Managing and Running a Small Business: Resources and Strategies

This report delves into the critical aspects of managing and running a small business, focusing on resource allocation, customer relationship management (CRM), and strategies for transnational development. It emphasizes the importance of various resources, including financial, material, and human resources, and how they should be applied effectively within a business. The report also evaluates elements of CRM, such as satisfaction, loyalty, profitability, and customer retention. It outlines the CRM process, including brand awareness, lead acquisition, customer conversion, and loyalty. The report discusses the significance of planning and allocating resources to avoid unnecessary costs and maximize productivity. It explores tools like floats and Meister plan tools for resource scheduling and project portfolio alignment. It examines considerations for resource allocation, including determining project scope, identifying resource requirements, evaluating human resources, and drafting a resource allocation plan. Furthermore, it explains how a small business can develop transnationally, discussing the stage model of internationalization and the role of market research firms. Finally, it emphasizes the importance of human resources, equipment, and infrastructure. This report provides a comprehensive overview of the essential elements for small business success.

MANAGING AND RUNNING A SMALL BUSINESS
Application of appropriate resources
 One of them being the financial resources
that helps to meet various funds
requirements of business and ensures that
all the resources are allocated within
various departments based on the available
budget.
 Furthermore, another most important
resources are material resources that is
essential in carrying out various operations
within the business and it mainly consists
of raw materials, machinery etc. needed to
run the business successfully
REFERENCES
Abdulkadirov, U., Lukovtseva, A. and
Osmanov, R., 2020. Development of
small business in rural
settlements. Revista Inclusiones.
pp.376-386.
Evaluation of elements of CRM
 Satisfaction
 Loyalty
 Profitability
 Customer retention
Application of relevant tools and techniques
 One of the most relevant tool that is
used within the business to allocate the
resources properly is floats that helps in
scheduling resources and overseeing the
capacity within the workplace
 Another tool that is used within the
business is Meister plan tool that helps
the company in aligning project
portfolio with the strategy of the
business.
Importance of planning and allocating resources
 It is very important that resources are
planned and allocated in proper manner so
that unnecessary cost might be avoided for
the business.
 Also, it helps in maximizing the
productivity within the business and helps
in enhancing greater employee
engagement so that greater satisfaction
might be given to all employees that are
working within the firm
Evaluation of different processes of CRM
 There is different process that are followed
in the customer relationship management
and is totally dependent upon the objectives
that business wants to achieve based on that
process is chosen.
 Furthermore, one of the common process of
customer relationships management is the
through reaching the potential customer and
devising strategies for customer
acquisitions.
 Moreover, after these two are achieved than
the firm move to convert more leads into
customers so that greater revenues might be
generated. Thus, after this customer
retention is the step that is undertaken
through innovation and lastly customer
loyalty is ensured through the delivering the
best of services.
Customer relationship management process.
 It is type of process that is used by the
business to manage the interaction with
customers and potential customers in the
future.
 Also, the first stage that is followed within
the business is through generating the brand
awareness that helps the people to know
about the brand and its products
 Also, for the cited firm this stage would help
in generating more revenues in the future.
After this step the major function is to
acquire leads that would help in marketing
and sales activities of the firm in systematic
manner
Stage model of internationalization
 This is model is used by the business so that all
the activities within the business are carried out
in systematic manner.
 Also, it includes various stages where first stage
is domestic marketing stage where the company
would test its products in its own market.
 After that there is pre export stage where
identification and selling of goods in various
market is analyzed so that identification could be
made on how the products would be sold in
target market.
 Also, after this stage there is experimental and
active involvement stage where the firm is
actually concerned towards the selling products
in international markets.
 Furthermore, last is active involvement stage
where business is involved there is commitment
where the firm is stick to operations of the
business in target market after analyzing the risk,
profits and other factors closely
Considerations small
business allocating resources
 Determining project
scope
 Identifying the
resources required
 Evaluating human
resources
 Drafting resource
allocation plan
Explanation how small business can develop
transnationally
 Availability of resources: It is very important that
adequate amount of resources in terms of funds and
well qualified employees are available with the firm so
that it is able to conduct it operations smoothly without
any problem.
 Appointed market research firm: The company had
the option of the hiring external agency that would help
and assist the firm in conducting the operation
transnational.

Notes
APPLICATION OF APPROPRIATE RESOURCES
 In any business there are various types of resources that are needed to start up the business
 Also, human resource is another most important resource that is required within business as all the manual work is carried out by them to make the business success in
long run.
 Furthermore, all these resources work together in coordination so that certain short and long term goals are achieved in well-defined manner.
 Also, other resources like equipment’s, infrastructure, intellectual etc. are also required within the small business so that set objectives are achieved in timely manner
without creating any kind of confusion or misunderstanding among employees in long run.
 However, if the business is not able to allocate these resources in proper manner than it would create also in revenues and wastage at the workplace
APPLICATION OF RELEVANT TOOLS AND TECHNIQUES
 Also, through using this tool the firm is able to set various projects based on their actual time required and it associated fees
 Furthermore, it is one of the most incredibly fast interface and is responsible for providing the accurate view of resources to the managers of organization
 Also, one of the best feature of this tool is that it not only helps in proper allocation but also allow in syncing and scheduling the projects so that work is completed on
specified time.
 Also, with such type of tool the firm could easily make the fast decisions without wasting any time
 Thus, it can be said that major techniques that are used within the business by the project manager is through developing the proper plan and identifying areas where
resources are required so accordingly task and other things might be assigned on the available budget.
IMPORTANCE OF PLANNING AND ALLOCATING RESOURCES
 Furthermore, if resources are allocated to each department in set manner than it would help in achieving the best outcome and avoid conflicts at the workplace.
Moreover, it is duty of the project manager to avoid the under and over allocation of resources that would only reduce the overall profits of the firm in future course of
events.
 Moreover, if resources are planned in the best manner than it would help the organization develop the best team that is ready to face certain challenges and perform for
all challenging task in the future.
 Also, the efficiencies and productivity are also improved to large extent that is good for the company future success and the growth.
 Furthermore, importance of planning is such that it helps in systematic carry out various work and nowadays there are various software that helps in making the work
easier and also ensure that individual productivity is very high within the business while using various resources.
Considerations of planning and allocating resources
There is various consideration as small business need to consider while allocating various resources within the business. Some of them are briefly described as follows:
 Determining project scope: It is very important to identify the purpose of the project and its end goals that need to be achieved. Also, it helps in determining kind of
task and the amount of resources that are been required to make the project successful through positive outcomes.
 Identifying the resources required: For the project manager it is very crucial to identify the overall requirement of resources by each department or employee so
based on that accurate planning than might be made. Also, it is important to consider this point to avoid the conflicts within the workplace and ensure greater
productivity.
 Evaluating human resources: Any project would be successfully completed only with right availability of human resource asset and hence it is required that careful
identification of role and responsibilities and human resource availability is identified well in advance to have positive outcomes in end.
 Drafting resource allocation plan: It is very crucial to consider while planning and allocating the resources within the business as through this the firm would be able
to identify the possible issues and would also able to identify whether the work is carried out systematically or not during its working. Furthermore, the plan would
help in considering more specification and would help to analyse whether things are carried on set date and cost or not small business address when allocating
resources
Customer relationship management process.
 However, having wrong lead would only add unnecessary workload and loss of engagement in organization activities. Another step after this followed within the firm
is converting all the leads into customers through building greater trust ad loyalty among them.
 Lastly, the firm is focused on the providing the superior support and engage in increasing the sales of the business through referrals and other methods for the success
in the long run. Although even though this customer relationship process is helpful in getting the better insights about customer preferences but even though it could
create the problem of leadership and could the cause major problems in its implementation if there is high level of resistance.
 Furthermore, it is recommended that for the transnational operations it is very important that there is higher level of engagement with the customers so that chances of
resistance are minimum and further all the employee remain motivated to face all the future challenges in positive manner.
 Also, it is suggested that firm should take collective opinions from employees using participate approach so that best changes might be developed
Evaluation of elements of CRM
The key element of the customer relationship management process is being described as follows:
 Satisfaction: It is the element that helps the company to analyses how much the customer are satisfied with the existing products and it acts as guideline that helps the
firm to identify the needs of the customer in well-defined manner. Furthermore, if the customer is not satisfied with existing product than they are more likely to switch
to other options that are available in the market.
 Loyalty: This is element where company is able to measure through amount of repeated sales and purchases done by the customer. Also, it is known that loyal
customers are more satisfied with company products and services and thus this factor is important as it is continuous source of revenues to the firm in the future.
Furthermore, loyalty is the success measure to the firm as based on that new products or services are launched within the market
 Profitability: It is element that helps company in identifying total amount of revenues that are made by the firm during carrying out various business operations. Also, it
is very important as without the profits company would not be able to run the business and pay its various employees that are working within the firm
 Customer retention: It is measurement that helps the company to know how many individuals remain loyal with company over the period. Also, retained customers are
less expensive for companies than the new customers as they need to be influenced through promotions, campaigns and promotions etc. that would add more cost
towards the business.
Explanation how small business can develop transnationally
 Availability of resources: Thus, the major advantage would be that the firm would be assigned various roles and responsibilities in the best manner. However, major
disadvantage is that if funds arranged form other resources are not being repaid on time than it would only create negative impact in the long run.
 Appointed market research firm Furthermore, the major advantage is it would lower the risk of cost and time that small business had to put to identify various
markets for selling its products. Although disadvantage is that it is very expensive for small business at initial stages and if external agency is not experienced than it
would create loses in the future.
Stage model of internationalization
 Thus, the major benefits of this model to the firm would be that it would help in expanding the operations globally in most systematic manner. However, the major

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Online 7 RESOURCE ALLOCATION TIPS ALL SMALL BUSINESS OWNERS MUST KNOW. 2022. [Online]. Available through:
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