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UNIT 33 Small Business Enterprise : Assignment

   

Added on  2020-07-23

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UNIT 33 SMALL BUSINESS ENTERPRISE
UNIT 33 Small Business Enterprise : Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................1INTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................11.1 Produce a profile of the selected company and its weaknesses and strength. ......................11.2 Analysis of the business comparative measures of performance..........................................2TASK 2 ...........................................................................................................................................32.1 Justification and recommendation to overcome from weaknesses in the business...............32.2 Analysing ways in which existing performance could be maintained and strengthened......52.3 Recommendations with justification that new areas in which company could be expandtheir business practises. ..............................................................................................................5TASK 3............................................................................................................................................63.1 Existing business objectives and plans.................................................................................63.2 Revise business Plans to incorporate appropriate changes...................................................73.3 Prepare an action plan to implement the changes. ...............................................................8TASK 4 ...........................................................................................................................................94.1 Impact of proposed changes on the business and its personnel............................................94.2 How changes will be managed in business practises..........................................................104.3 Monitor improvements and its performance of the business..............................................11CONCLUSION..............................................................................................................................11REFERENCES .............................................................................................................................12
UNIT 33 Small Business Enterprise : Assignment_2

INTRODUCTIONSmall business enterprises enhance the business management in context of SMEindustries. Generally, small scale industries are operated by single person or in partnership. Thishelps in enhancing the opportunity and growth of the economy. SME played a very importantrole to increase national income of the country at the time of Brexit. SME companies assists inmaintaining the stability and growth of the country. This present report is based on SME andtheir weaknesses and strengths. This report will consider about 99p in London. It is a small-scalechain in London. This report will discuss about their strength and weaknesses to analyse theiractual position in the market. It will also help to enhance the business performances by adoptingcomparative measure performances. How company overcome its weaknesses and take correctiveactions. Further, it will discuss about the objectives and plans of the company. It will also discussabout the appropriate changes needed in the organisation to enhance the business performanceand impacts of the changes on the business and its employees. Moreover, it will also make thecompany plan to manage the business practices.TASK 11.1 Produce a profile of the selected company and its weaknesses and strength. 99P stores is based on small scale which is run by a family. It was started in January 2001by Nadir Lalani, they opened their first store in Holloway, London and then further opened threemore stores. Owner of the company decided to expand their business throughout the UK throughwhich they developed their business rapidly (Barbui, et.al, 2015). Now, it has 129 stores with1.5 million customers reach as well. Most of the stores of 99p is situated in south of UK.Furthermore, government also make efforts for small scale businesses as it is the most essentialpart of the economy through which many of the unemployed people become employed throughSME industries. It generates opportunity growth as well. 99P provides varieties of product andservices to their customers at lower prices. Prices are the most essential factor to attractcustomers towards the company. Most of the time, big organisation provides product at very highprice while SME companies offer services at lower prices through which many of the customersget attracted towards them. It gives great business opportunity and growth to the companyenhancement (Eller and Katz, 2016). StrengthsSmall scale business is generally WeaknessesRapid changes in environment create
UNIT 33 Small Business Enterprise : Assignment_3

operated by limited number of individuals. So, in order to that, their statistical complexities of investment will be easier and simplistic. Lesser number of management create easy process and flexibility in terms of dealing with vendors as well as distributors(Fournier and et.al, 2014). Small based environment gives more flexibility in terms of measuring performances and requirement in the company.large number of competition for SME.Small scale business has small security measures. It is very critical to measure honesty of each and every employee in the company. Small scale based company have problem to invest high amount of money to purchase stuff (Fuentes and et.al, 2017). Changing environment would affect thesmall company in terms of changing needs of customers, changes in government policies etc. Overall, small scale based companies should need to adopt changes to make theirbusinesses more attractive and productive in terms of profit earnings. It helps 99p to expand theirbusiness into new level. Overall, every entrepreneur starts their business at zero level. 1.2 Analysis of the business comparative measures of performance.There are many techniques and methods through which company measures itsperformance on the basis of its existing performance. Performance of the company is based on itscustomer attraction level (Hall and O'Connor, 2016). Apart from that, company also measure itsperformance on the basis of profit ratios, competitors ratio, customer feedback etc. There aresome techniques or methods through which company determines their performance measures. Financial Statement's: It is the first method to measure the performance level of thecompany. Like profit and loss ratio, cash flow statement and balance sheet of thecompany. Which helps to show the actual earning of the company. With the help of pastdata, company can easily measure its actual performance. It also compares its data withtheir competitors like the rival company of 99p is Pound land in British. It is also a retailchain store, Survey and feedback: It is another performance measure technique through whichcompany can easily identify its actual performance in the market. It may take feedbacks
UNIT 33 Small Business Enterprise : Assignment_4

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