Small Business Enterprise Report on Austin Fraser
Added on 2020-07-22
16 Pages5536 Words42 Views
Small BusinessEnterprises
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Profile of business with its strengths and weaknesses..........................................................11.2 Comparative measures of performance.................................................................................3TASK 2 ...........................................................................................................................................32.1 Actions to overcome with the weaknesses............................................................................32.2 Ways of maintaining or strengthening the performance.......................................................42.3 Areas in which business could expand..................................................................................5TASK 3............................................................................................................................................63.1 Business objectives and plans...............................................................................................63.2 Revision of business plan for necessary changes..................................................................63.3 Plan for implementing changes.............................................................................................7TASK 4............................................................................................................................................84.1 Impact of change on business and its personnel...................................................................84.2 Management of changes........................................................................................................94.3 Improvements in business performance..............................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................13
INTRODUCTIONSmall business enterprise plays a vital role in the growth of the economy of everycountry. Government also provides various support services to these kinds of enterprises in theform 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 ortalent to the whole world. For the survival of their business or to satisfy the changing needs andwants 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 Fraserconsultancy firm is chosen under this report for study. SWOT analysis of organisation ismentioned here. Along with this, various actions which a firm can take to remove theseweaknesses are also mentioned. Along with that, various areas in which Austin Fraser canexpand its business activities to serve a large number of customers and capture greater marketshare are also detailed.TASK 11.1 Profile of business with its strengths and weaknessesProfile of a business consists of its both short and long term objectives. For making auseful profile, it is necessary to understand the nature of business and its activities. Analysis ofits main competitors and identification of target market is also important. Austin Fraser is aconsultancy 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 aclear understanding about firm’s strengths, weaknesses, opportunities and threats.SWOT analysisSWOT analysis is the process of evaluation or identifying strengths, weaknesses,opportunities and threats of an enterprise. This analysis helps an organisation in making effectivebusiness plan so that firm can use its strengths effectively and can get the maximum profit out ofit. This helps the firm in identifying opportunities existing in the business environment andutilise the same for capturing high market share (Jasra and et. al., 2012). It guides businessmanager 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. In1
order to make an effective profile for Austin Fraser, it is necessary to have a detailed knowledgeabout the company's strengths and weaknesses through conducting SWOT analysis.StrengthsStrength is known as a special characteristic of product or company which makes it moreable to achieve its set goals or satisfying the needs of large number of customers (Al-Dajani andMarlow, 2010). This special quality helps the firm in an efficient and effective manner than itscompetitors. Strength for a company can be anything like its financial resources, talentedworkforce 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.WeaknessesWeaknesses are the factors that affect the quality of firm's services. This can be theunavailability of required funds and resources, lack of public support or confidence,technological hurdles, unskilled workers and many more. Weakness of Austin Fraser includesthe following:Hurdles in delivering services to customersLack of research activitiesObstacles while communicating with customersOpportunitiesOpportunities are the favourable conditions for an enterprise that help it to develop orintroduce a new product or service in the market. This helps the firm in getting variousadvantages by properly utilising the opportunity. Austin Fraser has the following opportunities:Creation and development of new markets and technologyVarious sources of funds are available to company.ThreatsThese are the negative situations which hinder the organisation’s process of achievingobjectives (Lambert and Davidson, 2013). This can be introduction of new product by thecompetitors of firm. Sometimes, changes in the policies or rules of government also affect theactivities of organisation in a negative way. Threats of Austin Fraser are as follows:Lengthy and costly process of certification2
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