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Unit 5 Managing and Running a Small Business Regent College Level 5

799 Downloads I Published: 30 Mar ,2020

Introduction

New venture will provide the global for the development of small and large organization. the main purpose to generate the positive and negative impact on small business development. It will change the social environment. In this report, new venture are established to create at effective workplace. It deals with the time management and different function are established then connection between the work performance and activities. These three element are important to launched a new venture as market speed and good visibility, effective impression. This report focused on the small business, how the business would be explore, Cornish bakery is a small business that has some different targets that deal with the activities. This business established in a small level so that they are planing to market strategies and their role. This is small bakery so that it is important to identifies the long term plan in this report. It analysis the new venture establishment to cover all activities used in this report. It also includes the tangible and intangible to established the new market plan in proper manner. It analysis the whole business plan and identify market target and business strategies.

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Task 1   

P1 New venture for the chosen business through identifying specific target market and attaining competitive analysis:

They have established the new function and operation that would be applied to their work place. In the initial level of business, It spends more money and effective quality because this is important thing for any business (Nagy and et.al., 2017). Cornish Bakery establishes their new pastry shop in UK and it implementing the more time and energy. There are some stages to implemented at their work place as follows:

Know about industry: First of all, Considered the main goal and target of business and then understand the business development strategies in small Cornish Bakery. In this small business, the development programs are established their function and their operation to developed an innovative idea that are helpful for the business growth. The main important thing in every small business in which how the product quality and to understand the need of business therefore, it can be chosen a good brand for the business because the business depends upon the effective brand quality and their need.

Making business goals: After know about the need of business then move to the goals in which the digital marketing determine the need of business and their objectives. At that time, every customer can be established their online delivery (Purkayastha and Sharma, 2016). In this way, each customer using the new trendy product and they are acquiring the service and develop their target market. Sometimes, lack of online product can create false impact on the Cornish Bakery. The important need of business to create an effective website with launching the new venture so that it is important activities used in a desired way.

Collaborative communication tools: The company establish the proper team with the help and  support to create an effective result. Employee are using the collaborative tool to implement the CRM. Communication between in one department to another department is helpful to control the whole business. With the help of Internal and external communication that would manage the whole business plan and communication can be done in smooth way in sales process with the single platform are used.

Adopt Digital marketing trends: Small Cornish Bakery need to establish their business by using some digital marketing trends (Anderson, Evers and Gliga, 2018). Digital marketing is the best approach to established their business in online market and audience are reached towards the online marketing trends. This small business to improve the performance of business operations and their function. Digital marketing is the best way to improve the performance of small business and create the systematic way to improve the functionality.

Target market and competitive analysis

Target market- Cornish Bakery is targeting the international market to expand their business all over the world. It is an essential for selling their end products in global world. Cornish bakery is a type of small enterprise that making an effective marketing strategies to breakdown the entire planning and segmentation as per requirement of business. In this way, it has increased the productivity and profitability in global marketplace. It is necessary for managing and controlling the enterprise approach to establish the business or gain market values.  

Cornish Bakery is breaking down the whole market planning and segment and according to segment the market share is increases.

Competitive analysis- competitive analysis is very crucial part of Cornish Bakery to plan the new marketing strategies and also establishing the new business in global marketplace. The competition level is increases in market because new product is launch to expanding their business in all around the world. The competitors and strategic are correlated each other because new strategies are increased their profitability and productivity in marketplace. Through strategies, it can be easily compare to other product and services. It also checks the market targets, goals and price of product and distribution all this thing easily identified.

P2 Specific tangible and intangible resources that are required for launching new venture:

Tangible and intangible are major assets class that balanced the company sheet. Tangible are used for the opportunities in the company to earn the economic benefits that are represented the lands and vehicle and it will also describe the physical existence. In small Cornish Bakery are used the tangible and intangible resources because of developed the new venture. It will asset the physical and to innovative the result for the organization (Seyyedamiri and Faghih, 2015). It will describe the correct accounting terms and conditions that are important element or the business.

Tangible Resources: Tangible resources are important aspects of every new business venture. These resources will be representing the correct functionality of the business operation as well the opportunities. There are some economic benefits of the new venture such as making creative output, distribution of good and services, activity of business. It will establish the rental services like equipment’s, vehicles, buildings etc. these elements are help to identify the actual cost of investment and valuable time of the business.  Cornish bakery can be used the different type of tangible resources that add more values in the business such as cash, land, inventory and vehicles etc. The main purpose of business to measure the required things such as treatment facility, building, machines and in which implements the collaborative tool in the business.

Intangible resources: Intangible resources are play important role that are used for the future scope and their benefits. Intangible resources help to generate the effective outcome and income at their workplace It will represent the value of brand name, patent in the whole business. Patent is a mobile ratio that would be consider as brand name of enterprise and generate more and earn more profits at the business. Intangible is a non-physical assets used for long term planning. Intangible resources are included such as Copyright, Patents, Goodwill etc. Cornish Bakery has used the Intangible resources which required for protecting the unique identify in proper manner. The Cornish Bakery can use tangible resources to implement the element and consider as copyright and patent etc. with the help of these aspects will continuously increase the functionality and performance of business.

Task 2

P3 Proposal to launch new venture in business

In this proposal to develop the effective idea regarding the business plan and perform the number of operations in the small business. Cornish Bakery are focused on some important aspects that are useful for launching their new venture in market purpose:

Credible Business proposal

Feasibility of product and services:

 In this case, the small Cornish Bakery are required to consider as invest the new operations. For the business purpose, it will important to identifies the investment amount and how will manage by the company. Small Firms are planning to implement the new technology to build the best services and can be delivered the effective product in market. Small firms are understood the business requirement and then improve the functioning of team.

Market need of product and Services:

After Feasibility of the product, Cornish Bakery identifies the need of product in market because the market trend will be change according to the customer requirement. With the help of these aspects to increase the productivity and will be developing the best result in their work place.

Profitability sold:

Product profitability will consider as an essential part of every new venture because it will generate more revenue and can be sold more product in the market. It will create market plan and financial statement will provide in the profitable manner.

Return on investment:

In new venture such as Cornish Bakery can be developing as the investment plan and these firm consider as a profitable outcome and then delivered to the profitability in market. It will return on investment with desired result will provide.

Existing management run outcomes:

The management will plan to different idea for the new venture launch. The management will operate the business process in systematic manner and that will perform all operation in an effective way (Purkayastha and Sharma, 2016). Small Cornish Bakery will prepare the whole process activities and focused on how the process will executive in a step by step.

 

P4 Skills and capabilities required for launching new venture


Skills and capabilities are required for the Small Cornish Bakery because it is important for the new venture to innovate their new ideas which is possible to have an effective skill and capabilities to handle any type of complication. Skill and capabilities are always improve the business capability to increase the productivity and profitability in global marketplace. The business can be run smooth when it is new Ventures is a global program that provides services for the development of small and medium enterprises (SMEs) whose main goal is to generate a positive environmental or social change within their own communities required to following some manner:

Financial Planning skill: this is main element of business environment when it will launch a new product and services in market. Small Cornish Bakery need to understood the requirement of business and making some strategies (Acs, Szerb and Lloyd, 2017). It will create a great plan that are useful for long term. Financial planning is very important for Cornish Bakery to develop a new product in market that would be identified the cost of product and time. It will identify the whole budget effectively and efficiently. In Cornish Bakery, it has required the financial planning skill to handle entire business process for managing and controlling the operations in proper manner. This type of skill is required for improving the financial budget, price management in proper manner. It helps to improve the capabilities and abilities to develop the financial reports.

Marketing Skills: Marketing skill can be play an important role for their business because marketing is useful for the targeting, segmentation and positioning etc. There are the advantages for the competition level in small business process. Marketing skill is also another important of enterprise to increase the brand value in marketplace. It is the best platform to promote the product and service in global marketplace. In this way, it has required to increase the productivity and profitability in global marketplace.

Presentation skills: Presentation level has needed to represent the information of enterprise to their consumer. It is important for the business communication where presentation skill can collect and acquired the new things through global market. This is very important skills to promoting the product detail in very effectively and efficiently. In Cornish Bakery, Presentation skill will help for increasing the level of confidence and directly influence the global market to handle the task in proper manner. It has required to coordinate with other people to determine the demand of consumers.

Building Strong network skill: It can create the strong relationship between employee and customer The management team understand the requirement of customer that will fulfil and the need of customer it is important part in the business process. Cornish Bakery has needed to build a strong connection with other enterprise that support the power of business to establish across the world. this skill will improve the quality of business to build an effective network in global marketplace.                                        

P5 Promotional activities and channels to support new venture

To make proper promotion, it is important to us to look towards the activities and channels as well. It was important because, distribution element helps to develop marketing plan to get proper attention and publicity as well (Au and et.al., 2016). Review and selling methods helps to consider in distribution activities as regular. Location also launch to reach towards the sales and profitability as well. Therefore, following tools implemented in Cornish Bakers support new ventures:

  • Coupons: At the workplace, the best way to increase participants. In this feature, Cornish bakers can react through provide coupons to respond towards existing customers. Coupons users also change towards the brand but they never leave business permanently. In this way, the company has also privileged to repeat coupon chain brand faithfulness.
  • Price off-deals: Price off superior deals in the encouragement activity as 20-25% decreasing incentive. Furthermore, regular users often check stock up on the products. In this should be offered some free product as premium it is helpful to interact with the customers and their choices it is easier for the Cornish Bakers. For example, 1 small coke with two cheese burgers.

P6 Promotional activities for new venture

Promotional activities help us to succeed systematic part of work presentation for new venture to develop the target market and consist more products and work as well. In the marketing function should be considered this way is product and services promotions. In element to this, there are different types of the encouragement activities implemented that consider by the Cornish Bakers are such as:There are some Pre launch activity and Launch activity as given below:

Pre -Launch activities:

Advertisement: The advertisement of products and services are very great play to role in this it is very important if adv. Is not there how the people know about bakery advertisement is important as well (La Rocca and et.al., 2017). Such a way, brand develop with the newspapers, radio, television, magazines, etc. These all activities helps to succeed desirable results and learn with the successful advertisement. It will help to make successful results.

Personal selling and telemarketing: Systematic interpersonal and communication skills are effectively in personal selling system to relies. In the business, the knowledge of the good products and services are assist to develop which is very helpful to us for the business. Further this way, quality also develop to sell products with proper goodness with its benefits to attain desired results at workplace. 

Launch Activities

  • Publicity: further, publicity also create through sending media and releases with broadcasting media as well. Therefore, interviews program also helps us to attain systematic results at workplace. Dealing with broadcasting media activities with word of mouth (Arslan, 2018). To this way, public relations also developing to make in order to  work performance in the google organization. 
  • Short term sales promotions: In the market, Cornish Bakers providing good product and services considered with using coupons, contest, etc. Finding benefits in the business is helping in this activity. Another helping part of the business for the profit is benefits of coupons websites, the chosen organization can attain their targets and goals to workplace.
  • Direct marketing: The direct marketing included, letters, e-mail etc. that part is helping in the business to assist to meet with the innovative functions and operations in the business. To this way, new people can be target who follow the business in systematic manner (Schaper and et.al., 2014). Regarding in this, personal selling, telemarketing, etc. consider in order work presentation in the business. Therefore, it will help to make innovative results at workplace of Cornish Bakers. It creates positive impact to reach towards the target audience with right promotional mix.

From the above description, considering positive impact to target the maximum number of users it can be stated the above combinations considered. Including other way to help us right promotional activities and satisfy customer requirements as well (Dees, 2017). To targetting to the market it will help in to improving results and ability to reach with multiple customers. Therefore, the company able to increase their systematic work performance at6 workplace easily.

P7 Cash budget

In order to formulate innovative business venture, it is important to look towards the cash flow that helps to attain desired results at workplace Always in the acc. The budget over balanced because it’s not necessary all the time the organisation gain profit ups and down are also there in every business. In this formation, credit needs assist to make proper working in the business to focus on the financial organization (Covin and et.al., 2016).

Capital expenditure and activities also need to look in Cornish Bakers so that a new business could be develop successfully. Comparison between budget program with using ratio system and financial statement is continuously processing which make proper consistency throughout this. It can also help us in, to maximise payment system in systematic manner at workplace. It hence, making high profits and revenue are needed to changed. In this context, following cash budget has been developed at workplace:

In order to formulate attain work performance at workplace, it is important to play a role in this towards the financial statement of Cornish Bakers. Because of this, it showing fluctuation in the sales which turns from year to year. Work performance should be inventory through systematic process. In this respect, budget considering a positive impact through checking reasonable outcomes in the industry. Another important role is that to look towards the relationship of past statement (Acs, Szerb and Lloyd, 2017). Furthermore, to make proper attention, it includes longer aspects of the unpublished changes. There are different types of resources considered t6o the workplace that assists to meet with the gross sales and other potentiality sources at workplace. All the times the cash should be reserve in the manner of to minimise cash balance to drawn the cash whenever it is needed. Amount is also depending on the estimated future cash flow that make positive outcome on the functioning.

P8 Legal form for the venture

Whenever a business man he started a new business, every organization need to follow legal structure in which form included to protect the future performance. At workplace, the systematic work to attain to considered the performance of the industry. It also helps to make sure that in order to do work execution to developed results. 

Cornish Bakery is a small enterprise that can formulate legal form, at workplace, developing a different functions and operations to attain more profits and revenue at workplace. Once the business was selected related the Bakery shop so that it has considered the legal form to connect with partnership in the form of increasing the business activities. Cornish Bakery has considered the Limited Lability which are restricted on the partnership for managing and controlling the professional practices because the small business many depend on the partner speaking which have unlimited liability for the country.

Main aspect of partnership should be in a legal form which is helpful to attain desired results at workplace. In this formulated way, two owners exist for one business only not to others one also can do. Furthermore, profits and losses flow directly among the partners (Acs, Szerb and Lloyd, 2017). Tax returns policy, in term of general return it should be look towards among them. Various configuration of the profits partnerships considers different types of consideration so it includes debts and liabilities. It also helps to reach diffuse profitability among the partners. There are two types of generally partnerships included such as general partners who possess unlimited liability with passive inventors who are not participating and liable only for extent of their investment. Silent investors considered common arrangements. On the another hand, another person considers restricted liability partnership which often managing professional practices. Business investment depends on speaking partners have unlimited liability for the actions.

The termination of partnership the partners must be write about the specific terms and conditions to terminate the partnership. In this respect, specific responsibility, decisions, roles, etc. can be share among the people so that the chosen business able to attain systematic work performance at work place. Moreover, business enterprise investment can impact negative role in bad agreement. Limited Liability allows to follow some rules and regulations in proper way. For Example- the customer should be formed a book store, food store and other business. It is required to follow different law's partnership agreement, operating agreement and that would be contain many information regarding their cooperative features.

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Conclusion

In the above report, it understood that launching a new venture is the bigger task for establish new operations and functions. In this brief, the important6 part which the organizations have to look is towards the multiple customers and attain more significant outcomes in the business organization unit. Environment of the business with modern strategy has to be well played a great vital role in this. Online marketing activities also helps to interact proper priorities and another options of the plan of action that implemented to make effectual operative at workplace. Moreover, it summarized about the tangible and intangible resources that assists to perform in order to work performance in new project. Cornish Bakers have promoted their operations and functions to make a wide area of restaurant to successful in this project to gain a lots of profit in this it’s very difficult to begin a new venture from the old once but it was a great role played by the business man. Report also articulated about the cash budget that help to target new people with proper funding arrangements.

References

  • Acs, Z.J., Szerb, L. and Lloyd, A., 2017. The global entrepreneurship and development index. In Global Entrepreneurship and Development Index, 2017, (pp. 29-53). Springer, Cham.
  • Andersson, S., Evers, N. and Gliga, G., 2018. Entrepreneurial marketing and born global internationalisation in China. Qualitative Market Research: An International Journal, 21(2), pp.202-231.       
  • Arslan, M.Y., 2018. Strategic business decisions for new business ventures. Michael Porter’s series of strategy tools and frameworks.
  • Covin, J.G.,and et.al., 2016. Learning Proficiency and the Navigation of New Business Domains by Internal Corporate Ventures. In Academy of Management Proceedings (Vol. 2016, No. 1, p. 11045). Briarcliff Manor, NY 10510: Academy of Management.
  • Dees, J.G., 2017. 1 The Meaning of Social Entrepreneurship. In Case Studies in Social Entrepreneurship and Sustainability(pp. 34-42). Routledge.
  • La Rocca, A., and et.al., 2017. The role of supplier relationships in the development of new business ventures. Industrial Marketing Management.
  • Nagy, G., and et.al., 2017. Achieving requisite variety in modeling firms' strategy heterogeneities: Explaining paradoxical firm-market performances. Industrial Marketing Management. 65.pp.100-128.
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