Example Answers For Assignment On Small Business Enterprise

Example Answers For Assignment On Small Business EnterpriseAs an experienced profession executive, what advise would you give Jerry, eg a positive approach to starting up a refreshful business, structure, etc. (1a)Being an experienced business executive, I toilette see that the business requires huge efforts for victory. In case one wishes to gain to a greater extent, the best way is to start a business. Although job has bushel income for fixed thrash, increase efforts in business git pass on in huge benefits. Therefore, to give birth on the business, it is unavoidable to sit extra efforts for supremacy. For Jerry, it is suggested that he should not continue his job further else it may affect his business harvest-tide. The risk management strategy shall be do use of for achievement and growth (Lam, 2003).He should put together his efforts in his business and recognise use of the experience he gained while working for others. These practices shall be put by Jerry in his own placement. He should strategically manage his staff on a unshakable basis. This would jockstrap him in devising optimum use of his human resource assets. Additionally, the lack of capability of tribunal surgical incision could in make senseition be improved through this approach. It is a common concept, that greater the rate of risk, greater is the rate of return (Pakroo Pakroo, 2008). So leaving a job, Jerry would though take a risky stones throw it might go out in his long term success.Additionally, Jerry has a obedient back up of coin that he got from his grandfather. Money matter notably for a business in inception stage (Boyett Boyett, 2001), and then Jerry chooses to devote more and more time for the business, without the greed of having job along with the business.How would you revaluation the execution of instrument of his business? (1b)AnswerTo review the slaying of his business, the best method is to see at the growth move of the governing. I w ould fail the past performance of Jerrys organization to blood line how the organization is performing, what are its weaker and stronger areas, and how asshole the improvements be made in this business. I would review Zenith healthcares performance pure(a)ly. Due centre shall be located on total hear all over the operations of the organization (Druckman, 1997). There should be regular reviews of performance. I would analyse the weakness areas to come up with certain suggestions.To review the performance, I would further arrange meetings with staff members to accredit about their skill sets. Human resources are the most heavy asset for any organization. There is the motive to brook strong people in the organization who drive their own areas expertise this would entail the success and growth of the organization as a whole. Therefore, for Jerry, it is crucial to respond to problems. He shall devote his full efforts for this.I would have a look at the satisfaction level of customers, by checking their improvement in health. This is of positive importance for Zenith healthcare. Followed by this, I would staff members performance chart to be aware of their level of familiarity for the growth and success. These all strategies would overhaul in analysing the performance of Jerrys organization, and thus would further help me in bighearted break off recommendations. friend Jerry identify his companys chromas and weaknesses. (1c)AnswerFor any organization to be successful, it regularly necessarily to review its strengths and weaknesses (Pakroo Pakroo, 2008). These factors can help the organization attain better results due to the polish off description of areas that pauperization improvement, and the strength areas. The following discusses about the strength and weaknesses of Zenith Healthcare.As far as the strengths associated with Zenith healthcare are concerned the organization has an experienced person, Jerry as its owner. Therefore, in that location is a huge potential with the organization. Right use of strategy can result in growth and success. The sales of Zenith are growing in spite of lack of control by the owner. Therefore, there nevertheless persists huge potential in the organization. The optimal use of their staff is still to be done, which can result in increase benefits for the organization.On tone at the weaknesses of Zenith Healthcare, first-year social occasion noticed is the lack of time given by Jerry to carry on the business operations. There is no official in charge to look after the work activities of 5 staff members. The organization has to also note the point of its lack of growth of cash inflows in spite of the increase sales. The administration department is not given due care to carry out business operations. Jerry also require to note the point that the opposition in his industry is raising at a great pace and results in increased mergers and acquisitions.Following the analysis of the co mpanys strengths and weaknesses, recommend a plan of action that will capitalise on the companys strengths, and overcome its weaknesses. (2a)AnswerIn order to grow at a equitable pace, company privations to get rid of its weaknesses and make use of its strengths to capture a good share of commercialise. Therefore, the organization shall look at the action plan as described here on to growth at a good pace. Firstly, Jerry shall chip in his current job to have a focus on the business growth.The competition is increase with time there are regular amendments in policies by the organizations to survive in the market (Bradt et al., 2009). Therefore, the necessitate is to work out perfect(a)ly on the weaknesses in order to undertake that there are no risks associated with the business, or better say that the risks are optimized. For this purpose, the organization shall work duly on the weakness areas and go through the chemical group cause of the same. There should be someone who looks after the administration tasks of the health care as well. Jerry should act as a leader followed by one administration head. Thus administration should be responsible to look after all the activities leaded by the administration head. This would form a better hierarchy of operations for the organization.There is the need to have a proper check on the root cause for no increase in cash inflows in spite of increased customer base. Thus, there exists some f jurisprudence in the operational management operations of the organization, which needs improvement. These need to be taken with due care to result in success for long term.Jerry has bought you a one-week, return ticket to his pass home in Florida. He wants you to help him investigate ways in which the business existing performance could be maintained and strengthened (2b).AnswerLooking at the description of the business status, it can be noted that Zenith Healthcare is doing well in spite of the lack of focus laid by Jerry . He is not devoting much of his time for business due to his job. He shall leave the job to focus whole on the business.Health care organizations are increasely migrating towards UK. The competition is rising with time due to these competitors belong to local region as well as from abroad such as USA. Therefore, Zenith Healthcare needs to take steps in this regard. The organization shall then make efforts to expand further as this is the in good order stage for growth and expansion. The organization shall work aggressively to capture a good share of market before unseasoned entrants capture the whole market. Therefore, at the instance of an offer from Venture Capitalist (As discussed in the case study) shall be taken with due care. The best way is to natively analyse the synergy that would be created if the organization is acquired (Hunt, 2009). This would help in better valuation of the acquisition. In case the acquisition results in increased synergy which is beneficial for t he organization, Jerry shall move forward for the deal.However, in case there is not much kitchen range noted for this deal, there are number of options available for the organization. They shall make use of phrase ventures thereon to work in collaboration with giant foreign players. These giants would help in having a better control over the process of recruitment and selection, staff and checkup personnel management, and better operational strategies (Heim et al., 2003 Institute of Medicine, 1990). Thus, the synergy can help in faster pace of success for the organization.While you are with Jerry, could you also suggest rude(a) areas in which his business could be expanded? (2c)AnswerAt present the business of Jerry seems to be outlet well. His company is growing at a continuous pace, in spite of several flaws attached with it. The increased introduction of new infirmarys in the country is raising competition in the Hospital market. Therefore, there comes the need to incorpora te strategies at work place which are of maximum returns, else consolidated market might result in addition tough to stand for a small business. Therefore, Jerry needs to search for a good joint venture option to expand at a good pace. This would help Jerry have his organizations surface of increased power. The size of entity would therefore increase and would result in achieving economies of scale at certain instances (King, 2003). Therefore, it could be a good practice to incorporate economies of scale.Additionally, Jerry can opt for some further business areas that can be explored. Starting of new operations such as those of pharmacy products can be a good choice. Jerry shall make available medicines and injections etc that are commonly apply at his hospital. Therefore, the sales of these products would take place from his medical store, which can be opened outside his hospital area. Even patients would feel comfortable making obtain as they wont be required to travel from ho spital to the medical stores located at distant locations. This would act in favour of the revenues of the hospital. Therefore, Jerry can expand his business through this approach.You realise that the moment has get under ones skin where it would be appropriate for Jerry to review his existing business objectives and plans. Using your initiative, help your friend outline those cite areas where attention should be given (3a).AnswerFor any business to be successful, it is quite crucial to make clear objectives of the business. Unclear business goals and objectives can result in divergence of the approach to gain outcomes. Therefore, Jerry should have a clear point about the business statistics he has for growth and expansion.Therefore, the aim of his business organization, named as Zenith healthcare should be to make efforts to help the patients get rid of heterogeneous diseases. Health run demand the basic need to have strong relations with patients by providing them support in a thorough carriage. Therefore, the approach can help the business grow by having stronger customer relationship management. There would be more control over business practices.Thus, the business shall have the objectives in mind that are clear in terms of concept and plan. The operations of Jerry shall however include due focus to be laid on the service users. This should entail strong relationship building and making an effort to create stain of the organization in the emulous market. This would help the organization stand well in the competitive scenario (Pinson, 2008). Jerry shall leave his job to help the organization attain his aims and objectives, as the competitive market demands more and more efforts. lose of efforts can however result in consolidation of business due to quick growing competitive market, else survival would become an issue for the organization.Once you have agreed with Jerry those key areas which require attention, help him order his business plans to incorporate appropriate changes (3b).AnswerThe business plan is important for the growth and survival. There comes the need to implement strategies for success. The organization should use the suggested strategy for business operations.As the current market is growing rapidly on one hand, the consolidation is probable to come into existence at other instance, there comes the need to make use of the aggressive approach to cover a good share of market. Firstly, the organization shall have clear goals and objectives that need to be attained. This shall follow by a clear understanding of the market constituent for the services (Abrams and Kleiner, 2003 Holm Blanchard, 2007). Additionally, as stated before, the organization shall even expand its business operations by making use of the medical store to sell different medical products. This should follow by a thorough plan for marketing of services. Jerry needs to define clear strategic marketing. The use of brochures, advertising on magazines, newspapers, and various internet sources, search engine optimization, and web promotion can act in favour of the hospital for increased awareness among the target segment. There should be various marketing campaigns for the hospital and clear focus shall be laid to decide for the goals to be achieved for the regular intervals such as for the next 5 age or so.Thereafter, based on the plan the marketing analysis shall be done. This should follow by thorough understanding of the sales forecasts for the business. This would help in formulation of strategies in the right manner. Therefore, the organization would be dress to face stiff competition with the passage of time. The staffing would also be maintained in the right manner along with the operating budget. These would overall help in generating financial projections. This marketing strategy would overall result in growth and success of the organization for long term and Jerry would gain from his business.Accordingly, pr epare action plans to implement changes (3c).AnswerAction PlanAims and Objectives are the first stage of any action plan. The aim of Zenith Health care organization is to make an effort to help the patients get rid of various diseases. Health services have the basic need to build strong relations with patients by providing them support in a thorough manner. The approach is expected to help the business grow by having stronger customer relationship management. by dint of this strategy, there would be more control over business practices.Suggested actions at this stage are to first of all valuate the offer at hand for acquisition of other organization, which is similar in size (George et al., 2009). This was the offer made by a venture capitalist in a cocktail party. Thereafter, if the proposal seems to add to the benefits of the organization, the deal should be made. This should then be followed by the search for joint venture with an organization from abroad, which is looking to ex pand here. This shall further help in promotion and brand building. Furthermore, the organization shall make efforts to promote more and more through various magazines, newspapers etc. This would help in creating awareness of the services provided by Zenith Health care, and would increase the chances of attracting more and more people, looking for health related services. Therefore, the strong marketing would help in establishing brand value in the market (James, 1995). This shall further be followed by proper evaluation of the suggested strategies so as to update them on a regular basis, based on the market and changing needs.Help Jerry assess the possible impact of changes on the business and his management team (4a).AnswerThe suggested approaches would overall help the business of Jerry. This strategy would help the organization grow for long term. Thus, the suggestions are made based on the long term vision for the success. The employees working in the organization would be able to work in a better way. There would be proper flow of information in a hierarchal manner. The supervisor would handle the task of managing the whole staff. This would help in better operational management. The administrative activities too would flow in a professional manner. This would aid to the development and growth.At present, the organization is though doing well, the competition is increasing at a rapid rate. Therefore, it becomes necessary to incorporate strategies at work place to ensure that the outcomes are attained favourably. The systematic action plan would therefore act as the backbone to carry out all the activities (Nayler, 2005). This action plan would help in going in a systematic and rapid manner to capture a good share of the market. The success of organization therefore seems to be a mandatory task which would be achieved easily.Explain to Jerry how the implementation of changes should be managed (4b).AnswerChange is the law of nature. This takes place on a regular basis and can result in overall success or failure of the proposed plan. Although a good strategic plan has been discussed in the above sections, the most important task is to convert the plan into action. Therefore, Jerry would need to firstly leave his job. Thereon, he would have time in managing the operations in a better manner. This shall be followed by the use of proper channel of communication. The organization shall allow its staff members to collaboratively communicate with each other to contribute to the efforts for organization.On having an eye on the contribution of entrepreneurs of US, it can be noted that more than 50% of the revenues generated through business operations are made by the small businesses (Gates Leuschner, 2009). Therefore businessman shall understand the importance associated with the strategy. This would help entail successful growth of the organization.Additionally, the increased efforts put by the staff members shall be well managed with t he help of controller, or manager. This person shall be held responsible of managing all the operational activities of business by making use of the staff. This would help in increasing the contribution of individuals towards organizations success. Thus, Jerry shall need to use evaluation technique to analyse the outcomes of the approach. This would result in overall success of organizational goals and objectives.Jerry is worried that the change process could go wrong. To assuage his fears, explain to Jerry how possible it would be to observe changes in improvements and performance (4c)AnswerTo be successful and to earn more, there is the need to take risk. The greater the risk one takes, the greater are returns (Lam, 2003). Increased competition demands the need to take risks in an optimal manner. This is the differentiating factor between a successful and unsuccessful organization. Therefore, the present competitive market demands the use of new approach for success and growth.Je rry is though worried of failure, but I would make him understand how the joint venture, for an theoretical account can act as a strong factor to keep the business at a safer end. There are reduced risks due to this strategy. Working with industry giants can help the business curl at a rapid rate. These organizations act as the backbone for helping in tough clock (Pinson, 2008). Jerry shall thus understand this point that the risks result in returns if the proper direction is followed for the business.Additionally, the action plan can make a huge difference between success and failure. Therefore, the action plan would be used in such a manner that there are minimized risks and frequent evolutionary sessions would help in getting an idea prior to the problem situation about the state of business, and amendments if any, required in the business, can be made thoroughly to ensure the minimization of risks.