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Unit 5 Management and Running SME Higher National Diploma in Hospitality Management

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Management of Small and Medium Business Group

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INTRODUCTION

There are range of policies and plans that are utilised to manage the variety of functions and operation of any enterprises (Alrawi, Alrawi and Alrawi, 2015). SME is the types of small and medium business group of company which always implement new and advance technology in order to explore its business in part of world. As per international report it has been assumed that there are various number of small and medium organisation are performing their business activities in UK. They have very tight competition between them. Rowlinson Knitwear is the small and medium company which deals to produce different variety of clothes for students and corporate officials working in various organization. This report explains about the various methods and process which are used to perform various kind of operations of enterprise in an effective way. It also describes about the statement related to cash flow, Break even Analysis and financial distribution of funds with in organisation.

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TASK 1

P1

The management of organisation needs to concentrate on to improve the worth of diverse clothes that is given to the school going children and corporate officials. Rowlinson Knitwear is the organisation which sells various design of clothes to the various students who are going to schools and corporate officials who are performing their work at different corporate office so it needs to provide those dresses at reasonable price which helps the company to maximising its level of profit of company in appropriate way. It leads to attract great amount of customer in the marketplace (Chaudron, 2016).

People and skills: In order to develop the abilities and knowledge of work force working in the enterprise human resource department plays a significant role. This department is the backbone of any company. It determines the different types of necessity and requirement which are ascertain by employee to produce good quality of cloths for their loyal customer. The HR manager of Rowlinson Knitwear have capability to regulate their as per their capabilities in order to complete different types of task assigned by company in stipulated time period. Manager has to carry out learning programs for employee to enhance abilities and information of work force performing their duty in a particular commercial enterprise.

Vision, goals and objectives: The management needs to determine the condition of market before starting its business (Del Giudice and Straub, 2011). The vision of company needs to explains to the staff members how operations are to be perform in the organisation in order to maximise its profit level. This leads to maintenance of efficiency to perform different types of activities of organisation in proper manner. If the organisation attain growth it leads to boost the morale of employee working in organisation in proper manner. It further assists to achieve set targets of an enterprise in most appropriate manner. By defining the vision to their employee it aids to perform different function and operation of company can accomplish in stipulated time period. The manager of organisation needs to monitor the performance of employee and also accomplish different types of needs and want which is necessary to perform various variety of operation in appropriate way. There are various roles and duty needs to define by employee in order to perform various activities in a systematic manner.

Financial resource: This is considered as the most important part of company. Every activities of company are based on this part because it allocates different resource in order to collect funds which aid to perform different type of function in a desirable way. The management of an enterprise need to analyses about the financial position of organisation in order to perform different types of function in effective manner. This contain like cash flow statement, Balance sheet, P&L account a many other assets. The manager has to take required level of efforts in order to carry out various task of organisation in proper manner. Lastly it assists in influencing the choice of customers to a great extent (Doenig and et. al., 2013).

M1

In order to allocate various resource and implement effective plan in order to carry out divers tasks and projects of the enterprise. The management needs to consider two types of project management techniques which are describe below:

Gantt chart: This is the tool which is used to determine the number of products which are required to accomplish the needs and wants of different users to the maximum capacity (Elad and Keren, 2013). This leads to accomplish aims and objective of establishment in a suitable way. This tools aid to produce various good amount of products in order to satisfy needs ad want of customer in effective way. The employee of establishment needs to provide different kind of products as per the timeline provided by the customer in proper manner. This assist in influencing a great amount of customer in proper manner. A range of strategies and policies which are implemented by the organisation in order to perform various task in proper manner.

Critical path analysis: This technique is considered as the most essential techniques which aid the organisation in order to assign diverse varieties of resource to do diverse kinds of operation of organisation. By this tool organisation can the determine the future perspective of business in proper manner. This is reason to occurrence of deviation in business in a systematic manner.

M2

In order to achieves goals and objectives of organisation and inculcate with different issues challenges the management has to prepare distinct variety of techniques and plan in order to carry out distinct roles organization in systematic manner. The management also put their effort in order to rise services and information of worker which prepare them to face the challenges in future (Hickman and Silva, 2018).

D1

A range of strategies by which the manager of establishment allocates different resource to carry out distinct functions of organisation in effective manner. This leads to attainment of desired aims in best possible manner. These resources also aid to determine the trends which is ascertain by different competitor present in the marketplace. The management also put their effort to make a position among the various competitors available in the industry (Moran, Harris and Moran, 2011).

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TASK 2

P2

CRM: Customer are the most important assets of organisation because they are the individual on which the success and profit of any organisation depends (Newbert, 2015). So organisation needs to determine the different type of demand ad desire of customer and fulfil them in stipulated time period in an appropriate way. For same enterprises needs to communicate the mission and vision to employee working in the organisation. This aids to perform different types operation and function of organisation ca be performing in stipulate time period. This aids to accomplish demand and desire of customer in proper manner. There leads to produce different types of products for the customer. These products are produce according the demand and desire made by the customer in stipulated time period. Company needs to determine needs want of different customer and fulfil their demand within stipulate time period. This aid to maintain healthy relationship with customer for longer period of time.

Assessment of customer value: The management of organisation needs to know the needs and want of customer in order to make sustainable position in the marketplace. The company also needs to implement effective pricing strategies by which it can give product t their customer at reasonable price. This leads to attract good amount of users in the surroundings. The marketing official has to conduct variety of market research in order to know the demand and desire of customer in effective manner. It also needs to take different type of corrective measures in order to perform different types of task in proper manner.

Developing effective channels for customer communications: It is very essential for organisation to know the perception of different customer and also needs to determine the buying behaviour of different customer in order to increase the sales of different products to them. Management needs to take feedbacks from the different customer in order to know the demand and desire of various customer in effective manner. There are different types of channels to establish communication with different types of customer in order to gather different types of information from the customer. These communication channels are like IVR, mobile, Web self-service and many other services which aids to accomplish demand and desire of customer in effective manner. This aid to target and segment the different types of customer in proper manner (Region-Sebest, 2013).

E-mail and digital marketing keeps strong relationship: In order to establish strong relationship with the customer management needs to determine the different demand and desire of customer in proper manner. The major purpose of making communication with different customer in order to know demand and desire. And it also aids to create interest to buy different types of products in proper manner. Sending different types of email which includes the information about price of different types of products in proper manner. This aids to attract large number of customer in proper manner.

P3

Transactional business operations: Transactional business operates at international level. They have headquarter in home country and have branches in different parts of country. They are the business organisations who analyse market and then decision for business expansion take place, this helps managers to target new consumers. Managers of Rowlinson Knitwear make alterations in their product and services. Rowlinson Knitwear can establish business in different parts of country in order to expand and provide latest trend clothes. There are some issues in different nations which affects business growth and resistance. Rowlinson Knitwear enters in transactional business in order to expand business and make good brand in clothing sector. There are difference way to enter in transactional business, some of them are discussed as under-

Mergers and acquisition- In this options Rowlinson Knitwear select some foreign organisation and merger with it. It can also possible that domestic association can purchase foreign organisation. It helps in manufacturing and marketing of products.

Joint venture- In joint venture two or more organisation combine hands in order to operates commercially. They have distinct legal identity and collaboration of resources is also done.

Exporting- In exporting goods are exported to other country. In this Rowlinson Knitwear can operate business from home country but sales can be done in foreign country.

Benefits of transnational business development:

Broader market base: When Rowlinson Knitwear operates in different parts of country, so there is wider customer range. It is responsibility of managers to analyse demand and then clothes has to be marketed. This ultimately helps in increment of sales and profits of association.

Brand recognition: When company operates in different parts, then consumer are aware of brand. Manager must maintain quality of products, so consumers gets satisfied. Managers must market brand through different media such as hoardings, social applications, etc.

Drawbacks of transnational business development:

Risk of failure: This is major drawback as there are possibilities of failure of brand in new market. In clothing sector, there is much competition, so consumers may not rely on new brand. This makes business failure.

Expensive: Transaction business operations is expensive approach because there is requirement of approval of government, charges of entry in new country, registration, etc. So this is costly for Rowlinson Knitwear.

M3

there are four elements which are related to customer relationship management process which are describe below:

Understanding the market and customer: This is the stage which is necessary for company in order to know the demand and desire of different customer.

Develop the offer: This is the second stage of organisation which offers to different types of new and advance products in order to attain large number of customer in proper manner.

Acquire audience: This is the duty of the manager in organisation in order to search of new customer to increase the level of profit of company.

Retain the customer: this is the last stage company in order to gain loyalty point and implement various reward system for retaining large number of customer for longer timer period.

M4

Management implement different types of types of operation and functions in limited time period. It is divided into four equal sections.

Knowledge opportunity: it is important section of this section which is consider the different chance to achieve goals and objectives of organisation in proper manner.

Relationship commitment decision: it is most important part for company in order to products and service in order to products and services which aid to explore various functions and operation of company in proper manner.

Network Position: this is related to make proper positioning of different products by means of different medium of advertisement and promotion.

Learning curve: Company ascertain various programme to introduce different types of products in proper manner.

D2

Company needs to ascertain 4C's of CRM process which are mentioned below:

Correlate: it is concerned with the chain of interaction and transaction to build effective relationship.

Combine: it is concerned with the build interaction between consumer and user (Sterling and Pang, 2013).

Cognize: It aids to gather different types of data and information about different business products.

Connect: it aids to connect with the different channels, customers, suppliers and many others.

TASK 3

P4

There are various types of option which are available to organisation by which company can allocate different funds in order to make strong position in the marketplace. These source which are consists of Equity finance, bank loans, leasing and hire purchasing and many other. These are mentioned below:

Equity finance. An organisation implements different types of strategies in order to allocate funds to perform different operation of business in proper manner. This aids to ascertain effective decision in order to expand and grow of business in proper manner.

Bank loan: it is other source by which organisation can raise the funds for long term as well as short term. Before taking loan manager needs to determine rate of interest charged by bank.

Leasing and hiring purchase: This source is concerned with the raising of funds by giving some assets to others and arrange funds on monthly basis.

Balance Sheet, P&L and cash flow statement of the Rowlinson Knitwear:

Year

2017 (value in £)

2018 (value in £)

Fixed assets

130

210

Stock

20

35

Debtors

70

55

Bank

20

30

Total

240

330

Creditors

120

180

Bank overdraft

90

70

Total

210

300

Working capital

30

80

Profit and Loss Account at the year ended

 

2017

2018

 

Sales

20

30

 

Cost of sales

10

15

 

Gross profit

30

45

 

Overheads

6

7

 

Net. profit

24

38

 

Cash Flow budget

                     

Particulars

Jan

Feb

Mar

Apr

May

June

July

August

September

October

November

December

Cash inflows

                       

Investment

8000

                     

Credit sales

2000

3000

3000

4500

1500

3500

4200

1000

2000

800

1200

1500

Total inflows

10000

3000

3000

4500

1500

3500

4200

1000

2000

800

1200

1500

Cash outflows

                       

Fixed : Equipment’s

2000

2500

1500

2000

1200

1500

800

200

300

100

600

300

Variable : Direct material

300

300

200

300

150

500

300

400

500

100

100

400

Total outflows

2300

2800

1700

2300

1350

2000

1100

600

800

200

700

700

                         

Net cash flow

7700

200

1300

2200

150

1500

3100

400

1200

600

500

800

                         

Opening balance

0

7700

7900

9200

11400

11500

13000

16100

16500

17700

18300

18800

closing balance

7700

7900

9200

11400

11550

13000

16100

16500

17700

18300

18800

19600

                               

P5

This tools is used to determine about the total sales which needs on the monthly basis and yearly basis in order to fulfil demand and desire of different customer present in the marketplace (Strieder, Bnc Ventures, 2012). It is determined as the most appropriate tools which are used by various company which aid to know the number of product needed to fulfil the necessity of different customer. It is also ascertaining various enterprises in order to know the level of profitability. It also helps to prepare different kind of strategies and policies which are used are used to minimise the cost involve in production which aids to maximise the level of profit of company.

Organisation different types of situations and condition like production of different products as per demand and desire of customer forecasting of sales and there are many other condition and situation which is faced by company. There are different types of issues and problems which are arises during finding the different types of condition of organisation. it is important to perform break even analysis in order to find different types of cost. Taking example: Fixed cost is 15000 and variable cost is 5 rupees per unit selling price selling price is 7 per unit BEP for this is:

P6

Financial statement: it is most important part of enterprises which aid to analyses the whole information’s which are concerned with the cash flow, balance sheet, and profit and loss account there are also many information by which information about the distribution of funds which aid to analyses various values of finance account. There are different factors of account are given below:

Balance sheet: this statement is the starting phase of company which determine the various kind of assets and liabilities which are describe in the account. This is the most essential factor of account of company. Balance sheet give information about the different types of operations which are involve in order to find the different types of cost in proper manner. It also gives information about the different assets which are ascertain to enhance the performance of enterprises.

P&L account: It is a factor which is concerned on to find the financial situation of company. It aids to find the profit and loss of the organisation on different basis like yearly basis and monthly basis. It helps to enhance the performance level of company in proper manner.

Cash flow statement: it is very essential for company determine different various capital which are involve to perform variety of function of company in appropriate way. In order to perform variety of task and projects in most productive way. It aids to control the different type of cost that is involve in manufacturing different types of products. Cash flow also aid to reduce the unwanted expenses of business in proper manner. It also aids to find the actual condition of company which aids to distribution of financial assets.

M5: Analytical and Quantitative tools for offering effective retard break-even and cash flow

Here are different kind of Numerical methods that are implemented by management to find the appropriate values of credit flowing and break even analyses in proper way. This method aid to accomplish various operation of an enterprise in prominent way. It helps to eliminate various type of obstruction that reduce the performance of distinctive functions in suitable mode. As per this element, supports to analyses the performance of organization in efficient style. Additionally, helps to accomplish various function of an association in better way.

D3: Critical evaluation of key financial statement

Financial statement is concerned about to calculate different distribution of funds and cash flow and profit and loss account. These are to factors that helps in accomplishing several ways of functions enterprise in better ways. The financial statement is concerned with the determining position on the yearly basis and quarterly basis. It also aids to evaluate various cost involve which are in performing different function of organisation in effective manner.

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TASK 4

P7 Key regularize and government that have express on societal endeavour

In order to increase the productivity of company the manager of Rowlinson Knitwear determine the various factors which aids to enhance performance of different operations which are involve to control various ways of operation in perfect way. There are numerous rules and regulations that deals impact on the different functions of organisation in proper manner. Few norms and regulations are mentioned further:

Tax and Employment (1976): As per this enactment it is important for follow the tax policies which is purpose by government of UK ( (Beaumont, WHITAKER and PEDERSEN, 2013). There are various types of norms which influence on the performance of several operation of an association in prominent way. If tax is not given by company in stipulated time period, then government ban on organisation and impose heavy economic penalty.

Data Protection act (1998): This rules is related to working hour of organisation in proper manner. This rule gives information about to enhance the performance of employee who are performing work under the senior employee. So it is very important for the organisation to evaluate different condition and situation about the environment of organisation and it also aids to resolve the different barriers and obstacles that are raised while accomplishing different ways of operations of business entity in suitable ways.

Health and safety act: This act state that employer remain responsible to create and offer healthy working condition to employees. It is very necessary that proper training should be offer to them so they use risky equipment to perform their job roles as this decrease the chances of accidents at workplace and at the same time help in maintain positive environment at workplace.

Record keeping (2006): this legislation is concerned on to fund various type of collection and information in order to develop company in efficient way. It aids to determine the eve of net income of an enterprise in suitable method. This process act as indispensable role in order to determine the performance of company in effective manner.

Labour's compensation:- Labour compensation is one of the biggest law which talks about payment of compensation to employees. According to this laws managers must give fair remunerations, there must not difference in payment on the basis of caste, colour, creed., etc. Same compensation must be paid at similar designation to men, women.

Employment law:- This act frames policies for maintaining fair relations among employer and employees. As per this act there must be good environment at work place which helps to keep employees satisfied. Managers of Rowlinson Knitwear must abide by all laws related to employee, their safety, compensation, etc.

M6 Showing of important law-making

As per the different act it’s very important for company to analyses the different types of rules and legislation which are explains in this act needs to follow by company in proper manner. It also aid to monitor various issues and problems which are concerned with fitness of worker working in the organisation give protection about the personal information and various issues which are related to taxation and job opportunity.

D4 Key regulations affected on small business

Health of employee plays a vital role to accomplish various types of activities of company in better way. So company needs to consider health of employee Woking in the organisation. This leads to hold out impressive in accomplishing contrastive types of activeness of organisation in a systematic manner. If absentees increase, then it leads to reduce performance of institution. It also affects the productivity of different types of produce by the organisation. So it is important for the take initiative steps in order to maintain the health of employee working in organisation.

CONCLUSION

From the above mentioned document it has been analysed that governance and operation plays an important role in order to perform in Small business enterprise. These organisations need to maintain healthy relationship with customer in order to ascertain end and targets of an association.

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