Introduction
Small business enterprises are businesses which maintain assets, number of hired employees and revenues under a specific threshold. In UK, a small sized company is an organisation which employs less than 50 workers and have annual turnover less than 6 million pounds. These businesses are strong in innovating new concepts and faces excessive competition for their survival. This assignment is based on SYFT ONLINE Ltd. which builds hassle free working platform for jobseekers and employees, headquartered in London, UK. At present, less than 30 employees are working under SYFT ONLINE and annual turnover of company is approx 2 million pounds (Bridge and O'Neill, 2012). This report involves profile of business from dragon den series and comparison of company with other similar sized business. Ways to strengthen company and eliminate weakness are mentioned. Also business objectives of company along with actions to implement changes is specified. At last, ways to improve performance of company are discussed along with other counter measures.
TASK 1
1.1 Profile of business from the Dragon Den series
Business profile is an overview of business and business plan which is formulated by an organisation so that customers can acknowledge the services provided by them in a quickly manner. It involves objectives, value and missions of a company. A well developed business profile will provide a great opportunity to SYFT ONLINE to differentiate itself from other rival companies.
Business profile of SYFT ONLINE
|
Factors |
Description |
|
Name of the business |
SYFT ONLINE |
|
Owner structure |
It is a private limited company which is run and managed by CEO Jack Beaman along with other three officers. COO of company is Novo Abakare and two directors of company are Johan Erik Brenner and James Angelini. |
|
History of company |
SYFT ONLINE was founded in 2015 by Jack Beaman. CEO of the company felt sector associated with temporary recruitment is inefficient and outdated. Beaman felt employers were paid high but had no say in decision taken by staff whereas employees earn low wages and less opportunities. Beaman partnered with Novo Abakare and provide temporary recruitments to jobseekers and employees. After some time Brenner and Angelini Joined hands with existing partners and start investing money as venture capitalist. |
|
Activities and operations |
Company has altered recruitment sector by implementing technological innovation. Along with this, company provides convenient and effective service to job seekers. SYFT ONLINE conduct their business operations mainly in industrial, event and hospitality sectors. Company aids other organisations to find suitable hard working and motivated employees which are capable to perform business activities in desired manner. |
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Business location |
Company has four different locations within UK. Jack Beaman controls company from 8 Sussex place, London, England, W2 2TP. Novo Abakare manages operations of company form 88 Kingsway, London, WC2B 6AA. Other correspondent addresses are 53, park street, 3rdfloor, London, WC2B 5PT and 3 Cadogan Gate, London, SW1X OAS where Brenner and Angelini manages business activities (Burns, 2016). |
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Strengths |
·Company has a wider reach and different channels to gain exposure from huge job seekers and organisations. ·SYFT ONLINE has a better reporting process. Company obtain insights and key data which helps in monitoring the process of recruitment campaigns. ·Uses technology advanced software to manage and measure recruitment activities in an appropriate manner, so customers are highly satisfies. |
|
Weaknesses |
·Company faces technology issues as application send by individuals operate slowly during submission process. ·Loss of information due to technological errors. ·Website is not properly maintained. Sometimes, candidates who visit profiles to gain information are unable to get exact detail which is required by them. |
1.2 Compare the performance of business with other business in same or similar industry
SYFT ONLINE Ltd is a new and small start- up which came into existence in 2015 by Jack Beaman. At present, Jack is operating company as CEO and perform business operations associated with technology along with director Novo Abakare. To measure and evaluate the position within marketplace, it is vital for companies to compare their performance with rival firms which are providing same kinds of service. In this respect SYFT ONLINE is comparing their performance with Wiser which is also online recruitment company founded in 2014.
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Wiser: It is a creative online recruitment agency which aims to provide a stay for young and skilled people by providing them expected job and salaries. Company believes in formulating a environment in which employer brand is transformed. Company provides a full service of on-boarding solutions, talent acquisitions and employer branding and temporary recruitments (Carter and et. al., 2015). This company has partnered with Worldpay, Sky Betting, Expedia, gaming and Just eat. This organisation aims to change relation between employers and people by creating an appropriate platform.
Comparison between SYFT ONLINE and Wiser
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Comparison |
SYFT ONLINE |
Wiser |
|
Business operations |
Company charges no upfront fees to book temporary. They charge national insurance contribution and 15% of staff pay. This means customer is able to save 55% on agency fees if compared with other traditional agencies. On boarding team of SYFT verify legal, experience and skills of jobseekers and in accordance with their preference job shifts are offered to them. |
Business offers a genuine commission structure to the recruiters. Under services provided by company, workers needs to give 2.5 times of quarterly salary which hits a threshold of 20%. Approx 95% of the staff recruited through Wiser is satisfied by the salary and facilities they are receiving. At present 50 employees are working under the firm. |
|
Marketing |
Company is targeting students and graduates who are interested in working part time or temporary wants to place somewhere. To reach them, company is analysing market appropriately and formulating strategies like promotion through website, internet and social media. |
To promote and advertise employer brand,Wiser is using tactics like data reporting, social media, on-campus attraction and media buying. Company is joining hands with employer and finds them the suitable candidate by analysing the profiles of individuals which are interested in that particular job. |
|
Revenues |
SYFT ONLINE is a new start up which provides recruitments to job seekers and employees to needed organisation. Due to less presence in market, company is not earning high revenues at manage to earn less than 2 million pounds annually. |
Company has managed to sustain a visible presence within market. At present, this recruitment company is working for big corporations like Just Eat and Expedia. But company is still operating at small scale and manages to earn revenue around 3 Million pounds per year. |
|
Human resource |
As company is performing at small scale, resources used by company are less in number. In case of human resources, at present company is employing less than 30 employees. But within some time, company is planning to expand their workforce around 50 employees. |
At present company is employing around 50 staff members. Each employee has a specific interest and carry out work in accordance with that only. All the human resources of company are highly satisfied with the salaries and work which they performed. Appraisals are given to hard working employees. |
|
Technology |
Companies understand the fact that, the main focus of big and medium sized organisation is on talent not on the candidates. To prioritize talented individuals, company is using Talent relationship management software. By this, internal candidates are founded which are considered as highest quality hires by 40% of big companies and MNC's. Along with this, company is using Artificial intelligence to perform its operations. In this, recruiter helps in automating the search process for candidate. |
Wiser have brought a proactive sourcing and uses Candidate relationship management software to build a robust relation with candidates. In this, individuals are given preference on the basis of skills and academic degrees they have earned. Also, company is using applicant tracking system. This records documents of employees along with their recruitment history (Duberley and Carrigan, 2013). |
TASK 2
2.1 Recommend with justification, appropriate actions to overcome the weaknesses
SYFT ONLINE Ltd is a small business enterprise which came into force in 2015. company is performing business activities and operations related with online recruitment of job seekers and employees. As company is new in market and struggling hard to maintain a visible presence in their industry, it is vital for SYFT ONLINE to eliminate their weaknesses and demerits. This will allow the company to represent themselves in a better way within market. Here are mentioned some recommendations which company can adopt to overcome their weaknesses.
- Major issue which is faced by company is loss of information and data due to technological errors. It is recommended to the business owner of SYFT ONLINE that company needs to replace their existing software & applications with modern and advanced software such as Applicant tracking system which records all the important document and information related with candidate. Also, history of previous jobs is also recorded in this software. This will resolve problems like sudden loss of data or loss of previous recorded data.
- Sometimes submission process of applications became slow due to which delay in work takes place. To overcome this barrier, it is recommended to the company to update their software and applications on a regular basis. Due to this, new features will add automatically and problems like hanging of information and data at the time of processing will reduce (Drucker, 2012).
- Website operator of SYFT ONLINE is recommended to update website on a daily basis to incorporate new information and news related with jobs, recruiters, employees and candidates. This will help the company in increasing their revenues and profits.
2.2 Analyse different ways by which the existing performance could be maintained and strengthened
There are several ways by which SYFT ONLINE can strength and maintain their business presence with marketplace. These are mentioned below:
- The Best way by which company can improve their performance and strength their business performance is through increased employees engagement. Employees working in SYFT ONLINE needs to understand and build a strong relation with each other. By this they can improve their working potential.
- Company can maintain their working performance by leveraging high impact leadership practices. By this, targets and progress of company will take place as departmental & organisational performance will improve.
- By providing training and guidance to employees regarding the business activities and operations, SYFT ONLINE can improve their work performance and revenues in an effective manner.
2.3 Recommend new areas in which the business could expand
At present company is offering their services in outsourcing and staffing sector. Company is considered as fastest growing SME in UK but as company is new, there are large number of people which are not familiar with the services offered by the company. Some organisations from other industries wants to hire employees but company is not offering their services in those sectors. To expand their presence widely in UK, it is recommended that company can expand their presence in other sectors and industries such as education, banking and finance, securities.
- In education sector, there is always need of talented and skilled teachers who can efficiently teach students about the topics and subjects covering entire syllabus. In this, company can collect information of all those candidates which are interested in teaching and desired candidate can be interviewed by employer. This will increase the work opportunity for SYFT technology (Goss, 2015).
- Candidates which have applied for accountant and other finance positions in an organisation are capable to conduct business operations associated with banking and finance. It is recommended to company that they can join hands with financial institutions and private banks. In case, vacancies are there desired candidate choose by SYFT ONLINE can join them as an employee on temporary placement. This will increase their recruits employees and company will be able to expand its presence within market.
TASK 3
3.1 Assessment on existing business objectives and plans
SYFT ONLINE Ltd is a recruitment and staffing agency which assists other organisation in providing efficient and hard-working human resources along with satisfying the needs of job seekers. Objective of the company is to provide suitable candidates to organisations which is facing deficiency of human resources. Company aims to provide opportunities to individuals and job seekers which are not capable of finding a decent job. Objectives and plans of company is mentioned beneath:
- Objective of Company is to find suitable candidates for other organisations by identifying their shortfalls, skill gaps and development needs.
- SYFT ONLINE aims to sustain an impactful presence within market by aligning best people with desired jobs.
- As company is a new start-up and their market presence is not wide. Company plans to expand revenue by 20% in upcoming 10 months by implementing technology advanced software with already existing applications (Obeng and Blundel, 2015).
- SFYT ONLINE Ltd plans to deposit curriculum vitae, resume and other documents of large number of candidates through websites, mobile application and other sources. Also, company is planning to collaborate with different organisations within UK. This will benefit the collaborated organisation in finding desired candidates as SYFT ONLINE already posses detailed profile information of interested candidates. This will helps in hiring right person for right job (Horakova and Skalska, 2013).
- Company is planning to target young graduates and other individuals which are interested in temporary placements.
These plans and objectives will benefit SYFT ONLINE in achieving their targets and growth rates. These plans acts as a guidance tool which helps them in adopting appropriate and quick decisions. Objectives motivates the company to achieve their goals and targets in an organised way.
3.2 Review business plans and suggest areas where changes can be made
Reviewing business plans and objectives on a regular basis is the best way to increase revenue and profit margins of a company. At the time of plan review all the important and necessary changes are carried out by managers in an organisation. These changes helps a company in achieving desired outcomes and objectives in specified time. Due to this profitability and reputation of company also enhances. Business plans of SYFT online are reviewed below along with the suggestions which will helps them in sustaining a firm presence in market:
- SYFT ONLINE is planning to expand revenue by 20% within 10 months. As technology is becoming advanced and expectations of individuals are increasing. There is a big scope for recruitment companies to increase their sales and revenues by satisfying the needs and demands of other organisations and Jobseekers. To satisfy their needs in an appropriate manner, company needs to use advanced software and processes by which collecting information & other details in minimum time can be achieved. It is suggested to SYFT ONLINE Ltd to incorporate updated software within their information processing Applications by which carrying out complex and long tasks will become easy (Lambert and Davidson, 2013). This will benefit the firm in achieving their desired growth in revenue within next few months which is 20% increment. To further enhance their revenue growth, Company can advertise and promote their services through different means such as internet, social and digital media, newspaper etc. This will helps SYFT ONLINE to expand their revenue by 25% within previously specified time.
- Company is planning to join hands with other online sites and applications. So that large number of people can acknowledged their services and contact them to find desirable jobs. Also, company is trying to collaborate with other companies which needs human resources. It is suggested to SYFT online to collaborate and perform their business activities for big corporations where thousands of employees work. In these kind of organisations, some vacancies is always present. This will helps SYFT online to achieve their business objectives by providing right people for right job.
- Company is planning to target young graduates and other individuals which wants to pursue temporary placements to cater their needs and demands unless they found their desired and permanent job. It is suggested to SYFT ONLINE to promote about their services through newspapers, magazines and social media. By this, large number of young and enthusiastic people will get to know about their services and get registered under SYFT online (Marlow and McAdam, 2013).
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c) Prepare an action plan to implement the changes
Action plan is considered as an document which involves various steps that are helpful in achieving organisational goals and objectives. In relation to SYFT online, it can be said that formulation of an appropriate action plan will help this company in executing required changes in effective manner. Every action plan includes various steps which guides team members step wise to execute changes in the organisation in order to attain long term benefits. Steps of action plan for implementing changes are described as below:
At the first stage, it is essential for organisation to identify the changes which are required to be implemented in business organisation. As per evaluation, it has been analysed that this SYFT online is required to adopt updated software in their information processing application. Another changes which have been identified for this company includes collaboration with the online sites in order to reach more candidates which can be further finalise according to their skills and requirement. This will be helpful in gathering information of candidates in minimum time period.
The next step of action plan emphasises on formulating an effective budget for the changes in order to analyse how much costing will be required by the SYFT online to execute specified changes.
Next step of action plan is to execute the plan according to the planning within the desired budget. It is important for the organisation to implement each and every step in effectively for improving existing working practices of company.
The last step of this action plan is to monitor and control activities which have been followed in every step. It can be said that these activities are required to be monitored according to the situations so that there can be modifications made in the plans.
Conclusion
From the above mentioned report, it has been analysed that SMEs plays a vital role in building economy in UK. To gain support from venture capitalist and other financial institutions it is important for firm to prepare an effective business profile. A company needs to overcome their weaknesses and strengthen their business preforming capabilities. Also to expand their presence a small business needs to expand their service in new areas also. Impact of these changes can be positive or negative, it depends upon the capability of employees how they respond and manage changing situations.
References
- Bridge, S. and O'Neill, K., 2012. Understanding enterprise: Entrepreneurship and small business. Macmillan International Higher Education.
- Burns, P., 2016. Entrepreneurship and small business. Palgrave Macmillan Limited.
- Carter, S. and et. al.,2015. Barriers to ethnic minority and women’s enterprise: Existing evidence, policy tensions and unsettled questions. International Small Business Journal. 33(1). pp.49-69.
- Drucker, P., 2012. The practice of management. Routledge.
- Duberley, J. and Carrigan, M., 2013. The career identities of ‘mumpreneurs’: Women’s experiences of combining enterprise and motherhood. International Small Business Journal. 31(6). pp.629-651.
- Goss, D., 2015. Small Business and Society (Routledge Revivals). Routledge.
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