Unit 29: Managing and Running a Small Business Assignment Sample-BTEC-HND-Level 5

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

This unit will teach students about the important aspects of running a small business or social enterprise in order to help them develop a better understanding of what it is, how it works, and how to do it well. This unit provides an overview of the business side of things, including ways to generate income, manage expenses, develop and implement marketing plans, and track results.

It also covers the different aspects of running a small business, from setting goals and working towards them; to seeing profits in action; managing team morale; developing personal relationships with clients/employees, and climaxing with steps for aspiring entrepreneurs. Students will be able to develop a plan of action and work together as a group to achieve their goals. We will use a variety of tools and techniques to make our business successful.

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Assignment Solution of Unit 29: Managing and Running a Small Business-BTEC-HND-Level 5

Managing a small business presents some unique challenges for the owner. Apart from the knowledge of the basics of managing your employees, suppliers, and financials, you also need to know how to manage human resources in order not only to maintain optimal efficiency but also to create an attractive work environment that attracts both skilled workers as well as customers who love their customer service!

Learning Outcomes

By the end of this unit, a student will be able to:

Discuss how a small business or social enterprise plans and allocates resources to achieve objectives.

There are a number of ways in which a small business or social enterprise can plan and allocate resources to achieve objectives. One common approach is to create a business plan. This document outlines the company’s goals, strategies, and how it intends to use its resources to achieve these objectives. The business plan should be reviewed and updated on a regular basis to ensure that it remains relevant and accurate.

Another way to plan and allocate resources is through the use of a project management tool such as Gantt charts or PERT diagrams. These tools help to break down a company’s objectives into smaller, more manageable tasks which can then be assigned to individuals or teams. This approach can help to ensure that all resources are being used effectively and efficiently to achieve the company’s goals.

Finally, it is also important to consider the human resources of a small business or social enterprise when planning and allocating resources. Employees are often the most valuable asset of a company and it is essential to ensure that they have the skills and knowledge necessary to contribute to the success of the business. Training and development programs can help to ensure that employees are able to meet the demands of their roles and contribute to the achievement of company objectives.

When planning and allocating resources, it is important to consider the most effective and efficient ways to use those resources to achieve desired objectives. Business plans, project management tools, and employee training and development programs can all be used to help ensure that resources are used in the most effective way possible.

Explain and evaluate the customer relationship management process for a small business or social enterprise, including understanding the benefits and challenges of transnational operation.

A well-defined customer relationship management process may include procedures for the following:

  • Initiation of a contact by customers to acquire information, place orders, or obtain assistance with problems.
  • Initiation of responses from business personnel or salespeople through face-to-face contacts, mailings, phone calls, and e-mails to address complex customer needs.
  • Maintenance of customer relationships over time through the communication of product and service features as they relate to existing customer needs and expectations continuously measuring satisfaction levels in order to make adjustments to the products and services offered at an acceptable cost.
  • Ability to add value through understanding how products can be integrated into an overall system that meets the needs of customers and generates.

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Develop and analyze a cash flow forecast, budget, and break-even analysis and interpret key financial statements.

A cash flow forecast is a plan that predicts how we can use incoming revenues and outgoing expenses in the future to balance our budget historically. It’s usually quite difficult to draw such a forecast for longer than 12 months because of the very high risk of forecasting errors. Professional budgets nearly always contain 12-month forecasts, but at small levels, they are ordinarily extended out an additional three or six months when time permits.

A budget is a helpful tool to understand your spending habits and bring order to them so you can easily see where your money is going. The idea behind creating and maintaining a budget is to only spend what’s left of your income after you’ve met all of your obligations (i.e., the bills, groceries, eating out).

What does this even mean? A budget basically means that if you have $1000 in earnings, you should be spending no more than $700 on necessities. This leaves $300 for discretionary purchases like clothes or movies once stuff like rent, food, utilities are paid for.

The break-even analysis is the point where the total amount of sales covers all manufacturing and distribution expenses.

At the breakeven point (the point where the curve is 0) there will not have any loss of profit as per the graph until you reach maximum production for that product with allowable investment; some calculations show that this end can occur at around 50% if further funding is secured.

Interpret key financial statements

The following are the 3 main types of financial statements found in companies. They provide an overview of a company’s financial position typically before they get bankrupt and go out of business.

  1. Assets: These are what consist of; cash, physical equipment or property, inventory (goods that can be sold for money), intangible items like patents that have not yet been exploited to generate income, and investments such as stocks or bonds. They’re all seen as potential sources of future revenue so they’re recorded on the balance sheet.
  2. Liabilities: This is any amount owed to others by a company – including assets owed on credit notes (past due accounts payable), other long-term debts such as mortgages or bank loans, and short-term debts (accounts payable).
  3. Equity: This is the difference between assets and liabilities. If this figure is negative, it means a company owes more than it owns. Equity is used to determine how much money a company needs to raise from external sources in order to grow or expand.

Discuss the implications of regulation and legislation on a small business or social enterprise.

Legislation and regulation often need to be viewed as part of the challenges that are inherent in day-to-day operations. Legislation and regulation can either be used as an excuse not to do something, or it can provide guidance for the business. It is important that a successful social enterprise understand when legislation and regulations are insignificant for them because they serve more than just one purpose (such as trademark law), important but not integral to their core purposes (such as zoning laws), use these opportunities to help themselves expand further (as in volunteering at Food Bank). A successful social enterprise must also stay up-to-date with all relevant rules and these changes so they don’t violate any regulations without meaning or knowing about them.

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