UNIT
21: SMALL BUSINESS ENTERPRIS
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LO1
Be able to investigate the performance of a selected small business enterprise
Business
profile: components of the business, objectives of the
business, internal and external factors affecting business performance,
performance measures, constraints and restrictions on business,
responsibilities and liabilities of owner-manager Comparative measures of
performance: comparisons with other similar-sized businesses in same
geographical area, comparisons with businesses in same or similar industry,
comparisons with industry averages; comparisons should cover all areas –
financial, production, marketing, sales, human resources, use of technology
Analysis of business information: analysis of past and current business
information – financial, marketing information, sales, production, human
resource efficiency, management effectiveness – using ratios, budget
information, market research results, SWOT analysis, business reports eg
production efficiency
LO2 Be able to propose changes to improve management and business performance Overcoming
weaknesses: problem-solving strategies; sources and
availability of professional advice in appropriate areas; finding solutions and
alternatives; availability and use of outsourcing for specific functions eg
payroll, debt collection Maintaining and strengthening existing business:
maintaining appropriate performance records, building on business strengths,
maintaining market share/position, importance of good customer/supplier/advisor
relationships New opportunities: identifying areas for expansion eg niche
markets and export opportunities where appropriate, research techniques,
evaluating projects, assessing project requirements, costing and finding
finance for new projects, risk assessment Evaluation of management and
personnel: skills audit, self-evaluation, development of self and associated
personnel, assessing costs and benefits of self and staff development
LO3
Be able to revise business objectives and plans to incorporate proposed changes
Business
objectives: structure of business objectives, assessment of
business objectives in the light of current performance, making changes to
business objectives, impact of changes on business plans Business plans:
structure of integrated business plans (financial, sales and marketing,
production/output, personnel), use of business plans, evaluation of plans
against business objectives, incorporating changes to plans, budgeting for
changes, preparation of business forecasts Action plans: plans to implement
changes, systems to manage, monitor and evaluate changes, performance measures,
milestones, setting deadlines
UNIT
21: SMALL BUSINESS ENTERPRISE
LO4
Be able to examine the impact of change management on the operations of the
business
Impact of change:
effects of change on all areas of business – finance, workloads, morale, job
roles, physical aspects eg office space, production methods; use of technology,
anticipating possible obstacles/problems Management of change: monitoring
effects of change, maintaining systems and records to evaluate impact of
change, appropriate revision of plans in response to actual results
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UNIT
21: SMALL BUSINESS ENTERPRISE
Learning outcomes and assessment criteria
Learning outcomes
On successful completion of this unit a learner will:
LO1 Be able to investigate the performance of a selected small business
enterprise
Assessment criteria for pass
Assessment criteria for pass
The learner can:
1.1 produce a profile
of a selected small business identifying its strengths and weaknesses
1.2 carry out an analysis of the business using comparative
measures of performance
LO2
Be able to propose changes to improve management and business performance
2.1 recommend with justification, appropriate actions to
overcome the identified weaknesses in the business
2.2 analyse ways in which existing performance could be
maintained and strengthened
2.3 recommend with justification, new areas in which the
business could be expanded
LO3 Be able to revise business objectives and plans to incorporate proposed changes
3.1 produce an assessment of existing business objectives and plans
LO3 Be able to revise business objectives and plans to incorporate proposed changes
3.1 produce an assessment of existing business objectives and plans
3.2 revise business plans to incorporate appropriate changes
3.3 prepare an action plan to implement the changes
LO4
Be able to examine the impact of change management on the operations of the
business
4.1 report on the impact of the proposed changes on the
business and its personnel
4.2 plan how the changes will be managed in the business
4.3 monitor
improvements in the performance of the business over a given timescale
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UNIT
21: SMALL BUSINESS ENTERPRISE
Guidance
Links
The unit can be linked with a number of others, including:
Unit 2: Finance in the Hospitality Industry Unit 19: External Business Environment Unit 20: Business Health Check. This unit also links to the following Management NVQ units:
Links
The unit can be linked with a number of others, including:
Unit 2: Finance in the Hospitality Industry Unit 19: External Business Environment Unit 20: Business Health Check. This unit also links to the following Management NVQ units:
A3: Develop your
personal networks
B2: Map the environment in which your organisation operates
B3: Develop a strategic business plan for your organisation
B8: Ensure compliance with legal, regulatory, ethical and
social requirements
C5: Plan change
E1: Manage a budget
E2: Manage finance for your area of responsibility
E3: Obtain additional finance for the organisation
F12: Improve organisational performance.
Essential requirements
In developing an awareness of business objectives and plans,
learners must consider realistic scenarios and understand the implications of
proposed changes on the operation of the business. Learners are expected to
provide evidence of an investigation into the performance of a selected small
business. Some learners may be in a position to use their own employment as a
basis for the course. Family businesses may also provide opportunities for
generating evidence. Tutors must be aware that evidence collected from a real
business is always most useful for learners but, if necessary, case study
material may be provided for learners. The Open University Business School
Small Business Programme publications provide a series of titles covering
accounting and finance, product development and marketing, and human resource
management and recruitment. Each publication provides knowledge and case study
examples. In some cases a video or audio tape is also available. Contact the Open
University for details.
UNIT
21: SMALL BUSINESS ENTERPRISE
Employer engagement and vocational contexts
Learners should be exposed to a variety of case studies from
the hospitality industry in order to gain coverage of the different aspects of
small business management and development. They will need to be able to
identify the specific problems that a small business can face and find workable
solutions to ensure continuation of the business. In order to gain an insight
into the issues facing small businesses, learners would benefit from guest
speakers, such as those operating a small business or organisations that
support small businesses. Visits to local business enterprises would also help
to develop learners’ understanding of the current issues affecting these
enterprises. Although there are generic issues which affect all small
businesses, learners should consider some of the hospitality-specific issues,
including high susceptibility to economic fluctuation and small profit margins.
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