Managing Successful Business: Impact of Digital Technology on Small Business Growth and Innovation

UNIT 6: MANAGING SUCCESSFUL BUSINESS

UNIT 6: MANAGING SUCCESSFUL BUSINESS
Table of Contents
Introduction......................................................................................................................................3
LO1: Establish project aims, objectives and timeframes based on the chosen theme.....................3
P1: Devise project aims and objectives for a chosen scenario........................................................3
P2: Produce a project management plan..........................................................................................4
P3: Produce a work breakdown structure and Gantt char................................................................6
LO2: Conduct small scale research, information gathering and data collection.............................7
P4: Carry out small-scale research by applying quantitative and qualitative research....................7
Task 3:...........................................................................................................................................14
LO3: Communicating appropriate recommendations based on suitable conclusion.....................14
P5: Analysis of the research and data by using suitable tools and techniques..............................14
P6: Communicating the appropriate recommendations in the research to reach to valid
conclusions....................................................................................................................................16
Task 4:...........................................................................................................................................17
P7: reflecting on the value of undertaking of the project to meet the objectives..........................17
Reference List................................................................................................................................19
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UNIT 6: MANAGING SUCCESSFUL BUSINESS
Introduction
In this competitive world every business are trying to gain competitive advantage and achieve
profitability. In order to manage the business in a successful way the business need to have
proper planning and management system for organising the work system (Mir and Pinnington,
2014). The present topic is based on the impact of digital technology in supporting small
business growth and innovation. The study will be undertaking the medium business named
Regency Cafe in UK which does not have more than 150 employees and the annual turnover is
not exceeding more than 5 million per annum (REGENCY CAFE LONDON. 2017). The chosen
organisation will prepare a project report based on the topic given. It will give an opportunity to
illustrate the skills that is required for managing and implementing a research project. Hence, the
present study will undertake an independent research and carry out a business project that has
appropriate aims and objectives.
LO1: Establish project aims, objectives and timeframes based on the chosen
theme
P1: Devise project aims and objectives for a chosen scenario
Over the last decade the use of digital technology has changed business models and transformed
business activities effectively. The usage of digital technology is increasing day by day giving
the business a new path to grow and innovate. Besides, the emergence of digital technology and
its usage has given the business to gain opportunity through which the business enterprise has
gained many market opportunities (Kerzner, 2013). Apart from that, it has enabled the business
to sale the products and services among large number of customers to become profitable and
innovate new products according to the expectations of customers. For example, it helps business
to administrate the operation effectively with the use of cloud technology. Moreover, the usage
of social media and mobile technology also help the business enterprises to connect with large
number communicate (Larson and Gray, 2013). This enables to build relationship and
communicate with the customers to know their feedback regarding the services.
Therefore, the project aims is showing the influence of digital technology in Regency cafe for the
business growth and expansion.
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UNIT 6: MANAGING SUCCESSFUL BUSINESS
The objectives of the research project are stated below:
 To understand the role played by digital technology within Regency Cafe
 To assess proper planning for implementing digital technology within the organisation
 To identify the requirement of Regency Cafe
 To indentify the challenging situations that are faced by Regency Cafe while
implementing digital technology
 To recommend suitable strategies for solving the challenging situations
P2: Produce a project management plan
In order to implement digital technology in Regency Cafe, the management need to focus on
various factors that is required at the time of planning. These factors include cost of project,
quality, time required, and communication system with various stakeholders and risk that can
come across.
The cost is calculated below:
Particulars Amount
Setting up the system £ 250,000.00
Repairs £35,000.00
Maintenance £15,000.00
Operational cost £ 2,000.00
Labour cost £ 15,000.00
Total cost incurred in setting up the digital
system
£ 3,17,000.00
Table 2.1: Cost required for the completion of Research project
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