Small Business Enterprise Analysis and Recommendations

This report provides a comprehensive analysis of Reviveaphone, a small business specializing in phone repair. It begins with an introduction outlining the importance of small businesses and the report's objectives. Task 1 focuses on profiling Reviveaphone using a SWOT analysis to identify its strengths, such as providing quality service, and weaknesses like communication barriers and lack of skilled employees. Task 2 analyzes the business's financial performance using profit and loss accounts and balance sheets from 2016 and 2017, comparing it to Nokia, and recommending actions to overcome weaknesses, such as improving time management and employee skills. Task 3 assesses and revises the business objectives and plans, and prepares an action plan. Task 4 examines the impact of proposed changes on the business and its personnel and how changes will be managed and monitored. The report concludes by summarizing the key findings and recommendations, emphasizing the need for strategic improvements to enhance Reviveaphone's market position.

Small-business
Enterprise

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Profile of selected small business with identifying its strengths and weaknesses................1
1.2 Analysis of business using comparative measures of performance......................................3
TASK 2............................................................................................................................................5
2.1 Recommending with justification appropriate actions to overcome identified weaknesses.5
2.2 Ways in which existing performance could be maintained and strengthened......................5
2.3 Recommend with justification, new areas in which the business could be expanded..........6
TASK 3............................................................................................................................................7
3.1 Assessment of existing business objectives and plans..........................................................7
3.2 Revising business plans to incorporate appropriate changes................................................8
3.3 Prepare an action plan to implement the changes.................................................................9
TASK 4..........................................................................................................................................11
4.1 Impact of the proposed changes on business and its personnel..........................................11
4.2 The way changes will be managed in business...................................................................13
4.3 Monitor improvements in the performance of business over a given timescale.................13
CONCLUSION..............................................................................................................................15
REFERENCES..............................................................................................................................16

INTRODUCTION
In the current era, small business firms are one of the fastest developing sector at
worldwide level. Thus, it provides several opportunities to persons so that they can enhance their
capabilities and skills. Small business enterprises help to improve the economy of country so that
market share, purchasing power and market condition will respectively become strong.
Therefore, from the Dragon Den series Reviveaphone has been chosen, thus it is a small business
firm which repairing damaged phones within 24 hours. This report will be discussing about
strengths and weaknesses of the selected organisation. Additionally, there are representing
different supportive ways or sources hence with the help of them can effectively overcome
weaknesses of the business firm. There will be producing an appropriate assessment plan thus it
can be used for significantly attaining goals and objectives in minimum time period. (Bridge and
O'Neill, 2012)
TASK 1
1.1 Profile of selected small business with identifying its strengths and weaknesses
Generally, small business firms are operated by the owner as per their rules and
regulations because they have all rights and power to take appropriate decisions. Apart from this,
every business firm has some strengths and weaknesses thus as per these aspects can effectively
identify actual position and status of the company in a effective and efficient manner. Hence,
SWOT analysis is a tool which can be used for identifying and examining the strengths and
weaknesses of Reviveaphone. (Schaper and et. al., 2014)
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Illustration 1: SWOT analysis
(Source- SWOT Analysis: Theory, 2017)
STRENGTHS
Reviveaphone is a small-business firm which providing repairing services of mobile
devices customers with better and effective quality. Thus, this company has some strengths due
to them respectively increased profitability and productivity of the business firm in a impelling
way. (SWOT Analysis: Theory, 2017)
 One of the major strength of this organisation is it have diversity of business in different
categorise.
 It is one of the most growing small-business firm of UK.
 Its working structure is more effective in nature due to this its employees or staff
members significantly perform their operations.
WEAKNESSES
In the context of company's weaknesses, it helps to shows some weak and negative points
of the Reviveaphone. Hence, due to the weaknesses sometimes business firm cannot
significantly get success in competitive market place.
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 This company does not effectively understand the each other businesses and their
working style. (Storey, 2016)
 It does not have capable and skilled team members due to this employees of this business
firm cannot impressively perform their operations.
OPPORTUNITIES
 It have right chance to recruit more capable and skilled employees within the
organisation so that HR department can full fill the gaps.
 Reviveaphone can expand their business firm in several areas because expansion is one
of the best way to earn high profit and increase sales.
THREATS
 Major threat for Reviveaphone is, in the market place competition among electronic
company regularly increased. Thus, which all are seeks to be get success and achieve
goals.
 Every staff members are not effectively participating. (Blackburn, Hart and Wainwright,
2013)
1.2 Analysis of business using comparative measures of performance
Company's financial accounts and sheets help to define its actual position and status in an
effective and efficient way. Thus, there are defining Reviveaphone profit and loss account and
balance sheet of 2016 to 2017.
Profit and Loss Account for the year ended 30 April 2016 and 30 April 2017
2016
£
2017
£
Sales 300 500
Cost of Sales 250 350
Gross Profit 150 250
Overheads 100 100
Net. Profit 50 150
Balance Sheet 30 April 2016 and 30 April 2017
£ 2016 £ 2017
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Fixed assets 50 70
Stock 30 40
Debtors 40 35
Bank 4 3
Total 74 78
Current liabilities
Creditors 15 20
Bank overdraft 0 10
Total 15 30
Current ratio = current asset / current liability
2016 2017
50000/ 15000= 3.3times 60000 / 30000= 2 times
As per above define balance sheet and profit and loss accounts of Reviveaphone, easy to
identify and determine current status and position of the company. As well as can effectively
give some appropriate recommendations to owner so that he can significantly enhance their sales
and revenue in a impelling style. In the context of profit and loss account of Reviveaphone as per
this in 2016 its actual sales is £ 300 and in 2017 is £ 500. additionally, Net profit of this small-
business is 50 £ in 2016 and 150 £ in 2017 respectively.
In the aspect of balance sheet, it aids to shows company assets and liabilities in the
mathematical terms thus can easily identify and determine equity share and debt amount of
business firm. Fixed assets is £ 50 in 2016 and £ 70 in 2017 respectively. As well as current
liabilities of this organisation is 15 £ in 2016 and £ 30 in 2017. therefore as per these contents
can significantly calculates current rations. Thus, current ration of Reviveaphone in 2016 is 3.3
times and in 2017 is 2. In the last, according to the balance sheet and profit/ loss account
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Reviveaphone has better financial position in 2017 as compare to 2016. along with this, it is
necessary for every organisation must be prepare authentic records their financial transactions
because as per that can effectively identified any problems and issues then that can significantly
resolved.
Balance Sheet 30 April 2016 and 30 April 2017
£ 2016 £ 2017
Fixed assets 50 60
Stock 34 30
Debtors 20 35
Bank 5 5
Total 109 130
Liabilities
Creditors 17 20
Bank overdraft 2 8
Capital 100 120
Total 119 148
It can be analysed that Nokia balance sheet, the fixed asset in the year of 2016 is lower as
compare with the foxed asset in the year of 2017. along with the total liabilities of the year of
2016 is lower with the 119 and higher in the year of 2017 with 148. it can be evaluate that actual
position of the company in the year of 2017 is better as compare to the 2016 which will help
them in developing the effective reputation in the large market area. In addition to this, it will aid
them in getting more points for deal with challenges in the whole competitive place.
As compare to Reviveaphone with Nokia in the form of balance sheet statement and
profit and loss account. The balance sheet of Reviveaphone is more effective rather than the
Nokia firm. Fixed assets is £ 50 in 2016 and £ 70 in 2017 respectively. As well as current
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liabilities of this organisation is 15 £ in 2016 and £ 30 in 2017. On the other hand, Nokia, total
liabilities of the year of 2016 is lower with the 119 and higher in the year of 2017 with 148.
TASK 2
2.1 Recommending with justification appropriate actions to overcome identified weaknesses
Business firms wants to expand their business firm in several areas so that its sales and
revenue respectively increased in a impelling way. Therefore, it is necessary to be use
appropriate methods and techniques within the organisation so that employees of the firm can
effectively perform their operations and provides better quality of services and products to
customers. It is required to be give proper satisfaction to consumers towards their needs and
expectations so that they can build an brand image in their mind about company as well as its
products. (Malhotra and Temponi, 2010). They does not deliver their products and services to the
rural areas people in given time period. Also they can not easily communicate with them for
better understanding of their requirement and needs. Reviveaphone has facing some issues and
problems related to attracting customers towards services or facilities.
Apart from this, in the market place competition is regularly increased among electronic
companies thus they focus on to adopt and use smart and advance techniques within the
organisation so that they caA54104n fulfil consumer's needs in a effective and efficient way.
However, before launching and producing any new device and products for customers must be
analyse and evaluate current market condition, as well as strengths and weaknesses of the
company. Hence, it aids to take appropriate decision and resolve problems and issues in a
impelling style. Due to this, company can provide better and smart devices and systems to
customers and build a effective image within the market. In this order, Reviveaphone has some
weaknesses thus there are provides appropriate recommendations to company so that it is
significantly overcome them.
 Before launching and developing any new products and electronic items for customers
have to be effectively identify and analyse their major competitors and which strategies
and methods they are using at their work place.
 HR manager of the Reviveaphone must be recruit capable and skilled employees in the
organisation so that importantly fulfil the gapes of vacancies in a arresting style.
(Gronum, Verreynne and Kastelle, 2012)
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 Communication barriers – The company are facing different issues and problems
regarding interactions at high and lower level of human resource. They does not easily
communicate with their desired customers for delivery various goods.
 Time management - for overcoming with the delay in delivery, the company can make
proper time schedule in which they are develop list where they deliver the products in
better manner.
The Reviveaphone firm need to make strategies and policies for evaluating another
business style and working method in easy manner for overcoming with this weakness. For
satisfy their all customers, they need to hire more employees within the company who have high
skill and knowledge which help them in increasing income and revenue. For overcoming with
this weaknesses, they need to perform better operations and functions which smoothly run the
business.
2.2 Ways in which existing performance could be maintained and strengthened
It is necessary for every business firm must be measure and examine the actual market
condition and customer's demand in a effective and efficient style. All these aspects are directly
affects on working environment and sales of the company either positive or negative in nature. In
the other hand, it is required to be use appropriate and smart methods within the organisation so
that it can be produced smart devices and products to customers so that they can fulfil their needs
and expectations in a effective and efficient manner. Additionally, must be conduct appropriate
motivational programmes and activities for employees then respectively increased their
motivation and confidence level towards their works and tasks. Due to this, they impressively
perform their operations and achieve their decided tasks and objective. Employee's working
performance and skills plays an important role for every companies because due to this
significantly increased profitability and productivity in a effective style. (Herbane, 2010)
There are shows different type of effective ways which can be used for managing and
increasing working performance of staff members. Hence, it is required to be implement better
management system within the organisation so that all activities and operations can effectively
arrange and complete as per their necessary time period. Additionally, must be organise some
motivation programmes and provide better training to all employees towards their works. So that
they can they can significantly perform their tasks with better quality. Effective training and
development programmes aids to provides proper information regarding tasks so that staff
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members can understand how they should significantly perform their operations and which one
strategies they can adopt in their working system for getting success and achieving goals and
objectives. (Altman, Sabato and Wilson, 2010)
Different methods:
Developing strong relationship – This is necessary for company manager is to make
sound relation with their employees through which they can easily get higher income and
profitability for the firm. This will reduces disputes and conflicts which directly effect on
employees performance.
Evaluation of market share – The corporation need to provide major contribution in the
market share in the British economy through this they can maintain their products value with the
help of authorities.
2.3 Recommend with justification, new areas in which the business could be expanded
Every organisations wants to be expand their business firm in several areas because it is
one of the best way of increasing sales and revenue of the company. Thus, is is essentials to be
properly analyse and examine the actual market condition, environment, society, culture of the
different areas and countries. Establishing firm in different locations without analysing and
measuring all these aspects business firm may be face huge loss as well as might be will suffer
by several problems and issues. Apart from this, Reviveaphone is a small scale business firm it
helps to re-pare damaged phones and delivering in 24 hours. to customers with better quality so
that it have opportunities to expand their company in different country. Additionally, it is can be
enter in various market areas due to this significantly enhanced profitability and productivity of
the company as well as it can be export their products and devices in other country. Expansion is
an effective concept because it aids to increase awareness of company and its products and
services across all over the world as well as helps to attract high number of customers towards
organisation. (Fassin,Van Rossem and Buelens,2011)
On the other hand, Reviveaphone also can be enter in different market areas and open
their new franchisees in other nations also it can be provide online services, internet facilities,
necessary devices and electronic items, produce all quality and standard of products for
customers so that they can buy as per their needs and demand. Apart from this, it is not easy to
manage and control expansion activities and operations in a systematic way. Hence, it is required
to be implement and use better management system so that respectively manage and control all
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over things and complete all tasks in better quality. Due to this, Reviveaphone can attain their
decided goals and objectives and get success in competitive market place in a effective and
efficient style. (Gill and Biger, 2012)
TASK 3
3.1 Assessment of existing business objectives and plans
There are different type of methods and techniques which can be used for analysing and
assessing objectives and current position of the selected business firm. Apart from this, every
organisation has their long and short term goals and objectives which they seeks to be attain in
future in a effective and efficient manner. So that they can get success in competitive market
place as well a set a brand image in customer's mind. Along with this, Reviveaphone is small
company of UK thus it wants to be expand their organisation in different areas so that it can be
earn high number of profit and increased sales in a impressive manner. However, there are
explaining its vision, mission and its objectives such as follows: (Rae, 2010)
Business objectives
 Reviveaphone wants to increased their profitability and productivity level thus it seeks to
be enter in new markets.
 It wants to be attract high number of customers and enhanced awareness of their products
and services at world wide level.
 It desire to be use advance and smart technologies at work place so that it can be produce
better quality of electronic items and products for customers.
Vision for staff members
 Employers of Reviveaphone focus on to conduct better and effective training
programmes for their employees so that they can learn and increased their working
performance in a impelling manner.
 It wants to be give safety and security services to staff members so that they can feel safe
while working at work place. (Ratten, 2014)
Client vision
 Employees of this firm wants to be make better relations with their customers so that they
can effectively full fill their needs and expectations.
 It focuses on to understand consumer's needs and expectations from the company.
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