The scenario of this report is inculcating various opportunities of the business in order to inhale success and run for long-term.
- Discussion regarding the planning and allocation of resources by Austin Fraser.
- Explanation regarding customer relationship management and understand faced challenges by Austin Fraser.
- Development of cash flow forecast and break-even analysis for Austin Fraser.
- Examination of implications of legislation drawn on Austin Fraser.
Small business plays essential role in enhancing economy of country as they provide different forms of items and services to people to fulfil their needs and wants. Along this, organisation even increases employment opportunities and give individuals means to earn adequate income for running a standard living. Entrepreneur formulate appropriate strategies and tactics to direct members and execute business operations effectively; thereby accomplish goals and objectives within specified time. Present report is based on Austin Fraser which is popular small firm established in UK (Crane and Matten, 2016). Company provide recruitment and consultancy services to clients with help of information technology, engineering, human resource and various other aspects. This assignment specifies information about various considerations such as formulate policies in respect to government legislations, constructing good relations with customers, building plan to utilise resources, frame budget and interpret financial statements. Along this, management conduct recruitment process and training programmes to enhance capabilities of staff to retain skilled and competent people for longer period. This help company to establish strong position in market and accomplish goals and objectives.
P1 Main considerations a small business or social enterprise needs
Small business and social firms require to use capital in adequately as they have little money which needs to be properly designated by administration. It is necessary that organisation provide appropriate things and consists technologies in system. This helps seniors to utilise material efficiently; thereby deliver items and services in respect to needs and wants of public. Along this, numerous employment opportunities are provided by corporations to give adequate chances to earn money for their living (Steingold, 2017).
Austin Fraser which is small scale consultancy and recruitment enterprise operating business in areas of information technology, engineering, accountancy and animation. Management require to utilise funds, resources and manpower efficiently so that appropriate things are delivered by firm to clients. They even require to take care that system includes adequate tools and techniques which help seniors to provide quality and quick services to customers. These are various components that executive require to consider while designing system and make appropriate plan which specifies information about future activities conducted by manager to achieve end outcomes are defined below:
Goals, objectives and vision: Administration frame statement which includes mission, vision, goal and objectives. These are various elements which are used by seniors to direct members and organise activities according to end results required to be achieved by them. In Austin Fraser, management provide duties and targets to employees to make them function effectively and complete work within specified deadlines. This helps company to make system function and use appropriate technologies to provide quality services to clients (Burns, 2016).
Financial resources: It is necessary that management have adequate funds to purchase adequate material and workforce to conduct business activities effectively. Small and social firms have less capital which require that seniors utilises assets and organise things in according to needs and wants of clients. Austin Fraser have small amount of funds, so top personnels require to use resources and execute activities to provide quality things and services to people. It is a recruitment and consultancy firm which require to have adequate technologies implemented in system. Company provide appropriate services only if appropriate tools and techniques are used by members. Balance sheet, profit and loss, budget and various other financial statements are constituted by management to have accurate and complete information about expenses and incomes generated by firm; thereby take appropriate decisions and select things accordingly (Trevino and Nelson, 2016).
Staff members and skills: Small and social firms require to have adequate manpower so that business operations are executed in appropriate manner. It is essential that employees are skilled and have ability to carry out activities in adequate manner. Members knowledge and capabilities determine quality of items and services that are delivered by Austin Fraser to clients. Company will be able to retain customers longer period by providing them adequate recruitment and consultancy services. Along this, management conduct performance appraisal to acknowledge deviations of actual activities from benchmarks set by seniors. Training and development programs are formulated by superiors to enhance capabilities of members and make them competent to perform activities in proficient manner.
P2 Various processes of customer relationship management
Each and every organisation require to have adequate resources so that appropriate items and services are delivered in marketplace. Management responsibility is to design system and implement adequate tools and techniques which help firm to provide things in respect to needs and wants of people.
Customer relationship management concept determine that management require to construct good connection with people to retain them for longer period. It is necessary that adequate items and services are provided by firm to consumers in according to their needs and wants. Austin Fraser provide recruitment and consultancy services to clients; so it is necessary that adequate tools and techniques are used by management to give quality and quick services to people. Along this, various tactics such as e-mail, telephone and message are various tools used by firm to retain customers for longer period by constructing connection with them and informing them about items and services (Spence, 2016).
Customer relationship management process: These are various steps that are executed by members to construct connection with clients are stated below (Five Step Process for CRM, 2018):
Assessment of customer value: This is starting phase which determine that management conduct market research and survey which help them to have complete information about demands of people. Austin Fraser which is small consultancy firm have accurate data in respect to requirements of public. Along this, seniors take feedback from clients which benefit them to anticipate market trends; thereby frame strategies and tactics in according to needs and wants of consumers. This helps company to satisfy people and construct loyal customers by providing things in respect to their demands (Villamizar and et. al., 2016).
Execution of effective communication channels: It is necessary that appropriate techniques are used by management of Austin Fraser to provide information to consumers about items and services. Telephone, e-mail, message