Unit 21: Small Business Enterpris Essay

1071 Words Jun 15th, 2015 5 Pages
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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
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ts 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
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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Learning outcomes and assessment criteria
Learning outcomes
On successful completion of this unit a learner will: LO1 Be able to

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