Importance of Small Scale Industries in UK : Report
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Added on 2020-06-04
Importance of Small Scale Industries in UK : Report
Added on 2020-06-04
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Overview of Caffe Finix and their strengths & weaknesses.................................................11.2 Analysis of the performance of business using different measures......................................2TASK 2............................................................................................................................................32.1 Methods which has to be used for overcoming the weaknesses...........................................32.2 Techniques which can be adopted to maintain existing strengths and performance............42.3 Areas where they can grow their business............................................................................5TASK 3............................................................................................................................................63.1 Assessment of the current business goals.............................................................................63.2 Revision business plan to incorporate suitable changes.......................................................73.3 Action plan to implement the changes highlighted above....................................................7TASK 4............................................................................................................................................84.1 Impact of the changes which was recommended on the business and their members..........84.2 Managing of the changes in the business..............................................................................94.3 Evaluation of the improvements in the performance of the company for a time period.......9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONThere are several business organisation which are small in nature through consideringtheir employees number, turnover, production capacity and etc. It is observed that normally thesetypes of organisations are called as enterprises owned and managed by entrepreneurs. They areresponsible for bring new innovation and competition in different sectors of economy. Thesetypes of organisation has contributed in the growth of the any country's economy and givesprovides employment opportunities for the citizens (Bridge and O'Neill, 2012). The governingregime has to understand the importance of these types of firms and should try to create anthrough their policies so that such industries grow and expand. According to the criteria of UKindustries a SME is someone who has the turnover less than £25 million and the employeesnumber is restricted to 250 individuals. As per the data of UK government they are successfullyproviding employment to 15 million people and has turnover of £1.8 trillion. This reporting willbe highlighting the importance of small scale industries in UK and how they can be managedthrough various business plan (Storey, 2016). Through taking the scenario of Caffe Finix whichis a coffee shop whole the tasks will be answered. TASK 11.1 Overview of Caffe Finix and their strengths & weaknesses.It is a coffee shop which is situated in Stratford a city in the east London. It was the year2009 when the coffee shop has introduced themselves in the market and today it has become oneof the popular choices of people who regularly consume coffee. The coffee shop provides a placefor the people who wants to spent time with their friends in a peace environment. They havegood collection of books at their shop so that the customer visiting the shop can read them whileconsuming coffee. Caffe Finix is situated in the total area of 150 square foot and the shop is runby the Peter Scott who is the owner of the shop (Burns, 2010). They have employed 8 people forhandling and managing different activities at Caffe Finix. Other than Coffee the customer canorder order tea and breakfast. The owners regularly focus on improving their business so thatthey can increase their productivity and profitability. They are looking forward to analyse theirinternal factors with the help of conducting a SWOT analysis. Strengths:- It consists of certain factors and elements which are considered as thecapabilities of the company which has made them stand out of the other competitors. Through1
these capabilities they gain competitive advantage over their rivals. Each company existing in thebusiness environment has some or other strengths for example; company like Apple has knownfor their innovative products whereas Pepsico has the advantage of having a strong brand name.Same in the case of Cafe Finix like they give variety of option for the products to the customers.Other than this they have made good brand image in the minds of their customers because theyare delivering quality products to their customers (Stokes, Wilson and Wilson, 2010). Theirtarget audiences is the youth so they are easily able to reach them as their shop is quite near toStratford College. Due to their quality and fresh coffee and food every year they are seeing ahike in the sales turnover. Weaknesses:- These are the factors which can impact the growth of the firm in negativeway. For example; in the scenario where Caffe Finix is selling is not using fine quality coffeebeans will impact their market and this can be one of the reason why they have lost theirposition. Following are the weaknesses of the company:- The coffee brand is not very much known;The coffee house has to pay high rent for their shop which is affecting their business;From so many months they are facing issue of management where they are not able tohandle employees thus finding difficulty in retaining the staff.1.2 Analysis of the performance of business using different measures.Performance management program is a way to analyse the position of their business. Inthis the comparison is made with the other player who are doing the business in the samesegment as Caffe Finix. There are various elements which can be considered in this and thesemight range from staff, sales, production, customer services and etc. Below mentioned are sokeof the areas where performance managed tools can be analysed. Sales:- Through looking at the sales it can be observed and analysed that whether thecompany is in loss or profit. This task can be done at different time period according to theirconvenience. Mostly organisation analyse the sales which has been made in one financial year.There are lots of advantage of doing so as they will be able to improve the customer services,quality and can also increase the market share (Down, 2010). When they feel that things needs tobe changes so they can modify the plan through different factors in mind. For the sales factorsthey need to focus on employees, suppliers and the distributors. 2
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