Analysis of Small Business Success Criteria

The given assignment is focused on analyzing the success criteria of small businesses. It involves understanding the various factors that contribute to the success of small and medium enterprises (SMEs), including the role of networks in innovation and firm performance. The assignment also explores the importance of values approaches to personal differences in SME success. It requires a critical examination of empirical research studies from 1996 to 2010 to analyze the applications of business models in SME success, innovation, and classification. Additionally, it delves into the influence of personality traits and demographic factors on social entrepreneurship startup intentions. The assignment aims to provide a comprehensive understanding of the key factors that contribute to SME success and how they can be improved.

Small Business
Enterprises

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of business with its strengths and weaknesses..........................................................1
1.2 Comparative measures of performance.................................................................................3
TASK 2 ...........................................................................................................................................3
2.1 Actions to overcome with the weaknesses............................................................................3
2.2 Ways of maintaining or strengthening the performance.......................................................4
2.3 Areas in which business could expand..................................................................................5
TASK 3............................................................................................................................................6
3.1 Business objectives and plans...............................................................................................6
3.2 Revision of business plan for necessary changes..................................................................6
3.3 Plan for implementing changes.............................................................................................7
TASK 4............................................................................................................................................8
4.1 Impact of change on business and its personnel...................................................................8
4.2 Management of changes........................................................................................................9
4.3 Improvements in business performance..............................................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Small business enterprise plays a vital role in the growth of the economy of every
country. Government also provides various support services to these kinds of enterprises in the
form of subsidy in order to encourage their business activities (Nga and Shamuganathan, 2010).
Business operations of these firms provide opportunity to local people to show their skills or
talent to the whole world. For the survival of their business or to satisfy the changing needs and
wants of customers, it becomes necessary for these firms to implement the concept of change.
Opportunity of change can be identified by executing various research activities. Austin Fraser
consultancy firm is chosen under this report for study. SWOT analysis of organisation is
mentioned here. Along with this, various actions which a firm can take to remove these
weaknesses are also mentioned. Along with that, various areas in which Austin Fraser can
expand its business activities to serve a large number of customers and capture greater market
share are also detailed.
TASK 1
1.1 Profile of business with its strengths and weaknesses
Profile of a business consists of its both short and long term objectives. For making a
useful profile, it is necessary to understand the nature of business and its activities. Analysis of
its main competitors and identification of target market is also important. Austin Fraser is a
consultancy firm that delivers high quality services to its customers on the areas like recruitment,
digital services, automation and many more. For making a profile, it is very important to have a
clear understanding about firm’s strengths, weaknesses, opportunities and threats.
SWOT analysis
SWOT analysis is the process of evaluation or identifying strengths, weaknesses,
opportunities and threats of an enterprise. This analysis helps an organisation in making effective
business plan so that firm can use its strengths effectively and can get the maximum profit out of
it. This helps the firm in identifying opportunities existing in the business environment and
utilise the same for capturing high market share (Jasra and et. al., 2012). It guides business
manager in decreasing the effect of its weaknesses on overall performance of business and also,
in making organisation able to face the effects of threats on commercial activities. Under this,
strengths and weaknesses of firms are internal while opportunities and threats are external. In
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order to make an effective profile for Austin Fraser, it is necessary to have a detailed knowledge
about the company's strengths and weaknesses through conducting SWOT analysis.
Strengths
Strength is known as a special characteristic of product or company which makes it more
able to achieve its set goals or satisfying the needs of large number of customers (Al-Dajani and
Marlow, 2010). This special quality helps the firm in an efficient and effective manner than its
competitors. Strength for a company can be anything like its financial resources, talented
workforce and many more. Main strengths of Austin Fraser include the following:
 Firm is able to provide the quality or specific services to its large number of clients.
 It has large number of professional consultants. Also, it provides high quality services at low and competitive price.
Weaknesses
Weaknesses are the factors that affect the quality of firm's services. This can be the
unavailability of required funds and resources, lack of public support or confidence,
technological hurdles, unskilled workers and many more. Weakness of Austin Fraser includes
the following:
 Hurdles in delivering services to customers
 Lack of research activities Obstacles while communicating with customers
Opportunities
Opportunities are the favourable conditions for an enterprise that help it to develop or
introduce a new product or service in the market. This helps the firm in getting various
advantages by properly utilising the opportunity. Austin Fraser has the following opportunities:
 Creation and development of new markets and technology Various sources of funds are available to company.
Threats
These are the negative situations which hinder the organisation’s process of achieving
objectives (Lambert and Davidson, 2013). This can be introduction of new product by the
competitors of firm. Sometimes, changes in the policies or rules of government also affect the
activities of organisation in a negative way. Threats of Austin Fraser are as follows:
 Lengthy and costly process of certification
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 Legal rules and policies
All these are the main strengths, weaknesses, opportunities and threats of Austin Fraser.
1.2 Comparative measures of performance
Analysis of current performance of company is necessary as it helps manager in knowing
the actual performance of firm. Every organisation wants to deliver good or better quality
products than its competitors (Gorgievski, Ascalon and Stephan, 2011). In order to achieve
competitive advantage Austin Fraser should have excellence on various areas like Finance,
Sales, marketing, technology and many other. Premier Technical Recruitment provide high
quality recruitment services to its clients, is one of the main competitor of Austin Fraser. But
Austin Fraser generate large amount of revenues than its competitors because of having large
number of special service providers. Both firms capture a larger market of different type of
clients. But if compare the actual figure of profit of both the firm than right now Austin Fraser is
generating more revenues than its competitor.
To get a competitive advantage, analysis of features of the competitor's product is very
necessary. This help or guide manager what changes or special features a company can add to its
current product. Delivering product higher than the quality of competitor's product and at a low
price is one of the main factor through which competitive advantage can be achieved by Austin
Fraser. So to capture a larger market share and better satisfy the needs and wants of the
customers Austin Fraser need to evaluate the product of Premier Technical Recruitment.
TASK 2
2.1 Actions to overcome with the weaknesses
Weakness are the factors that affect the process of business of delivering services to large
number of customers. This can be the lack of quality of enterprise to satisfy the needs and wants
of customers. Identification of current defects of enterprise is very necessary to take remedial
actions or decisions (Bellucci, Borisov and Zazzaro, 2010). Finding current weakness of firm
and elimination of it is very necessary as it affect the overall profits and productivity of
business. As mentioned above the main weakness of Austin Fraser is lack of research activities
and hurdles in delivering services to its customers. For eliminating these barriers or to achieve
efficiency in the business operation firm can use various tools and techniques. For making or
delivering best quality services to its customers it is very necessary or important to the firm for
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identifying the new or cost effective ways of delivering services. This will increase the
convenience of workers while consuming the services and increase level of comfort add more
value to the whole process.
Other than this for making specific services Austin Fraser need to undertake research in
order to find out the tastes and wants of different consumers (Carraher and Paridon, 2015). For
conducting research and to get effective results it is very necessary for organisation to use
various resources. This will help firm in finding the expectation of customers and company can
capture a larger market share by satisfying the different needs of customers.
Today every customer want a specific or quality service and managers of Austin Fraser
need to give consideration on this factor while deciding the process or methods of delivering
services. Other weakness of Austin Fraser is lack of proper communication tools and
overcoming from this weakness, managers of firm can use various communication channels.
Effective communication channels help enterprise in communicating with its target
customers and make customers inform about the new products or services. Other than this
Austin Fraser need to properly utilise its resources so that overall cost of operations can be
minimised and firm can offer its services at a competitive market price.
2.2 Ways of maintaining or strengthening the performance
Success of every firm is depend on its performance or how enterprise execute its
business operations. Satisfying large number of customers by making or delivering innovative
products to is the only aim of every business enterprise. Austin Fraser make specific services to
it clients and provide them at a very low price (Blenker and et. al., 2012). But as the business
environment is changing at a fast speed like that needs and wants of customers are changing at a
fast speed. For satisfying the current and future needs customers it is very essential for every
business to maintain or improve the level of its performance so that goals of enterprise can be
achieved or needs of customers can be satisfied. Austin Fraser can use various methods for
improving the performance of their future or current activities. First is by giving first priority on
the needs and specific wants of different customers. For this firm can do the comparison of what
a consumer want and the characters ices of company's product or service. This will help manager
in knowing the areas in which firm can improve its performance and enhance the comfort level
of customers.
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Other method is comparing the price of firm's service by the price of competitor's
product. This will help firm in lowering the cost of its products so that maximum people can be
attracted towards the firm's product (Jones and Iredale, 2010). Austin Fraser can increase the
number of its customers by making a flexible payment system. Timely and necessary
improvements in the features of company's product create the positive image of company in the
mind of its customers.
Two way communication or feedback of customers can also be proven as beneficial to
firm in doing necessary change in the features of company's product. This will help manager in
collecting various and useful improvements regarding the products and its features. For increase
the performance of overall business Austin Fraser can use updated technology. Other than this a
firm should always try to deliver quality services to its customers than its competitors. All these
recommendations can be use by the Austin Fraser to maintain or increase the performance of its
business activities.
2.3 Areas in which business could expand
Expanding business activities in new areas means providing innovative services to
customers. It provide a chance to company to serve large number of customers and increase their
market share. At present Austin Fraser provide recruitment services to its clients. Firm can
expand its services by providing its services to the businesses also. New areas in which the
company can expand is legal, financial, management, technical and many other emerging
sectors.
For every business it is very necessary to expand its current business activities in new
areas in order to capture a larger market share or to increase the number of its revenues
(Chittithaworn and et. al., 2011). But before expanding activities in new areas it is very
necessary for an enterprise to undertake research activities to identify the needs and wants of
customers. Analysis of services provide by the competitors can also help a firm in expanding its
services.
Austin Fraser can do research for identifying any opportunity exist business
environment. This not only help firm in delivering new products to its clients but also help
company in improving the quality of its products.
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TASK 3
3.1 Business objectives and plans
Being a consultancy firm Austin Fraser right now deliver various type of specialist
services to its customers. Current business objective of firm is to solve the problems of their
clients by providing them specific or quality information (Forsman and Temel, 2011). For this
company use time or cost effective tools to perform their activities. Before delivering services to
large number of customers it is very important to inform them about the specific services
provided by the firm. For this firm use various communication channels to aware the customers.
Company is constantly trying to deliver effective services in a competitive provide to all of its
clients.
Research and development department of the firm undertake various survey activities on
a timely basis to make specific products or do modifications in the current features of the product
to better satisfy the client. Main strength of the firm is their specialise consultant and company
use this in a maximum level to attract large number of clients. Austin Fraser keep the prices its
product and services low for capturing a greater market share.
3.2 Revision of business plan for necessary changes
Business plan is a written document of the firm containing all the necessary actions and
steps taken by the firm in the near future. Business plan of firm should be flexible as changes
takes in the business environment at a fast speed. An effective written plan help manager in
deciding the use of its resources at an maximum level (Rae, 2010). While making the final
business plan for the organisation necessary data from all sources should be collected by the firm
including internal and external customers. This collected data help firm in knowing the current
market trends existing in the market.
Future planning of business activities helps in decreasing the cost of business products
and services. This make enterprise able to deliver high quality products at low cost. It helps firms
in achieving smoothness and consistency in this business operations. Being in a service industry
it is very necessary for Austin Fraser to make an effective or flexible business plan so that
necessary changes can be adopted by the firm. One of the main problem which firm is facing is
that requirements of customers are changing at a fast speed and requirements for every customer
is different from the other. For this firm need to set or use various methods of delivering
services to its clients. This will help customers in getting effective solution to their problems. For
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capturing market on an international level it is very important for the firm to first capture or
fulfil the requirements of local people. Good relations with local people will help firm in getting
carious support activities and many other advantages.
3.3 Plan for implementing changes
Change is one of the most important element of success of organisation. Purposed can be
results in either success or failure of business activities (Harris and Patten, 2014). To maintain
the interest of public in the products or services of the firm it is very necessary to timely
implement the concept of change. For implementing the process of change Austin Fraser can
implement the following steps: Readiness assessment: Under this step top management of enterprise evaluate the
organisation's readiness stage. It helps manager in knowing the right time of introducing
the change. Under this managers of firm can change the unfavourable conditions into the
favourable ones. Planning of communication: Under this various channels of communication are used by
managers for giving knowledge to employees and public at large. Important messages
should be repeated in order to increase the effectiveness of communication process. Training to managers: In situation of big change leaders and managers both play an
important role in implementing the change. So proper training and various facilities
should be provided to them so they can better motivate the workers to accept the changes. Management of resistance: Whenever a change is introduced in enterprise than there are
large number of workers who do not accept the modifications due to the fear of new and
many more (Battisti and Perry, 2011). Manage this stage of change process is one of the
most important task for every enterprise and for managing this top management of
Austin Fraser can use tools. They can motivate the workers for accepting the changes by
using financial tools and by make tell the why the change is implemented and many
more. Collection of feedback: After implementing the changes feedback from all workers
should be collected on a prior basis. This will help management in knowing any issues or
problems arising while doing or implementing the new methods of work. This can be
done by the manager for identifying the obstacles.
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 Identification of improvements required: Under this process outputs of change process
are identified or collected. Positive results encourage the change process while negative
results demotivate the change concept.
 Final review: This is the last and one of the important step of change process. Under this
manager evaluate the all cost and benefits of change process and at the same time record
the success or failure of every activity (Gill and Biger, 2012). It will help Austin Fraser
in maintaining a maintaining an effective change management system which will help the
firm in the near future.
If Austin Fraser wants to get they maximum results of change process than they all these
steps should be implemented in an effective way.
TASK 4
4.1 Impact of change on business and its personnel
Implementation of any change affect the activities of its business and its personnel in
many ways. Some changes affect positively while other affects in a negative way. But change is
avoidable in order to meet the changing demands and needs of the customers. Modification in
process or structure of enterprise help firm in attain its objectives in better way (Fassin, Van
Rossem and Buelens, 2011). But before implementing any change it is the responsibility of
manager to measure the effect of implemented change on the business and its products. All
changes should help firm in increasing the quality of its products or services so that needs of the
clients can be better satisfy. Change can be the implemented by manager in every area of
business including changing policies or procedures of doing the old work and can be anything.
Every change whether big or small affect the activities of workers in enterprise. As
employees will take time to learn new methods of making the product or delivering service to the
client. Factors of change can be anything from the following: Economic factors: economic factors include the inflation or deflation rage existing in the
market. This rate affect the buying behaviour of customers in various ways. Fluctuations
take place in the economy affect the demand and supply of the product. If price of the
product will rise that demand for the same commodity will decrease and opposite will be
happen in the different situation (Altman, Sabato and Wilson, 2010). Austin Fraser keep
all these factors while deciding the price of its products and also the wage and labour rate
of the workers.
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 Legal factors: Legal factors include the ethical standards or methods of delivering
services, set by the higher authority. Every firm is liable to follow that set methods
otherwise it will give rise to a legal action (Schaper and et.al., 2014). By following these
processes Austin Fraser can maintain the health and safety of clients while delivering the
services. Political factors: Government of every country makes policies regarding the taxation of
enterprises and many more. All these affect the functioning of firm in various ways.
Austin Fraser need to comply with all these policies while making or deciding the process
of their organisation. Social factors: It includes the factors which affect the process of buying of a customer
including age, gender, culture, values, habits and many more (Gronum, Verreynne and
Kastelle, 2012). Identification of these factors understanding of how these affect the
purchasing decision of a individual can help Austin Fraser in making strategies for their
business.
 Technological factors: Technology exists in the market and technology use by the firm
also affect the business and its personnel in many ways. For example if technology of
serving customers will change than employees have to learn the new methods of
delivering services to large number of customers.
Variations in these factors affect the activities of business. So Austin Fraser need to keep
these factors in mind before executing any change in their business.
4.2 Management of changes
Change is the process of doing modification in the policies or methods of enterprise.
Whether a change is a big or minor affect the business, its activities and its personnel in various
ways. Change is necessary for every enterprise to deliver good quality products to its customers
or to make innovative and better products than its competitors (Olson and Staley, 2012). When
enterprise implement various kind of changes than company has to face many hurdles like
resistance of workers, not accepting the new methods or process of doing the work and many
more. In this situation it become necessary for the manger to make the situation in the favour in
order to get the effective results of the change process. For getting commitment of the workers
manger of Austin Fraser can use various tools and rewards. Various type of incentive will
motivate employees in accepting the changes other than this various learning programmes can be
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conducted by the manager to make the employees learn about how to perform the work.
Satisfying and attracting large number of customers is one the main objective of every enterprise
so it is the duty of enterprise to evaluate the effect of changing process on the satisfaction level
of the customers.
Different customers have various kind of personalities and it is not necessary that only
one method is suitable to deliver services (Storey, 2016). Different methods can be use by the
specialist of Austin Fraser to solve the problem of their clients.
Financial and non financial incentives can be used by the managers of Austin Fraser for
make the employees able to accept the changes. With commitment of workers favourable
business conditions are needed for getting the maximum results of the change process. If
enterprise implement the changes in unfavourable business conditions not it will not give fruitful
results and lot of cost and time of enterprise will waste.
So commitment of employees and favourable business conditions are the two important
elements which should be there for successfully implementing the changes and getting the
maximum results.
4.3 Improvements in business performance
For making improvements in the performance of business activities or adding features to
the current products it is very necessary for a firm to keep monitoring its activities on a
continuous basis. Process of improving business performance is a long process and needs large
number of resources (Burns, 2010).This help firm in gaining the trust of large number of its
customers and capturing a greater market share. An enterprise undertake large number of
business activities and evaluation of those activities is necessary as it help manager in knowing
their effectiveness. Evaluation help manager in identifying whether current processes or methods
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are able or help enterprise in achieving its objectives or nor. It guide manager in taking remedial
actions or more effective decisions if required.
Other than this it helps in identifying the unethical practices exist in the business
environment. For improving the overall performance of business enterprise it is very necessary
for the top management of organisation to make or encourage ethical work practices or decision
making among the workers (Blackburn, Hart and Wainwright, 2013). Continuous evaluation help
in scanning the business environment and identifying the any opportunity if exist.
Austin Fraser is continuously taking improving its business strategies on various
information collected through research and development programme. Austin Fraser get 14th rank
on 12th June 2017 by the Sunday times (Malhotra and Temponi, 2010). At present company has
large number of resources to deliver special services to its large number of clients. Professional
consultant is one of the main strength of company which help firm in solving the problems of
their clients.
As compare to last years performance Austin Fraser increase its service level by using
latest technology and by hiring large number of skilled candidates. Today firm provide variety of
services through various channels according to the need and requirements of different customers.
That's why today company has a large number of satisfy customers.
CONCLUSION
From the above necessary data it can be concluded that manage business activities and
apply the concept of change is an important activity for a consultancy firm like Austin Fraser. By
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implementing this concept firm can modify its services or can provide quality services to large
number of its clients. For capturing a greater market share or to deliver better quality then its
competitors firm can use its strengths in an effective way. For attainment of business goals or
objectives Austin Fraser can make an flexible market plan. For generating large number of
revenues every year company can expand its activities in various potential areas. To implement
the concept of change support or commitment of workers is required which can be get by the
manager by providing various incentives or by motivating the employees.
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