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    Managing small business Assignment Help

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    Managing small business Assignment Help


    Managing small business Assignment Help

    Introduction

    The following assignment consists of two activities. The first activity section highlights the planning and resources of the fictitious company Future-Tech Solutions. This aims in achieving the determined objectives of the company. The second activity section describes the CRM cash flow of the Sunshine Techno-Express. It also highlights the important legislation for Future-Tech Solutions that affects the sides of the business. The complete assignment consists of the fictitious companies as Future-Tech and Sunshine Techno-Express.

    Activity 1

    LO1

    P1:- Primary concerns of the social enterprise and small business in allocating appropriate resources to meet the business objective

    Before setting an appropriate objective the FutureTech Solutions need to go through various concerned activities. They have to do so depending on the availability of the resources. The owners of the company have to consider this fact since they have very limited resources. They do not have such freedom to make mistakes and then recover them as they have limited resources. So, for both the social enterprise as well as for small businesses there are few primary concerns that needed to be taken into consideration for allocating the appropriate resource to meet the business objectives (Blake, et al 2016). These are:-

    Selection of the appropriate business structure

    The business structure is a decision-making process where the structure of the business, working capabilities, building, infrastructure, and also the working environment are decided. The business structure refers to the organization of the company regarding its legal status. The selection of the appropriate business structure provides legal recognition with the trade. It focuses on all the factors that are responsible for the successful running of the business. It also focuses on the working culture as in the modern civilization for its formation. It is important to understand all the facts and the factors of the business structure. The initial days of the business are much more important as it forms the base and the first impression of the company to the costumers. The FutureTech Solution must resolve all the conflicts at the starting of the business and the planning of the resources. This is to be done in the initial days as to correct any error and misconception requires a good amount of the capital, but it will be problematic for the Future-Tech Solutions as they lack both resources and Capital. The staff and senior relationship or better to say the employment relationship is an important factor. The relationship between the staff and senior focuses on the complete growth of the company; if the staffs are not happy with their seniors then they will not give their maximum efforts to the company. This also limits the wastage of the amount paid to the staff and hence, large capital is wasted without successful results. And hence, the Future-Tech Solutions have to look at these matters in first before investing a large number of the amount in the business. So, Future-Tech Solution has to invest in the better working culture of the company

    The explanation of the visions and final goals are the most undermined factors to meet the business strategy. At the initial stage it is clear and the visions are achieved but at the critical points where the business comes in an unexpected situation, the strategy fails. At this point, there is no such way to come out of the situation as the vision and the final goals are not clear. This leads to an unexpected loss in resources and capital. Extra efforts are also needed here to take out the company from such situations. So, the objectives of the company should be defined in a clear cut way with proper explanations in the initial stages of the business structure. The strategy should define all the points from the funds that will come as loans, prior investment, etc. It should also be able to define the points where the resources will be utilized, what will be the employee pay scale, etc. The plan should be made in an appropriate manner where all the points and management should be analyzed and discussed. The company can use various analysis tools as a Gantt chart to analyze the strategy. Future-Tech Solutions has a small amount of resource and hence this should be the strategy to select appropriate business structure.

    Planning of the resources

    Resources are the most important unit of a company. There are various types of resources. Resources may be general as well as specific to the project under which the company is working with. The quality of the organization is measured by the quality of the resources and the products of the organization. Future-Tech solutions cannot organize a large number of workforces. This is due to the lack of a large amount of financial ability. So, the Future-Tech has to build up the IT infrastructure more advanced as per the coming generations. They have to equip the organization's workplace with quality IT software. There are various types of software available in the market at a reasonable price. Future-Tech needs to build a quality strategy based on which they must buy only that software, which is needed in the company. The transparency between the supplier and Future-Tech is much more important for resource allocation. Another major factor is the allocation of the experienced and professional workers to handle this software. The experience of the employees will allow FutureTech Solutions the best options for the market value of the software and the proper applications of it (Denysenko, et al 2019).

    So, both the factors that are a selection of the appropriate business strategy and the planning of the resources are the primary concerns to meet the proper business objectives.

    LO2

    P2:-Analyzing Different process undertaken by FutureTech Solutions for a functional customer relationship

    Costumers are the biggest assets of the company. The company uses its resources to produce quality products for the sale to the costumers. The loss and profit of the company are defined as the ratio of the products and the costumers. The FutureTech is highly restricted to its resources and geographical areas. This leads to a limited number of costumer. The customer and organization relationship is highly important for the successful running of the business. Customer relationship management or CRM is an important tool for the progress of the business. It is also the most powerful tool for the company if it is used properly. It gives a lead and the idea about what the customer wants not what the company thinks they want. This is important to retain a happy customer. FutureTech Solution needs an idea about the customers and what they want, this will help to retain customers as well as increase the demand for products (Badwan, et al 2017).

    CRM refers to the tools and the technical system that is used to perform the optimal customer relationship. CRM works on the relations of the three important aspects as marketing, support, and sales. CRM is a crucial Process for the FutureTech because: -

     It creates a bond with the customer that ensures they will remain and need not to work on getting them again like new customers.

     The better the bond with the customers a large amount of purchase they will do. It ensures the bulk purchase of the customers.

     CRM enables the Future-Tech to feel the customer welcome even after the purchase.

     It forms a Brand name and value in present customers

     It enables us to keep a hold on the old customers as well as to attract new customers.

    So, analyzing of the CRM can be done by two methods.These are:-

    Evaluation of the Customer Value:

    The customer value evaluation can be done through the development of the Customer Value Assessment or the CVA. The value of the customer is dependent on various factors like geographical location, economics, relations, etc. The evaluation captures the four main categories of the customers' wants and expectations. Using these criteria, the FutureTech can gain insight into the customer's perception of the organization. The four categories include Solutions, Responsiveness, Economics, and Relationship. The solutions represent the products of the FutureTech. The solutions are done to analyze that the given products are capable to fulfil the purpose of the customers properly or not. It is done to identify the customer problem and then the solution that can be made by the FutureTech to meet the needs of the customers. Responsiveness represents the customers-desired time for all transactions. It includes the time of delivery of goods, the time taken by the company to respond to the customer interaction, and the time required to make the desired changes in the products by the customers. The economics represents the cost, investment, and the finance of the customer in the following products. As the FutureTech has a limited amount of the resource, they must look after the costing of the products. For this they have to take into concern the geographical economics of the area. A relationship defines the customer's perception of the organization's solutions. Service, trust, and involvement with the customers by the company build a stronger relationship (Shimoda, et al 2017).

    Effective channels for CRM to penetrate deep in the targeted audiences:

    Communication and transparency with customers is a very important factor. And in this modern civilization where everyone uses new modes of communication makes it easy for communications with the customers. This builds up a new channel to the targeted audience. Hence, the FutureTech need to develop such modern communication methods depending upon the geographical area. These concerns penetrate the administration of the most convenient method of communication in the geographical area. And this creates an effective channel for CRM to penetrate deep in the targeted audience (Nyadzayo, et al 2016).

    P3:- Analyzing the ways that allow FutureTech to develop transnationally and understand advantage and disadvantages

    The transnational organization defines the organizations of the traditional basis that spread towards the international market as well. It engages the traditional culture of the company outside its native place. The goal of the transnational strategy involves the combination of the strategy both in the native as well as the global market. The global strategy involves the high degree of concentration on the resources and the market value. The advantage of the transnational organization for FutureTech Solutions is that it will be able to create more job openings for the company. This will enable the FutureTech to coordinate and control the operations in a wider variety to meet the market demand for both the local as well as the global market. It provides the firm key barometer for the pursuit of profit (Kang, 2018). The disadvantages of transnational organizations are labor exploitation, removal of capital, economic recession, the outflow of wealth, etc (Seabrooke, et al 2017).

    Thus, for small businesses and social enterprises it becomes versatile and improves their customer serviceability. The limitations of the transnational organization allow the FutureTech solution to think about the global market and the retaining of the customer. Due to limited resources and the cost quality in the organization to develop as a transnational company the company should provide the high demand for goods. This all restricts the number of resources and such limitations. It also limits the options for the customers. The global market demands the high quality of the goods and to meet this objective and resources should be sufficient enough to attain the prescribed goals (Parrado, et al 2017).

    Hence, a small enterprise needs such theories and explanations to set up a clear strategy to meet the transnational organization. The resource and the workplace cultures are important factors (Durrell, et al 2019).

    References

    Badwan, J.J., Al Shobaki, M.J., Naser, S.S.A., and Amuna, Y.M.A., 2017. Adopting technology for customer relationship management in higher educational institutions. Blake, A., 2016. Dynamic directors: Aligning board structure for business success. Springer. Caetano, A., Silva, A.R., Tribolet, J., Neves, J. and Sinogas, P., 2016, June. The Modify Project: Combined Business and System Modeling for Adaptable Enterprise Computing System Design. In Atas da Conferência da Associação Portuguesa de Sistemas de Informação (Vol. 1, No. 1). Denysenko, M., Melnyk, A., Shatskaya, Z., and Budiakova, O., 2019. International regulatory experience business activity. Research and Innovation. Durrell, J., 2019. Negative incorporation, the next generation, and involvement in transnational organizations. Ethnic and Racial Studies, 42(7), pp.1091-1109. Kang, E., and Hwang, H.J., 2018. Strategic Management Plan for Transnational Organizations. The Journal of Asian Finance, Economics and Business (JAFEB), 5(2), pp.119-128. Nyadzayo, M.W., and Khajehzadeh, S., 2016. The antecedents of customer loyalty: A moderated mediation model of customer relationship management quality and brand image. Journal of Retailing and Consumer Services, 30, pp.262-270. Parrado, E.A., 2017. Promises and challenges of the transnational approach. Ethnic and Racial Studies, 40(3), pp.443-450. Phelps, G.R., 2019. Customer relationship management. Seabrooke, L. and Henriksen, L.F. eds., 2017. Professional networks in transnational governance. Cambridge University Press. Shimoda, Y., 2017. Transnational Business/Social Ties: Consequences of Interactions. In Transnational Organizations and Cross-Cultural Workplaces (pp. 227-260). Palgrave Macmillan, New York.

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