Business Report: Analyzing Austin Fraser's Performance and Growth

This report provides a comprehensive analysis of Austin Fraser, a small business enterprise specializing in consultancy and recruitment services. The report begins with an introduction to the business, highlighting its strengths, such as its award-winning status and strong market image, and weaknesses, including its reliance on obsolete technology and limited market research. The report then delves into the business's performance using comparative measures, including profit and loss statements and balance sheets from 2016 and 2017. Task 2 focuses on strategies to overcome identified weaknesses, such as adopting new technologies, conducting market research, and expanding service offerings. The report also explores ways to maintain and strengthen existing performance by emphasizing customer service, teamwork, and online services. Finally, the report discusses potential areas for business expansion, including international markets and diversification of service offerings. The report concludes with an action plan incorporating proposed changes and monitoring improvements in Austin Fraser's performance over time.

SMALL BUSINESS
ENTERPRISE

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of Austin Fraser business with identifying its strengths and weaknesses............1
1.2 Analysis of the business using comparative measures of performance...........................3
TASK 2............................................................................................................................................4
2.1 Appropriate actions to overcome the identified weaknesses in the business...................4
2.2 Ways in which existing performance could be maintained and strengthened..................5
2.3 New areas in which Austin Fraser could be expanded.....................................................6
TASK 3............................................................................................................................................7
3.1 Assessment of existing business objectives and plans.....................................................7
3.2 Business plans to incorporate appropriate changes..........................................................8
3.3 Preparing an action plan to implement the changes.........................................................9
TASK 4..........................................................................................................................................11
4.1 Impact of the proposed changes on the business and its personnel................................11
4.2 Plan how changes will be managed in the business.......................................................12
4.3 Monitoring improvements in the performance of Austin Fraser over a given timescale12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Small business enterprise is those business which are generally operated at small scale. In
small business there are small number of employees are working and the revenue of such
companies are small. Austin Fraser conducts its business at small scale and it provides
consultancy as well as recruitment services in different fields such as life science, engineering,
Information technology, etc. (Harris and Patten, 2014). This small business firm has some
weaknesses and strengths. The aim of this shop is to increase its business. In this report discuss
that firm takes some appropriate actions to overcome from its weaknesses. To make some
changes in the business, it is necessary to make some plan regarding this. In this present business
report also mentions that firm use many ways to maintain its existing performance and also
strengths. There is also discussion about the monitoring improvements in performance of
business over a particular time period.
TASK 1
1.1 Profile of Austin Fraser business with identifying its strengths and weaknesses
Austin Fraser is small enterprise and its main motive is to provide best recruitment
services to the unemployed people. This business firm wants to increase its business in at large
level. In this business enterprise, there are around 200 to 250 staff member are working. They all
are expert in their field. It gives the best consultancy services to people regarding their carrier. It
provides recruitment related services in the field of engineering, Information Technology,
Automation, aviation, digital etc. This small company is very famous in the field of consultancy
as well as recruitment (Battisti and Perry, 2011). This enterprise has some weaknesses and
strengths. Its main focus is on increasing its business operations and activities by using advanced
technology. In these types of business, the chance of risk is less but revenue and sale also small
as comparison to large companies. The success of company is based on strength or capabilities.
Some of the strengths, weaknesses, opportunities and threats of Austin Fraser given below as
above:
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Strengths- These are the capabilities of business.
 It is an award winning company and expert in consultancy and recruitment services.
 It has a good image in market a better relationship with local people.
 It provides training to its staff members for enhancing their skills, knowledge and
capabilities.
 Its main focus is to provide employment to local people.
 The main strength of this company is that it has strong commitment.
Weaknesses
 It does not focus on adopting new technology and use obsolete machineries and
technology.
 It has lack support system.
 Less people know about this company.
 It provides recruitment in some areas (Battisti and Perry, 2011).
 The market survey and research is less.
Opportunities
 It has an opportunity to promote its brand in to new places and also select best way of
promotion.
 It can increase its business in new areas.
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Illustration 1: SWOT analysis
(Source: SWOT analysis, 2017)

Threats
 Large number of strong competitors.
 It is small company and instability in government policies and rules.
It is necessary to Austin Fraser to retain its strengths and work on overcome from its
weaknesses. Strengths are the main way of success (Blackburn, Hart and Wainwright, 2013). To
overcome from the weakness, this company has to remove obsolete technology and use advanced
technology and machineries through which it can do its work in an easiest way and effective
way. Technology is also helpful in providing training to employees.
1.2 Analysis of the business using comparative measures of performance
Austin Fraser do its business at small level so from this reason it faces many problems
and it has many strong competitors at market place. With the help of profit and loss statement
and also balance sheet, Austin Fraser can evaluate its business efficiency.
Austin Fraser Profit and Loss account
(3 April 2016 and 30 April 2017)
2016
£
2017
£
Sales 200 300
Cost of Sales 150 120
Gross Profit 50 180
Overheads 40 120
Net. Profit 30 60
Balance Sheet 30 April 2016 and 30 April 2017
£ 2016 £ 2017
Fixed assets 40 20
Stock 25 45
Debtors 15 50
Bank 1 0
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Total 41 95
Current liabilities
Creditors 8 12
Bank overdraft 0 8
Total 8 20
Current ratio = current asset / current liability
2016 2017
41000/8000= 5.125 times 95000/20000= 4.75 times
Interpretation- According to profit and loss statement as well as balance sheet, it is a
good way to examine the exact or proper financial position of business of Austin Fraser Business
Company (Bridge and O'Neill, 2012). The data mentioned of year 2016 and also 2017 given and
with the help of both financial statement company determines its net profit of both 2017 and
2017 year. In year 2016, £ 30 is net profit and on the other hand, £ 60 is the net profit of 2017
year. On the basis of balance sheet, in 2016 the total fixed assets are 40 and 30 in year 2017. The
current liabilities of Austin Fraser in year 2016 are 8 and 20 in year 2017. The current ration of
the cited business firm is 5.125 in 2016 and 4.75 in year 2017.
TASK 2
2.1 Appropriate actions to overcome the identified weaknesses in the business
For making business successful, it is necessary for Austin Fraser to overcome from its
weaknesses from identifying them (Chittithaworn and et. al., 2011). For growth and profitability
of business, it is important to proper identify the weaknesses of business because from this,
Austin Fraser suffered many time from loss. It will help in increasing the level of performance
and development of business firm. Small business firm, are very innovate and through this firm
can work on its weaknesses. Austin Fraser business enterprise has to work on few areas to get
over from it weaknesses. Some areas are given below as above:
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 The technology impacts a lot on business operation and process. With the help of this, it
can do its business activities and provide training in an effective and efficient way.
Austin Fraser has to remove its old technology and also adopts new and advanced
machineries and technologies to make its business successful. From this, it can also
provide its services effectively.
 The main weakness of this business firm is that it does not conduct market research or
survey so, from this it does not also aware from the current trends of market (Di
Domenico and Miller, 2012). So, it is necessary for Austin Fraser is to appoint a good
researcher who can conduct market research and with the help of this firm can analyse
market, know marketing strategies, existing services, know about its present strong
competitors at market place.
 It can provide its services through online or can say with the help of internet. Because at
this present time, some consultancy firm provides its services online. At today's time,
people like easiest way to use services. With the help of internet, they can get
consultancy as well as recruitment services without going to firm. Its main advantage is
that it is time saving as well as cost.
 Austin Fraser gives recruitment services only in some areas, to increase the sales and
growth of business, it is necessary to provide its services in some other fields such as
marketing, human resource, fashion, research etc.
2.2 Ways in which existing performance could be maintained and strengthened
The main and basis key of any business firm is quality of customer services. If company
provides better services to its customers, they will have satisfied and enjoy the services of firm.
If in case they will dissatisfied, then it is not beneficial for business and also impacts a lot on
operations and activities of company (Fassin, Van Rossem and Buelens, 2011). It is necessary
for Austin Fraser is to provide satisfactory consultancy services to its clients which will be
helpful in their future. It is the responsibility of manager is to provide training to its employees
for increasing their abilities, knowledge and the skills related to the customer service.
Team work is one of the main strength any company if people work in a team then it is
beneficial for business and the effectiveness of company will be increased. From working in a
team, staff members know the importance of each other and they will achieve the common goals
and objective of business firm in a given period of time. This business firm also gives its services
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through online and it is good for the business. After online services, company should give option
of payment online from debit and also from credit card.
Communication plays an important role in business. If the communication among
employees will be good, then in this case they will do their work together and also work on
common goals. If in case the interaction among employees will less, they negative working
environment will create and conflict will arise (Forsman and Temel, 2011). Manager should
motivate its employees to work together also work on maintaining good and harmonious
relationship between workers. It is the duty of managers to determine the performance of
company on the regular basis. From monitoring the performance and activities of business,
company can see the results and also meet the actual result with expected. For maintain its
existing performance, firm should business ethically and more focus on providing job to local
people from this their stand of living will be improved and it will also helpful in enhancing the
economic rate of country. So, to maintain the strengths and level of performance, Austin Fraser
should do these all things in a proper manner.
2.3 New areas in which Austin Fraser could be expanded
Every company have always an opportunity to expand its business. With the help of this,
company adopts many new opportunities for development and the productivity for business. To
expand its business in to new areas, firm firstly manager has to analyse strengths and weakness
of business. Before beginning any business, it is necessary to make effective plan and policies
and work according to it (Gill and Biger, 2012). From planning, company will do it business
activities in a systematic manner. Austin Fraser has an opportunity to expand its business in
international countries and target those People who have highly requirement of job. This
business firm provide its recruitment services to unemployed people or those people who want to
change their job and also provides consultancy related services to business men at small level.
This business firm also can increase its recruitment services in other fields like for an
instance marketing, human resource, designing, financing, production, research and development
etc. From this more number of people will come to avail its services. It will be helpful in
increasing the sales and also productivity of business. It can increase its business in to new
markets. If company will provide good services and satisfy the needs of customers, then clients
will be attracting to business firm and from this the reputation will also be increased. It will help
in future development and growth of business.
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TASK 3
3.1 Assessment of existing business objectives and plans
The Austin Fraser owned its business at small level and it main aim is to provide large
number of job opportunities to those persons who do not have job. It also renders consultancy
related services to people about their carrier (Goss, 2015). Austin Fraser prepares a plan for
make improvement in its business operation and with the help of plan, it can do its business
operation properly. Plan is related to future context. The primary goal of shareholder of this
business firm is to maximise the level of profit by providing good and satisfactory services to
clients. Plan can be related to expansion of business in to new areas and through expand its
business it can target more number of people at new place. Along with the existing services, it
can also provide some additional and quick services with the help of using new and advanced
technology. From this sales, profitability of business firm will be increased.
Objectives of Austin Fraser
Vision for employees- The vision of Austin Fraser for staff members is that it regularly
supports and also guide their employees and also provide them training in short time period
about new machineries, technology and process for increasing their skills.
Vision for consumers- Render satisfactory services to customers or beyond their level of
expectation.
Vision for shareholders- Work on increasing the development and the level of profit of
Austin Fraser. In context to this, it always tries to manage its funds in a proper manner.
Business plan- It is the duty of top management is to develop plan and manager is
responsible to implement in an effective and efficient manner in an organisation (Gronum,
Verreynne and Kastelle, 2012). In Austin Fraser, managers regularly monitor and control
business activities. Plan must be related to developing new services and make changes in its
present services by reducing the cost of production. To providing services at minimum cost, then
it is necessary for business firm, to eliminate unnecessary resources and reducing cost of
production by using technology. Policies and plans which are formulated by top management
should be motivational for staff members. It will help in showing the career objectives and
strengths of every employee.
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The main strengths of Austin Fraser company are that it renders good recruitment
services to its clients. It also arranges some training programmes to its staff members with the
help of technology so that they can give good customer services to clients.
The disadvantage of this business firm is that it gives its services only few areas and does
not conduct any market research.
3.2 Business plans to incorporate appropriate changes
Generally, business plan is to know about the current position of business and the future
potentiality of business. It is necessary to revise business plans and also make some changes in
that on the basis of market situation of an organisation (Knežević and Wach, 2014). In addition
to this, company modification in its plan by conducting market research. The tastes and need of
customers change in a short period of time. So, it is necessary to company to make changes in
plan and work according to that. If firm will not do this, then in this case it will not be beneficial
for company and customers will not take any interest in existing services because they want
something new, their wants and need change quickly. It is important to know about their tastes
and preferences. So, business firm needs to make some changes in its current services and make
services better and reasonable.
Some of the stages which are included in the business plans given below as above:
 Executive summary- Austin Fraser is small size organisation and it provides recruitment
along with the consultancy services. The revenue and sales of this company is less. Its
main objective is to enhance productivity and profitability of business (Lambert and
Davidson, 2013). It provides job opportunity to unemployed people.
 Organisation description- In Austin Fraser about 200- 250 employees are currently
working and it gives services of recruitment in life sciences, Information Technology,
Aviation, animation, engineering.
 Services- It mainly provides two services consultancy and recruitment in few fields.
 Market research- Austin Fraser conducts a market survey to know about the existing
competitors, marketing analysis and also know about the tastes and demand of customers.
With the help of this, this business industry can produce services according to customer’s
demand.
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 Target market- This firm target unemployed persons and those people who are not
satisfied from job and want some consultation related to carrier (Mason, 2015). To target
people at different places, company can divide its business in small areas.
 Sales and marketing- For the purpose of selling its services to clients, it is necessary to
aware people about it with the help of using effective promotional techniques such as
television, newspapers, holding, banners etc.
 Budget: Estimated budget is £5000.
 Request for finance- For conducting business activities and operations, promotions firm
need finance and regarding this, it manage funds for minimizing unnecessary cost, taking
loan from banks, from partner and any other sources.
3.3 Preparing an action plan to implement the changes
From making the action plan business organisation can accomplish its future aims and
objectives. With the help of action plan, Austin Fraser can do its business activities in a
systematic way. The main and primary goals of business firm is to achieve its target and satisfy
the needs of customers. In context to execute some changes, it is necessary to include some of
the following points, which are given below as above:
 Society impacts a lot on business. The impact can be negative and also can be positive.
To implement plan, company need to take care of society and analyse that action plan is
good for them for not.
 It is necessary for Human Resource manager is to hire only those candidates who have
good skills, abilities, knowledge etc.
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It is important that business plan should be properly structured and in a proper manner.
In Austin Fraser, it is the duty of top management is to formulate plan (Mikic, Novoselec and
Primorac, 2014). At the time of implementing plan, it is necessary for company to use 7's of
planning and these are given below as above:
Strategy- It is important that the planning should be good and company make business
strategy properly and achieve business objectiveness and also gaining competitive benefits at
market place.
Structure- The framework of plan should be proper (Lau and Chan, 2017). It is necessary
that the structure of a business firm should be in a systematic many and every person should
clear with its roles and responsibilities.
System- To executing changes, the system should be good and with the help of this each
and every staff member can busy in their business activities.
Shared values- It refers to values, attitude, norms, beliefs etc (Olson and Staley, 2010).
These are very valuable for business. It helps in making the business culture effective.
Style- Every business firm have different style of leadership but in Austin Fraser, the
leaders are democratic and support or motivate their team members to work together and in a
proper manner.
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Illustration 2: 7's of planning
(Source: Lau and Chan, 2017)