
or not by the tool of taking feedbacks from the customers. The monitoring also determines
whether the number of the employees are increased or not. The organisation can use certain tools
in order to monitor the performance of the Unicorn grocery store(Mahmood and Hanafi, 2013).
CONCLUSION
From the above report it is being concluded that the Unicorn grocery store is the small
business enterprise which operates in the England and Manchester. The business business
provides health food items with less level of sugar and salt also provide house hold products. The
firm have implemented certain changes within the business in order to increase the productivity
and performance of the employees of the enterprise. The organisation have also expanded its

business in the import and export to develop the brand image and increase the international
customers. The expansion have helped the business to earn the foreign currency.

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