Analysis and Strategies for Running a Successful Small Business

This report delves into the intricacies of managing and running a small business, with a particular focus on the Tax Com Accountant. It examines various aspects, including the characteristics of small businesses, the importance of planning resources, and the role of digital marketing and brand recognition. The report highlights the significance of transactional sales, customer relationship management, and internationalization strategies for business growth. It also discusses the benefits and drawbacks of transactional sales and emphasizes the importance of a robust business plan. The analysis covers the importance of people and skills, customer relationship management processes, and the potential for international expansion. The report underscores the need for assessing customer value and adapting business strategies to meet customer needs effectively. Overall, the report provides a comprehensive overview of the key elements crucial for the success and development of small businesses, particularly within a competitive business environment.

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Managing and Running a Small
Business

Benefits of transactional sales
Interdependence – A business can be grow if there is no restriction are
levied then it can be operate and manage successfully. Whenever a business has
decided to maintain the transactional sales then it should have independence so all
activities can be perform. The Tax Com accountants are running business and
increasing sales as there is not government legislation restriction that supports to
run the business.
Lifestyle – For running business and increasing profitability lifestyle is
another source that should be use by organisation that attracts customers provide
them products and services accordingly. Tax Com Accounts is considering this
factor at the time of operating its small business.
Brand recognition – This is influencing factor that increases sales and
profits of business organisation by informing customers and maintaining a brand
image. The brand image of Tax Com Accounts is increasing as it is providing tax
consultant and advising that helps to manage the performance.
Drawbacks of transactional sales
Lack of trust – In transactional sales and internationalisation there is
chances of lacking trust due to which a heavy loss has to bear by organisation. This
can be challenges for any corporation and Tax Com Accounts to maintain the good
relation with international customers, suppliers and investors because they can
play politics which has impacted on business.
Time and money consuming – Internationalisation and sales can be
lengthy process for organisation which may affect the Tax Com Accountants and
reduce its productivity by reducing number of customers.
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People and skills – Resources are covered people and skills that can help to
complete and perform the target which is given by top management to their
employees. People refers as employees and skills the resources which helps to
accept the challenges and perform their actions effectively. For instance,
employees who are working in Tax Com Accountant are good who have tax
knowledge, accounting practices, ITR information and give other benefit to its
clients so they can manage their activity at low cost and increase the profitability.
Different process of customer relationship management for small business
Customer relationship management – The success of business depends on
customers who identify their needs and evaluate various option for the purpose
of choosing best one so their business can be maintain effectively. This can help
to increase the business performance and take competitive benefits. Customers
are those people who buys products and give their feedbacks so brand image of
organization can be increase and decrease. Therefore, it is important for
organization to understand needs of customers and provide the products and
services accordingly. In context to Tax Com Accountants, management are
focusing on their clients and providing them best tax services that help to manage
the accounts and profits. The customers relationship management process are
defined as:
Assessment of customer value – The management of organisation responsible
to perform this process who analysis the customer value by identifying their
needs so products can be provided accordingly. If organisation is unable to
understand what should be customers provided then it will be difficult for them
to operate a business and manage the activities. For instance, Tax Com
Accountants is tax advising company that understand its clients wants to
maintain the profits by managing accounts. So a small business is established by
management who decided to provide the accounts services.
Small and social business take main consideration
Small business – A business which is set by small number of people, single
person, and in partnership for providing products and services said a small business.
This is operating at small places with the help of small investment and increases the
performance. The person who are running the business and fill the demand is
known as business person. There is no needs of high investment and can be
establish and managed any time. The Tax Com Accountant is small size company
that assisting its clients tax and accounting services. They states how these can help
to manage the financial records and maintain the data (Church, 2019).
Planning resources – For organisation, capital and resources are important
who perform all activities and purchase the raw material so products can sale by
converting. In all activities resources are important that uses by business
organisation in order to buy raw material, finished goods, transportation, delivery
and informing customers so selling activities can be increases in organisation. For
example, for Tax Com Accountant planning resources are different accounts
information, profitability, tax experience person, marketing activities and managers,
workers and small amount of capital that is required to deliver the best quality of
services. The management of such organisation are focusing on all function and
reform them properly so clients can be increase and maintain the brand image. The
main resources which required in TaxCom Accountant that are as stated:
Premises and equipment – The premises means building infrastructure,
places and offices where business can be starts by managing the activities in order
to get the profits. This is crucial for business concern to arrange the premises and
equipment that can help to operate the establish the business appropriately. It helps
to increase the performance and completion of task effectively. for instance, The
Tax Com Accountant is established in Oldham, England which is providing a
proper platform to customers for getting the tax and accounts advises which can
help them to operate the business and maintain effectively.
Business plan – For business management and increasing profits a business
concern should have a business plan that is highly important and helps to increase
the activities. For instance, Tax Com accounts wants to increase their sale and
practices in other organisation so it is require strong business plan that can be use to
go step by step and maintain the performance in competitive business environment
(Nguyen and Tran, 2019).
Developing effective channel for communication – The second phase of
customer relationship states that for establishment of business communication is
important that can help to increase the business performance by providing
information to customers. This process is required to aware the customers and
encourage them to buy right services and products. The Tax Com Accounts is
using different channel such as print media, social media, and newspapers to
information the customers and sharing information with them so a business can be
operate smoothly (Weetman, 2019).
Email and digital marketing and strong relationship – This means
organisation should uses digital marketing for the purpose of making their working
easy and sort so business can be manage and run. By using digital marketing Tax
Com Accountant can provide services in relation to accounts and tax so they can
get service and manage their business effectively. The management of organisation
suggest their clients that how they can use digital marketing and online methods to
save from high tax rates and maintain the profitability.
Network development – This is another requirements of maintaining
customers relationship and managing the business. If a business organisation is
having good network in different countries then it can increase its number of
customers by providing them right information and help to manage the profits. This
helps to increase the profitability by involving customers to buy the products and
services.
The Tax Com Accountants is using customer relationship process in order
to maintain good relationship with customers and increasing the business
performance. This also helps to improve the brand image in competitive business
environment so a business can be operated efficiently.
How small business can be develop transnationally and determine the
benefits and drawbacks
Transactional sales – This can be associated as a selling strategy that’s aim
only making the quick sales and emphasising on learning on actual pain of people.
Every organisation has dream to be leading and developed organisation by increasing
sales and making right decisions. This sales is different from other sales because in this
business person have option to make the instant sales by attracting customers and
delivering them best services. this helps to increase the business performance in
competitive business environment. A short term activity which is performed by Tax
Com Accountants that can helps to increase the sales and maintain the profitability
(Bonus, 2019).
Internationalisation – This is a process of increasing activities by locating any other
places from residential areas that helps to maintain the business performance. The aim
of organisation is to grow and develop their business by managing the activities which
can help to enhance the business. This provide a better chance to small business to run
establish their business in other areas and attracts the customers. In context to The Tax
Com Accounts, employees and management are having option to make their business
developed by establishing in other countries. This can help to make higher profits by
delivering consulting services.