Enhancing Small Business Enterprise: Performance, Plans & Changes

This report provides a comprehensive analysis of a small business enterprise, focusing on its strengths and weaknesses, performance measurement, and strategies for improvement and growth. It assesses existing business objectives and plans, proposing revisions and action plans to incorporate necessary changes. The report also examines the impact of proposed changes on the business and its personnel, outlining how these changes will be managed to improve overall business performance. Key areas explored include overcoming weaknesses through financial support, customer retention strategies, wastage management, and competitive pricing. Furthermore, the report discusses ways to maintain and strengthen existing performance by prioritizing customer preferences, keeping performance records, and offering excellent customer support. Finally, it identifies new areas for business expansion, such as market research, mergers and acquisitions, rebranding, and customization, to capture a larger market share and achieve long-term goals.

SMALL BUSINESS
ENETRPRISE

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1 ...........................................................................................................................................3
1.1 Strength and Weakness of the small business enterprise......................................................3
1.2 Analysis of the business using comparative
measures of performance...........................................................................................................4
TASK 2............................................................................................................................................5
2.1 Appropriate actions required to
overcome the identified weaknesses in the business..................................................................5
2.2 Ways in which existing performance could be
maintained and strengthened......................................................................................................5
2.3 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 Revision of business plans to incorporate appropriate changes...........................................8
3.3 An action plan to implement the changes.............................................................................9
TASK 4............................................................................................................................................9
4.1 Impact of the proposed changes on the business
and its personnel.........................................................................................................................9
4.2 Planning of how the changes will be managed in the business...........................................10
4.3 Improvements in the performance of the business..............................................................10
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Today the business environment is in very fluctuating situation. There are many
business organisation who affect the market atmosphere especially the small business enterprises
(Ackermann and Audretsch,2013). The small business enterprises are in a huge number in the
today market and they contribute in the economy as well as them society in many ways. In the
following report the strength and the weakness of the small business enterprise will be discussed.
There are many performance measures which can be used to analyse the effective and
drawbacks of the small business enterprises. The enterprise can utilise some important action to
overcome the weakness which affects the business in a negative way.
The existing performance of the business can be improved and maintained by some
strategic plans. The small business enterprise can explore the new areas in which it can develop.
There are some crucial objectives and goals for which the small business enterprise runs its
business. The company can make appropriate changes in the business plan for betterment and an
action plan is required for that. The changes in the business can have the positive as well as
negative impact on the business of the company. The organisation has to monitor its existing
performance to make improvement if needed.
TASK 1
1.1 Strength and Weakness of the small business enterprise
A small Business enterprise has tits own strength and weakness which affect its business
to an extent. The strength of the small business enterprise like Nisa includes the effective and
beneficial capabilities and positive side of the business of the company which contribute in
achieving its goals and objective (Altman,Sabatoand Wilson,2010). There are some strength of
the business organisation Nisa like it has the effective resources which help the company to
process fast and complete its activity to create maximum customer satisfaction.

Another strength of the small business enterprise like Nisa is that it has innovative
product range which provide new thing to the customers. The quality of the product of the
company is also a strength of it which contributes in creating goodwill of the company in the
market. The strength of the company includes the full concentration on the customer queries and
problem so that they can be fully satisfied with the service of the business organization.
Apart from the strength the small business organisation has its own drawback like it has
tiny range of the product so the customers have a little choices in related to buying product. The
small business enterprise like Nisa has the less management of the business as it has less staff
member in the company (Bridge and O'Neill,2012). The small business enterprise has the
weakness of capturing a negligible share of the market. It make them ineffective in the market
place.
The few resources for the business is another weakness of the small business enterprise.
This limited amount make it difficult to run the businesses for the small companies. To retain
the customers for long period is the biggest weakness and the negative side of the small business
enterprise because they can not create a goodwill like large scale business enterprises. The weak
point of the company is that it has few financial support by the investors as its investors are
mostly families or relatives of the owner of the company. Thus the small companies have the
strength as well as weakness being a small size unit in the competitive market.
1.2 Analysis of the business using comparative
measures of performance
The small business enterprise can measure its performance to make sure that it is leading
tom the growth and will achieve the objectives and goals in the future. The Nisa can check its
continue growth or any drawback in the business to rectify it and make the business process
smooth (Burns,2010). Some of the comparative measures of performance of the small business
enterprise are questionnaire, interview, data analysis, closed group survey or statistical data
analysis. analysis of final account , financial statement like cash flow, sales book, purchase book
or by analysing the records regarding the complaint of then customers. The first comparative
measures of the performance of the business is questionnaire in which some fix pattern of
questions are asked to the customers as well as employees of the company. From the response of
the customers and employees it is resulted that if any negative point is found then the company
make effort to improve or correct it to achieve its goals in the long term.

The company can use the interview measure to check performance in which the
company conducts the person to person interaction about the performance of the company to the
customers and employees so that the exact position of the business can be measured .Another
performance measure is financial statement of the company in which all information related to
the monitory transaction are included which play vital role in the business of the small business
enterprise. By using the comparative performance measures like final account, the company can
control extra expenses which are no use for the business. Thus these all comparative measures
can be used to analyse the performance of the business of the Nisa to accomplish the purpose and
goals of profit maximisation and revenue generating in then long term.
TASK 2
2.1 Appropriate actions required to
overcome the identified weaknesses in the business
Any small business enterprise face some problem or weakness which can hinder the
progress of the business of the company (Chell,Nicolopoulou and Karataş,2010). The weakness
of any kind can be overcome which is in capabilities of the company but there are some
weakness which are out of the company in market. Being a retailer company ,the Nisa company
faces many problem in running its business like customer retention, legal policies related to
customer , product and employees,the wastage management and financial support. To overcome
the weakness related to financial support, the company has to identify the potential investors who
can support the company and are reliable for the business. The company should make an
appropriate action to minimise the finance problem to establish the business in market.
The weakness of customer retention can be overcome by taking the action like providing
the best quality in the product with reasonable price. For example of the quality of the product of
small business enterprise is better than the other large scale companies then the customers can be
maintained for the long term (ChittithawornIslam and Yusuf,2011). The weakness of the Nisa
related to the wastage management , the company can use the recycling process so that there will
be no wastage in the material and consequently it will benefit the enterprise in term of finance.
The weakness related to the few numb er of customers, the company can overcome this by
reducing the high charges of the goods and services to some extent.

Thus being a small business enterprise the Nisa faces many problem in the market. On
the other hand it can overcome these above mentioned problems by taking some appropriate
actions in an effective and efficient way. So that it can establish the business in market and
capture a considerable share of the business market.
2.2 Ways in which existing performance could be
maintained and strengthened
The existing performance of small business enterprise like market n Spencer which is the
core reason of the existence of the company in the market (Dethier,Hirn and Straub,2011). To
survive in the competitive market environment, the company must maintain than standard or
level of its existing performance. It has to make the existing performance stronger than current so
that the more customer can be attracted towards the company. There are many sways in which
the company can maintain and strengthen its existing performance like keeping the record of
existing performance, plan for customer loyalty ,response to customer support and preference to
customer .
First way to maintain the existing performance of the business is preference to customers.
As the customers are the dominant in the business market and affect the business of the
company. Being a small business enterprise, it has to give first priority to the customer to make
an image in their sight (Durst and Runar,2012). If then customer have any issue regarding the
quality if the product or the deliver then the company should improve this to maintain the
business in long term. Another way in which the existing is keeping the record of the current
performant .If there is any gap in desired performance and the current performance then the
company makes some efforts to correct it. So that there will be no less result in future. Keeping
the record of the performance provides the information about innovative way in which the
business can be improved and make strong.
Another way in which the organisation can maintain and strengthen the existing
performance is to support every single query or complaint of the customer. To make customer
fully satisfied the company has to improve its service quality with less price so that the customer
will be loyal to buy the product and services from the same company in the long term. The small
business enterprise can maintain its existing performance by making maximum use of the
wastage which can affect its financial condition. The company can utilise the recycle process to
use the wastage in production.

As every business organisation is apart of the society. So by making some efforts for the
betterment of the society , the company can make a good image in the sight of its customers
which consequently helps it to strengthen its business performance in future. Thus there are
many effective and efficient ways in which the small business enterprise can maintain its
standard of business performance in market.
2.3 New areas in which the business
could be expanded
There is always a scope of exploration of the business in ways whether it is small
business enterprise or large scale enterprise. By expanding in the new areas the business can be
improved and the level of product and goods can be maintained to accomplish its goals and
objectives in the long term (Fassin,Van and Buelens,2011). To capture a lion share of the
market the Nisa can explore its business in the field of market research,mergers or
acquisitions,rebranding of the goods and services, customisation in the business and new
opportunities in the market situation.
The first area in which the small business enterprise can expand its business is then
market research. The company can explore the business by conducting the research about trends
in the competitor companies. So that it can make its product according to the current trends in the
customers and competitive companies. Another new area in which the company can expand its
business is merger and acquisition. In merger the company and the another established company
operates their business as one single unit. It is beneficial for small business as it provides
different resources for the business.
Rebranding is also a new area in which the company can expand its business. Rebranding
is the new revised version of the product and services which can attract the customers in
innovative way. Rebranding of the current product opens the new door to increase the revenue
and the profit for the company (Forsman and Temel,2011). By development in the market, the
company can increase or expand its business. It can includes the new and customised features in
the current product and services which helps the organisation to expand its business by
providing some new and attractive product. Thus there are many new areas in which the small
business enterprise like Nisa can expand its business to gain a larger share of the business market
place.

TASK 3
3.1 Assessment of existing business objectives and
plans
Every small business enterprise has its own particular objective and plans to accomplish
those objective in time. Being a small company the Nisa has to decide the measurable , practical
and achievable objective which can add value tom the success of the business. To achieve the
objectives, the company has to make a plan which is effective and efficient in nature so that the
goals can be achieved in time. The objective of the small business organisation must be smart
(Gronum,Verreynne and Kastelle,2012). A smart objective includes 5 aspects like simple,
measurable,achievable relevant and time bond which contribute in achieving the goals and
objectives like maximum customer satisfaction and their retention.
If the objective of then company is simple then there will be ease in accomplish in time
and accuracy. On the other hand of the objective of the Nisa is compl8icated then the people of
the organisation will not be able to achieve them. The objective of the company must be in reach
of the employees so that they can use strategy to achieve it but if the objective is not achievable
for them, there will be no effort by the employees to achieve it. The objective must be relevant
of the nature of the business otherwise there will be no use in achieving it.
The business plan should be effective so that the objective can be accomplished in future
without error. Business plan plays a crucial role in the goals and objective achievement. The
objective of the business must have time bond. For example the company should achieve the
objective in a pre decide time limit so that it can make tiny target to get main objective. Thus
there are many feature which the objective should have to contribute to the values of the business
organization. Business plan is also important for objective accomplishment for the company.
3.2 Revision of business plans to incorporate appropriate changes
The business plan is a crucial part of every company as Nisa. So it should be prepared
with accuracy and regular monitoring (Hansen and Hamilton,2011) .If there is any need to make
changes in the business then the organisation must make appropriate changes in its business plan
as well. There might be many reasons to change the business plan in term of technology, attitude
of employee at workplace , rules and regulation change ,choices of then customers and inflation
or recession situation of the market place.

To deal with these changes the business organisation has to revise its business plan and make
some appropriate
changes to survive in the competitive environment. The business plan must be changes or revise
ion such a way that it can help the business to grow in long term and satisfy its customers. If the
changes in the rules and regulation related to the corporate policies then the business plan will
be changed so that the company can fulfil all the legal requirement to run its business. If there is
recession in the market then the company will change its cost prices of the product and the sales
policy will be changed in business plan.
If there is any changes in the technology for business use, the company has to update
itself in term of technology so that there will be no loss in the business in competitive
environment (Hotho and Champion,2011). The another reason for the changes in business plan is
the change in customer choice related to product and services. To deal with this fluctuation, the
company will revise its business plan by customise features in the product and its quality. Thus
there are many possible change scan be made in the business plan to accomplish the goals of the
business organisation.
3.3 An action plan to implement the changes
Every business organisation has one separable and most important thing to do on regular
basis which is change. The change helps the company to improve its current business in fiture for
better result in revenue and profit (Malhotra and Temponi,2010). To implement the changes in
business , an appropriate action plan is needed so that implementation of change and its after
effects can be beneficial for company like Nisa. An appropriate action plan contains following
feature according to the change management theories.
 In an effective change implementation there should be determined and identified goals
and objectives which leads to the accomplishment with ease and accuracy.
 The change management team of the company should assign the role , responsibility to
every member involved in business plan.
 After the role assignment, the changes business plan is decided which is in accordance of
the nature or characteristics of the company.
 At final stage of the change management plan, the implementation is done and if any
need for improvement then appropriate action can be taken by change management team.

Thus the change can be implemented to increase the quality as well as the current
performance of the business of the company. The change should be accepted by all employees of
the company so that they can work according to the revised or changed and improved bushiness
plan.
TASK 4
4.1 Impact of the proposed changes on the business
and its personnel
In the business many changes in the business environment and culture to affect the Nisa
operation as positive way. There are some positive impact of the changes as followings.
Staying current- Changes in the operation to help the company to stay current with the
new industry trend and the techniques to make the more attract to potential customers, to
maintain the current and new clients. Staying the new operations of the company to use the new
tols in the process (Schaper,Volery and Gibson,2014). New opportunity- Company changes in
the operations to adopt and create the new opportunity for the business operations and function
are including the financial, human resources, supply chain department. Create the new training
and development programmes for the employers to increases the performance .
Encourage the innovation- The impact of the changes in the company function to
encourage the new innovation in the process. Adopted the new tools and techniques, new
strategies of marketing and competitors. Increased the efficiency- They change to increase the
efficiency of the work of the employers in the operation department which make the more
satisfied the customer needs and wants. Its also help the increases the positive attitude in their
employers to provide the better service to the consumers.
4.2 Planning of how the changes will be managed in the business
When the changes are made in the business organisation, there are some positive as well
as negative changes which affected the success of the company inn the long term in future. At
that time there is a huge need to mange these changes to adjust the structure of company
according to the business plan (Smallbone,Welter and Egorov,2010). To manage the changes in
the business , the company has to analyse the nature of its business to understand the relativity
between them. The business organisation has to establish the bond among employees so that they
can deal with the changes with confidence.

The high level management authority of the company must issue the guideline related to
the management of the changes in company. So that they can conduct a prior practice of the
changes in process and activities of the business. The changes can be managed by
communicating it with the employees to make it understood by all person involved in company.
The employees should be provided time to time training to face the changes and survive with the
accuracy in future. Thus the changes can be managed in the small business enterprise through
many different ways to accomplish its objectives and goals of revenue generating and profit
maximisation.
4.3 Improvements in the performance of the business
The performance of the small business enterprise can be increased or decreased affected
by many factors (Stokes,Wilson and Wilson,2010). To avoid these fluctuation, the company like
Nisa can use some strategic ways in which the existing performance can be improved in the long
term. Some important tactics are trend analysis, market research,benchmarking,seminars whether
online or offline and swot analysis of company. The company use the trend analysis so that it can
collect information about the latest trend in the market. So that it can modify its business feature
and improve its performance.
The business organisation must choose an effective strategy which can help it to survive
in the competitive market environment (Storey,2016). A right business strategy can improve the
performance but on the other hand, if the strategy is not relevant or effective, it will harm the
business and will not contribute in improving performance. A right business policy should
contain the detailed action plan, role and responsibilities of personnels and estimated outcome as
a target.
CONCLUSION
From the above report it can be concluded that the small business organisation is a huge
base of the local market. There are many issues in running the business which are weakness for
the company. Being a small business enterprise , there are some advantages which benefits the
company. The business plan is a crucial key for the successful business in small level as it
improve the performance in future. There are many new areas in which the business can be
expanded and capture a considerable share of the market. An appropriate action plan also plays a
vital role in managing changes in business organisation.

REFERENCES
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