Importance of Resource Allocation and Customer Relationship Management in Small Business Management

INTRODUCTION
Managing and running small business is highly important for developing strong business development with
wide business sustainable performance metrics which builds on wider profitability and consumer market share.
The tourism and hospitality industry is widely growing with various new start-ups companies coming up globally,
especially within UK which has built wider competitive levels among their resources factors and various
paradigms of financial statements which enable them to bring on effective performance levels. Dream world travel
UK is one of the small business management company operating various hospitality operations with various
business practices and wide functional abilities within management through which brand j has been able to
competitively develop new leverage goals for longer working hemispheres. Report explain importance of
allocation of various resources , consumer relationship management metrics and various benefits ,challenges SME
faces for building various transnational operations. The report further also analyzes various aspects of financial
statements such as cash flow forecast, break even analysis and balance sheet through which keen focus is inbuilt
among financial statements, Report also explains further implications of regulations and legislations for
development of consumer goodwill, higher profitability parameters for growth among competitive hospitality
world.
ACTIVITY 1
Application of resources and their linkage with achievement of business objectives
Financial resource allocation: This is one of the foremost resource which is widely important for establishing
strong successful business within industry and are detrimentally connected with achievement of wider business
objectives which further focus strong sustainable business avenues. The Dream world travel company, UK ha s to
inbuilt financial resources with strong planning and measuring various work requirements where company aims to
move forward within various scenarios. Financial resources are higjly important for development within various
departments activities within company for cost effective application of various resources and to work ahead onto
various metrics for deeper functional stability.
Scope of project: This is also one of the most important application where small business mangers and competitive
entrepreneurs look upon for moving ahead within services and are widely linked to achievement of various
business objectives. The scope of project is essential for analysis of various metrics and development of new
ethics, parameters of evolution and development of higher competitive business domain which inbuilt higher
synergy of innovation. It can be understood that scope of project enables to bring forward various factors of
growth , keen synergy of continuous innovation and development of new working parameters for bringing on
greater work results
Importance of planning and allocation of resources to achieve new
business objectives:
Dream world travel, UK for gaining competitive place among
various brands has to focus onto innovative usage of planning and
allocation of various resources for effective achievement of various
business objectives for gaining on strong metrics of efficiency It is highly
important for strong planning and allocation of resources for cost effective
technology utilisation within various metrics for long term development
among goals which builds on paradigms of effective development onto
larger business objectives. Also for small business management companies
it can be analyzed that there are limited factors of capital utilisation
where resources s are not only less in number but there are also various
new parameters which needs to be focused with higher yield and synergy
of operational efficiency.

Tools and techniques used to plan and allocation of resources
Interrelationship diagram: This interrelationship diagram is widely important for bringing allocation details of various
resources at deeper analysis within company business management levels with greater functional efficiency.
Interrelationship diagram will make sure that Dream word travel company is able to contribute effectively onto various
resources and work onto more potential enrichment goals with varied stable services and innovative development
metrics. This diagram will also make sure that cost effectiveness is inbuilt among operations and also various paradigms
of profitability can be achieved among various levels of services, innovative ideas and best rational goals.
Tea diagram: Tea diagram enables business mangers and entrepreneurs to widely loom upon exploring new metrics of
various innovation parameters in services and wider functional advancement where all resources which are in use within
present scenario shall be analyzed with various metrics. The dream world company shall be using team diagram to
allocate all resources based on various demands, factors of growth at present and within future metrics which will also
make sure that resources are used with effective competency and maintained in records.
Main considerations important for achieving business objectives
Efficient human resource: This is one of the most important
considerations highly important for achieving business objectives for
long term business goals completion within competitive industry
where there are various force highly important for gaining new
functional advancement. The management teams of all employees
should be advanced skilled with best competencies, higher customer
satisfaction skills development ethics and also various parameters of
motivation which will inbuilt motivation among employees of
Dream world travel, UK.
Higher competitive factors emergence: This consideration
importance can be understood from the fact that higher competence
factors among skills and traits of employees within management of
Dream world Travel, UK where company aims to bring on various
best class services for all customers within world. It is also widely
important to be effective in developing smart and competitive team
of various employees who are not only dynamic talented but also the
commitment for company services are high which in builts
profitability.

ACTIVITY 2
process of customer relationship management
Customer relation management is the process through which the company tries to manage the consumer in attracting the consumers. This
is very essential for the company in getting success as if the consumer will not be there then the company will not get successful. For the
Dream World Travel London it is very essential for the company to manage the consumer and try to satisfy the consumer and their
requirements. The major process used for the consumer management of the hospitality company is as follows-
Reach- in this stage the company tries to reach to the consumer and for this the company tries to market the goods and services of the
company within the competitive market. This is the most essential stage for the company as in this stage the company manages the
consumer and try to increase the company and the sales.
Acquisition- in this stage Dream World Travel London tries to acquire the consumer so that the business of the company increases. This is
the most essential stage for the company as in this stage the company tries to acquire the consumers and try to manage and keep the
consumer satisfied with the product and services of the company. This is the most essential stage within the process of the consumer
management as if the consumer will not be acquired then the company will not be having good sales. Thus, this will affect the working of
the company to a great extent.
Conversion- in this stage the Dream World Travel London tries to convert the potential buyers in the regular and frequent buyers. This is
majorly because of the reason that when the company is not having the regular consumers then it is not possible that the company will
have good and effective sales.
Retention- this is also the most essential stage for the Dream World Travel London in managing good relation with the consumers. This is
majorly because of the reason that when the consumers are not retained within the company then the company will not be successful.
Thus, due to this reason it is very essential for the company to manage the consumer and the need of the consumers. Thus, for retaining of
the consumer for a longer period of time it is essential for the company to provide the company with the consumer who will purchase the
goods from the company.
Loyalty- this is the last stage of the consumer relationship management wherein the company majorly focuses on the making of the
consumer loyal towards the company. This is essential because of the fact that if the consumers are loyal towards the company they will
not have any issue in the profitability of the company. Thus, the loyal consumer always purchases the goods from the same company even
if the rates are high or not.
How small business develop transnational and their benefits and
drawback
The use of consumer relationship management is very essential for the
company in managing good and effective relation with the consumers.
Thus, for getting success this is the most important criterion for the
company to keep the consumer of the company happy and satisfied.
This is majorly due to the reason that the consumer are treated as king
of the market and if the consumer are not happy then it means that the
company is not providing better services to the consumer and this
affects the working and profitability of the company to a great extent.
Thus, the major reason for the Dream World Travel London for the use
of the consumer relationship management is very essential for the
company to manage the consumer. There are many benefits as well as
drawback for the company in order to use the customer relationship
management.

The major benefits of the using of concept of customer relationship management
transnational are as follows-
The major benefit of using the CRM within the company is that this integrates each and
every activity of the business at the same place. Thus, this is the most essential benefit of
using the CRM for the proper functioning and management of the company and this is
due to the reason that when the company uses the CRM then the major focus of the
company is over the consumer satisfaction and this increases the working efficiency of
the company and the profitability of the company as well.
Another major benefit of the company Dream World Travel London because of the use of
CRM transnational is that the CMR involves the storing of all the records and data of the
consumers. Thus, this increases the working of the company to a great extent and also if
in future the same consumer comes then the company already has the requirement or the
need of the consumer and they can easily work in the direction of the satisfaction of the
consumers.
In addition to this another major benefit of using the concept and strategies of CRM is
that the conversion rate of the consumer from the rare consumer to the loyal consumer
increases. This is beneficial for the company as this will increase the number of the
consumer which is loyal to the company and thus the profitability of the company
increases to a great extent.
Along with this the other major benefit of the company is that this will assist the company
in selecting the right channel for the marketing of the goods and services among the loyal
consumers. This is majorly because of the reason that when the company uses the CRM
then they know well about their consumer and because of this reason the companies
knows that which method of marketing will assist the company in managing and
attracting and retaining the consumer towards the company.
Along with all these variety of benefits the Dream World Travel London also
faces some of the drawbacks or the disadvantages which are listed as follow-
The most common drawback of the use of CRM strategies is that if the consumer
is not satisfied with the working of the company and they shares this thing with
the other consumer then this will have a great impact over the working of the
company. Thus, for this the CRM is just the management of consumer and it is
not possible that what the consumer is demanding right now will also be the
demand of the consumer in the future as well.
Another major drawback of the use of customer relationship management is that
the cost of the company in managing the details of each and every consumer is
very essential for the company. This is majorly due to the reason that it is very
costly for the company to install the whole system of CRM in the company and
operate it. This is basically because of the reason that when the company makes
the use of the CRM then they have to indulge in many of the different types of
formalities like the evaluation of the need of consumer and then to record it for
the future reference of the consumer.
Another major drawback of this type of system is that proper training and time to
time training need to be provided to the consumer relating to the use of the CRM
software. This is majorly because of the reason that it is not necessary that all the
employees know how to operate the software and thus, it is the responsibility of
the company to make sure that proper training and development programs are
being organized for all the employees working in the company.