Small Business Enterprise Report : Zizzi restaurant
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Added on 2020-07-22
Small Business Enterprise Report : Zizzi restaurant
Added on 2020-07-22
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SMALL BUSINESSENTERPRISES
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1Profile of Zizzi restaurant and its strength and weaknesses..............................................11.2 Comparative measures of performance............................................................................3TASK 2............................................................................................................................................42.1 How to overcomes from weaknesses...............................................................................42.2 Methods of managing existing performance....................................................................52.3 Recommendation for expanding business........................................................................6TASK 3............................................................................................................................................63.1 Assessment of existing business objectives and plans.....................................................63.2 Revision of business plan for incorporate changes.........................................................83.3 Develop a action plan for implementing changes............................................................9TASK 4..........................................................................................................................................104.1 Impact of proposed changes on business........................................................................104.2 Management of changes.................................................................................................114.3 Monitor improvements of the performance...................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14
INTRODUCTIONIn UK economy, small business organisation plays a very vital role for its growth andsuccess. There are over 5 million small businesses, which generates 50% of gross domesticproduct. Founders of these enterprises also contributes in the growth of specific areas, i.e.economic as well as socio-economic development. Apart from this, these SME's also providesmany opportunities to people by creating employment opportunities as they can attain financialsuccess in their life cycle (Avalos, 2011). These business entities produce new and innovativeproducts in order to increases their sales and revenues. Zizzi restaurant is the chosen organisationin this present assignment, it is food chain of Italian restaurants that is also located in UK. Thefirm was established in 1999 and it has 16 brand over the country. The report will be includestrength and weaknesses of refereed company. There is discussed tools and techniques in orderto improve employees' performance and productivity. By adopting some methods managers caneasily get rid from weaknesses and barriers which will impact upon company's growth andsuccess. Importance of business plan and objectives will also described in this report. Readerswill also come to know the impact of proposed changes upon growth and success of businessenterprises. TASK 11.1Profile of Zizzi restaurant and its strength and weaknessesBasically, small business organisations are established with an aim of earning more andmore profits from customers. For this purpose, entrepreneurs put their all efforts in order to makea successful business entity which is able to compete with all multinational organisations. Zizzirestaurant is one from them which serve its services in local area of United Kingdom. Profile of restaurant – Zizzi restaurant is one the best restaurant in the small businessenterprises of UK. Its prime objective is to attract customers by providing them good quality offood and an attractive decorum (Black and Plowright, 2010). The firm was developed withseveral new ideas, such as – classy theme of dinning, variety of delicious food. Zizzi restauranthas many popular food items which are demanded among customers more rather than any bigrestaurant. Name – Zizzi Restaurant Address - National Highway 31, Uttorayon Township, Siliguri, West Bengal 734010Opening Hours – 8AM to 10 PM. 1
Email – zizzifood@yahoo.comWebsite – www.zizzi.co.uk/hotelsandspaOpen since – 1997. Total revenue - £750 In this competitive environment, small business entities face several issues andchallenges, but their abilities and qualities helps them to get rid out all of them. Below describedstrength and weaknesses of Zizzi restaurant : - STRENGTH The firm provides fast and quickservices to their customers. Zizzi has well qualified and skilledemployees, as they are behaved verypolitely in nature. The companyregularly provide them training anddevelopment assistance in order toincrease their skills and knowledge. The interior decorum of the company isdesigned in very suitable manner. Ithelps in rendering privacy to customers(Brody and Hadar, 2011). Zizzi uses effective promotionaltechniques, which assists it to connectregularly with potential clients. It alsotakes feedbacks and reviews frombuyers. Hence, it can be said that thefirm has good public relations whichare responsible in its growth andvitality. WEAKNESSESLack of experience employees. As a small business enterprise, Zizzidoes not have large capital in order toexpand itself in target market. Lack of independent stores in UKmarket. High prices of food material. Less market share due to new entrantsand competitors. 2
1.2 Comparative measures of performanceBelow described some ways through which managers can measure the performance oftheir employees: - Key performance indicators - KPI is a performance measurement tools which demonstrate the effectiveness of a firm ashow fast it can achieve its goals and objectives. Zizzi restaurant also uses the concept of keyperformance indicators at multiple levels so as to reach on targets in a certain time schedule. It isapplicable in all types of business organisations, i.e. large as well as small businessorganisations. It can help managers so as to attain and retain employees in order to maintain highperformance of the firm (Cooke, 2012). In addition, KPI renders an initiate snapshot of overallperformance of staff members in competitive environment. Such information is a crucial part ofbusiness in order to performance in external market. (Source: Key Performance Indicators, 2016)Management by objectives The main aim of MBO is to achieve goals and objective of the firm in most effective andinnovative manner. Such objectives can define the roles of different parts then organisation canintegrate with its various departments. Management of objectives is the process of definingspecific vision and mission of the firm in an accurate manner. It also involves that workingactivities should be done step by step that can reinforce a positive working environment. 3Illustration 1: Key Performance Indicators
Below mentioned performance analysis of Zizzi restaurant and No. 1 restaurant throughprofit and loss statement and balance sheet: - Profit and loss statement of Zizzi restaurant and No. 1 restaurant for the year ended 30March 20162015 (£)2016 (£)Sales 120000200000Cost of good sales 70000120000Gross profit 5000080000Overheads 50008000Net profit 4500072000BALANCE SHEET of Zizzi restaurant and No. 1 restaurant for the year ended 30th March2016. ParticularsZizzi restaurant No. 1 restaurant Fixed assets 3000040000Current assets Stock 1000015000Debtors 80005000Bank 30000Total assets 5100060000LiabilitiesCreditors 3000040000Bank overdraft 2100020000Total liabilities5100060000TASK 22.1 How to overcomes from weaknessesWeaknesses of a small business organisation are the main obstacles which reduces itsvitality and growth in target market. They can also effect goals and objectives of the firm in anadequate manner. Hence, it is required for entrepreneurs to find out some ways in order todiminish all these barriers. This will help in winning target market in a certain time period. There4
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