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UNIT 29 - Managing and Running a Small Business

   

Added on  2020-12-10

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UNIT 29Managing and Runninga Small Business
UNIT 29 - Managing and Running a Small Business_1
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1: Major Considerations for small business to plans and allocate resources:......................3TASK 2............................................................................................................................................5P2: Different processes of customer relationship management: ...........................................5TASK 3............................................................................................................................................6P3: Transnationally development of Small business along with its benefits and drawbacks:6P4: Cash flow forecast .................8P5: Break even analysis..........................................................................................................9P6: Interpretation of financial statements of Solesmith:......................................................10TASK 4..........................................................................................................................................13P7: Implications on small business or social enterprises of key legislation and regulations: 13CONCLUSIONS ..........................................................................................................................15REFERENCES..............................................................................................................................16.......................................................................................................................................................16
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INTRODUCTIONFor running small business or social enterprises in effective manner, there should be aunderstanding of key aspects of various related matters. In this report, Solesmith company isselected which is a cult personalised sock retail small business and which is based on UK. Thisbusiness has also accept order online locally and do work as per customer specifications. Anorganisation has tremendous growth opportunity through transnationally develop itself. Thisreport is divided into four tasks. First task gives information about the requirement of smallbusiness to plan and allocate its resources to achieve its goals. Second one defines theinformation about the customer relationship management and defines the process of CRM whilethird task tells about the analytical tools used to evaluate company's performance like break evenanalysis, budget analysis etc. The last task is about to regulations and legislations which effectthe business of small retail company in UK. TASK 1P1:Major Considerations for small business to plans and allocate resources:Overview of Solesmith:The company was started in 2014, an overlooked of fashion accessory and giftopportunity to reduce gap in the market. It is dealing in personalised sock brand they are alsodevelop more colours and designs slippers, underwear and cosy long wear. They are alsopersonalized messages like romantic, wistful and inspirational. The current situation of thecompany that it is including in top 100 small entrepreneurs (Adisa, Abdulraheem and Mordi,2014). For achieving its objectives, various considerations need to be full filled which arediscussed in detailed as follows:Research: For planning and allocation of resources in a small enterprise, thereshould be a requirement of research related to its product, its market conditions.In other words, it is responsibility of operational manager of Solesmith companyto know everything about the business and industry in which company run. Forexample, If selected company wants to start business in cloths, firstly they have todone research about clothing market like, which type of cloths are in trend? forwhich age group? and which area is to be targeted? After doing all researchcompany can start business (Bridge and O'Neill , 2012).
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Determine the purpose of plan:A business plan which a Solesmith want to make& implement for achieving its objectives should be prepared after determining thepurpose of making this. It is necessary to give more emphasis on “what is thepurpose of making plan”, so that a better realistic plan can be made. Forexample, If selected company reduce it's product price, it does not mean that theyserve low quality. Purpose of that is to increase sales, because customer want costeffective product, another purpose is to target large segment of people so it resultsautomatically lower cost. And it will create customer loyalty. Identify the resources: After doing planning, it is the responsibility of Solesmithto identify which resources should be required for allocation in different areas todo activities as per planned way. For example:- If selected company know thatparticular area is best for it's business, then they to maintain good relation withsuppliers and provide best quality product or services to it's customers.Evaluate the human resources: In this, Solesmith need to do evaluation of thehuman resources which are required for target activities and thereafter assign theduties to these human resources for achieving the objectives of business. Forexample:- In selected organisation, employees always play a huge role becausewithout human force or labour force organisation in not able to move further. Emergencies:The most important resources in a business project are humans andthey tend to get sick, stress out, leave the organisation or other aspects. Due towhich a company cannot unable to achieve desired objectives which it planned.For overcoming this problem, company should include a element of emergenciesin planning process and thereafter allocate its resources accordingly (Burns,2016). TASK 2P2:Different processes of customer relationship management:Customer relationship managementisa term that refers to practices, strategies andtechnologies that companies use to handle and study customer interactions and data until the endof the customer lifecycle, with the objective of making better customer service relationships and
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