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Small Business Enterprises - Report

   

Added on  2020-01-07

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Small BusinessEnterprise

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3AC1.1 Brief profile......................................................................................................................3AC1.2 Comparative Analysis......................................................................................................4TASK 2............................................................................................................................................5AC2.1 Justification and actions to overcome weaknesses...........................................................5AC2.2 Methods for maintaining performance.............................................................................6AC2.3 Areas of expansion...........................................................................................................6TASK 3............................................................................................................................................7AC3.1 Assessment on existing business objectives and plans....................................................7AC3.2 Evaluation of business plan..............................................................................................8AC3.3 Action Plan.......................................................................................................................9TASK 4..........................................................................................................................................10AC4.1 Impact of proposed changes...........................................................................................10AC4.2 Plan for management of changes...................................................................................11AC4.3 Improvements in performance ......................................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................142

INTRODUCTIONBusinesses can be small, medium or large depending upon their financial structure andcapital investments. Small Business Enterprises are recognised as firms that are solely owned bysingle or group of individuals with less number of employees and least capital investments.These enterprises can be retail operations background or e-commerce businesses, etc. The youngand innovative ideas when nurtured with angel investors or great opportunities from the marketturn out to be small business enterprises. Dragons' Den is one such platform that givesopportunities to budding entrepreneurs with one success story of Flavourly which is a one stopdestination for gourmet food, snacks and craft beer subscription through an online website. Thisreport aims to attain greater understandings for the small business enterprises with in depthcoverage of different aspects in such ventures. TASK 1AC1.1Brief profileName of the Business: Flavourly.comOwner: Ryan O' RorkeBackground/ History: The company was just an idea or thought in the mind of Ryan O' Rorkeits sole founder. Dragons' Den was the platform he explored for gathering investments bydisplaying his idea of a online portal that will deliver food and craft beer door to door over amonthly subscription. He gathered investments worth £75,000 for 5% share or equity but thesewere declined and the company aspired crowdfunding from Crowdcube. This decision acquiredhim great publicity as the company engaged almost four times larger investments through thisplatform than Den's angel investors (Victor, 2015). The company was launched in a garage in 2012 in Edinburgh which sold gourmet food,snacks and craft beers to its subscribed customers every month. Flavourly became a link for thesmall British producers who could not find huge audiences for their quality product. With about500% growth every year the company now has established relations with over 500 loneproducers to sell their commodity in the name of Flavourly (Victor, A., 2015).Activities: Sells snacks and gourmet food, craft beers in two variant packaging through onlinesubscription facility for every month. The company also launched a Flavourly craft beer club for3

its members to develop a social network and deeper connections with its customers (About.2016).Business Location: Edinburgh, UKStrengths and Weaknesses:Strengths: With unique idea and effortless implementation the company acquired goodreputation within 4 years of its launch. Unlike any other profit earning company, Flavourly didnot entertain super markets but collaborated with small scale producers that had high qualityproducts. Regular reviews and feedbacks are encouraged by the company for improving itsqualities and demands regarding the products and services.Weaknesses: The company doesn't has any physical store or office other than its coreoperational block. Although the variety of beer is rare and exclusive but it is a bit costlier thanthe ones available at the supermarket. Another drawback for the company is lack of existence inother parts of the continent. AC1.2 Comparative AnalysisFlavourly had a fresh concept of delivering craft beers to the consumers in the region byordering on the website and that too with a subscription. This intends the consumers had all theconvenience with extravagant quality services. Beer52 is one of the prominent competitor forFlavourly. Being in the same segment of small businesses and selling same commodity thecompany faces tough competition. This company Beer52 provides beer bottles with a snack anda magazine. Flavourly grew financially stronger as it already gathered enough publicity as wellas made headlines with its target achievement of crowdfunding up-to £3,00,000.Customers were more attracted towards the concept of Flavourly than Beer52 because ofthe following reasons:1.Variety of options regarding the products. The latter company has more options for theconsumers regarding the type of craft beer that is light, mild or dark as well as theflavours for the beer. 2.Flavourly gives price relaxation to the consumers hence, more people are attracted.3.The company has been working with principles and ethics of not involving supermarketsor big investors. This gave the small scale producers a great exposure through Flavourly.4

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