Factors Affecting Small Business Success
Added on 2020-01-07
13 Pages4308 Words200 Views
|
|
|
SMALL BUSINESS ENTERPRISE
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................31.1 Profile of selected business and its strength and weaknesses...............................................31.2 Analysing comparative measures of performance used by the business..............................4TASK 2............................................................................................................................................52.1 Recommendations for actions to overcome the identified weaknesses in the business,.......52.2 Ways to maintain and strengthened the existing performance of the business.....................52.3 Recommendations for new areas in which business could expand.......................................6TASK 3............................................................................................................................................73.1 Assessment of existing business objectives and plans..........................................................73.2 Business plans to incorporate appropriate changes...............................................................73.3 Action plan to implement the changes..................................................................................8TASK 4............................................................................................................................................94.1 Impact of the proposed changes on the business and its personnel......................................94.2 Plans to manage the changes in the business........................................................................94.3 Monitoring the improvements in the performance of the business over given timescale...10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONThe emergence of the small business enterprises in the economy of the United kingdom isincreasing day by day(Forsman, 2011). The small business enterprises starts businesses in thedifferent fields as per their choice to earn the profits from the products and services provided bythis business. The small business is generally owned by the private owners, it may be soletrading or it may be partnership firm. The small business enterprise operates in the limited areawith the limited scope. The capital invested in the business is to low and they use the borrowedcapital in the operation of the business. These business generally operates in the sectors such asgrocery stores, saloons and hotels. These all business have less rules and regulation for theincorporation. In the assignment we will make study on the Unicorn grocery store operating inEngland and Manchester. TASK 11.1 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 themembers 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 Triodosbank. The Unicorn grocery follows the flat management pattern and and equal rate of the pay isprovide to the all members. The company provides healthy consumption good to its consumersand better household product which don't have any link animal origin. The organisation providesequal opportunities to the employees of the store with the security in the employment to themembers of the organisation. The some of the strengths and weakness of the organisation are asfollows:-Strengths:- The unicorn grocery store has some strengths which help the organisation in thesuccess. The strengths of the Unicorn grocery is listed as follows:-The unicorn grocery store provides equal opportunities to the employees which help theorganisation to motivate the employees in increasing the performance. The equalopportunities provided to the employees helps the organisation to retain the employees inthe organisation for long term(Gill and Biger, 2012).
The organisation provides better quality of the products to the customers which are notlinked to the animals and maintains the sugar level and level of salt which helps theorganisation 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 holdproducts to the customers. The following comparative method is used by the organisation tomeasure the performance of the business.Reviewing the progress against the attaining the objectives of the organisation:- Theunicorn grocery store reviews on the objectives and the goals of the business whetherthey are achieved or not. The reviewing of the achievements of the goals and objectiveshelps the organisation to determine the objectives which are not achieved yet which helpsto 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 todetermine the strengths and weakness within the organisation and the opportunities andthreats outside the organisation. The SWOT analysis helps the organisation to carry outthe necessary steps in eliminating the weakness of the organisation and grab theopportunities available for the organisation. Analysing the satisfactions of the product user:- As the store deals in the food and household product it is necessary for the organisation to take check the satisfaction level of thecustomers in respect of the products provided by the store(Philip, 2011). The Unicorngrocery store takes the feedbacks from the customers in order to check the satisfactionlevel 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 organisationwhich aims on the profits from the food and household products provided to the
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents