Small business management

Introduction

In the recent era of globalisation, there is high rise in the small and medium sized business, where the companies can access the global platform and establish their business efficiently in the market. This trend underscores the need for the most comprehensive business dissertation help in place to navigate the complexities of international markets successfully. The study aims to understand the managerial style and strategic planning of a small business, in the UK where it is possible to evaluate the strategies and recommend some suitable suggestions for the company to expand their business efficiently. Recently, the small business firms focus on expanding their operational activities through promotional activities and placing their products in the market and the entrepreneurs are also efficient to manage the customers and deliver high quality products and services for future sustainable development. The small business is defined as the companies which have the turnover up to £10 million and have less than 250 employees (David and David, 2016). The companies become efficient and have dominant power in the UK market, where the small and medium sized firms try to expand their business efficiently by serving the customers successfully. The growth in the small and medium sized business is also increasing over the years in the UK and it further influence the entrepreneurs to develop more effective strategic planning for running their operations successfully. There were 5.9 million small sized business in the UK which accounts for 99% of all the business and thus there is strong contribution of the small and medium sized businesses on the National Income of the country, where the entrepreneurs are efficient to develop the business operational activities effectively to establish the business and improve their turn over the years (Bergh et al., 2016).

Justification

Recently, the technological up gradation and the social development are effective factors influencing the companies who are small and medium sized, as technology plays a crucial role for the business firm LovetheSales.com to improve their performance and enhance creativity in long run. Through technological innovation and firm’s creativity, the small and medium sized business becomes efficient to establish the business and expand their operations across the country (Burns and Dewhurst, 2016). The strategic planning of products development, promotional activities, placing the products at the physical store, setting effective price and managing people are the major business portfolio, through which the entrepreneur of LovetheSales.com is successful to run their business in the country. In addition to this, the political stability of the UK, legal structure and framework of doing the business as well as the economic growth of the country further enhance the opportunities for the small and medium sized firms, who can access the market and utilise growth and social development for establishment of LovetheSales.com in the country (Linton, J.D. and Solomon, 2017). The UK government also provides subsidies to the small sized firms to establish the firms in the market. The study provides a scope to analyse the business portfolio of the company LovetheSales.com, which is a leading online shopping website, where the customer can make effective purchase according to their needs and preferences. After evaluating the business portfolio, it is possible to recommend some suitable suggestions so that the organisation can expand their business across the country and strengthen their customer’s base in long run. .

Organisational background

LovetheSales.com is a famous leading online website, where the organisation aims at delivering high quality products and services to all the customers. The company focuses on delivering the products mainly the clothing and accessories which are in good quality so that it is possible to create values of the customers. The organisation develops strong bonding with more than 850 brands, to manage the availability and stock of the products on the market. The mission of the company is to provide best life style to all the individuals across the country and the tying up with other retail businesses, further help the organisation to manage their operations in the market. The organisation LovetheSales.com also focuses on deliver the best quality products at affordable price, where the customers can have the options to choose the products according to their budget constraint. The company is also efficient to run their operations across the county by strengthening their supply chain and retaining the efficient distributors for long run, so that the organisational products can be distributed efficiently to all the customers within effective time. The major business strategy of the company is to strengthen their online website to attract the customers and promote the website through different activities such as celebrity endorsement, content development, email marketing and others which are effective for the business to retain the customers and establish the business successfully. Hereby, the business strategy and the organisational activities of LovetheSales.com are effective for the company to develop their operations and establish the company in the market (LovetheSales.com, 2020). .

The company LovetheSales.com is also efficient to develop effective website, where the customers can review the various items and their price, compare the price with other products and make effective purchase decision. LovetheSales.com focuses on managing availability of the products and develops the website with clear pictures of the products and proper product specifications, so that there will be no confusion among the customer during the purchase decision making behaviour. Additionally, the representatives of the organisation LovetheSales.com are also effective for managing customer’s relationship, where they try to manage the customers and provide 24*7 services. Resolving their queries and helping them to choose the right products according their personal requirements are also another strategy through which LovetheSales.com, tries to strengthen their customer’s base and run their operations efficiently. Though it is a small and medium sized business, the company is efficient to attract the audiences and retain the customers for long run by delivering high quality products at affordable price and this further helps the firm to create values for the customers in the society. On the other hand, the company also develops effective content for their website and design it simply with one click options for placing the customer’s orders. The distribution team and suppliers are cooperative and communicative to support the customers and delver the high quality products safely within appropriate time. It is hereby, beneficial for the company to develop the organisational website and retain the customers for securing future sustainable development. The business is creative and theological advancement in the LovetheSales.com is effective for developing the website and establishes the small firm in the market (LovetheSales.com, 2020).

Business analysis and evaluation

The organisation LovetheSales.com, is efficient to run their business properly and in this regard the major strategic planning of the business are such as leadership and management style, human resource management and financial planning which are appropriate for the organisation to manage the resources and reallocate it for better performance. .

Business strategic management:

There is great role of the leaders in the organisation to lead the team members and achieve future success. In this regard, the entrepreneur of LovetheSales.com is efficient to direct the team with proper information and support them with great cooperation and collaboration (Rothaermel, 2016). The major strategic planning of the leader at LovetheSales.com is to maintain the stock of the products and retain the customers with a variety of products, for market expansion, the leader focuses on availability of the products and manage product diversification in order to target new as well as old customers in the market. The major products under the large product portfolio are clothing and accessories where the firm is able to target the male and female buyers in the market as well as all the age group of the customers. There are a huge variety of clothing products as per the choice and preferences of the buyers as well as the entrepreneur of LovetheSales.com also focuses on the product portfolio management and tie up with more than 800 retail firms, to maintain stock of the product and attract the audiences in long run. The diversification of the products also being managed well, where LovetheSales.com focuses on organic clothing where natural colours and raw materials are utilised to develop the products and this is also another business strategy to attract the fashion trendy and sustainable customers. The entrepreneur of the company LovetheSales.com is also efficient to manage the services, where proper support and cooperation with the leader help the employees to improve their performance for serving the customers in a better way. Another strategy of the leader at LovetheSales.com is to provide support 24*7 so that customer’s relationship management is possible. This is also effective for the organisation to manage strong customer base and maximise the values of the customers. The entrepreneurs of LovetheSales.com, is also supportive and the board member are effect to cooperate with all the staff and empower them in the organisational decision making practice (Trigeorgis and Reuer, 2017). As LovetheSales.com is a small sized firm, it is possible for the leader of the firm to develop strong bonding with each of the members and encourage them to perform as a team to serve the customers in a better way with high quality products. In this regard, the leader is also efficient to create values for the customers, where the entrepreneur at LovetheSales.com, aims at delivering the quality products at affordable price, so that the customers can make effective purchase decision according to their preferences and budget constraint (LovetheSales.com, 2020). LovetheSales.com also focuses product development apart from the product stock management and customer’s service management and in this regard

the leader of the company aims at producing a variety of products to maintain product portfolio. This strategy is efficient as product diversification which is appropriate for the company LovetheSales.com to enter into new market and establish the business by retaining the customers across the international markets with new product ranges for kids, women and men and for all the ages of people (Lasserre, 2017). Apart

from that, the company LovetheSales.com needs to focus on cost leadership strategy, through which the leader tries to reduce the cost of production and operations to se affordable price and generate profitability in long run. This is effective strategic management planning through which the company can deliver high quality products to the customers at affordable price and it in turn provides a scope to the organisation to strengthen their customer base in the international market. Hereby, the strategic planning of the organisation includes product diversification through maintaining availability of variety of clothing for male, women and kids, market expansion through customer service efficiency, and cost leadership strategy and product stock management through strengthening supply chain and distribution network.

Marketing strategic planning is mandatory for the company to expand their business across the international markets and gain high competitive advantage. In this regard, the 4P marketing mix strategic planning indicates the factors including product, price, promotion and place. For the product development, the organisation LovetheSales.com focuses on producing quality products and utilising quality raw materials to satisfy the customers. In this regard, it is necessary for the company to utilise organic materials for the clothing and natural colours to make the product suitable as well as paper packaging system need to be introduced to make the business sustainable in long run. For pricing strategy, the organisation focuses on setting lower price for creating values for the customers (Hess and Cottrell Jr, 2016). In this regard premium pricing policy of LovetheSales.com is hereby efficient for the organisation to target the audiences and retain them for the quality and creative products of the brand. The organisation also focuses on providing discounts in different occasional and introduce loyalty cards and bonus for the long term and old customers to retain them successfully. This strategic planning of marketing is also effective and beneficial for LovetheSales.com to strengthen their customer’s base successfully. For promoting the products, the company focuses on restructuring the website and improve search engine through promotional activities on different fashion pages and online retail markets (Zhao et al., 2017). Developing suitable content and sowing proper picture and creating short videos are effective to promote the organisational products through social media advertisement (Morden, 2016). The company also focuses on email marketing by sending personalise email to

the customer about the fashion trend, new product portfolio and seasonal discount which further influence the customer’s purchase decision making behaviour. Word of mouth is another strategy to promote the brand, where the company is successful to retain the customers for long run (Kor, Mahoney and Tan, 2020). For placing the products at right place within right time, it is necessary to strengthen their supply chain and distribution network. In this regard, the organisation LovetheSales.com retains the efficient suppliers and engage them in the operational process as well as the leader aims at developing string corporate relationship with them and give high incentives and return on investment which are beneficial for the firm to strengthen their supply chain and improve efficiency of the suppliers to distribute the products at right place (LovetheSales.com, 2020).

Financial planning:

Financial planning is one of the effective strategies of the business in order to establish the firm successfully in the market for the start u of the small and medium sized firm, it is necessary for the entrepreneur at LovetheSales.com to arrange the start up cost and manage the cash for successful establishment of the project. Through arranging the cash and start up capital, it is possible for the leader to develop equipment and organisational infrastructure to establish the business. In his regard also, the company LovetheSales.com, is efficient to arrange the cash and capital where financial stability of the business further helps the entrepreneur to develop the organisational infrastructure and improve the business planning. The company is efficient to generate revenue in each year with 2% growth and the leader aims at reinvesting the revenue to expand the online business and strengthen their operations in the market (Mamabolo, Kerrin and Kele, 2017). Reinvestment of the capital and reallocation the organisational resources are helpful for the organisation to develop the business and establish it successfully. In addition to this, the entrepreneur is efficient to develop cash flows with 1.5% growth each year and budgetary plan which are effective to reallocate the capital and manage the cost of the operations (Julien, 2018). The major costs of the business are such as creating the organisational website, software and hardware system, project evaluation, organisational infrastructure, administrative cost, insurance and licensing and the labour cost which are effectively managed by the entrepreneur of LovetheSales.com through developing the budget plan. In addition to this, the financial planning is mandatory for LovetheSales.com to develop efficiency of the firm and it .

provides a scope to generate more revenue and manage the cost of the organisational activities in long run. Hereby, trough the financial planning, it is possible for the organisation LovetheSales.com, to maintain their cash flows, budgetary planning, capital investment, reallocation of the organisational resources and cost structure. Through the financial planning, it is hereby possible for the organisation to improve the financial operations and maximise the financial stability of the firm, where the organisation LovetheSales.com, can expand the business by generating profitability and improving their performance in long run with effective partnership with the retailers. Hereby, apart from the leadership style and strategic planning as well as human resource management tactics, the financial planning of the company provides a scope to run their business efficiently and utilise their profit volume for expansion of the brand by reinvesting the capital for better performance and organisational infrastructural development (LovetheSales.com, 2020).

Conclusion and recommendations

The organisation LovetheSales.com, is efficient to set up the business and create the website fir running their operations, The company is mainly doing their business and operational activities through the online website and it is effective for the organisations to create the website with proper context, relevant product specifications and the product category, which are effective for the organisation to develop their business. In this regard, the product portfolio and tie up with the retail firms are effective strategic planning of LovetheSales.com, though which it is possible to maintain the stock of variety of products and services and manage the customers in long run. The company also focuses on managing the warehouse and retain the efficient suppliers to maintain their distribution network and deliver the high quality products in long run. For better performance, e.

Firstly, in the recent era of globalisation, there is intense competition in the retail clothing industry, where there are huge numbers of organisations operating in the market and the products and services are in good quality and creative which further attract the audiences in long run. It is essential for the company LovetheSales.com, to tie up with more retail brands in the market and maintain the stock of the high street fashion brand so that it is .

possible for the company to attract the audiences and retain them for long run and it further enhances the sales volume and generate revenue. Secondly, it is necessary for the organisation LovetheSales.com to take necessary actions for expansion of the business in long run and it would be effective for generating profitability by enhancing their sales volume. The company LovetheSales.com needs to hire the technical staff and efficient employees who can manage the online activities and provide customers service to satisfy the consumers across the markets. The firm also needs to promote the business efficiently with promotional activities and in this regard the social media advertisement, sending personalize email, social campaigning and SEO marketing are necessary, through which LovetheSales.com, can establish their business efficiently in the market and fulfil its objectives. It is necessary to develop Face Book page, which is one of the effective social media platform for sharing the organisational message with the social communities across the country and promote the firm successfully. Thirdly, SEO content marketing is also efficient strategy, where the brand needs to develop proper SEO marketing tactics and promote the company through content marketing. LovetheSales.com also needs to manage the product portfolio, as in the recent years, there is innovative fashion trend and the customer’s preferences are also changing over the time, for the clothing and accessories. Fourthly, managing sustainability of the business is one of the effective strategies in the recent era of globalisation, where the entrepreneur of LovetheSales.com, needs to manage organisational sustainability in long run. the company must focus on utilising renewable resources such as solar panel for managing electricity and for distribution, it would be beneficial for LovetheSales.com, to develop green supply chain, where the distributors and suppliers must utilise the electric cars for distribution of the products and managing the stock of the products at the warehouse and this practice will provide scope to the company to reduce the greenhouse gas emission and contribute in the society by green environmental footprint. Fifthly, creating values for all the stakeholders is necessary, where the company is efficient to deliver high quality products and efficient services to the customers for maximising their value. However, it is necessary for the business of LovetheSales.com, to maximise the values for the shareholders and social communities by proving high return on investment and investing in social development projects and charitable institutions respectively to secure future sustainable development of the business so that it can run their business efficiently and maximise its profitability in long run.

Reference list

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