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Importance of Small Business in Development of Social Economy : Report

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Added on  2020-06-04

Importance of Small Business in Development of Social Economy : Report

   Added on 2020-06-04

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Importance of Small Business in Development of Social Economy : Report_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Strength and weaknesses of Cocofina company..................................................................11.2 Measuring business performance through using comparative measures..............................2TASK 2............................................................................................................................................52.1 Appropriate actions to overcome the weaknesses.................................................................52.2 Present performance could be maintained and strengthened................................................52.3 New areas in which business could expand..........................................................................6TASK 3............................................................................................................................................73.1 Assessment on existing business plans and objectives.........................................................73.2 Review business plans and areas where changes can be made.............................................73.3 Action plan to execute changes.............................................................................................8TASK 4............................................................................................................................................94.1 Proposed changes will have on the business and its personnel.............................................94.2 Changes will be managed in business.................................................................................104.3 Improvements in performance of business over past two years.........................................11CONCLUISON..............................................................................................................................11REFERENCES.............................................................................................................................12.......................................................................................................................................................13
Importance of Small Business in Development of Social Economy : Report_2
INTRODUCTIONSmall businesses refer to those entities in which minimum number of staff members workfor achieving short term goals in an effective manner. Small businesses are generally ownedthrough one person which are run with small investment as well as profit level in comparison tolarge scale organisations. In the United Kingdom, there are different medium and small sizedbusiness firms which run their business in order to contribute in national economy (Añón Higónand Driffield, 2011). This present report is based on Dragon Den series which is introducedthrough BBC and it gives a better platform for the young generation for making an investment.In this series, Cocofina is a small company and provides coconut water, meals, bakingingredients, etc. In this report, importance of start- ups and small businesses in development ofsocial economy will be discussed. The characteristics, skills and traits of successfulentrepreneurs which differentiate managers from other business will be studied as well. TASK 11.1 Strength and weaknesses of Cocofina companyCocofina is a small business firm that is established in local regions of United Kingdom.Its main motive is to gain attention of more number of consumers with providing them betterquality of food items along with delightful drinking. This business organisation was developedby Jacob Thundil in the year 2005. The first product which is provided by this firm is coconutwater in retail industry (Aremu and Adeyemi, 2011). This organisation provides different kindsof food products which are prepared through coconut water and the products which this companyprovides are chips, vinegar, flours, sugar etc. In the year 2017, turnover of this company reachesat $3.6 million. Cocofina is producing more than 3000 speciality and it has many healthy outletsin United Kingdom. But this firm has many strengths as well as weaknesses which are given asbelow:StrengthsIt provides qualitative food items along with the drinks to consumers at reasonable cost.The food products which are manufactured by this firm are made through coconut waterand oil. This is good for heart and liver.It has many outlets to stores so that this company will provide its products to peopleanywhere. 1
Importance of Small Business in Development of Social Economy : Report_3
It also sells its services and products with the help of using an online method and expandits business in more than 29 countries in world. WeaknessesThis firm does not provide training and development programme to its staff members forenhancing their skills and working abilities. It conducts promotional activities at a small scale.Its main weakness is that those people which are currently working in this firm aremostly non- qualified and skilled (Barber, Metcalfe and Porteous, 2016).Because of minimum dispersion channels, Cocofina faces many problems in supply of itsproducts and services in an effective way.1.2 Measuring business performance through using comparative measuresFinancial accounting is helpful in knowing about the actual position of business in marketplace. It is helpful in maintaining reputation as well as to compete with its strong competitors inthe market. Main competitor of this company are Worthanshaws that provides diary-free, sugarfree frozen pudding products, etc. Profit and Loss Account(Cocofina company)For the year ended 30th April 2016 and 30th April 20172016£2017£Sales210300Cost of Sales6040Gross Profit150260Overheads120150Net. Profit30110Balance Sheet 30 April 2016 and 30 April 2017£ 2016£ 2017Fixed assets5060Stock3430Debtors20352
Importance of Small Business in Development of Social Economy : Report_4

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