Talent Plus: Report on SME Management, Resource Allocation, and CRM

This report examines the management and operation of Talent Plus, a UK-based recruitment firm operating as a Small and Medium Enterprise (SME). The report addresses key considerations in planning and allocating resources, emphasizing the importance of premises, equipment, skilled personnel, and organizational culture. It analyzes customer relationship management (CRM), including customer portfolio analysis, customer intimacy, network development, value proposition development, and customer life cycle management. The report also explores the potential for transnational business development, outlining the benefits and drawbacks of expanding into international markets. Furthermore, it covers financial aspects such as cash flow forecasting, break-even analysis, and key financial statements essential for successful SME management. Finally, it discusses relevant legislation and regulations impacting small enterprises, providing a comprehensive overview of critical aspects for SME success.

Managing and running a SME

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Main considerations to address when planning and allocating resources........................1
TASK 2............................................................................................................................................2
P2. Examining and evaluating customer relationship management.......................................2
P3 Small business can develop transnationally and determine benefits and drawbacks........3
TASK 3............................................................................................................................................4
P4 Cash flow forecasting showing fixed and variable cost....................................................4
P5 Break even analysis applied to an organisational situation...............................................6
P6 Key financial statements for organisation to contribute for successful management.......7
TASK 4............................................................................................................................................8
P7 Key legislation and regulations that have implications on small enterprise.....................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Small business plays an eminent part in growth and development of country. It will help to improve employment opportunities
for people who are residing over there so that they will maintain standard of living (Burns, 2016). Present assignment is based on
Talent Plus which is operating their business as a recruitment firm and set up in United Kingdom. This project is going to highlight
about planning which will be done by organisation so that they will attain coveted targets within limited period of time. It is required
for company to maintain an appropriate relationship with customers as this enables them to improve goodwill. Firm will do
forecasting for business so that they will easily deal with circumstances which will occur in near future. It is fundamental for an
association to apply proper laws and acts at workplace; thus, they will accomplish activities in an ethical manner.
TASK 1
P1. Main considerations to address when planning and allocating resources
It is required for an organisation to conduct proper planning and therefore, manager will allocate resources appropriately. Be
the same, they will attain coveted targets and goals in an effective and efficient manner (Goffee and Scase, 2015).
Planning resources: There are some components which will include into this are discussed as below:
 Premises and equipment: Superior of an enterprise has to formulate planning about workplace and machinery so that they will
utilize it effectually. Managers of Talent Plus will provide training to their staff members, so that they will able to know how to
use tools in effective and efficient way. It is must to cater an effective working environment to employees in the organization.
It has both positive and negative impact which are determine below:-
Positive:- It motivate employees, reduce cost and time of production which help organization in increase in productivity which leads
to growth and increase profit of organization.
Negative:- If employer didn't provide training to employees and don't do proper planing it will affect the costing and profit of the
organization.
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 People and skills: Employer has to appoint an individual who is having appropriate abilities, knowledge and skills. Therefore,
he will accomplish his work in a significant way. Trained and skilled workers will easily face any kinds of circumstances
easily and complete their work within certain time duration. Employer of respective company should recruit those candidates
who is suitable for position and also they must provide training session to them so that they know proper way to work . Skills
and ability of a person affect the organization on following ways:-
Positive:- It helps company to complete the task in effective and efficient manner and in appropriate given time by avoiding the
wastage.
Negative:- If organization didn't recruit appropriate person with suitable skills and knowledge in that case they have to bear loss.
Therefore, if activities are planned significantly then staff members will use available resources in a proper way. It is must for
the manager to provide work to employees as per their skills and abilities (Olson and Wu, 2017).
Employer of Talent Plus is implementing hierarchical structure at workplace and therefore, employees know about their roles
and responsibilities. They all are having their own culture which is being followed by them, but it is fundamental for them maintain
organisational culture as well. Basically, it presents values, attitude and beliefs of workers in a collective manner. Superiors will
provide some motivation and training sessions to workforce because this will improve their communication as well as performance
level. Henceforth, they will easily maintain cooperation and coordination while working in a team. Organisation will outsource some
products and services from other place because it enables them to maintain quality of it.
Management has to formulate mission, vision, objectives and core competencies for business as they provide guidance to staff
members. Thus, desired goals will achieved within limited period of time (Spence, 2016). For completion of project, manager will
divide it some parts as it helps to reduce duplication of work. As a result, business objectives will achieve effectively and efficiently.
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TASK 2
P2. Examining and evaluating customer relationship management
To improve profits and sales, it is fundamental for an enterprise to enhance the client base. There are some steps which will
comprise in customer relationship management which are discussed as beneath:
Customer portfolio analysis: Primarily, it is needed for an association to identify that what types of consumers will provide
more profits to them. Hence, it is must for them to analyse the targets clients (Hammer, 2015). It help Talent Plus in targeting suitable
audience which generate profit and give growth to them. It affect company in following manner:-
Positive:- It is beneficial for for top management of organisation to evaluate businesses individually and fix objectives and allocate
resources respectively.
Negative:- If company didn't do customer portfolio analysis they are not able to make appropriate strategy accordingly which affect to
their profit and growth.
Customer intimacy: As indicated by this, it is required for the firm to get familiar with each customer to know about their
requirements. This help Talent Plus to manage relationship with their customers. Along with that, it will assist them to provide
opportunity to affiliation so that they will improve their communication and feel free to discuss problems. It has both positive and
negative impact which are determine below:-
Positive:-It is necessary for organization because by it company can know exact requirements of customers and make strategy
accordingly.
Negative:- If company not follow customer intimacy it will affect the loyalty of customers and goodwill of firm which directly affect
profit and growth.
Network development: It is important for company to increase the interaction level with clients because it enables them in their
success and enhancement. This kind of relation is necessary to be maintained with extrinsic partners such as investors, partners,
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workers and many others. Talent Plus should maintain good relationship to their networks because it affect business directly and
indirectly. Application of this will affect in following manner:-
Positive:-If top management maintain connection with their networks like investors, customers, employees etc., it will help them to
enhance business .
Negative:- If they didn't do network development they may suffer from financial and working condition issue which leads to loss.
Value proposition development: At the time of customer intimacy, information regarding this will be collected. If target
clients are found by Talent Plus then, they will easily build value proposition. By doing this, affiliation will be able to improve their
brand image in marketplace (Alasadi and Al Sabbagh, 2015). This may affect organization in following ways:-
Positive:- value proposition develop customer understanding and engagement, it also increase effectiveness of marketing.
Negative:- If organization not focus on value development they will not able to identify and satisfy its target audience.
Customer life cycle management: This is essential for an enterprise to build long term relations with consumers. For this, they
need to communicate necessary data and information to them on regular basis as this helps to retain them for longer time span.
Talent Plus needs to maintain an appropriate relationship with clients as they are considered as end users of any products as
well as services. This enables company to improve the profits and brand image in marketplace. Along with this, they will easily take
benefits from competitors at competitive place. It affect the organization in following ways:-
Positive:- It build relation with costumer in long term which improve brand image and brand loyalty of consumer’s.
Negative:- If company didn't maintain customer life cycle management it will hurt brand name which directly or indirectly influence
profit of company.
Therefore, to build an effective relationship with them, there are some factors which will assist the manager (Goss, 2015).
These are stated as beneath: Assessment of customer value, acquiring and retaining customers: It is required for an association to provide goods and
services to them according to their demands and requirements. This will assist them to capture the attention of numerous
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people towards them. Along with that, they will easily improve their profits and take advantages from contenders. As a result,
they can retain consumers for maximum period of time. This will enhance the profits and reputation of company in market.
 Developing an effective channel for communication: Manager of an association will utilize some tools and techniques i.e.
social sites, websites, print media, etc. so that they will develop interaction with clients. Along with this, superior will run
some customer care sessions for clients to improve the awareness amongst them (Falkner and Hiebl, 2015).
It has been examined that social media like Facebook, Instagram, e- mail, online chats, etc. are used by company to acquire
their response. Additionally, it is needed to solve consumer’s issues timely as this will also assist to maintain a healthy relationship
with them effectively.
P3 Small business can develop transnationally and determine benefits and drawbacks
Transnationalization can be described as managing and developing activities of organisation across the boundary of a country.
Hence, a small business can easily be developed transactionally through various factors such as customer relation management. There
are various steps that are included in customer relation management such as examining the portfolio of customer, communication with
customer, development of network, development of value proposition, customer life cycle and many more.
For expansion of small business into global market first Talent Plus has to educate themself on basis of culture, language and
legal climate, that they are able to adopt that culture or not. Then they check out its competitions, in this they study about how long
they will take to get fit in to that country market in order get succeed to fulfil need of customers which is currently not addressed by
local market. After this they decide or identify the best way to get product in international market, once Talent Plus decide to expand
in certain area they determine how they get their product like they directly export to consumers overseas or they engage distributors
who already has connection in the local market of that country. When respective company decide all above thing now they have to
find a trusted partner because it is not possible for owner to present physically everywhere for that they need a person who help them
in comfortable working as well as who can help in legal and financial side on a local level. Then Talent Plus will hire or export
employees and train them according to the requirement of company in that area. Now respective company forecast and compare
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foreign sales from domestic sales and make strategies accordingly. After deciding and analysing all the above things respective firm
is ready to expand in global or international market.
Transactional sales is considered as a strategy which is associated with short term solutions. It defines that if company wants to
sale their goods and services then, at that time they will utilize this sort of approach (Carter and et. al., 2015). They never identify
needs and wants of people and promote products on regular basis. Therefore, Talent Plus will utilize it when they to improve brand
image at marketplace.
Henceforth, there are certain benefits of drawbacks of transformation are described as beneath:
Benefits:
 Independence:- Talent Plus is required to make an appropriate strategies and plan for managing business and operations in
domestic and international market. In this independence moves is consider for both running businesses. Increase living of standards:- Talent Plus increase the living standard by providing employments and training to people of
foreign country in which respective company is going to expand and also to domestic country people.
Limitations:
 Financial Risk:- For Talent Plus this is an important aspects which can come up as barrier in developing in international
market. Financial resource is essential and that must be maintain otherwise the respective company's operational and
manufacturing work may get affected.
TASK 3
P4 Cash flow forecasting showing fixed and variable cost
Each kind of company needs to do forecasting for their business because it enables the to face any type of circumstances in an
effective manner. For this, they will take assistance of past data as well as information. Organisation will formulate budget for
business so that they will allocate fund to every activity significantly. It is must for manager to analyse trend because it helps them to
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reduce chances of getting failure (Johnson and Schaltegger, 2016). Along with, they need to examine performance of staff members as
this will assist them to diminish deviations. Superior needs to set some targets for employees which they need to attain within specific
sort of time span.
Henceforth, forecasting related to fixed and variable cost against income will be present here on monthly basis. It is stated as
beneath:
Pre launch cash budget
Cash Flow budget
Particulars Jan Feb Mar Apr May June July
Cash inflows
Investment 8000
Credit sales 2000 3000 3000 4500 1500 3500 4200
Total inflows 10000 3000 3000 4500 1500 3500 4200
Cash outflows
Fixed : Equipment’s 2000 2500 1500 2000 1200 1500 800
Variable : Direct material 300 300 200 300 150 500 300
Total outflows 2300 2800 1700 2300 1350 2000 1100
Net cash flow 7700 200 1300 2200 150 1500 3100
Opening balance 0 7700 7900 9200 11400 11500 13000
closing balance 7700 7900 9200 11400 11550 13000 16100
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August September October November December
1000 2000 800 1200 1500
1000 2000 800 1200 1500
200 300 100 600 300
400 500 100 100 400
600 800 200 700 700
400 1200 600 500 800
16100 16500 17700 18300 18800
16500 17700 18300 18800 19600
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Post launch cash budget
Particulars Jan Feb Mar Apr May June
Cash inflows
Investment 8000
Credit sales 1200 2000 7500 3000 5000 6500
Total inflows 9200 2000 7500 3000 5000 6500
Cash outflows
Fixed : Equipment’s 2500 1200 1500 2500 1100 1500
Variable : Direct material 350 300 250 150 100 500
Total outflows 2850 1500 1750 2650 1200 2000
Net cash flow 6350 500 5750 350 3800 4500
Opening balance 0 6350 5850 11600 11950 15750
closing balance 6350 5850 11600 11950 15750 20250
July August September October November December
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1200 3200 1500 8200 1250 3210
1200 3200 1500 8200 1250 3210
1200 600 500 500 1200 700
500 250 450 250 1300 500
1700 850 950 750 2500 1200
-500 2350 550 7450 -1250 2010
20250 19750 22100 22650 30100 28850
19750 22100 22650 30100 28850 30860
P5 Break even analysis applied to an organisational situation
Break even analysis is a stage where company is on the situation of no profit and no loss. At that time, firm will not face any
losses and manager of firm will take judgement for business in an effective manner (Burns, 2016). It is also know as Cost volume
profits analysis. For calculate BEP, specific formula will be utilized by superior, which is stated as beneath:
BEP (per unit): Fixed cost/ Selling price per unit – Variable cost per unit
Talent Plus is a recruitment organisation which is established in United Kingdom. They are having almost 80 staff members
who are working with them. Quality of their services are much effective which aid to gain attention of numerous individuals towards
them. Break even analysis assist to identify economic weaknesses as well as strengths and along with those ideas through which
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