Unit 29-LO1 Discuss how a small business or social enterprise plans and allocates resources to achieve objectives

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Planning and allocation of resources are two different terms. Planning refers to the general process involved in making decisions about strategy, goals, objectives, activities, and steps that need to be taken. On the other hand, allocation of resources is a term that pertains specifically to how someone creates a budget for achieving various needs or goals.

Resources may include staff hours, materials used in production (e.g., fabric), or budget costs for launch (e.g., advertising).

Formulating an effective business plan with allocated funds requires careful thoughtfulness into qualities such as risk tolerance; available time and experience; level of expertise required; knowledge of external environment; the size of any related industries outside your company’s control; volume at which goods/services will be produced; and the availability of raw materials.

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In order to allocate resources, you must determine what your business needs are. To do this, it is important to prioritize your business’s goals as well as to measure them on a scale from most important to least important. Without an effective allocation program in place, you are not likely to achieve financial success or long-term stability for the company.

Planning resources – premises and equipment, people and skills:

Planning of activities in a business to include capacity utilization and management, identifying resources and skills needed to develop appropriate job specifications.

Identifying resources and skills in a company is the first step to devising strategies for effective planning of activities.

The following tips can help anyone analyze their availability and priorities in implementing proper time management as well as scheduling.

Method 1 – Situation Analysis:

The first step involves identifying the factors that influence and determine the resources needed to achieve the set objectives.

It is followed by a detailed study of these key elements such as market prospects, competitors in the marketplace, technology, and human capabilities.

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Method 2 – Developing Reliable Plan:

This method requires an individual to analyze his/her own skills and abilities critically with reference to any experience gained so far. It also includes reviewing past performances for successes and failures and utilizing them for future planning. The success of this method depends on how well each objective can be translated into realistic goals which are measurable in terms of achievements or results obtained over a specified period of time.

Method 3 – Implementation Approaches:

This approach focuses on the different ways of implementing plans and achieving desired goals. It also includes an analysis of the strengths, weaknesses, opportunities, and threats (SWOT) in order to plan a way forward. An effective implementation approach should take into consideration factors both internal and external to the organization. In addition, it should include how each element affects the success or failure of any plan.

Method 4 – Strategic Assumptions:

This method is similar to SWOT analysis but focuses more on assumptions that are made about relevant issues such as future markets and customers, available technology, etc., instead of focusing only on positives like opportunities or strengths. These assumptions need to be time-specific.

Being an employer:

Organization structures are applicable to the business purpose and organization stage.

An organization’s structure is determined by the nature of work to be performed, driven largely by their motivations and operating styles. A company’s individual needs will drive the growth and changes in the organizational structure from one stage to another through their life cycle.

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There are six stages that can be identified, each driving a different application of organizational structures during that period of time for optimal performance-

emergence (essentials)

survival (emerge)

growth (explore)

stabilization (control)

retrenchment ( renew)

decline or termination/disposal( recycle).

Establishing an appropriate organizational culture.

To establish an appropriate organizational culture, first of all, make sure the key values of your organization are clearly identified and understood.

Next, create a set of guidelines for how your employees should behave in their professional lives.

To reach the goal, focus on maintaining transparency to hold everyone accountable to follow company policies; have a clear and transparent system for decision-making so that managers can reward creativity while still holding people accountable; evaluate performance by results rather than hours then recognize work with bonuses or team building activities; ensure flexibility in work schedules to reduce stress levels.

Consideration of human resource management: recruitment and retention, performance management, and team building.

Recruitment and development of talent are critical pillars to any organization’s growth. Recruiting talented individuals, developing their skills, and retaining them over time is essential for the success of the enterprise.

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As an HR professional, you can be a driving force in developing strategies that build high-performing teams that become more successful as individuals grow and interact with other teammates. Without your expertise, management would not have access to valuable data or insights for managing people at all levels of experience and expertise throughout the company.

The responsibilities of HR professionals have been broadening over time to include such things as leadership coaching, succession planning, onboarding new employees, and providing training on compliance issues such as harassment prevention or sexual harassment awareness training.

In the future, HR professionals will likely be responsible for supporting senior leaders in the development of customized onboarding programs designed to facilitate the transition between prior roles and new jobs.

Use of outsourcing, networks, and external advisers

Outsourcing deals with the offshoring of the production of goods or tasks to another country. Outsourcing refers to having work done overseas where labor rates are cheaper.

Networks refer to a loose affiliation between different organizations, held together by the trade of goods and knowledge.

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Networking is created when two people exchange information or services with one another and both get something out of it – ideally, they make each other’s problems less difficult while gaining new valuable insight into their own challenges too.

External advisers are usually consulted on a certain aspect based on their expertise, but not employed in an organization for work/contracts.

External advisers are experts from outside who offer advice without being directly attached to the company that needs them for professional ideas.

Understanding key aspects of employment legislation relevant to a small business, for example, equality and diversity.

If an organization does not practice equality and diversity then it does not meet the legal requirements for nondiscrimination in employment law which applies to both employers and employees.

It is vital that there is a fair balance within organizations of different backgrounds, people, abilities, ethnicity, or gender (to name but a few). This way all members are acknowledged equally and shown appreciation for their contributions. Without diversity, there is little scope for innovation or creative thinking.

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Other aspects include the requirement to promote equality of opportunity and foster good relations. This includes providing a positive workplace for lesbian, gay, bisexual, and transgender (LGBT) people by creating an environment in which everyone can feel valued and included and helping tackle homophobic bullying.

The Equality Act 2010 protects all employees from discrimination connected with their work – this applies to both employer-employee relationships but also covers other types of working relationships such as agency workers or apprenticeship schemes. The law sets out nine areas of protected characteristics which are: age; disability; gender reassignment; marriage and civil partnership; pregnancy and maternity; race; religion or belief; sex & sexual orientation.

The business plan:

Effective articulation of the vision, goals, and objectives

The effective articulation of the vision, goals, and objectives is to develop a key message that communicates where we are going.

For example, when a CEO speaks at an event, he will remind the audience about his or her company’s vision to be the world’s leading provider of green energy products. He will also communicate how he as CEO has been successful in achieving this goal so far through making more environmentally-conscious business decisions such as investing in solar technology.

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This way, people can see that he has already demonstrated leadership by acting on his own words – a sign of what it would likely be like if they work with him too.

Key components of a business plan

The key components of a business plan are as follows:

Introductory material that includes an executive summary, the company’s history, the company philosophy, management team biographies, and resumes, milestones undertaken to date, and how they will be carried out for the future.

Key figures on materials such as balance sheets and profit and loss statements should also be published.

Clear definition of goals which outlines key aims for now (for example a number of people to work with) long-term objectives (such as reducing turnover by 50%), plus measurable targets including specific customer growth expectations. These targets should form part of a timeline that sets out where these changes need to happen in order to make them happen within budgeted timeframes.

Consideration of when a business plan might be needed, for example, when securing an overdraft or bank loan.

A business plan is required for a number of things, but most commonly needed when applying for an overdraft or bank loan. The soundness of the business plan will demonstrate that the applicant has done their homework, demonstrating to a potential financier that borrowers not only have a solid understanding of running a successful small business but also have enough experience and expertise to survive in today’s competitive financial environment.

Project management techniques, including the use of Gantt charts and critical path analysis.

A project management technique is a type of way to plan, organize, and execute work.

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A Gantt chart is one such technique that can be used for project management. Gantt charts typically represent a timeline including the tasks or milestones within the timeline, task dependencies on other tasks, and time allocation estimates for when they should be completed. A project manager can use this information along with other data to assess the progress status of their current projects so far and forecast future timelines as well.

Critical Path Analysis is a very basic project management technique for determining the tasks that are necessary in order to complete particular projects on time.

The critical path is the shortest route through sequential activities to the achievement of an objective and it represents the schedule or timeline, which successfully completes a project.

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