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Role of Small Business Enterprise

Introduction

The small business organization demonstrates its operations at a very low cost. They contribute a major part to attain competitive advantages. The economy has various benefits through operating small business functions (KarataşÖzkan and Chell, 2015). This is because; it enhances the GDP growth of the nation, which results in economic growth. The report is based on Swing petroleum UK, which is privately owned. They perform functions for Dragon Den shows.

For assessing the strength and weaknesses of the business, the report covers activities and operations, which carry for ascertaining effective results. Furthermore, it also evaluates financial performance, which will assist in competing with various organizations. Moreover, it provides recommendations and strategies to maximize the chosen business performance to make successful operations.

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Task 1

1.1 Produce profile of the business

  • Business name: The cited firm is Swing petroleum UK, which is privately owned and regulates functions with various investors.
  • Owner structure: Investors of the business operations functions and operations that are maintains profitability and resources at the workplace (KarataşÖzkan and Chell, 2015). They perform functions by providing a fund to the company. Hence, it assists in operating smooth functions and operations.
  • Background/ History: The Swing Petroleum UK incorporated on May 16 2006. It is a registered business, which operates functions with developing ideas and opinion. They provide qualitative products and services that assist to make long term targets and operations (KarataşÖzkan and Chell, 2015).
  • Location of the company: The chosen firm is located in Hope Cottage, ox, Stroud and UK.
  • Strengths: The company is specialized their products and services with manufacturing and distribution of article that makes a plan at the workplace. In addition to this, Swing petroleum UK provides effective services such as material and wood, etc.
  • Weaknesses: The chosen organization has limited access to enhance operations and productivity within the marketplace (Alshamaila, Papagiannidis, and Li, 2013). Further, the capital of the business is very low so that they are unable to meet with high revenue and profits. Low debt level at workplace decline organization performances.
  • Mission: Swing petroleum UK has a mission to target a large part of the audience. It can be done when they are offering high-quality products and services. At the best value, they want to provide products and services so that they can easily meet with the high quality of products and services (KarataşÖzkan and Chell, 2015).
  • Vision: Swing petroleum has the vision to make successful brands and operations in all over the world with establishing new physical and online stores.
  • People: Within the company, various people are working to achieve goals and objectives. Jonathan Charles and Katharine Sarah are very important persons who take part in continuous monitoring of business practices (Brunswicker, and Vanhaverbeke, 2015). They are successful make operations at the workplace.

1.2 Business performance analysis with their competitor

Every business has the purpose to operate functions and operations with high investment in the workplace. It will assist to generate high profits and revenue at the workplace through operating functions and operations. With the help of the turnover of goods and services, Swing petroleum can make high competition within the marketplace (Linzalone and Lerro, 2014). Within the market, Charles Cantrill Ltd. is a major competitor of business, which provides different types of products and services. In order to measure business performances, various ways take place. It will assist to create profitability in the workplace. Therefore, it can determine within the following ways:

Year

Swing petroleum

Charles Cantrill Ltd.

Turnover

 

Absolute changes

Decrease and increase

 

Absolute changes

Increase and decrease

2011

2450

-

 

2300

-

-

2012

2700

250

11.11%

2540

240

11.43%

2013

3060

360

14.40%

2680

140

5.98%

2014

3500

440

15.38%

2650

970

39.11%

From the following analysis, it can be assessed that the Swing Petroleum company grows its operations very effectively. Their revenue is continuously enhanced which makes high profits and positive outcomes. As compare to Charles Cantrill, the cited firm performance is very effective so that they are easy to captures the whole market in an effective way. Apart from this, the company need to focus on various parts of small areas in which they can operate functions and operations in an effective manner (Clark and Douglas, 2014).

As per the following analysis, the gross profits of the business can also ascertain at the workplace, which determines high profits and revenue:

Year

Swing petroleum

Charles Cantrill

 

Gross profits

Ratio

Gross profits

Ratio

2011

1000

35.56%

740

23.00%

2012

1170

38.80%

830

27.00%

2013

830

22.00%

1220

41.00%

2014

1260

33.00%

1480

38.00%

From the following analysis, the chosen firm can develop its market by providing effective products and services. It will assist to make positive advantages through different activities and operating functions (Dennis Jr, 2011). In 2013, Swing Petroleum UK cannot expand its operations and positive results. Besides this, Charles Cantrill also enhances their operations and revenue through they can easily capture the whole market.

Task 2

2.1 How to overcome weaknesses provide recommendations

In respect to perform effective functions, Swing Petroleum need to overcome their weaknesses. It will assist to perform smoothly at the workplace. In this way, the company has the opportunity to use different strategies through which they will make support to each decision, which determines for the success of the company (Burns, 2010). In this aspect, recommendations can be made on the following strategies:

TOWS matrix

Strengths (S)

Weaknesses (W)

Opportunities (O)

SO strategies

The chosen company is providing various products and services with effective quality so that they have opportunity to expand their operations and outcomes in different market segment (Alshamaila, Papagiannidis and Li, 2013).It will assist to Swing to achieve their goals and objectives through gain competitive advantages.

WO strategies

Swing petroleum operate functions in different part of world so that they have opportunities to make economic changes with control cost and enhance revenue.

Threats (T)

ST strategies

In these types of strategies, Swing petroleum can make high reputation of the business with wide audience and managerial skills (Rainer, Cegielski and Sanchez-Rodriguez, 2013). As results, it assists to minimize risk elements, which threat for company.

WT strategies

The cited firm has also advantages to make strategies with minimize cost and pricing policy. In this aspect, they can easily expand operations and reduce weaknesses at workplace.

2.2 Ways to maintain exiting performance

At present, Swing Petrol is conducting many corporate events and many more events such as a one-day dance show along with many other dance shows. An entity is also offering different types of services such as swing dance, gym, and workout. The firm is also offering effective with joyful music (Alshamaila, Papagiannidis, and Li, 2013). There are many ways that a firm can improve its presents performs.

Online availability: Swing petrol is also offering its services through online presence. There are many ways that can be used by a firm for offering its services. The company is already has sold over 5000 copies and also they are expanding through its business through e-commerce. Swing petrol is also trying to conduct many other workshops through its online network (Brunswicker, and Vanhaverbeke, 2015). The entity can also add mobile applications, which helps their customers to assess their classes online. For maintaining its present performance through an online class they can also conduct more classes.

Huge Network: Swing petrol is conducting a huge network of different types of services. The firm is offering the dance classes to their customers along with this they are also offering various packages which help to individuals for creating unique corporate events (Ismail, and King, 2014). They are also planning to organize fitness programs and swing initiatives for senior citizens. The company makes collaborations with many brands, which includes oasis and keds.

2.3 New area of business

Swing petrol is offering is mainly provides is services in the UK only. The geographical area of the organization is limited to UK. After making, collaboration with oasis and they are trying to develop their markets across the country. For expanding its business they are continuously hiring new dance teachers. Based on cupid's love of swing, the business has achieved several milestones in the last two years (Cowling and et.al., 2015.). However, an entity's geographical area is limited to only the UK and they are offering only limited numbers of dance classes to their customers.

The new area of business for an organization in Europe and some Asian countries. In those countries, many corporate events are conducted and they are only few entities who offers dance classes. For expanding its business these geographical are is more suitable and they can easily maximize their services along with their profits.

For enlarging it services Swing petrol can also new dance style. At present, the entity is offering only limited numbers of dance styles which include, Lindy Hop, solo Charleston and Blues (Chitura, and et.al., 2015). For adding more customers in business it is important to more services in its business. Adding more services assist in Swing petrol for expanding their business and ensures long term growth.

Task 3

3.1 Assessment of exiting business objectives and plan

The business objectives of swing petrol are offering the best dance classes to its customers along with quality. The entity makes collaboration with many other international firms such as oasis and kids. The organization has the largest number of dance teachers. The firm have more than 1200) dancers and troupes across the UK (Lee, 2014). They are also focusing on conducting online classes for their customers so they can expand their business activities. For developing their business using advance technology and launching its own e-commerce so they can add more customers to its business. Swing Petrol makes collaboration with oasis and keds so they can take advantage of competitive business. Another business objective is to add better-trained employees for its business.

At present entity is facing high competition in the UK market as there are many organizations, which are offering similar nature of services (Alshamaila, Papagiannidis, and Li, 2013). After the collaboration, with oasis and kids, they can offer their services outside of the UK and gain more customers in their business. The company is also trying to develop its own research and development which assists them in developing there different types of dance techniques so they can offer valuable services to their customers. Another business plan of a firm is added better-trained teachers in their teams so they teach different dance forms to their customers.

3.2 Review of business plan and new area of changes

The business plan for Swing Petrol is to develop its activities through the use of its e-commerce venture. Technology advancement helps to an entity for enhancing its market share. E-commerce ventures help to them to create more customer satisfaction (Brunswicker, and Vanhaverbeke, 2015). Another business plan of the entity is to hire more well-trained teachers who can teach the different techniques of dancing to their customers.

Online venture: Swing petrol is offering its services through online business. The entity has created its own web page through which they are offering their services to its customers. It today's world technology changes in a more frequent way and it also affects the entertainment industry. Many organizations are using different types of technology for delivering quality services. For running an online venture add extra costs in operations but in the long run it helps an entity to add more value in their services. Customers like to use new technology and this technique assists to an entity in providing its services beyond to their geographical limits.

Add more well-trained employees: At present, the company is offering only limited numbers of services to its consumers. Awing petrol is making collaboration with many other international entities such as oasis and kids so they can offer gain expand their markets in their region (Jamali, Lund-Thomsen, and Jeppesen, 2017). They can also develop their own mobile application through which they can assess more customers. The entity is planning to hire more well-trained workers through which they can offer more services to their customers. By hiring more well-trained customers they gain customer satisfaction and loyalty.

3.3 Action plan to implement changes

An action plan helps an entity for making and developing their future strategies. Through this action plan, they can also implement changes (Ismail, and King, 2014). Swing petrol is planning to expand its services through its online ventures and hire more well-trained workers in its business. The entity develops certain changes and for implementation of changes, they develop an action plan.

Activity

Time Frame

Target

Monitor

Online venture

2 year

For assessing more customers

Done by the IT department

Hiring new employee

1 year

For providing more services through its classes

It is monitor by the HR departments

In the action plan of the Swing entity, they want to expand their online ventures which assist them in assessing more customers in the long run. The aim of the expansion of business outside of UK. Implementation of this change the firm is to making its own IT department so they can easily monitor their online activities.

Another aim of this action plan is to hiring new employees within an entity so they can provide extra services to its customers. The HR department of entity is using different polices so they can make their practices more effective.

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Task 4

4.1 Impact of proposed changes

Some of the specific business changes proposed for Swing Petrol for expanding their business activities beyond their geographical area of the UK and use of technology in their current systems (Chitura, and et.al., 2015). The use of advanced technology helps the to company for assessing more customers in its business. But or making the implementation of this change entity need to hire IT specialists which help them monitoring their online ventures along with this it also needs to develop certain strategics so they can target easily. Hence, to expand business has a direct impact on entity financial positions. It also creates different types of uncertainties and risks. Moreover, to develop its online venture they require recruiting more new employees who can hold technical knowledge in their respective fields (Cowling and et.al., 2015.). It also requires developing its own IT department, which directly adds more operational costs in a business.

On the other hiring new employees for expanding business create a positive impact on sales. Considering the facts in that business is based on the services industry so it is important for an organization to offers valuable services to its end users. It improves the performance of the entity and also improves their brand image. The involvement of new employees in Swing Petrol helps to firm for offering different types of services and gain their trust.

4.2 Management of changes

It is a known fact that any changes in the business tend to have an impact both on business as well as on employees working on it (Asplund and Blacksmith, 2011). Hence, in the event of Swing Petrol accepts the expansions plan outside the current target market then it would require to undertake the following tasks. The management needs to conduct market research in order to target the market and also to understand the needs of customers.

  • After conducting market research, on the basis of that research, they have to select a more appropriate strategy which assists firm for achieving their targets.
  • Once, the decision has been made with respect to the target market, a specific strategic plan is required to be developed describing the manner in which expansion is required to be undertaken.
  • The sources of finance shall be ascertained and all the concerned arrangements shall be made (How To Use Your Strengths To Overcome Your Weaknesses, 2015).
  • Along with entity also make informed to their workers regarding their plan and also training shall be provided to their workers who shall be working for the new target market, or make recruitments.

Similarly, if the Swing Petrol decides to introduce technological advancements, then it shall require to

  • All the workers likely to be affected by changes in technology shall be provided with training in order to make them hem learn everything about the newly introduced changes.
  • The technological advancement shall be promoted in the market so as to inform the customers about specific benefits they are likely to realize with these changes.

4.3 performance of Swing Petrol in over the past two years

Swing petrol is a corporate entertainment organization. One of the major changes which the company underwent in the year 2013 in an entity makes important changes for their online ventures. On the basis of cupid's songs of Swing, entity has achieved several milestones in the last two years such as breaking a Guinness world record for the largest Charleston (Rainer, Cegielski, and Sanchez-Rodriguez, 2013). It is published in many newspapers which shown that the entity enhanced its performances in the last two years. Another achievement that receives by entity is to make collaboration with oasis and kids. Through this collaboration, the firm is able to manage their activists at the international level as well.

The company adopts advanced technology, which is to quality in their services. With the help of an online venture, the entity becomes more efficient for serving the needs of their customers as per their requirements. It has assured to address the needs and preferences of each and every consumer who visits the site. In addition, the employees of the company are become better trained and assist an enterprise in achieving its targets (Alshamaila, Papagiannidis, and Li, 2013). Hiring employees who belong to different backgrounds helps to them for adding more services in their business. Hence, in the past two years firm accomplish a long and extremely interesting journey by making a team of 12000 employees.

Conclusion

Summing up the above report it is concluded that developments of business are important to improves performances. Swing petrol is offering it services in the entertainment industry. The company has well-trained employees and build a team of 12000 workers. Firm activities are limited to only the geographical area of the UK. Swing petrol is offering its services through its online venture and taking further steps for developing its own mobile application. With the help of technological advancement, they can attract more customers in their business. However, the firm is facing many problems in providing services through its online platform. They are trying to develop their own IT department so they can make their virtual presence more strong.

References

  • Alshamaila, Y., Papagiannidis, S. and Li, F., 2013. Cloud computing adoption by SMEs in the northeast of England: A multi-perspective framework. Journal of Enterprise Information Management.
  • Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium‐sized enterprises (SMEs): External knowledge sourcing strategies and internal organizational facilitators.Journal of Small Business Management.
  • Burns, P., 2010. Entrepreneurship and Small Business: Start-up. Growth and Maturity. Palgrave Macmillan.
  • Chitura, T and et.al., 2015. Barriers to electronic commerce adoption in small and medium enterprises: A critical literature review. The Journal of Internet Banking and Commerce.
  • Clark, D. N., and Douglas, H., 2014. Micro-enterprise growth: Lessons from the home-based business in New Zealand. Small Enterprise Research.
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