Enterprise Innovation and Firm Performance

This assignment focuses on the relationship between enterprise innovation and firm performance in small businesses. It draws from several academic sources, including studies by Jasra et al., Jones & Iredale, Lambert & Davidson, and others. The task involves analyzing these papers to understand how innovative strategies can enhance business success.

Small Business
Enterprise

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1referd...................................................................................................................................1
1.1 Small business indemnifying its strengths and weaknesses..................................................1
1.2 Analysis of the business using comparative measures of performance................................3
TASK 2............................................................................................................................................4
2.1 Appropriate actions to overcome the weakness....................................................................4
2.2 Ways in which existing performance could be maintained and strengthened......................5
2.3 New areas in which business can expand.............................................................................5
TASK 3............................................................................................................................................6
3.1 Existing business objectives and plans.................................................................................6
3.2 Revision of business plan for necessary changes..................................................................7
3.2 Plan for implementing changes.............................................................................................8
TASK 4 ...........................................................................................................................................9
4.1 Impact of change on business and its personnel...................................................................9
4.2 Management of changes......................................................................................................10
4.3 Improvements in business performance..............................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Small business enterprise become plays an important role in the growth of an economy.
Government provides various types of resources which help in encouraging the business
activities of these firms. Small business enterprise reduces unemployment in the country by
providing various job opportunities to a large number of local people. It also increases their
living standard. This enterprise conducts business activities by providing high support to large
number of business enterprises (Harris and Patten, 2014). Present report is based on Caffe Finix
which is a small coffee shop that offers and provides breakfast and tea in order to fulfil
customers’ needs and wants on daily basis. In this report, there will be discussion on the
strengths and weaknesses of company. Different efforts to overcome the weaknesses and
recommendations for same will also be defined here. Along with this, expansion of small
business enterprise in new sector will be discussed in this report.
TASK 1
1.1 Profile of Caffe Finix with identifying its strengths and weaknesses
Before starting a new business, it is more important to define its aim and objectives of. In
this organizational objectives can be short term and long term. Understanding of business nature
is also important to achieve success. Caffe Finix is a small business enterprise which offers food
items to fulfil daily needs of its customers. It is built in 1600 square feet area in the city (Al-
Dajani and Marlow, 2010). In order to understand the strengths and weaknesses of business,
SWOT analysis will prove to be highly effective and beneficial tool for the organization:
SWOT analysis:
It is an important tool to measure the performance of company and helps in taking the
best decision by defining and focusing on main issues of business. This tool helps in making the
strategic plan with identifying its strengths, weaknesses, opportunities and threats. Swot analysis
of coffee shop is as follows:
Strengths:
 Strengths define unique qualities of business which are totally different from
others. With the help of strengths, company achieves aggressive and the best position
than their competitors (Altman, Sabato and Wilson, 2010). Loyal customers are the
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biggest strength of Caffe Finix as well as they are having high financial amount to run
their business in an effective manner. Its product folio is also one of the major strengths
of firm. There are some other strengths of Caffe Finix as well which are as follows:Firm
offers and provides top and fresh quality of products to its customers.
 Effective location .
 Loyalty of customers High range of product line High goodwill I delivering high quality of products
Weaknesses:
 It mainly stands for limitation of an enterprise. It defines negative factors of the
firm like lack of resource, weak product cycle, etc. There are some weaknesses of Caffe
Finix which are as follows:Rent is very high of this coffee shop.Less popularity of their
brand in the market. Quality of products is low as compared to its competitors.
Opportunities:
It is an effective process which defines favourable condition of business which helps the
firm in taking more advantages of particular situation (Battisti and Perry, 2011). In order to hold
the opportunities in this process, organization should have all the resources which are required in
expanding business in the market. There are some points which define the opportunities of Caffe
Finix shop like:
 Organization can start franchising business at the international level.
 Firm can achieve more profits by investing in developing countries. As a coffee shop the market expand in rapidly in UK so that firm can invest in this to
increase their business at international level which helps in increasing its goodwill.
Threats:
 It defines fear and trouble which affect the business organization in a negative
way. The owner of business tries to minimize the threats by making efforts (Bellucci,
Borisov and Zazzaro, 2010). Threats affect the overall performance of company. There
are some threats of this firm which are as follows:Having large number of competitors in
the marketplace.They introduce substitute products at less cost.
 Political instability
 Change in policies and government
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1.2 Analysis of the business using comparative measures of performance
Overall business performance helps in understanding the status of company. It is essential
for every business organization to measure and calculate total ROI in business activities which
affect its performance (Blackburn, Hart and Wainwright, 2013). Comparison measurement is
done by the competitive to define their products. There are some main areas in which firm can
perform their best than its challenger: Finance: It is an important element for every type of business organisation. It is
necessary to the business in order to complete their tasks and run activities in an effective
manner. It is more important to measure and calculate the return on investment in
business process such as break even analysis, asset’s valuation and many factors which
define the measurement of business. Return on investment is an important part of
organization which defined the way in which finance should be invested in these
activities which are set by the owner of business. Sales: It is also an important function which defines the actual status of business.
Measurement of sales define the success of business in marketplace. Caffe Finix tries to
increase their sales volume by delivering high quality of products to its customers and
getting higher satisfaction by them. It also sets low price of their products so that large
number of customers would get attracted to use its products and increase sales of
company effectually.
 Marketing: Marketing plays the most important role for all types of businesses which
define selling and buying of products. It assists in increasing the sales volume of
company. Firm should use effective marketing tools to increase the awareness of
customers with regard to their offered products (Blenker and et. al., 2012). The owner of
Caffe Finix does all the activities related to its services so that they can achieve
competitive advantage over its competitors.
All these areas are effective for the organization to capture a large market share and for better
satisfaction of customers’ needs which help in achieving competitive advantage.
Comparative measure of performance :
P&L account for year ended 30th April 2016 to 30th April 2017 are define in below:
Particular 2016
£
2017
£
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Sales 150 200
Cost of Sales 100 125
Gross Profit 50 75
Overheads 20 25
Net. Profit 30 50
Balance sheet of Caffe Finix for year ended beginning at 30th April 2016 to 30th April 2017
Particular/ year 2016
£
2017
£
Fixed assets 15 40
Current assets
Stock 5 10
Debtors 10 5
Bank 7 5
Total 37 60
Creditors 20 40
Bank overdraft 17 20
Total 37 60
Current ratio = current asset / current liability
2016 2017
Net profit margin = net profit/ net sales * 100
50/150 *100 = 33.33
Net margin = 55/300*100= 18.33
Gross profit margin= gross profit/ net sales *
100
40/150*100= 26.67
Gross margin = 50/300*100= 16.67
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Quick ratio = current asset – stock/ current
liabilities
30000-8000/6000 = 3.67 times
Quick ratio = 80000-10000/40000= 1.75 times
Current ratio= 30000/6000= 5 Current ratio= 80000/40000= 2
P&L account for year ended 30th April 2016 and 30th April 2017 of Zizzi restaurant is
mentioned as follows:
Particular 2016 2017
Sales 200 250
Cost of sales 50 100
Gross profit 150 150
Overheads 40 30
Net Profit 110 120
Balance sheet of year ended 30th April 2016 and 30th April 2017 of Zizzi restaurant is
mentioned as follows:
Particular/ year 2016 2017
Fixed Assets 30 25
Current assets
Stock 10 11
Debtor 15 10
Bank 5 4
Total 30 25
Current ratio: Current Assets / Current Liability
Year 2016
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30000/6000= 5.00 times
Year 2017
25000/12000= 2.08 times
Quick ratio (Acid test): Current assets- Inventory/ Current liabilities
Year 2016
30000/8500= 3.53 times
Year 2017
25000/ 15000= 1.67 times
Gross profit Ratio: Gross profit / sales * 100
Year 2016
50/200*100=25
Year 2017
150/250*100=60
Net Profit ratio: Net profit / sales * 100
Year 2016
110/200*100= 55
Year 2017
120/250*100= 48
TASK 2
2.1 Appropriate actions to overcome the weaknesses
Every business is having its own weakness which affect the overall performance of
company. It is highly essential for the business to remove all weaknesses so that the negative
effect can be minimized easily. The main weakness of Caffe Finix is high rent of the shop
(Bridge and O'Neill, 2012). It may be covered by the large number of financial terms which
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assist in reducing weakness effectively. Company can establish at the location where more
customers would get attracted to satisfy their daily needs. It also assist in increasing the profit of
company. Location of coffee shop where are less parking areas so that customers face parking
problem. In order to remove this issue, firm uses number of bays so that it is convenience for the
customers.
For increase and invite large number of customers company can add variety of products
in their shop to its customers so that more and more service users are use their products. As a
hospitality industry firm face many problems like storing their products and their spoilage. So
that company use those products which comes first (Burns, 2010). from this they can easily
maintain expiry and spoiling of its products. It is very important for the organization to maintain
their quality in products which buy by the trustable suppliers. Best and effective process should
be used by company so that they can deliver fresh and high quality of products to its customers.
It will help in gaining trust of customers and retaining the existing service users.
For increasing the goodwill and popularity of their brand, firm should make new and
innovative products to its customers. It will assist in increasing the profitability and revenue of
firm. In order to reduce the weaknesses, company can capture a larger market share which assist
in improving their brand image at marketplace and it is positive for company to gain more trust
of its customers. Increasing profits helps in facing its expenses like rent and other expenses
2.2 Ways in which existing performance could be maintained and strengthened
In the present scenario, Caffe Finix uses total quantity management strategy in order to
deliver final products to their customers which help to attract more customers and increase its
profitability (Carraher and Paridon, 2015). Business owner tries to maintain a positive and
healthy environment in their shop so that they can motivate their customers to visit and use its
products. There are some services provided by company to its products:
 Good ambience
 Better taste of coffee
 Healthy and enjoyable environment in the shop
In order to improve their future performance, coffee shop offers and delivers following things in
order to attract and invite a large number of customers in their shop:
 They can provide fresh and top quality of products to its customers as compared to its
competitors.
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 Variety of drinks and food can be provided by company to its customers.
Being a service industry, it is more important to increase their quality of products and
maintain a healthy environment to gain high success. For this company can provide best training
and development programs to its workers so that they are able to serve services to customers.
This program also assist in understanding the way of behaving in front of service users. It also
helps in delivering fast and effective services to customers (Chittithaworn and et.al., 2011). With
the help of making an effective plan, company can improve their future performance at
marketplace. Making future plan helps the manager in deciding all resources which are required
in the firm to evaluate their activities in an appropriate manner.
Large number of competitors of Caffe Finix it is more important to the company to define
their specials and best service which is deliver by its competitors at low cost. With the help of
collecting and gathering all relevant information from different type of resources which help
enterprise to decide future activities and also evaluate effective service which is provided to its
customers in future time.
2.3 New areas in which business can expand
Caffe Finix is establishing in the centre of city (Fassin, Van Rossem and Buelens, 2011).
New area in which company locates their stores should be near to the airport of London as it is
one of the most crowed areas where more travellers and workers visit. Along with this, business
define their process in an effective manner and offer a variety of products to its customers which
help in expanding the business easily. In this, the skills and capabilities of workers are also an
important part to increase their productivity at marketplace. If business delivers high quality of
products at reasonable price then it will help in increasing sales of shop at the same time provide
loyalty of customer Expansion of business activities in other areas not only motivates and
increases the customers but also achieve a lot of revenue in their business which help in
capturing a large market share from its competitors (Forsman and Temel, 2011). Before
expanding business in different areas, it is very important to collect all information about the
location. This research requires large number of funds but it provide effective returns in their
process. it assist in maintaining their brand image at marketplace.
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TASK 3
3.1 Existing business objectives and plans
Caffe Finix coffee shop is a small business enterprise that has certain objectives in order
to achieve success. these objectives are as follows: In order to become the best coffee shop at local area location guide: They are targeting
to open their coffee shop in an area where they can attract approximately 600 customers
in a single day. For increasing customers base, they has to topped their restaurant in
local area (Gill and Biger, 2012). They use the best and effective marking strategies such
as lower cost of the products.it is best choice of coffee shop in local area so that they
attract more and more customers in their shop. Maintain 70 to 80% of gross margin: Caffe Finix is having an objective to achieve 75%
gross margin on an average which will help in gaining higher profits and defining
considerable changes. They also focus on the marketing mix so that they can increase
their profits and gross margin.
 To maintain consistency in providing best coffee items: They use high quality of coffee
beans and deliver the best quality of coffee and services to its customers. This coffee
shop does not compromise their products and qualities so that it is main function of this
company to provide best quality of products and service in effective manner. The main
strength of this company is its packaging and presentation (Gorgievski, Ascalon and
Stephan, 2011). With the help of positive aspect the company invite and attract large
number of customers in order to attain higher profitability.
 With the use of advanced technology and advertising tools, company plans to expand
their business process and reach to different customers. In recent time, use of social
media has become an attractive tool of marketing in order to invite more customers.
 This company provides the best convenience to its customers by providing high quality
of services. They also increase some effective and best machine of making different
compositional coffee products.
 To open and establish a new coffee shop at different locations in the upcoming year is
also one of its major objectives. It is possible by investing high profits in expansion
policies. Tie up with the Stanford university they also open their coffee shop to achieve
more profits.
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Caffe Finix expands their business by providing variety and high quality of products to
youngsters. They also add some extra feature in their coffee shop to provide effective services
(Gronum, Verreynne and Kastelle, 2012).
SMART objectives of Caffe Finix:
Specific: Goals and objectives should be specific which is more important to the
organization in order to achieve effectively. It may define the example of specific objectives that
is reduce the uncertainty and increase customers in their process which assist in increase the sale
of the company.
` Measurable: In this objectives the goals are measurable which shows the overall
progress of the business in appropriate manner. Caffe Finix set their goals in order to evaluate
the business performance which assist in making best process in order to achieve it effectively.
Attainable: It is more important for the company is that the goals and objectives should
be attainable. In this the workforce done all the works according to the guideline it provided by
the top level management in order tom achieve higher success at marketplace.
Relevant: All goals and objectives should be relevant to the organization process. The top
management level set their objectives according to the whole activities which is perform within
the business.
Timely: The objectives and goals should be attain in time period which is set by the
organization. It can be evaluate the whole process with the framing time and workers also attain
in this specific time period which helps in attaining higher success at marketplace.
3.2 Revision of business plan for necessary changes
The market strategy of this coffee is focused on inviting and adding new customers in
their list and also, in retaining its existing customers. It has defined its marketing plan so that
customers spend their time in this restaurant and come back again. It helps in increasing the
selling of its products. Define and adding large number of customers is more important to
company as they maintain their loyal customers over their competitors. These loyal customers
are also important so that they would give referrals to other people which increases the sale
volume of organization.
It provides attractive and positive ambience to its customers in order to operate in a
unique way which encourages people in spending more time in their restaurant. Firm not only
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delivers coffee to its customers but at the same time, it encourages them to spend their quality
time there (Jasra and et. al., 2012). To increase customer’s comfort, company uses high quality
sofa and chairs. Ambience of restaurant, light music and dim lighting helps individuals in
reducing their level of stress. Environment and ambience of firm is perfect to do conversation
and that is the reason, people choose this restaurant for their meeting purpose.
In order to speed up customer’s service, they use chain mechanism in which two workers
manage all the client’s order like taking orders, solve any type of queries and other things. other
worker preparing their order and also take care of sale transaction which helps to the firm to
maintain these process effectively (Jones and Iredale, 2010). It also increases customer’s
satisfaction level in order to gain loyalty of service users. Every sale transaction is managed by
the top level management and they use computerised based data system to maintain all the
transactions which assist in analysing marketing process in an effective manner. The sale point is
more important to provide all detailed of its products about what kind of products sold in this
coffee shop.
In today's marketing, advertising and promoting products is more important to the organization
in order to increase their sales volume in marketplace (Lambert and Davidson, 2013). These
processes are used by company by using banners, fliers, leaflets and brochures. Advanced and
modern technologies are also effective like internet and social media sites. It is also helpful in
increasing the sales of company. Sometimes, they give discount on these sites to its customers
which attract more customers to buy the products.
On the basis of SMART objective of Caffe Finix define their process in effective manner. For
achieving best goals and objective organization set their effective process in their activities to
achieve higher success. They use effective strategies like cost reduction and increase purchasing
power to increase their sale volume. They provide top quality of products to its customers in
order to achieve higher satisfaction level by them.
3.3 Plan for implementing changes
Modifications are not made over night. It takes continuous efforts for these modifications
to get implemented. Changes are series of judgements which are taken by the team of
management. There are several plan of actions which are like:
Market analysis: This is one of the essential part of making any modifications. Market
analysis may includes person living slandered in the society where it operates. Comments from
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the present buyers. It mainly focuses on 2 markets one is present in the community and second
who are travellers or have came out purchasing or another activities. Main focus on market
analysis must be on their target and prime buyers.
Market segmentation: Caffe Finix Coffee shop has to made its division regarding to
various person in the society. This division is completer by analysis the regular data of sale.
These restaurant focuses on its activity of marketing that targets faculties and students from
various universities and schools. Its will includes teenagers and working person in the locality
(Malhotra and Temponi, 2010). These segmentation also focuses on the woman who are working
near coffee shop as well as students that are in locality to Stanford field.
Target market segments strategy: After division such as segmentation, it is very essential
for any business to satisfy its buyers needs. These purpose a measurable and specific objective
strategy needs in market to be implemented. This ensure the giving of better taste of coffee and
tea with comforting atmosphere where they call chill out. Since in the process of segmentation
main emphasis way give on the student and facilities from the universities that may very in
lifestyle and age, so in this way development of product is completely focusing on the market
section only (Nga and Shamuganathan, 2010). Coffee shop market analysis which is shows that
students that are highly attracted to the good taste of coffee and tea rather than investing out for
the cheap price of products.
As per the changes of the business organization it is more important to the company to
implement in their process so that they achieve best results and attain higher success in
appropriate manner. firstly they set their investigation programs in order to determining the areas
where they offer their products and service. After that they also select the first priority areas
where they has provide their quality service to customers. After selecting area the firm identify
and evaluate the customers needs and provide them accordingly. While implementing the
changes it is more important to define that effective resources are be there which assist in
achieving efficiency in the process. Implementation requires skilled and experience person which
helps in executing properly. The organization set their workers in order to evaluating all the
process in effective manner and get higher satisfaction from customers.
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TASK 4
4.1 Impact of change on business and its personnel
Implementation of change is more important to the organization that affect all the
activities which perform in business and its personnel. Giving proper consideration is more
important to the manager to define development of business. Proper consideration is helpful for
the business in order to achieve goals and objectives effectually. There are various factors which
create changes and its affect in business environment are as follows:
 Economic factors: In this factors it include inflation and deflation rate which affect the
purchasing level of its customers. Fluctuations is more impact on demand and supply of
the product and take place in business process. In this the high rate decrease the product
demand and lower rate increase the demand. So that Caffe Finix tries to offer quality of
products at affordable rate so that customers are attracted (Olson and Staley, 2012). This
factors include the income level of customers which affect the purchasing power of
them .
 Legal factors: It define ethical methods and rules which is followed by the business.
These affect the business activities. If government set a method for delivering customers
than it in also affect the old process and procedures of working.
 Political factors: In this the government of country set tax rate and policies which is
related to the business function. It affect the business operation and it is more liable to
follow the policies. Various rules and regulations set by the government of the country
also affect the activities of employees working in a firm.
 Social factors: In this there are more factors which affect the buying process of the
customers. It include value, age, gender, beliefs and culture which also affect the business
activities. Changing lifestyle and needs of employees directly affect the activities of an
organisation.
 Technological factors: This define the effective method which is used by the company
and it also affect its personnels. In this it required lots of training to learn that how to
operate these technologies in order to doing the work in effective way. It affect on the
workers work they provide best quality of product by using new and innovative
technology in their process but some time impact negatively on employment. It decrease
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the employment in the company because firm, involved more and more technologies in
their activities and operation so that they reduce workers in their staff.
4.2 Management of changes
Changes are important for every type of organization in order to achieve success. When
these changes are managed in an effective way then they affect the business process positively.
The changes are important to deliver high quality of products to customers in order to get higher
satisfaction by them. It should be innovative from its customers (Rae, 2010). Some time it is
more appropriate and easy for the company and some time it is not easy to do. There are two
aspect for its employee and business in which changes will be more important.
 Employee point of view: Changes are very harder and difficult to manage. Employee are
especially do not like it. Ambiguity, loss of control are such things which is more
difficult to manage. Fear is also uncomfortable and some time it is unreasonable which
put them in effective situation. Some changes are define and understand by the top level
management they are responsible to identify the impact of its on business. It also define
the impact on employees and productivity which helps for organization to reduce decline
process in their market segment.
 Business point of view: In this changes are understood by the certain question like what
the competitors are using strategies which helps to the organization in introducing their
best in marketplace from its competitors. It include customers needs, demand and it will
be done by business accordingly (Schaper and et.al., 2014). According to outlook of the
company the Caffe Finix is a local shop which focus on locality. Demographic of this
company defined like population of destiny and their ages is more important to maintain
the changes and easily implement in business process. In this talking about the economy
that the weather of this coffee shop is witnessing a downfall in this it increase their sale
because large number of customers are used and buy its coffee. Political factors and
movements are effect the working of this business like strike of workers so that they face
more loss in this activities. In social environment of this shop is prevailing in the locality
in which society set and decide that what type of business are success and what will fail.
In these process technological changes are play important role which effective overall
business such as it increase unemployment because company use more technologies in
their activities. But in improve their quality of service which define in market and it is
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cost effective (Storey, 2016). Environmental changes also effect the business like waste
of produced. Global warming is also effect the business process. they change
management plane include some steps which include in the business to evaluate the
overall performance of the company in the marketplace:
 Set goals and objectives: The first step of firm to set the best goals and objectives sot
their process which assist in achieving best process in appropriate time period.
 Collect resources: After setting goals and objectives firm collect the proper resources in
their process to run their business in effective manner.
 implement changes: In this step the company change in their implementation process.
They define best plan and procedures to evaluate the overall performance of the
company.
 Collect feedback: In this last step of change management which define the feedback. It
give by the customers in place of their service and the company can implement in their
process to maintain their strong goodwill in the market and customers mind.
4.3 Improvements in business performance
Improvement in the business is more effective to achieve set goals and objectives in an
appropriate manner. Process of improvement is important for every enterprise and it requires a
large number of resources.
By the end of 2013
 It has to provide the best quality of products like coffee, tea coffee machine and wants
with best ambience. It helps in achieving large number of customers and increase their
performance at daily basis (Actions for improving weakness).
 Use various technologies to promote their product through own social media page.
 Provide reviews which assist in attracting more customers.
By 2013
 It has achieve to become and set number one coffee shop to define best hangout spot in
local area.
 By providing best quality of service it can achieve higher satisfaction of the customers.
They provide best guidelines to its workers to treating their guest.
By 2014
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 In order to creating a model which is franchise in making partnership and collaboration
with another people. It assist in defining and making chain of business. Caffe Finix have
large number of offer foe Stanford university.
 In order to increasing the customers in their loyalty club so that they go to closer to the
company in order to making positive process (Strategies to improve strategies).
By 2015
 Firm added some extra and variety of products to its list.
 Improve staff network and their skills such as communication.
 Make collaboration with local business in order to offer quality of products.
By end of year of 2015 it focus on the effective process which assist in achieving high revenue
and get approx 75% profit margin a lot of improvements take place in the business process of
Caffe Finix. By 2015 sale of firm increased by 13 percent and this firm get the reward of best
coffee in 2016.
CONCLUSION
From the above report, it can be concluded that managing business activities is more
important to company which helps in achieving effective goals and objectives within stipulated
time period. In order to capture larger market share, company provides high quality of products
to its customers. It can be summarized that small business enterprise plays a vital role in the
growth of country. It provides job opportunities to local people so that they improve their living
standard. It has been assessed that to maintain the customer base in coffee shop, it is owner’s
responsibility to implement changes on timely basis. Implementation of changes is also very
important in business in order to achieve the goals and objectives effectually. After
implementation process, company can monitor all the changes that ultimately leads to achieve
the set targets in the most appropriate manner.
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