Unit 21 Small Business Enterprise Assignment Answers UK
The aim of unit 21 small business enterprise is to introduce the learner to the process of setting up a small business. It will provide an overview of the different stages involved in setting up a business, from identifying a business opportunity to launching the business. The unit will also explore the importance of marketing and finance in the success of a small business. At the end of this unit, the learner should have a good understanding of the process of setting up a small business and be able to identify the key factors that contribute to its success.
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In this section, we are discussing some assignment activities. These are;
Assignment Activity 1: Be able to investigate the performance of a selected small business enterprise.
To investigate the performance of a selected small business enterprise, you will need to:
- Gather information about the business, including its history, products or services, target market, and competitive landscape
- Conduct a financial analysis of the business, looking at its income statement, balance sheet, and cash flow statement
- Use this information to assess the business’s overall performance and identify areas of strength and weakness
This information will help you to understand the business’s position in the market and how it is performing relative to its competitors. It will also give you insights into the key drivers of the business’s success or failure.
Assignment Activity 2: Be able to propose changes to improve management and business performance.
Once you have gathered information about the business and conducted financial analysis, you will be in a position to identify areas where changes could be made to improve management and business performance. Some possible areas for improvement might include:
- Improving marketing efforts to attract more customers
- Introducing new products or services to target new markets
- Reducing costs by streamlining operations
- Improving financial management to ensure the business has access to the capital it needs to grow
Making changes in these areas could help to improve the business’s overall performance. However, it is important to remember that not all changes will be successful, and some may even have a negative impact on the business. Before making any changes, you should carefully consider the risks and potential rewards.
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Assignment Activity 3: Be able to revise business objectives and plans to incorporate proposed changes.
After you have identified areas where changes could be made to improve business performance, you will need to revise the business’s objectives and plans to incorporate these changes. This will involve:
- Reviewing the business’s current objectives and determining whether they are still relevant in light of the proposed changes
- Developing new plans and strategies to implement the changes
- Creating new financial projections to reflect the expected impact of the changes
These revisions will ensure that the business is still focused on its objectives and that the changes you have proposed are achievable. They will also provide a roadmap for implementing the changes and help to track progress over time.
Assignment Activity 4: Be able to examine the impact of change management on the operations of the business.
Change management is the process of planning, implementing, and monitoring changes to the business. It is an important part of any change initiative, as it helps to ensure that the changes are made smoothly and that the business continues to operate effectively during and after the change.
When examining the impact of change management on the operations of the business, you should consider:
- How the changes will be implemented and who will be responsible for each task
- What training or support will be needed for employees to adjust to the changes
- How the changes will be monitored and evaluated to ensure that they are having the desired effect
Change management is a critical part of any change initiative, and it is important to consider how it will impact the business before making any changes.
As you can see, there are a lot of factors to consider when investigating the performance of a small business enterprise. However, by gathering information about the business and conducting financial analysis, you will be able to identify areas of strength and weakness and propose changes to improve management and business performance. With a well-thought-out plan and a commitment to change, you can help the business to achieve its objectives and reach its full potential.
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