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Exact Ways to Grow in A New Market as Small Business Enterprise

1853 Downloads1 I Published: 07 Aug ,2019

Introduction

Small business enterprise mean start a new innovative business at any place and provide effective and innovative products and goods to customers and try to set a effective image in the market and their customers mind. All business wants to build monopoly in the market try to beat all competitors. Mc Donald is the small business enterprise its want to start a new and innovative business and want to achieve objective and goals those are set by their head of the department. Mc Donald is the food chain that provides different foods to customers and builds a effective image in the market and give proper satisfaction to them. If in case they have any issues and problems so they give proper satisfaction to them and provide good quality of products at reasonable range (Bridge O'Neill 2012). In the other hand, small business enterprise is the new and innovative business with new and innovative ideas and things those are help to increase productivity and build monopoly in their market.

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Task 1

1.1 Produce a profile of a selected small business identifying its strengths and weaknesses

Small business enterprise is the new start business with new and innovative ideas and views, all kind of business wants to set a effective image in the market and achieve their goals and objectives those are decided by their business’ head. Small business enterprise is the small volume business with low quantity of employees with some decided goals and objectives. Mc Donald is the small business enterprise it’s want to set or build an effective image in their market and their customers mind to provide them good quality of foods and services and give them proper satisfaction by them (Storey, 2016). When start a small business so there is some strength and weaknesses front of business employees and head of the business those are has to be faced by them. Those are under the below:

Strength

  • Start business with new and different innovative ideas and views
  • Try to set or build a effective image in the market and their customers
  • Business employees should be manageable in nature and their servicing facility and style should be attractive.

Weaknesses

  • When start small business enterprise has be build a good and strong relationship with their suppliers & customers
  • Try to give proper satisfaction to customers
  • Try to understand competitor’s strategy and techniques.

1.2 Carry out an analysis of the business using comparative measures of performance

Small business enterprise in hard to measure and analysis performance of their business and their employees (Ackermann and Audretsch 2013). When start a small business so has to find out market trends, customers needs and wants, new ideas and techniques, servicing system etc. without understand customers and market so it’s hard to develop performance those employees and not give proper satisfaction to them. For measure and increasing, employee performance so has to be find out and understand market trends and conditions after that prepare planning and design for their business. After start the business ahs be find out business’s objectives and goals they are able to achieving or not and also find out their financial progress their return or profits(Curran and Storey 2016.). Its helps to define status of the business through this status easy to analysis and understand reputation in the market. Its help to develop performance of employees and their service facilities to customers. Reviewing financial status of the business if it becomes down so easy to adopt new techniques and systems of working. Measuring performance of business and their employees helps to define status of the business and give to chance to adopt and use new and smart techniques and system of working so they can improve their working performance and efficiency of working.

Task 2

2.1 Recommend with justification, appropriate actions to overcome the identified weaknesses in the business

When start a business has been face some problems and issues front of employees and departmental head of the business. They all have weaknesses to fight challenges in the market and their competitors. So when start a small business enterprise so always try to adopt new and smart technology for developing their in the market. if they face some problems and issues through the market, customers, regarding products and goods etc. so has be find out and understand after that try to remove them fast and with suitable solution(Blackburn and Hart Wainwright 2013). For build an effective image in the market and provide good and effective services to customers so has to be understand their needs and wants and give them servicing and facilities according to their needs and wants. weaknesses of a business may be down the reputation in the market so has to be adopt some removable techniques and methods and give perfect directions to employees of working they can be give proper satisfaction to them and help to achieve their decided task and goals. For removing weak points of their business so find out issues and challenges first then adopt according to situation new techniques and methods and then create a effective planning and design and implement in the business and give proper information regarding their business system and define all process of working to employees.

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2.2 Analyze ways in which existing performance could be maintained and strengthened

Mc Donald is the small business enterprise its provide services and foods to customers with best quality of products and it’s want to set or build a effective image in the market and their customers mind to manage and maintain existing performance so has be adopt new and smart techniques its help to develop their performance and working quality(Gronum,Verreynne and Kastelle 2012). To maintain status in the market and customers regarding their products and goods so has to provide some extra services with smart ideas and techniques, try to attract maximum customers to buy their products and goods in their life and give review or feedback to company in the positive way. If in case have any weak points in their services so has to be removing them fast and with smart ideas. To maintain customers and status in the market so give them extra and free goods to customers, try to understand their opinions and views, set and build trust and loyalty in their customers mind so they can easy to purchase and use their products in their life, provide support them and keep better communication to customers with smooth and good way of communication features so they can easy to ask anything regarding their business plan and build a good and effective image in their mind and they can easy to motivate and appreciate their servicing and products.

2.3 Recommend with justification, new areas in which the business could be expanded

Mc Donald can be expanding their business in the market so, they can adopt and use new servicing and facilities to customers. Try to attract maximum customers so they can use their services I their life and set an effective image regarding their products and goods. Its can expand their business in various sectors and areas of business for earn higher profit and build monopoly in their market. Its can provide their services by online internet services so customers are easy to purchase and utilize their services to consume less time and easy to buy after using the products and goods so they can easy to give feedback and review regarding their services. This business can also provide home delivery to customers with taking less time and mange the quality of services and products so customers can be easy to satisfied and set a effective image in customers mind(Añón, Higón and Driffield 2011). Mc Donald provide fast food to customers, it can also expand their business in provide full lunch and dinner also to customers with good quality and healthy food and deliver them on the decided time period and also ask them any issues and problems regarding their services and products.

Task 3

3.1Produce an assessment of existing business objectives and plans

When start any kind of business before implement their business plans and design, has be decided their vision and mission their objectives and goals those they want to be achieve in their future. If a business cannot set and identify their objectives, where they want to go in future and where want to set their business in the future so it’s hard to success business because its require to find out set some objectives and goals. All business and things has some motive and goals for achieving them do something innovative and new things adopt and using something new methods. Try to attract new and maximum customers find out their problems and issues, work hard for their business developing and try to increase performance of working. For achieving their targets and objectives those are decide by head of the departments, for achieving them has to be increase employees working performance and working efficiency, all activities and works done in the systematic manner, complete all task and works on the decide time period, has to be maintain product quality, provide better services to customers, receive proper feedback by them, give proper satisfaction regarding their products and goods, try to earn maximum profits and full fill their objectives and goals(Fassin,Van Rossem and Buelens 2011).

3.2 Revise business plans to incorporate appropriate changes

Business plans and design is pay and important role in business set up and their development. In the modern time everyone wants some new and changes in products, services and facilities those are provided by different business. Customers wants some effective and new quality of products their features, quality, price etc. so they can attract maximum customers and satisfied them. For developing business has to be adopting flexible environment and change products and goods features according to trends and time and also customer’s wants and need and also manage all working system and environment of business. At this time customers wants something new and attractive in products and services, if business and their employees not adopt something new and innovative techniques so customers are not attract to business(Cowling and Ledger,2012.) On the other hand, most of the persons adopt new trends or fashion so they can upgrade day by day according to time. So has to be adopt changes and new features in their products and changing environment in the business. For developing their business should maintain flexible environment in the business and adopt new and innovative things, through this flexible environment maximum customers can easy to attract to business and purchase or use their services and facilities provided by the company.

3.3 Prepare an action plan to implement the changes

Sometimes changes can be helpful for the business and sometimes it’s not, changes in products and goods help to develop business and increase productivity of products. Customers want changes and new things in products and services. So business employees always try to find out new changes in products features and quality of products. When Mc Donald adopt new methods and techniques to change something in their products and goods so has to be find out trends, customers wants, taste of customers, smartness etc. its help to give proper satisfaction to customers and receive better feedback through customers and easy to set a effective image in the market and their customers mind (Chittithaworn 2011). Develop a standard planning to deliver services to customers easy and fast, through this changes they can easy to receive products and goods through the business and easy to use this change in the business help to develop because its less time consuming in the nature. Provide guarantee and trust regarding their products and goods so customers can easy to trust on that company’s products and last one is Mc Donald can be adopt online servicing to customers and provide food by online ordering done by the customers.

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Task 4

4.1 Report on the impact of the proposed changes on the business and its personnel

For develop and build an effective image in the market and also customers mind so before adopting changes in the business and their products has to find out and clearly understand their merits and demerits on the business(Forsman and Temel 2011). Because it is not requiring all changes will helpful to achieve objectives and goals, so that’s why its require to find out and understand careful before adopting and implementing changes in their services and facilities. Changes can be affect business and also personally because changes can be affect positive and also negative way. Business want to do change something in their services and products quality and their features so has to be find out their merits and demerits regarding their business development and products image in their market and also customers mind. Changes help to motivate employees to do effective work in the effective manner and its help to enhance their working quality and their working efficiency. Changes may be impact on the business in the negative and also in the positive way. If in case changes are not suitable in the nature and according to working environment of employees so it become negative for business because employees will not adopt this.

4.2 Plan how the changes will be managed in the business

Before applying and implementing the changes in the business and in their products has to be find out and understand customers need and wants after that has to be clear all rules and regulations of business and changes for products and services. It is require giving full and proper information regarding their changes strategies and methods in products and in services. And understand all employees’ views and ideas regarding changes in the business after knowing all views and ideas of all employees then implement in the organization and manage all activities in the effective and efficient manner. Changes in any sectors and in any services or products should be in the systematic and in the pre planning process its help to manage all activities and work in the effective and efficient manner (A. Harris and Patten 2014).

4.3 Monitor improvements in the performance of the business over a given timescale

In the business its require to be monitor and find out improvement and actual status of performance and working status of employees. To monitor employee’s performance and their working capacity should use some smart techniques if they will not improve then should be provide them training and proper knowledge regarding their services and working style and also give information how to achieve targets and objective of their business in the effective and efficient manner. All employees how to do they improve their working system and performance so they have to work in the systematic way and according to time scale those are decide by the expertise its help to develop their business and performance of employees.

Conclusion

As per this project report, small business enterprise is the new and innovative business with and innovative ideas. Its help to develop different products and goods to customers and try to get maximum satisfaction by them. Its help to build an effective image in the market if business provide effective and good quality of products. Changes may be good and bad for business development because it is not require changes always be positive to business development and increase performance of employees. In the other hand before adopting changes in products and in business so has to be find out their merits and demerits for business developments and performance of employees its also affect achieving objectives and goals of their business.

References

Books and journals

  • Bridge, S. and O'Neill, K., 2012.Understanding enterprise: entrepreneurship and small business. Palgrave Macmillan
  • Storey, D.J., 2016.Understanding the small business sector. Routledge.
  • Ackermann, S.J. and Audretsch, D.B. eds., 2013.The economics of small firms: A European challenge(Vol. 11). Springer Science & Business Media.
  • Curran, J. and Storey, D.J. eds., 2016.Small firms in urban and rural locations. Routledge.
  • Blackburn, R.A., Hart, M. and Wainwright, T., 2013. Small business performance: business, strategy and owner-manager characteristics.Journal of small business and enterprise development,20(1), pp.8-27.
  • Gronum, S., Verreynne, M.L. and Kastelle, T., 2012. The role of networks in small and medium‐sized enterprise innovation and firm performance.Journal of Small Business Management,50(2), pp.257-282.
  • Añón Higón, D. and Driffield, N., 2011. Exporting and innovation performance: Analysis of annual Small Business Survey in the UK.International Small Business Journal,29(1), pp.4-24.
  • Fassin, Y., Van Rossem, A. and Buelens, M., 2011. Small-business owner-managers’ perceptions of business ethics and CSR-related concepts.Journal of Business ethics,98(3), pp.425-453.
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