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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 benefits.

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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 benefits.

P5 Explain how break even analysis could be applied to an organisational situation

Break even analysis is the position at which company facing no profit or no loss. They stable at same position. The main purpose of break even analysis is to identify the company position, break even analysis is the relationship between cost volume and profits at various levels of activity. Total sales revenue is used to invest on further sales expenses. It helps company to identify the profit and loss at different level of point of production and sale. It also helps to identify the effects of new changes on sales. Analyse the relationship between fixed and variable costs (Schaper, Volery, Weber and Gibson, 2014). It also helps business to predict the effects of cost and efficiency changes on profitability.

This overall process of break even analysis helps company to take some more productive action plan for new development to enhance the level of profit. It will be more necessary for the organisation to adopt new product planning to enhance the company profit making task.

Break even point is the measuring tool and technique which assume sales price are constant at all level of output. They help to assume company production and sales are the same. Break even analysis is the highly effective and challenging situation in order to met the needs of the organization. It will be the more productive and necessary measuring tool of sales or revenues. There are some method and sources through company get to know its actual position and target marketing goals to evaluate the target market position. This process helps to take the action plan and target market position of the company (Trevino and Nelson, 2016). This could be apply on the organisation in order to find out the company actual position and target goals. There are given some reason of adoption of BEP are as follows:

Plan your target profit levels

Entrepreneur can easily determine their profit targets through break even analysis. It helps organisation to measure the sales quantity or number of products that must be sold in order for the business to generate enough revenue also help to generate new more learning tool

Schedule your merchandise inventory requirements

It is the another reason to adopt break even analysation process along with that it also help to control the better opportunity for the company objectives (Schaper, Volery, Weber and Gibson, 2014).


Illustration 1: Break even analysis model

P6 Explain key financial statement for an organisation in relation to how they contribute to the successful management of the organisation

Income statement: Income statement is the most required and important function of financial statements provides. It presents the results of the company operations for a given reporting period. Income statements will help company to measure their expenses and income during the financial year and help to get the company actual position. Income statements is the another most required and important statements of the entity (Schaper, Volery, Weber and Gibson, 2014). It helps to calculate company revenue, net income, operating revenues and expenses. Besides, it also calculates the necessary data and sources to analyse the total income statements process.

Particulars

Year 1

Year 2

Year 3

Year 4

Year 5

           

sales Revenue

         

Sales from Products and services

182500

197100

216810

236323

261137

Less: COGS (30%)

54750

59130

65043

70896.9

78341

Gross Profit

127750

137970

151767

165426

182796

           

Operating Expenses

         

Utilities (Electricity/water/telephone)

32850

35478

39025.8

42538.1

47004.6

Promotion and advertisement

8000

8400

8820

9261

9724

Maintenance of online business

13000

13650

14332.5

15049.1

15801.6

Insurance

800

800

800

800

800

salaries of personnel

30000

33000

36300

39930

43923

Miscellaneous and other Expenses

18250

19710

21681

23632.3

26113.7

Depreciation

1200

1200

1200

1200

1200

Less: total operating expenses

104100

112238

122159

132411

144567

Operating Profit

23650

25732

29608

33015

38229

Less: Interest

1400

1120

840

560

280

PBT

22250

24612

28768

32455

37949

Less: Taxation

4450

4922

5754

6491

7590

Net earnings

17800

19690

23014.2

25964

30359

Balance sheet: Balance sheet is the another financial statements which helps to calculate actual asset or liability of the company. It also helps to calculate the total income growth for the organisation (Pakroo, 2018). Through company get their further decision making approach method. Balance sheet calculation will be based on assets and liabilities. It displays the company total assets and how these assets are financed.

 

Year 1

Year 2

Year 3

Year 4

         

Assets

       

cash

129550

194370

268427

351288

Total current assets

129550

194370

268427

351288

fixed assets

50000

48800

47600

46400

less: Depreciation

1200

1200

1200

1200

Total fixed assets

48800

47600

46400

45200

Total assets

178350

241970

314827

396488

Liabilities

       

Current liabilities

       

Creditors

28385

68936

113626

139212

outstanding and other current liabilities

12165

29544

48697

92808

Total current liabilities

40550

98480

162323

232020

Long term debt

70000

56000

42000

28000

         

Capital

50000

67800

87490

110504

add: NP

17800

19690

23014

25964

Total capital

67800

87490

110504

136468

         

Total liabilities and capital

178350

241970

314827

396488

Task 4

P7 Discuss key legislation and regulation that have implication on small businesses or social enterprises.

Key regulations and legislations are helps to guide company to adopt better environment in the organisation. It will be more challenging and impactful on the behaviour of company start-up. Small business are subject to various state and local laws and regulations related to employment, intellectual property, insurance and other matters. It also very much helpful to take business further in more advanced manner. It will be more grateful and impactful nature of building the blocks (Legg and et.al., 2015). Every country has their own rules and regulations which company needs to acquire to secure their business activities. Into more productive manner.

Along with that, it will also protect organisation from uncertain activities. There are some implication which company needs to acquire.

  • Company needs to pay income tax, employment tax and excise duty to the government as per the rate slabs.
  • They need to adopt employment or labour law in order to protect company structure into more prominent way. They also need to acquire price discrimination, monopolization, conspiring to boycott (Newbert, ed., 2015). It will be more challenging and influencing situation. It will be more challenging and influencing matter of fact.
  • Environment regulation permit compliance.
  • State licensing or should adopt the legal regulation of sate and local governments licensing policies.

On the basis of above section. It can be concluded that key implications of legal regulations are very much required to adopt healthy and safe environment for the organisation to keep the all situation safe and secure.

M6

Every organisation or enterprises needs to adopt all legal implications or regulations according to their preferred organisation (Kitching, Hart and Wilson, 2015). It safes the business activities from uncertainties. This is very much necessary for the business goals. Company will always need to adopt better opportunity and growth. It will be more helpful for the company to enhance better opportunity and growth. Such as company needs to acquire contract act, health and safety needs of consumers.

D4

Legal implications are the necessary part of the organisation, this affect small businesses or social enterprise organisations. This will help in future activities for further enhancement process (Hatten, 2015). Fails to adopt company legal structure this will give negative impact on the behaviour of company.

Conclusion

From the basis of above section it can be concluded that, managing small business and enterprises is the big challenges. It involves high range of risk and uncertain events through cannot make necessary changes in the business. Present report has been based on managing the business and their activities of Qbic hotel. It discussed about small business or social enterprise needs to address at the time of implementation. It also explained about the different processes of CRM which helps to evaluate the customer relationship approach. This report also presented financial statements of the company ion order to explains the importance of them into the business activities. Further apart, it also explained about the process of break even analysis and their importance in the business activities. Moreover, conclusion is that to small business or social enterprises are needs to be acquire more generating task oriented goals and objective.

References

  • Abad, V., 2017. Case Study: Managing Business Growth from the Bottom Up.The Economics of Therapy: Caring for Clients, Colleagues, Commissioners and Cash-Flow in the Creative Arts Therapies, p.180.
  • Adisa, T. A., Abdulraheem, I. and Mordi, C., 2014. The Characteristics and Challenges of Small Businesses in Africa: an Exploratory Study of Nigerian Small Business Owners.Petroleum-Gas University of Ploiesti Bulletin, Technical Series.66(4).
  • Burns, P., 2016.Entrepreneurship and small business. Palgrave Macmillan Limited.
  • Crane, A. and Matten, D., 2016.Business ethics: Managing corporate citizenship and sustainability in the age of globalization. Oxford University Press.
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