Small Business Management and Transnational Development Report

This report analyzes the management and operational strategies of Nikki Consulting Limited, a small business. It explores key aspects of small business management, including resource allocation, customer relationship management, and the development of transnational business strategies. The report examines the benefits and drawbacks of transnational expansion, emphasizing the importance of market analysis, export planning, and international sales. It also details the company's mission, vision, and objectives, along with planning premises and the stages of internationalism. Furthermore, the report covers human resource management, team building, and the significance of employee relations, including recruitment, retention, and performance management within the context of a global market. Finally, the report discusses the importance of employee legislations, such as the Equal Pay Act, Equality and Diversity, and Health and Safety, for maintaining a sustainable and competitive business environment.

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Managing and Running a Small
Business

P3. Analyse how small business can develop transnationally with its benefits
and drawbacks
Transnational Sales:- This is defined as common method in which sales representative
seeks out prospects, develops a relationship and then tries to close sale. Managers of
Nikki Consulting Limited focus on sales analysing the needs of its customers and then tries
to provide it for specific sale.
Internationalism:- This is defined as political principle which advocates a greater
political or economic co-operations among nations and people. The managers of Nikki
Consulting Limited are using such phases:
Stage model of internationalism:-
 Domestic market establishment:- In this stage, a domestic market is
established by management and owners who understand the needs and
wants of their organisation and fill the requirement effectively in other
country. For instance, Nikki Consulting Ltd, is decided to establish a
business in other than domestic country by running and providing
consulting services to other clients.
 Export research and planning:- In this, a proper research and planning is
conducted by managers who visit the market and get information about
wants of people who are living in other areas so a business can be run
efficiently. In context to Nikki Consulting Ltd, manager is responsible to
conduct the market research and manage the activities appropriately
(Petkovska, 2015).
 Initial export sales:- The organisation who have decided to expand the
business and managing the activities in other country should started to sale
the products and services in other countries. Such as Nikki Consulting Ltd,
uses this stage by exporting its management consultant services in other
places which can help to expand the business effectively.
• Expansion of international sales:- This stage of internationalisation is
related to expanding business in international country by charging amount and
cost from its clients that helps to increase the brand image and maintain the good
performance in competitive business environment.
• Investment abroad:- For running business and becoming
internationalisation organisation should make investment in abroad so they can
attracts the customers and encourage them to buy the particular products and
services. Nikki Consulting Ltd, has wide network relation that helps to make the
right business decision regarding investment in abroad and maintain good
performance.
Human Resource Management:- It is a strategic approach which focus on
building effective team by adding more workers in an organisation through
recruitment and selection of new candidates. Managers of Nikki Consulting
Limited are advantageous as they recruit persons with high skills which result in
delegating task and lead to achieve goal efficiently.
Recruitment and retention:- The recruitment refers as procedure through which
managers add workforce with more new candidates for improving efficiency. It
is most important for managers of company as to build employee relations which
co-ordinate with each other to complete target (Ramalho, de Moura and Cunha,
2015).
Performance management:- It is the ability of managers to analyse the
performance of workers at particular duration and to compare with sub-ordinates.
Managers of Nikki Consulting Limited focus on performance management for
analysing task performed by an individual at specified time and to give rewards
for encouraging workers as inspiration for others.
Team building:- The main aim of managers is to provide training and
development programs to its workers for improving their skills and knowledge to
restrict errors. Managers of Nikki Consulting Limited objective is to build an
effective which is capable in performing its actions actively for achieving its
goals.
Employee Legislations:- The legal and lawful objectives of business is to
perform its business activities by following the policies and procedure for
employees. It is essential for company as to analyse the needs and wants of
workforce in order to motivate them for achieving their individual and
organisational goals. Managers of Nikki Consulting Limited focus on building
employee relations as to sustain in global market by developing its competitive
strategies.
Equal Pay Act, 1970
Equality and Diversity
Health and Safety
Considerations of small business or social enterprise needs to address when
planning and allocating resources to achieve business objectives.
Small Business:- This is defined as an organisation mostly not involve the interference of
government rules and regulations. Managers of Nikki Consulting Limited aims to utilise
scarce resource effectively for sustaining in global market and leads to compete with its
rivalries.
Planning Premises:- It is described as the anticipated environment for which plans
are expected to operate. Managers of Nikki Consulting Limited focuses on forecasting the
future and known conditions of company that will affect the prevailing policies and
controls the basic nature of supporting plans Winterhalter, Zeschky and Gassmann, 2016).
• Premises and equipments:- The managers of Nikki Consulting Limited aims to
develop their premises with proper utilisation of location, designing structure, operational
activities, etc. Its main purpose is to meet the requirements of customers through producing
qualitative products and services which encourages customers to purchase more.
• People and skills:- It is essential for managers of Nikki Consulting Limited to
provide training and development programs to their workforce as to improve skills and
knowledge. This result in accomplishing goals and objectives efficiently for sustaining in
global market. It further creates opportunity to restrict the errors through precautionary
steps and leads to adopt corrective measures.
Organisational Culture:- This refers as the ability of managers and workers to share their
beliefs, ethos, norms, values, etc. Managers of Nikki Consulting Limited analyse the
culture of business in order to develop employee relations with collaboration to achieve
specified target within particular duration (Villamizar and et. al., 2016).
• Clan:- The managers of Nikki Consulting Limited develop good relations among
its workers by giving the environment of family-like structure to complete task with co-
ordination.
• Adhocracy:- Managers of Nikki Consulting Limited focus on taking high risk
through innovative ideas with the motive to convert risk into high return.
• Market:- The managers of Nikki Consulting Limited analyse the competitive
strategies being adopted by its competitors in order to take precautionary steps for
controlling it. This further focus on building its strength and opportunities to adversely
impact risk for its competitors.
• Hierarchy:- Managers of Nikki Consulting Limited aims to achieve their target
within systematic manner for completing its task with proper quality and time management.
Business Plan:- The managers of Nikki Consulting Limited plans their strategies by
developing strategic decision-making procedure in planning. It aims to develop business
plan through forecasting vision, mission and objectives which are to be accomplished in
future.
Features Explanation
Vision The vision of Nikki Consulting Limited is to provide business
model as being an independent advice to its clients for achieving
success efficiently (Psychogios and Prouska, 2019).
Mission The mission of Nikki Consulting Limited is being fundamental
value that form Nikki’s management philosophy and guide for all
business operations to develop its competitive strategies.
P2. Demonstrate the procedure for various stages of customer relationship
management in an enterprise
Customer Relationships:- The managers of Nikki Consulting Limited focus
on developing customer relationship management by supplying qualitative
products. It is essential for company to fulfil the requirements of customers by
encouraging buyers to purchase more.
• Customer value:- The main aim for managers of Nikki Consulting Limited
is to supply superior goods and services at least-cost effective price which
encourage them to pay high price. It further result in customer loyalty and support
for business to sustain in global market.
• Acquiring:- Managers of Nikki Consulting Limited focus on marketing
strategy for promoting and positioning its product to end-users through attracting
them towards approved brand from government.
• Retaining customers:- The managers of Nikki Consulting Limited aims to
earn benefits by making them capable in attracting large number of customers to
purchase their products.
Effective channel for customer communication:- The managers of Nikki
Consulting Limited implement effective channel for analysing the change in
taste and preference of their customers. It results in fulfilling the requirements of
customers for achieving its goals and objectives to sustain in global market.
Face-to-Face (Personal) Communication:- The managers of Nikki Consulting
Limited focus on personally communicating with their buyers for identifying
their satisfaction level of business.
Broadcast media communication:- Managers of Nikki Consulting Limited use
this procedure as to share views and information of business to its target market
through electronic media.
Electronic communication channel:- The managers of Nikki Consulting Limited
emphasize on its potential customers by analysing their queries which are to be
solved efficiently through proper and well description.
Written methods of communication:- Managers of Nikki Consulting Limited use
written method as to reply customers in accordance with product suitability and
analyse ratings to identify the satisfaction level of its end-users.