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Managing and Running A Small Business - Rowlinson Knitwear

University: Regent College London

  • Unit No: 2
  • Level: Diploma
  • Pages: 14
  • Words: 3500
  • Paper Type: Assignment
  • Course Code:

    K/601/0941

  • Country: UK
  • Downloads: 0
Question :

This unit helps in understanding of how of how different components of small business helps in achieving business success. Skill and capability are also important aspect for executing work in healthy environment.

  • Discussion of how small business plan and allocate business resources in order to achieve the set business objective by Rowlinson Knitwear.
  • Explain customer relationship process for small business in compose of challenges and benefits of transnational operations.
  • Evaluate cash flow forecasting, break down analysis and interpretation of key financial statements at  Rowlinson Knitwear.
Answer :
Organization Selected : Rowlinson Knitwear

INTRODUCTION

Small businesses play an important role in developing the economic growth of particular country. They contribute more to develop the nation through new start ups and achieve sustainable growth in an effective manner. Entrepreneurs always come up with unique ideas, innovation and creativity for producing goods and services so that predetermined goals or objectives can be accomplished (Wynarczyk, 2013). They also bring various resources such as land, capital, manpower and many more for starting and running a small business. Their main aim is to maximise profits and wealth by operating firm. There are require some specific skills, knowledge and abilities for formulating better strategies as well as making favourable decision for the purpose of attaining set targets and generate revenues. This report is based on Rowlinson Knitwear which deals in clothing or apparel in UK. It will discuss the social enterprise needs to plan and allocate resources and define customers relationship management process. It will also analyse cash-flows, break-even, budget and interpret the key financial statements for small-scale businesses. This report discuss implication regarding regulation, legislation for social enterprises.

TASK 1

P1 Main considerations need to address by small organisation while allocating resources

In the present scenario, many of organisations are establishing by individuals for the purpose of earning profits and increasing revenues. Every firms have specific objectives and goals that businessmen wants to achieve in proper manner. They focus on managing or maintaining entire business operations as well as functions by formulating appropriate strategies and action plan. These small firms contribute more in developing country and economy growth. They have basic quality to manage business as how to handle operations and utilise available resources in more efficient way (Piperopoulos, 2012). Rowlinson Knitwear is one of the best small firm that provide various type of cloths such as school wear and corporate wear as well. They focus on targeted customers and provide effective apparel as per their requirements so that they can attracts or satisfy customers desired needs or wants. Company is trying to capturing target market in the UK by providing better quality of products or services to the customers. There is necessary to make effective strategies for operating business operations or functions and achieve competitive advantages in an efficient manner. In this, they undertake the proper optimisation of available physical aspects which requires for maintaining the business activities to gain best possible outcomes. Here are defined some factors that must be considered while making plan and allocating resources among various activities such as:

Future goals or objectives: This is a major factor which must be required for formulating business plan and take corrective actions to attain set targets. For successful organisation, it is necessary to identify and clear particular goals or objectives and set the path towards it. Manager and leaders play vital role in achieving best positive results by setting path and also give directions or guidelines for attaining those in well manner (McAdam, 2013). Rowlinson Knitwear is selling best quality of apparel such as school wears and corporates wear to the customers for satisfying their needs or wants as well as meet desired expectation. Their main objective is to identify customer demands and target audiences so that better decisions can be made for satisfying their desired needs with limited time period. It is an essential for building good relations among people and create strong position in the marketplace.

Management of Financial resources: It is very necessary for every organisation that to manage the funds or capital in well manner for accomplishing task or objectives. Finance is the backbone of business so without funding, its operations cannot be run. Manager always ensure about appropriate capital for managing work and operates activities in more effective manner. It is more important component for every organisation, therefore they focus on arranging and maintaining funds to accomplish set goals or objectives.

Human resource management: This is also an important function which is requires for performing task or work in more efficient way. Organisation focus on managing workforce and development of people so that they can work hard for achieving predetermined gaols or objectives with appropriate manner. HR manager play crucial role in recruiting suitable candidates by ensuring their quality, skills and knowledge for performing tasks within limited time period as well. Rowlinson Knitwear also consider the workforce planning and manage employees performance for increasing profitability and productivity in the company (Williams, 2012). They also organise training and development program for enhancing skills or quality for better performance improvement.

M1 Allocate resources in an organization

There must be required to consider the various tools or techniques and also defines available resources to operate business in well manner. It is necessary to make strategies for utilising resources by allocating them among different business activities or functions so that particular goals or objectives can be achieved in an effective manner. Employees play vital role in contributing more to the organisation success because they put efforts, time and work hard for achieving predefined objectives and outcomes (Weske, 2012). Rowlinson Knitwear consider best tool or method for increasing productivity such as:

Gantt Chart: It is a best method that represent entire business activities in the graphical form. In this included project schedule, manpower and tasks for understanding these in an effective manner so that goals can be accomplished.

M2 Importance of planning and allocating resources

Rowlinson Knitwear is a small-scales business that deals in cloths or apparel in the market and provide corporates wear as well as school wear to the customers for fulfilling their requirements. They requires to formulate better strategies and make favourable decisions for resource allocation so that entire activities can be performed to get succeed. Through proper planning, manager can able to manage the cost factors and maintenance of quality or quantity of goods so that entire activities and operations can be run in an appropriate manner.

D1 Critically analyse the application of appropriate resources to demonstrate

Every organisation are needed to use better utilisation of available resources by considering strategies and decisions regarding allocation of them among various activities in well manner. It will support to Rowlinson Knitwear for increasing productivity and get maximum outcomes with minimum inputs or resources. It is also an essential to build the relationship among customers by providing quality goods and services to them so that maximum sales can be increased in well manner (Smit, 2012). Their main objectives are analysing customers demands, choices and preferences by conducting survey for the purpose of meeting their desired expectations in better ways. There should be required to optimum utilise of define resources that necessary to perform entire tasks or goals.

TASK 2

P2 Various processes of customer relationship management

Customers Relationship Management (CRM) play crucial role in gaining long term benefits within an organisation. It is defined as the most appropriate technique for operating business and achieve predefined goals or objectives in well manner. Every firms try to maintain and manage the relationship among people and wining trust of customers. Therefore, Rowlinson Knitwear always focus on identifying and analysing consumer demands by undertaking their views, opinion, tastes, preferences and choices regarding apparels. They receive data or informations about customers and make decisions about production of such goods or services for satisfying their desired needs or wants (Watkins, 2012). There are define customers relationship management process such as:

Identification or determination of customers base: This is a first phase in which Rowlinson Knitwear identify potential targeted groups of customers by using various methods of strategies such as segmentations. Company categorise customers and market into small parts which can be beneficial for analysing customers demands, choices, tastes and preferences in more appropriate manner.

Customers intimacy: Every organisation wants to get succeed with the help of managing and maintaining relationship among customers so that they will be loyal towards firm for longer time period as well. It must be required to have positive relations as Rowlinson Knitwear company also undertake this aspect and try to build strong relationship with every and each individual who are directly or indirectly connected with business. Therefore, they are focusing on adopting best communication procedure to create interaction among people and provide adequate informations to them regarding business.

Network development: CRM is also beneficial in building effective network with people for attaining set targets or goals. For every organisation, there is required to create network with customers and interact properly so that they will be ready to get company's goods or services in an effective way.

Development of value proposition: In this phase, company try to identify and analyse potentials customers as well as target market so that their needs or wants can be satisfied. Rowlinson Knitwear serve best quality of products or services to the clients and stay connected with them for longer time period (Schaper, 2014). The development of value proposition can be helpful in increasing goodwill as well as increasing market share with effective manner.

P3 Small business can develop transnationally and benefits and drawbacks

It is defined as the set of procedure in which businesses are started for producing goods or services and sell in the marketplace for meeting customers neds or demands. Every organisation wants to expands their business at various countries so always focus on identifying the opportunities for business expansions to achieve maximum outcomes and growth as well. Rowlinson Knitwear also requires to consider transnational within the organisation so that maximum profits can be generated and achieve long term advantages. It is necessary for the business development so that they formulate strategies and making better decisions regarding adoption of tools or techniques, bring changes for producing better quality of good or services for attracting number of customers and reach potentials targets (Jenkins, 2013). It will support in developing firm and gain better outcomes as well. There are some advantages and disadvantages of following process such as:

Benefits-

  • Independence: There is requires an appropriate strategy for managing business and its operations while expanding in new country. In this consider the independence move for running the business. Therefore, Rowlinson Knitwear company also can take advantages from these bodies and manage operations with well manner.
  • Increase living of standards: it is necessary to provide better quality of services or products to the customers. Every organisation try to improve livings standards of the people by providing quality of products to targeted people for increasing maximum satisfaction level. It is an essential in increasing the power of purchasing of the customers.
  • Effectiveness: Rowlinson Knitwear can maximise wealth by adoption of transnational procedure so that business can be developed in more effective manner (Jasra, 2012). It also support in enhancing skills or knowledge of employees for improving performance and also increase productivity in an efficient way.

Drawbacks:-

  • Financial risks: This is an important aspects that can be create barriers while developing transnational process within an organisation. Rowlinson Knitwear company should manage all available resources by utilisation of those in an effective manner. Financial resource is one the most important that must be maintained otherwise, it can be reduce the productivity and operations while running business.
  • Time period: Transnational process operates various activities which can consume more time in establishment and creation of an organisation in the marketplace. This can be also create barriers or complexities if entire procedure is not as per the time or schedule.

M3 Elements of the customer relationship management process

Customers Relationship Management may be concern with various organisational process that are needed to attain set targets or objectives. Positive relations play an important role in gaining or wining trust of the customers so that they will be loyal towards organisation. In this includes several process for analysing or identifying customers demands, choice, needs and desired expectations so that better goods and services can be produced for satisfying their desired expectations (Harmon, 2015). This will support in building good relations and maintain harmony system among people. Here are another components for proper CRM such as:

  • After sales services
  • Marketing management
  • Work flow automation
  • Business reporting

M4 Potential to develop transnational operations

Transnational operations is an essential for developing the business and make its procedure more efficient so that maximum target audiences can be captured. This is also supportive that can increase size and growth of the business firm through business expansions and build relationship with customers with effectively. Rowlinson Knitwear also concentrate on expanding business by formulating strategies so that maximum outcomes can be gained.

D2 Process of customer relationship management

Customers relationship management is play crucial role in increasing sales volume as well as productivity through effective formulation of strategies. Many of firms try to create wealth maximisation at the global level so it can be helpful for generating profits. Rowlinson Knitwear have opportunity to expand business at another locations and sell more outfits by analysing customers demands and new trends (Hammer, 2015). It also can be supportive in building positive relationship with customers by considering these things such as:

  • Determine customers base
  • Customers intimacy
  • Value proposition development
  • Network development
  • Customer life cycle management

The main aim of Rowlinson Knitwear is to capture wide market by providing best quality of goods and services to the customers so that strong relations can be build with them.

TASK 3

P4 Annual itemised monthly cash flow forecast showing fixed and variable costs

In every business organisation, finance play an important role for managing and operating business functions in an efficient manner. It is necessary for entire firms that to manage the available resources such as physical, manpower, funds, tools and techniques and many more so that predefined outcomes can be achieved (Durst, 2012). There is requires to consider the financial resources and focus on proper investments in the business operations while making decisions of bringing changes and adopt suitable techniques for producing goods and services in more effective manner. Rowlinson Knitwear also needed to concentrate on managing entire business function or activities for the purpose accomplish set goals or targets in an effective manner. There is required several management including working capital, human resource, productivity, stocks, raw material and many more for getting maximum outputs. There are define some necessary factors such as:

Internal:

  • Sales of fixed assets: It is an important process which support in increasing sales volume and gain more profits in an impressive. Every business organisation focus on enhancing more sales and use better tools or techniques so that maximum customers attracts for getting goods or services. therefore, the best method is to utilise available resources for business success.

External:-

  • Bank loans: It is consider as the best sources of arranging financial services or appropriate funds which is necessary for running an organisation in better ways (Wilhelm, 2012). Banks give such services and provide proper funding to the customers as per their requirements. This amount must be paid by the borrower within given time period.
  • Overdraft facilities: It is also related with banks services which provide funds to the customers for the purpose of managing or operating business functions with effective manner. With help of this facility, every firm can use financial services and overdrawn amount as per the requirements so that set targets can be achieved.

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

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

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