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6AG502 Managing and Running a Small Business University of Derby

Introduction

Small business are the backbone of the national economy or for economic development. Small business enhance the overall development of economy and enhance the effective active working idea. Small enterprises are majorly based on small level having the objective of getting high opportunity. Present report will be based on managing and running small business. For that Qbic Hotel will be taken into action. For small entrepreneur it will be very difficult for them to manage the all operation and customer satisfaction. Entrepreneur always looking for having good working environment. Overall, the main purpose of this study is that to get the knowledge and skills about the activities involved in running a small business, including developing good relationship with employees or customers. Further apart it will be cover different processes of customer relationship management for Qbic Hotel. How small business can develop transnationally and determine the

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Task 1

P1 Discussing the main consideration a small business or social enterprise needs to address when planning resources to achieve business objectives.

Small enterprises will require adopting the best planning resources to meet the company objectives and requirements. It makes overall scenario and task oriented which enhance the proper implementation of all company resources. Without proper planning company can not achieve their main target goals (Abad, 2017). Company adopts the different tools and techniques to utilise the overall business management skills and sources to make proper business plan and further planning growth. Being an employer, it is the duty of the person who full fill the needs of the organisation by making productive planning and growth in order to accomplish the business objectives.

Proper planning and execution of business plan is the sign of efficient management work and efforts of employees. It provides different opportunity and growth to grab the attraction of customers towards the organisation product and services. It provides better opportunity and growth in order to full fill business objectives and learning tools. Business planning seems like it would be necessary or required for the company to be performed. It gives overall structure and target market plans in order to meet the needs (Adisa, Abdulraheem and Mordi, 2014). It overall provides the best objectives and target market goals. It helps to improve the managing process or making high performance level of target market goals. There are some plans which helps company to make better plans.

Devise plan: write important details about the plan will get to achieve in the future. Define company goals and objectives (Burns, 2016). This will help to communicate better plan and growing factor.

Define success: it also helps to define better employee planning and tools which also makes the better planning growth. Planning must be specific and objectives which grab the customer attraction and more profit revenue for the company. It also helps to bring new opportunity and growth.

Put it in Motion: specific given time and track analyse numbers will help company to achieve the target in specific manner.

There are some types of plan without company cannot achieve their target market goals. Such as operating planning under which company make operational planning tools and techniques. In operational small enterprise make how things need to happen. It also makes the most necessary day to day plan for running of the company (Crane and Matten, 2016). Apart from that, manager requires to make the proper planning and tools to manage all current activities. Another plan is strategic planning, it is the another major or necessary plan which requires to be done in proper manner. Under this scenario company plans why things to be happen. It is the long term process in which company makes their vision and mission towards the company task. Strategic planning includes a high level overview of the entire business. Tactical planning is the another plan in which company defines what is going to happen. In this plan always short termed and quick plans are includes. Overall planning aspect is the most important part to make all functions properly.

M1

Small business has must have required to adopt the best possible planning tools and techniques in order to meet the company objectives and target market goals. Along with that, it will be more grateful and promising task to be oriented to full fill the basic needs and wants of the organisation. Tools and techniques helps to full fill the objectives of the organisation in order to perform task in more efficient manner (Deresky, 2017).

M2

Planning is highly required to full fill the company high objectives. Planning process helps to make sure the activities and target goals of business. Planning process will always full fill the main target plans or utilise all the resources in more efficient manner. It will be more grateful and target market objectives (Donnelly and et.al., 2015).

D1

There are many resources which determines the appropriate resources to demonstrate links between resource allocation such as finance, Human resource, tools and techniques etc. due to shortage of any of the resources gives negative impact on the overall objectives.

Task 2

P2 Different processes of customer relationship management for a small business or social enterprise

Customer relation management is the highly essential and important for the Qbic Hotel, the major profit has been comes from customers. In order to make him happy and satisfied, it is very necessary to full fill the all needs of the buyers. CRM process involves the activities and strategies that companies used to manage their interaction with current and potential customers. Company always needs to adopt the best strategies and product services in order to satisfied their customers needs and wants. CRM is the most essential topic and major concern area which is highly stable in the company (Goffee and Scase, 2015). Customer relationship enhance the sales opportunity for small businesses, Which makes company more strong and effective. Effective management planning is the highly managing required task for the small businesses. There are some process of customer relationship management.

Customer portfolio analysis

First step of CRM defines the organization customer base to determine the focus or target group of customers through company might be get high profit. This process helps to define the company target market customers on which company needs top focus. It will be more effective

Customer intimacy

Intimacy process of CRM define the direct relationship or get familiar with the customers. It will be more grateful and productive for the company to get the best response from customers (Hatten, 2015). This process also help company to make direct contact with buyer in order to determine the customer needs and wants.

Network development

Network development process refers to the identification and development of strong relationship with organisations. It also helps to bring new opportunity and growth. This process makes strong relationship with buyers and make huge network in the market (Kitching, Hart and Wilson, 2015). This process includes suppliers, customers, investors, internal or external partners etc. networking is the potential tools to get the best productive nature of growth and good market position.

M3

CRM is the essential process for small or social enterprises, through company get new opportunity for business expansion. There are some elements of CRM which helps company to meet the objectives such as customer service, analytics, business reporting, lead management, Human resource management etc (Legg and et.al., 2015). it helps to accomplish the set targets and goals.

P3 Explain how small business can develop transnationally and determine the benefits and drawbacks

Transnational business offers global business operation and activities for the company under which company operates its business at global business level. Small businesses are becoming increasingly global with the ease of communicating with many customers and vendors. With the help of transnational market business get to learn new different aspect of the global business activity (Newbert, ed., 2015). It also helps to identify the global strategies and operational function to getting new business opportunities.

Transnational strategy helps business to combines global configuration and coordination of business activities with local business functions. It gives new organisational learning, new operational activities and new profit revenue for the company growth. With the helps of transnational strategy company can easily develop transnationally and determine the benefits for its business function.

Operations

Creating transnational business strategy is a complex undertaking. In earlier time companies hired labour from other countries to reduce their labour cost and hired them at cheaper wages and salaries (Pakroo, 2018). In order to develop the global operations company needs to determine the basic requirements of the business opportunities. For that company needs to define a home base for their specific operations for which they operate its business. Accordingly, it helps company to integrate operations locally and globally in more productive manner (Schaper, Volery, Weber and Gibson, 2014).

Global branding

It is the best way to promote the product and services into the best possible manner. This is the most potential reason for which company work for transnational. Transnational strategy positions can help small businesses to promote their brand into large level. Company get chance to introduce their product and services at global level. Through customer can easily identify the product through company name, logo etc. large organisation have easily got advantages to have global branding level. Small scale bushiness needs to acquire the best product and services in order to deal at global level and get attraction of customers.

Global Backup Plans

In order to move to international marketing they start their operations decentralize. This process can help company to promote better services and activities to perform the productive task (Steingold, 2017). Company always requires managing their local as well as international operation in the best possible manner.

Determine benefits and drawbacks

Transnational strategies are always been benefited for the companies to target new opportunity in the market. Besides, small scale business has also facing some drawbacks of transnational strategies such as limited resources, labour capital, limited financial growth etc. another drawback is high competition level at global level through small enterprise get demotivated from the new challenges (Trevino and Nelson, 2016).

M4

Mode of internationalisation helps to get into the global market to enhance the business activities and brand image. Through developing transformational business operation into global market. It helps company to get new business opportunities and target market goals.

D2

In order to overcome from the challenges company requires to maintaining good relation with the customers or stakeholders in order to get best output level. Company also needs to measure the current policies and regulation through company get under the legal implication in order to sustain safe and better environment (Villamizar and et.al., 2016). All these steps can help to come over the issues or challenges to getting transnational operations at large level.

Task 3

P4 Produce an annual itemised monthly cash flow forecast showing fixed and variable costs set against income for a specific organisation.

Cash flow statement

PARTICULARS

Pr-Operating year (£)

Year 1 (£)

Year 2 (£)

Year 3 (£)

Year 4 (£)

Year 5 (£)

Opening Balance

 

71000

159550

257370

367727

490518

Cash Sales

 

182500

197100

216810

236323

261137

Owner's capital

50000

         

Bank Loan

70000

         

working capital

20000

         

Total Cash Inflow

140000

253500

356650

474179.6

604050

751655

             

Cash Outflow

           

Fixed Assets

50000

         

Market Research

6000

         

Utilities (Electricity/water/telephone)

 

32850

35478

39026

42538

47005

Legal help and permits

4000

         

Promotion and advertisement

9000

8000

8400

8820

9261

9724.05

Maintenance

 

13000

13650

14333

15049

15802

Insurance

 

800

800

800

800

800

Miscellaneous and other Expenses

 

18250

19710

21681

23632

26114

Depreciation

 

1200

1200

1200

1200

1200

Interest

 

1400

1120

840

560

280

Tax

 

4450

4922

5754

6491

7590

Loan Repayment

 

14000

14000

14000

14000

14000

             

Total Cash Outflow

69000

93950

99280

106453

113532

122514

Closing Balance

71000

159550

257370

367727

490518

629141

Cash flow statements of the company will help to generate information to manipulates the data into more productive manner. Moreover, it will be more impactful and impressive interns of better environment growth (Villamizar and et.al., 2016). It helps to provide more details about the quality of the business revenue. It will be more impactful and generating cash flow statement. Moreover, it will be more benefited for the company to generate in within the business activity.

M5

Quantitative techniques helps to aspect of analysis of any product, substances formulation. These techniques help to evaluate or to manage the company data into systematic manner. This also helps to evaluate the best appropriate technique in order to listing the best possible action plan (Kitching, Hart and Wilson, 2015). There are various objectives and advantages of this analytical techniques. Data analysis is also very much helpful to create new process of working. Overall, this techniques helps to dispersion in excel, helps to measure the central tendency level.

D3

Financial statements helps to measure the company objectives and key performance in the during the financial year. Major key financial statements are balance sheet, cash flow, income statements, profit and loss account etc. overall statements helps to recover the best possible action plan for the company objectives (Pakroo, 2018). It will be more helpful for the company

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