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Unit 29- Managing & Running a Small Business Assignment

   

Added on  2020-11-12

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Unit 29- Managing & Runninga Small Business

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Main considerations to address while planning and allocating resources to achievebusiness objectives......................................................................................................................1TASK 2............................................................................................................................................2P2. Explaining and evaluating different processes of customer relationship management insmall business.............................................................................................................................2P3. The way development of small business takes place transnationally along with its benefitsand drawbacks.............................................................................................................................4TASK 3............................................................................................................................................5P4. Annual itemised monthly cash flow forecast showing fixed and variable costs againstincome.........................................................................................................................................5P5. Application of break-even analysis in organisation..............................................................8P6. Important financial statements of organisation with respect to the way they contribute tosuccessful management...............................................................................................................9TASK 4..........................................................................................................................................10P7. Implications of key legislation and regulations on small businesses or social enterprises.10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

INTRODUCTIONRunning any type of business requires several efforts as well as time. Owners of a smallbusiness are responsible for managing every operation in an enterprise. There are many factorswhich are needed to be managed. Accomplishment of goals can be easily done through effectivemanagement. Managing small business requires every businessman to use combination ofknowledge, education and expertise for running a company. This report includes factors whichare needed to be considered while allocating resources. Evaluation of different processesassociated with customer relationship management has been conducted. Apart from this, benefitsand disadvantages of developing a business transnationally are depicted along with monthly cashflow of Ensoft Ltd. for reflecting variable and fixed cost. Also, application of break-evenanalysis is discussed in context of selected company. Key financial statements are interpreted forcontributing in successful management as well. Further, implications of key legislations andregulations on small businesses are discussed.TASK 1P1. Main considerations to address while planning and allocating resources to achieve businessobjectivesFor planning various kinds of projects, proper resource planning is required. Majorobjectives behind setting up a structure is the allocation of several inventories. There are somemajor considerations needed to be taken in consideration that are discussed as below:Determination of Scope- Before any allocation or management of resources, it isimportant to assess the scope of project according to which right decision is taken for decidingappropriate amount of resources required and its effective management on time. Identifying Resources- When the objective of project is determined and budget of astructure is approved, next step comes for identification of necessary inventories required forsuccessful completion of every activity involved in particular assignment (Lin and Chong, 2017).For this, there is a need for formulating a list of resources and their amount. After this, it shouldbe approved by higher authorities so that amendments can be one in an effective manner.Realistic Approach- It must be taken in consideration that while planning as well asallocation of various inventories, approach must be realistic that includes all those influentialfactors which can affect the supply chain of resources. Apart from this, factors like time and cost1

factor have to be taken in consideration as they are important elements for determining successof implementing any particular input for deriving an output.Use of Technology- It is very essential to use every resource in an optimal manner. Thiscan be achieved through use of technical tools that can assist the perfect requirement, schedulingand allocation of resources. These tools increase the efficiency of utilising them in an effectivemanner. There are some software that can be used for efficacious management which focuses onleast wastage and more outcomes derived from inputs (Cheng and et.al., 2015). It also eliminatesthe scenario of surplus or scarcity of inventories which can impact productivity of a business.Apart from this, one can handle even complex calculations which are involved in the planning ofresources which are related with software solutions for clients.TASK 2P2. Explaining and evaluating different processes of customer relationship management in smallbusinessCustomer relationship management or CRM is a type of strategy which an organizationuses to retain its customers. In a small business like Ensoft Ltd, there is a need to plan right kindof strategies in between employees and customers to maintain a healthy relationship betweenthem. Employees must learn about their customer's feedbacks and reviews in order to improvetheir operations and software quality (Schaper and et.al., 2014). Some tips for company todevelop a strategy for winning customer retention are:Setting a destination- CRM helps to achieve the set goals and objectives of organisation,to determine goals and then plan accordingly. Also, it helps to break the goals in sectionsand divide them into small sub-groups. Ensoft Ltd divides their work into small parts anddistribute among them so that operation can be completed quickly and they can focusmore on customers. They are required to provide quality software service to its customersin order to retain them for a long time.Company tries to build consistency of customers.To increase the level of sales in organization, they focus on repeatable sales process.Prioritizing customers- A business is required to treat all its customers in the samemanner. They should give equal attention to everybody. Ensoft Ltd is getting its successbecause they prioritize all its customers in an equal manner in order to generate profits. Itis often seen that old customers spend much more than the new ones. 2

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