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Managing And Running A Small Business Level 4

Introduction

In order to run a small business, entrepreneurs is required to face various challenges of marketplace which depends mainly upon size and structure of business in which they operate in. These challenges are related activities of operations like managing the work of employees, selling and purchasing commodities, finance required to run business and more. Along with this, major problems related with small business is to deal with less capital and human resource. For this process, their main function is to formulate strategies regarding with company's operations as well as to utilize limited resources in a proper way (Smit and Watkins, 2012). Employers of organisations must possess high skilled qualities to manage work of employee in firm and fulfil demands of customers on time. In order to see how an entrepreneur run a small business organisation like Austin Fraser which operates its business at UK. This report reveals that employers and managers of this firm are required to develop their skills. It is a consultancy company which provides candidates in other firms of UK. This mention report will aslo discuss major processes of CRM i.e. Customer relationship management, along with key regulations and legislation which creates much impact business's operations.

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Task 1

P1) Main considerations a small business or social enterprise needs

Since technology in today's world has developed so far, therefore, entrepreneurs are required to develop their skills and knowledge in order to run business according to trends of marketplace. This process would help in managing and running small and big organisations in an appropriate way. Along with this, employers should be able to make business plan and formulate strategies to develop the same properly. In context with Austin Fraser, it is a consultancy and recruitment firm which recruit candidates in the sector of engineering, information technology, accountancy and more. The main business of this firm is to provide employment opportunities to other enterprises as well as give better recruitment to unemployed citizens (Stanciu, 2015). Due to small business, such organisations have not sufficient resources like raw materials, manpower and finance. Further, to enhance growth of company its management requires to bring changes in operational activities and working system as well as grab information about opportunities present at marketplace which help in the same. They need to focus on some major points as described below:

Financial resources- It is the main important stream of an organisation which is necessary to run all operations in a proper way. Therefore, if a company has shortage of funds specially in small businesses then it is not possible for them to carry out entire functions for longer period of time. For this assistance, management of Austin Fraser needs to formulate a plan which includes from where there can raise funds along with how to utilise available resource in a better way. In order to measure profitability of current business, account manager has to prepare Balance sheet, Profit and loss account, cash flow statements and more for interpretation.

Human resource- The main asset of any business organisation is its manpower. Therefore, it is a duty of human resource management to hire the best employees in firm as well as provide them essential training so that they can contribute their efforts in achievement of company's objectives on time (Weske, 2012). Along with this, to increase their productivity managers should include them in decision-making activities which generate feeling of equality in them also.

Goals, objectives and vision- In order to achieve growth of business in a limited period of time, entrepreneurs are required to set achievable goals and objectives. Along with this, managers are required to provide clear vision to workers and discuss with them about what they have to achieve. This process would help employees to support employers in achievement of the same. Further, managers should formulate proper guidelines so that work of people can be done in systematic manner.

For managing work in an appropriate manner Austin Frazer has optimised various technologies that are helping them in making proper strategies and plan of action that can be followed in order to attain the goals and objectives (Williams, 2012).

Critical path analysis- This is an effective method that help an organisation in identifying ways through which they can achieve their set goals and objectives in certain time frame.

Gantt chart- This is incorporated by most of the organisation so that the have an overview about the project schedule. Therefore, it will assist them in performing the task in an systematic manner.

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