Assignment Report on Small Business Enterprise
13 Pages4135 Words311 Views
Added on 2019-12-28
Assignment Report on Small Business Enterprise
Added on 2019-12-28
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SMALLBUSINESSENTERPRICES
Table of ContentsINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................31.1 Identification of the strengths and weakness of the selected small firm...............................31.2 Business assessment using comparative measures...............................................................4TASK 2.................................................................................................................................................52.1 Recommendation with the justification to overcome the weaknesses..................................52.2 Methods of maintaining and strengthening current performance.........................................52.3 Recommendations of expanding businesses.........................................................................6TASK 3.................................................................................................................................................73.1 Assessment of existing business opportunities and plans.....................................................73.2 Revise business plans to incorporate appropriate changes...................................................83.3 Prepare an action plan to implement the changes.................................................................8TASK 4.................................................................................................................................................94.1 Report on impact of the proposed changes on the business and its personnel......................94.2 Planning of change management at the business level.........................................................94.3 Monitoring improvements in the business performance in given time period....................10CONCLUSION..................................................................................................................................10REFRENCES......................................................................................................................................11Online.................................................................................................................................................11
INTRODUCTIONSmall business enterprises are those enterprises which involves large no of associates ofsmall commercial enterprises in conveyance and connected to supply chain management services.These enterprises are related with the projects like aviation, main road and transportation system,dry cleaners, eating place, judiciary enterprises and bake-shop. The present assignment report isbased on Duncan Private Limited which is engaged in providing financial services to their clientswhich includes businesses, individuals etc. It also offers trust and estate planning, financialplanning, investment management and international services. It has attained 250 employees whichcontributes their maximum efforts in increasing scale of operations to a large level (Philip, 2010).The project discusses the strengths and weaknesses of Duncan Private Ltd., business plans toincorporate appropriate changes along with an appropriate action plans, Methods of maintainingand strengthening current performance etc.TASK 11.1 Identification of the strengths and weakness of the selected small firmSmall business enterprise: It is such kind of business that employs a small number ofworkers and doesnot have a high volume of sales. It is generally privately owned, soleproprietorship, corporations or partnerships. Its legal definition can varies by industry and country.According to UK goverment, Small business enterprise should not have more than 250 employeesand an annual turnover not exceeding 6.5 million for acounting purpose. On the other hand, for thepurpose of research and development tax relief, SME should not have mpre than 500 employees andannual turnoiver not exceeding 100 million pound.Duncan Private Ltd. is the privately owned small sized company with less volume of salesgeneration. Their are some weak and strong points associated with these type of firms. Followingare the below strengths and weaknesses (Storey, 2016).Strengthsbasically they are focusing on the consumers or more consumer targeted. In order to fosterdevelopment and attain maximum amount of profits their foremost considerations aretowards the customers.they have greater responsibility towards the requirement of the market.Their visualization aspect is towards the higher administration.They use advance and innovative technology as well as concepts for the growth anddevelopment.
They possess less no of government officials.The working culture is an informal typespeedy to holding chances for the the benefit'sthey are very flexible their working conditions and environment.Weaknessestheir financial access is very weak or low due to less no of employees involvement and salesproductionresource constraintsthey do not posses any high degree of professionalism in the faculty groupthey do not posses any skill-setsemployment security is very lessthey posses least planning and thought processthey have less degree of standardizationthese are the above strong and weak points with respect to the company FSB1.2 Business assessment using comparative measuresAccording to the estimates of FSB, it is determined that the selective payment method isdifferent from last method. The method of developing new business ideology is dealing with thenew innovative concepts and finding and it is important for researchers to develop their new ideasand innovative services for advancement of research and upbringing new ideas which can be helpfulin diversifying new business opportunities (Storey, 2016).By innovative products and services, it can be dignified and by new technologyadvancement including new methods of training and placements. There are other issues related withsecurity and authenticity of the project related with authorization and security issues related with theworking conditions of the employees and and whether a project authorized legally. it can diversifythe employment opportunities, which is the vital important source in economy. It can done byorganizing various types of research programmes to acre people about findings and to enhance theirgrowth and development. Awareness of people about research is as important as employmentbecause by this method they come to about the project ,about the company , its aims objectivesmissions findings benefits and harms . The research should be done in an appropriate manner bydiscussing its good and bad affects, its profit and loss and its future expectations accordingly. Thereare different money management programmes which can be adopted to save cost of production ofgoods and services. If the minimum time period for the completion of the project is one year so
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