Small Business Success Strategies
Added on 2020-06-06
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SMALL BUSINESSENTERPRISES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................11.1 Small business enterprises with its strong and weak factors.................................................11.2 Business analysis by using comparative measures...............................................................3TASK 2............................................................................................................................................52.1 Appropriate actions in order to defeat with weaknesses ......................................................52.2 Methods to improve existing performance...........................................................................52.3 Recommendations where activities of Cafe Finix can be expanded.....................................6TASK 3 ...........................................................................................................................................73.1 Assessing existing business plans and objectives.................................................................73.2 Revision of business plans to incorporate changes...............................................................83.3 Preparation of Action Plans..................................................................................................9TASK 4..........................................................................................................................................104.1 Impact of proposed changes on business and its personnel................................................104.2 Managing changes in business............................................................................................114.3 Observing improvements in performance of business........................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONIn the modern business world people are mostly focusing on establishing their ownbusiness by developing unique ideas which are helpful for them in order to achieve success intheir operations. Small Business are described as those firms whose operations are executed atsmaller scales in the economy and they have less number of employees working under them andthere resources are also very few. These business are helpful in the growth and development ofeconomy as they are providing employment to large group thus there basic needs are fulfilledand improving their living standards (Altman, Sabato and Wilson, 2010). Cafe Finix are smallcoffee shops in UK and they are providing quality products to all their customers all around UK.The undermentioned report are based on the strong and weak areas of small business enterprises,measuring performance of business different tools and techniques which can be adopted by firmin order to improve their performances. The management plans which are developed by businessshould be revised on continuous basis in order to analysis those places where changes have to bemade.TASK 1 1.1 Small business enterprises with its strong and weak factorsSmall business are playing vital role in growth and development of economy and they areproviding opportunities to people to become employed. There business operations are limited toa geographical areas and the number of employees are low who are involved in performingbusiness operations. Cafe Finix are executing their activities on smaller scales in economy andthey are offering valuable goods and services to those people who want to take advantage of theirproducts. The main aim of these business are linked with satisfying their customers by providethem products according to their demands at economical prices (Battisti and Perry, 2011). Theselected business are adopting the best price strategy for their products and they are focusing onquality aspects also in order to gain attention of large group of customers who can enhance theirsales and profitability ratios. These business have established good image at market places asthey are offering quality products to all their potential clients at very low and economic rates.The activities of these business were started with limited amount of money as this was a start upbusiness. The products offered include coffee, tea, fast food etc. This is the best place for familymembers where can can spend their time by consuming quality coffee.SWOT Analysis1
SWOT analysis are vital factors for every business as they are making plans and policieswhich are useful in order to enhance performance of business organisations. This is the mostvital methods which are used in order to evaluate strong, weak points and also threats andopportunities. These four are most important factors which are valuable in order to makeimprovements in business activities.StrengthThis is evaluated as the most power factors ofbusiness by which they can achieve growth andsuccess. The main strong factors of firms arethat they are offering quality products to theircustomers at lower prices. They are analysingtrends at market places and they aremanufacturing products according to demandsof their clients. This is valuable for firms asthey can easily achieve competitive gains. Themajor strengths of Cafe Finix are as:High products products are offered toall customers (Blackburn, Hart andWainwright, 2013).Established strong images at marketareas.Flexible system at work place sochanges can be made easily.WeaknessesThese are the weak factors of firms and theyare affecting all business operations in negativeways. These factors are affecting growth andsuccess of business. The major weak factorsare described below as:Timely delivery of goods and services.Huge rivalry available at market places.Prices of goods are higher.Manufacturing process are not acurate.OpportunitiesThese are described as the the pathway tosuccess by which company can easily expandtheir business operations. This is valuablefactor for firms as they can achieve highcompetitive gains. The main opportunities are:There investment ratios are high at marketplaces thus gaining growth and success in theirThreatsThese factors are directing affecting operationsof business thus they are not able to achievesuccess in their operation's. The main threatsare evaluated as:Changes in plans and policies of governmentlike tax rates.Instability in economic conditions.2
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