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TASK 11 1.1 Strengths and weaknesses of small business enterprise

   

Added on  2020-06-03

15 Pages5303 Words403 Views
SMALL BUSINESSENTERPRISE
TASK 11 1.1 Strengths and weaknesses of small business enterprise_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1. Strengths and weaknesses of small business enterprise.......................................................11.2. Analysing business using comparative measures of performance.......................................2TASK 2............................................................................................................................................32.1 Methods to overcome weakness of business.........................................................................32.3. Areas for business expansion...............................................................................................4TASK 2............................................................................................................................................62.2 Description on the ways to improve and maintain the performance of business enterprise.6TASK 3............................................................................................................................................73.1 Define assessment of the existing business plans and objectives.........................................73.3 Draw the business plan with the help of there can be incorporate appropriate changes. .....73.3 Define the action plan for implementation for changes. ......................................................8TASK 4............................................................................................................................................94.1 Impacts of changes on business ...........................................................................................94.2 Methods to manage the changes in the business.................................................................10CONCLUSION..............................................................................................................................12REFERENCES .............................................................................................................................13
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INTRODUCTIONSmall business enterprises play a major role in the economy of a nation. However, it shouldbe recognise that unlike other large scale businesses they do not have effective capital whichimpacts upon the value of their organisation (Longenecker, Petty, Palich, and Hoy, 2013). Thus,they are required to analyse the internal processes, situations and working conditions so that aneffective change management plan can be developed to expand the market size. The presentundertaking covers the ways that an establishment can make use to grow its business. This reportis based on a small scale entity, Posh Nosh limited that operates in the food sector. The cited firmis situated in UK and rendering the people with its amazing food services. This report will coverthe strengths and weaknesses hold by the entity. By this analysis, an idea of forming effectivebusiness strategy can be develop. Based on the flaws in the business and method to overcome it,a change plan will be generated to increase the market value of the firm. Besides this, differentsectors will be explained in the assignment where the selected company can expand its market.TASK 11.1. Strengths and weaknesses of small business enterpriseCompany Overview: The selected organisation is a small company that is known for the event managementand catering services. The size of employees working in the firm is limited. The entity isfunctioning in the sector from past 25 years. The appreciable kitchen of the company has anaward-winning team. The company has promising chefs that works effectively to meet thecustomer satisfaction (The really important bit: the yummy food, 2017).. Strengths of Posh Nosh Ltd.Quality: This is the speciality of the cited firm. All the products that the company offers to thecustomers are passed through layers of quality tests. In addition to this, the food business isregarded as highly sensitive to achieve the quality. Posh Nosh Ltd, is thus regarded as "value formoney" in terms of quality (Schaper, Volery, Weber, and Gibson, 2014). This factor helps theentity in drawing attraction of a large audience.Price: The pricing structure of the selected organisation is considerably as compared tio the thercompetitors. This factor helps in influence the consumer buying behaviour by rendering themquality products and that too in affordable prices.1
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Close supervision: All the operations of the cited firm are well supervised by the managers. Thishelps in removing the flaws at the very first level only. Thus, in this way firm can bring workeffectiveness (Hatten, 2015).Finance management: Respite of that fact the entity is having small capital nut the way it ismanaging the finances is appreciable. The investments are made for right activities only. All theplanned strategies of the firm are effective in bring profitability.Controlled Supply: Posh Nosh limited can vary the supply as per the demands. They have bettercontrol in the product supply.Weaknesses of Posh Nosh Ltd.Brand Recognition: The company operat6es on a smaller scale due to the limitation 0of thedesired capital and hence, the brand image of the company is not much effective. For this, theorganisation is required to widen its platform.Industrial Rivalry: The level of compensation in the selected sector is very high. In addition tothis, the business is also substitutable. There exists wide range of food products that cansubstitute the products developed by Posh Nosh (Storey, 2016).High cost of production: It has been observed that the high bargaining power of the supplier iscausing retardation in the revenue. The cost of productions is also increasing due to the expensesassociated with the raw materials.1.2. Analysing business using comparative measures of performance.Delivery Services: It has been observed that the Posh Nosh Ltd. renders recommendable deliveryservices to the customers. In addition to this, the after services of the firm are also effective.Effective delivery time: The entity claims to render services in 10 minutes. This factor helps inachieving customer loyalty and their trust. Number of orders: In the present date, the company prepared 300 orders in the organisation.Further, the deliveries are up to 200 orders on a daily basis. In addition to this, the quality isensured in all these orders.Takes feedback from customers: It has been observed that the Posh Nosh limited also takesfeedback from the customers. They are on the services and products that they offer consumers. Ithelps the entity in consistent development.2
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