Small Business Management

Task - Let's carry out small business!

Small Businesses (SB) generally account for more than 80% of GDP in each country. For this reason, understanding the differences among SB and big Corporations is important. And making sure you understand how to plan the growth and control the return of the investment of SBs will prove fundamental if you someday manage one of them.

Develop a small report on a Small Business development project. It can be:

• Your start up
• A franchise
• Your own family business
• A SB you would like to work for

You may select a company of your choice .

Your report should include Based on The small business bellow:

1. Perform An introduction to the Sector/Industry the SB operates in.
2. An analysis of the key issues facing the organization, including internal and external challenges arising.
3. Review of past performance of the company
4. Recommendations and process enhancements to be implemented.
5. A timeline of the actions proposed and the enhancements required.

Small Business-

Introduction The business that I have chosen for this project is a small retail business. This business specializes in providing a wide range of products and services to its customers. The Company operates in two locations, mainly in the urban and suburban regions of a major city. The products and services include retail items, office supplies, stationary, and miscellaneous items. In addition, the company also provides a number of services to its customers, such as bookkeeping, marketing, and other related services.

Analysis of key issues The company is facing both internal and external challenges. One of the key internal challenges is managing the availability of resources in order to meet customer demands. Another challenge is the lack of sufficient capital and liquidity. This is due to the fact that small businesses often struggle to secure financial resources in capital markets. The company also faces external challenges in the form of competition from larger companies and fluctuating economic conditions.

Review of past performance The Company has managed to remain profitable over the years despite the shaky economic environment. The company's customer base is relatively stable and its revenue has increased gradually over the years. The Company has also managed to keep its costs and overheads to a minimum by relying on its existing resources and taking steps to reduce costs wherever possible.

Recommendations and process enhancements In order to ensure that the company continues to remain profitable and competitive, there are a number of strategies and process enhancements that can be implemented. Firstly, the Company should focus on customer service and satisfaction. This can be achieved by ensuring that the Company offers its customers quality products at competitive prices. Secondly, the Company should look for opportunities to expand its customer base by further exploring its target markets and making use of digital marketing and other promotional tactics. Thirdly, the Company should also look into new and innovative ways to reduce its operating costs in order to increase its profitability.

Timeline of the actions proposed and the enhancements required. The proposed actions and process enhancements should be implemented over a period of four to six months. During this period, the Company should focus on expanding its customer base and promoting its products and services. The Company should also review its existing financial resources and take steps to secure additional capital where possible. Finally, the Company should also take steps to ensure that it meets customer demands by continually reviewing its customer service and satisfaction.

Conclusion This report has discussed the different challenges that a small business may face and has outlined various strategies and process enhancements that can help to ensure the success of the business. The suggested timeline has outlined a four to six month timeframe for the implementation of the proposed strategies and process enhancements. Following this timeline and making use of the suggestions outlined in the report will enable the small business to make the changes necessary to remain profitable and competitive in the ever-changing economic landscape.

By implementing the suggested plans and strategies outlined in this report, the small business should be able to increase its customer base, promote its products and services, manage its resources and finances efficiently and effectively, and increase its profitability. It is therefore expected that the small business will be able to survive and thrive in the current economic conditions and will also be better positioned to grow in the future.

• More than eighty percent of a nation's gross domestic product is contributed by its small enterprises, making them an essential component of the economy as a whole. As a result, having a solid awareness of the distinctions between smaller companies and bigger enterprises is essential to achieving success. The formulation of a solid management plan is an absolute need for every small firm that want to prepare for and exercise control over its rate of return on investment. This paper analyzes the small business growth project of a retail company that is based in a big city and has operations in two separate sites. It conducts an in-depth analysis of the most pressing challenges that the company is now facing, as well as a comprehensive evaluation of the history of the firm's performance, and it makes suggestions and offers changes to business procedures for potential future upgrades.

• The retail industry is confronted with problems originating from both inside and beyond the industry. Internal issues include not having adequate money or liquidity, as well as controlling the availability of resources in order to fulfill the requirements of the customers. This is as a result of the fact that it is often difficult for small enterprises to successfully acquire financial resources from capital markets. The company is subject to competition from other, more established businesses, in addition to the unpredictable effects of the local economy. The firm has maintained its profitability over the years and has managed to progressively expand the amount of income it brings in each year.

• A variety of different strategies and improvements to the processes should be adopted in order to guarantee that the company will continue to be profitable and competitive in the future. Enhancing the level of service provided to customers and the level of happiness they experience should be accomplished through providing competitive pricing for high-quality goods. In addition, the company need to seek for ways to broaden the scope of its consumer base by concentrating on entering new markets and engaging in digital marketing. In conclusion, the business need to look into developing new strategies for cutting expenses in order to raise the amount of money it makes.

• The recommended steps and process improvements have to be put into effect over the course of a period of between four and six months. The Company need to devote its attention at this time on broadening the scope of its existing client base and increasing awareness of its goods and services. The Company must to additionally examine the financial resources it now possesses and take active measures to acquire more capital wherever it is feasible to do so. Additionally, the Company has to guarantee that client expectations and satisfaction are satisfied by continuously examining how it handles customer service.
• To improve overall levels of customer satisfaction, the firm may consider launching a website or developing a mobile application, both of which would make it simpler and more convenient for consumers to make purchases. The company can also think about forming partnerships with some of the other local companies in the area in order to cut down on their operational expenses. In addition, the corporation need to concentrate its efforts on enhancing the management of its workforce by publishing transparent instructions and delivering instructive programming. Both the operational efficiency and the level of service provided to customers will increase as a result of this change.
• In addition, the corporation has to make preparations for its further expansion by expanding into new markets and broadening the range of products it offers. This will assist the company in realizing its full earning potential and ensuring its long-term viability. In order to acquire the required resources to build the business, the organization should investigate several financing choices such as venture capital, debt, or equity. In addition, the firm has to ensure that its financial records are correct and kept up to date in order to guarantee that it is in compliance with the relevant rules.
• The company need to conduct performance evaluations on a regular basis in order to guarantee that it is reaching both its financial and its customer service objectives. This may be accomplished by analyzing the input from customers, looking at the facts on profitability, or carrying out market research.
• It is expected that the company will be able to continue to enjoy financial success and maintain its position of prominence in the market if it implements the strategies and makes the process improvements outlined above. In addition, the implementation of these procedures will assist the company in the future in achieving growth that is both sustainable and lucrative. Additionally, the organization must to constantly be open to testing out new concepts and should be willing to change its strategies and plans whenever the need arises. This will guarantee that the company is always in a position to capitalize on favorable market circumstances whenever they materialize.

In conclusion, the development of a solid management strategy is necessary in order to secure the success of a small firm. In this report, we looked at a retail company's small business growth project, performed an analysis of the most important difficulties, and evaluated the company's historical performance. We also offered some comments and made some improvements to the process so that it might be improved in the future. The small firm should be able to expand its client base, enhance customer happiness, decrease expenses, and also optimize earnings if it puts into action the tactics that are given in the report and puts those strategies into effect. Because of this, there is a better chance that the company will be able to weather the constantly shifting economic climate.