Unit 21: SMALL BUSINESS ENTERPRISE

Unit 21: SMALL BUSINESS ENTERPRISE


Small Business Enterprise H/601/1098


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LO1 Be able to investigate the performance of a selected small business enterprise



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


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



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

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

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

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



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


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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