Small Business Enterprise
2. Small Business Performance
3. Chosen Organization
3.1 Nature of the Organization
3.2 Scope of business
3.3 Performance of UKRD Group
3.4 Strength of UKRD Group
3.5 Weaknesses of UKRD Group
4. Removing weaknesses
4.1 improving the strength
5. Appropriateness and effectiveness of existing business plan
5.1 Improved business plan
6. Impact of the changes in the business
6.1 Monitoring of the system
In the period of the 1950s and 1960s the prominence given to the role of small business enterprise in the UK economy has been rewarded (Stanworth and Purdy, 2003). IN the economy of the UK 99.9 per cent of the enterprises are the small business enterprises and this figure is reflected al all over the world (Department for Business, Innovation and Skills, 2011). Whatever, it is recognized universally that the small business enterprises is not the homogenous group (Forsman, 2008). The businesses are started with very different reasons and the businesses are run by its owners and them different expectation and the liabilities. The different business has vastly different charities and the businesses are located in different areas with the suitability of the work (Wijewardena et al., 2008). At present, a lot of research and analytical work have been done on the performance of small business enterprise. For any economy, the small business sector is considered as an important factor for the development and growth of the economy. The key role that the small business enterprise plays in the economy is they create the emplacement and make the innovation for the economy as a whole (Storey, 2000). The contribution of the small economy may be very vast towards the new economy. Although, the business strategies, area of business, way of operation of the business make the differences between the businesses.
2. Small Business Performance
The growth of the small business enterprise is the matter of the study to understand the performance of the small business although the theory of entrepreneurship is the key to understand of performance and this theory has been placed by Sexton and Smilor (Steffens et al., 2009). At the same time the business media and the policy makers of the business have the effect on the performance of the business (Nicholls-Nixon, 2005; Story, 2011). There is a debate on the on the growth and the performance of the small business enterprise but recently the issue of debet is the performance increasing of the small business enterprise (Barringer et al., 2005; Coad, 2009; Storey, 2011). In terms of scope and character, the performance profile of small business enterprise is a complex and multi dimensional matter (Scase and Goffee, 2000). The performance of the small business enterprise is based on the business sector, business area and the growth of the business. The small business enterprise of the UK is big area of economy and the performance of this area is mostly important for the total economy of the country. This situation is more sever in the developing countries where the economy in the growth level. Most of the organizations of the developing country are the small business organization so their performance is a vital point for the growth of the economy. It is very important to investigate the performance of the small business enterprise with the continuous basis and this investigation may identify the area of improvement within the organization. The business strategy is an important factor adopted by the enterprise determines the performance of the business.
3. Chosen Organization
For achieving the objectives of this assignment and learning about the organization UKRD Group Limited have been selected. UKRD Group Limited is a British Medias company which owns 16 commercial radio stations in the United Kingdom. UKRD group started its...
References: 1. Department for Business, Innovation and Skills (2011), BIS Small Business Survey, Department for Business, Innovation and Skills, Shefﬁeld.
2. Nicholls-Nixon, C. (2005), “Rapid growth and high performance: the entrepreneur’s ‘impossible’dream?”, Academy of Management Executive, Vol. 19 No. 1, pp. 77-89. Storey, D. (1994), Understanding the Small Business Sector, Routledge, London.
3. UKRD, (2013) highest listeners, Available at: http://www.ukrd.com/news/ (Last Access: 28, December 2013).
4. Storey, D. (2011), “Optimism and chance: the elephants in the entrepreneurship room”, International Small Business Journal, Vol. 29 No. 4, pp. 303-21.
5. Wijewardena, H., Nanayakkara, G. and Zoysa, A. (2008), “The owner/manager’s mentality and the ﬁnancial performance of SMEs”, Journal of Small Business and Enterprise Development, Vol. 15 No. 1, pp. 50-161.
6. Coad, A. (2009), The Growth of Firms: A Survey of Theories and Empirical Evidence, Edward Elgar, Cheltenham.
7. Blackburn, R., Brush, C. and Blank, A. (2009), “Understanding the challenges to growth in entrepreneurial ﬁrms: cases from the UK and USA”, paper presented at the XXIII RENT Conference, Budapest, 19-20 November.
8. Barringer, B.R. and Jones, F.F. (2004), “Achieving rapid growth – revisiting the managerial capacity problem”, Journal of Developmental Entrepreneurship, Vol. 9 No. 1, pp. 73-87.
9. UKRD, (2013) different awards, Available at: http://www.ukrd.com/awards/groupawards.php (Last Access: 28, December 2013).
Please join StudyMode to read the full document