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R/508/0486 Objectives Of The Business

University: UK College of Business and Computing

  • Unit No: 1
  • Level: Undergraduate/College
  • Pages: 12 / Words 2927
  • Paper Type: Assignment
  • Course Code: R/508/0486
  • Downloads: 88

INTRODUCTION

Business health check-up means which is not related to the medical but it relates to the business is improving or not. This shows the business is achieving growth by attaining the company's objectives. This report will study the objectives of the business. It will further discuss factors that impact the growth of the business. In the internal analysis, the firm will discuss the Swot analysis and in the external analysis Pestle. It will tell about improvement in organization and it will affect business. It will discuss the effectiveness of business. It will more study about Ansoff's Growth Matrix. It will more study about the development for skills of management and staff.

TASK 1

1 .1 Defining objectives of business

Every firm has goals and objectives of it which show the correct path or guidelines for business. Nisa Retail Limited is the famous shop of wholesale where the business of groceries is available. It is UK based company which was founded in 1977. The revenue of company is 1.252 billion in 2017. Earlier it was the mutual company which was owned by the members and co-operative. The numbers of employees are working in the organisation are 213. It supplies items to 4000 convenience shops, small markets.

Objectives of company

Survival - nisa wholesale market is earning that much, from which the company is surviving in the market. This basic aim of firm is survival (Turner and Aitken 2018.). If company maintains its position in market then chances of becoming successful are more.

Profit maximisation - though company is selling its products in wholesale market but to maximise profit, it is implementing different sales promotion techniques which will increase sales (Verzuh 2015.). Profit maximisation will improve position in eyes of the market as well as world.

Profit satisfying - company is earning the profit that much which can help to sustain in market which contribute to face any circumstances that are prevailing in market.

Sales growth - every business tries to maximise sale. Under this, a company will be in better position than earlier. For maximising sale of company, many promotional techniques are followed to achieve targets.

The long term objectives of Nisa Retail Limited Company is to make improvement in sales to earn more profit as well as company will reach higher growth. Objectives of the company are meeting by following Smart criteria. These are specific which is pricing strategy of the company is penetration which is contributing in sales. The goals set by company are easily achievable. Attainable means company has set the goals which are not beyond its reach. Relevance by seeing the current position of the market. The entire tasks are achievable within time set by entity.

1.2 Factors that business

Factors which will affect the business are internal as well as external (Idries and et.al. 2015). In internal there are swot analysis is discussed and in external pestle analysis of the business is explained. Internal factors are controllable and within the organisation but external factors are related to outside organisation, which are uncontrollable.

For internal analysis Swot analysis are there:

Strengths - nisa company strength is the customer service which keeps the company strong in any situation. It has the support from the client which contributes in the growth of the business. It makes the company independent.

Weakness - pricing strategy is high in comparison to wholesale market. It makes sale of company slow. There are some ranges of products which are not sold because of less innovation in items.

Opportunities - local engagement and media marketing of product can grab chances of the product to cover whole market (Heizer 2016). It is the hope that by their promotion in product can increase sale of product.

Threats - increase in competition can create difficulties in working style of firm. If the firm is not following any type of rules then it will affect the working of firm.

EXTERNAL ANALYSIS

PESTLE Analysis -nisa is following all the type of the rules of the UK government .UK rules are stricter from other countries. Economic things are at the time of recession the company is facing many challenges like income level of the client decrease so it will affect directly on the sale of company. Social factors are company is implementing all types of responsibilities which have to be followed in society. Firm is moving towards the technological growth of the company. All legal rules are followed by the company. Firm is not doing any activity which will adversely affect the environment.

Porter five forces are: threat to new entrant, threat of substitutes, bargaining power of customer, bargaining power of supplier. These affect the company as if substitutes of products are available then consumer will move to the other product. If increase in bargaining by customers and suppliers will decrease profit of entity. If there will be more competitors in market than it will affect the high level of competition on in market.

1.3 Options of improvement in business by Ansoff's Growth Matrix

There is lots of improvement in product through which the company has chances of growth. nisa retail limited company's growth with the help of this matrix. Ansoff matrix is implemented by successful leaders who know that without following bit firm can't attain long-term objectives. Business can't achieve goals until it will follow same mindset. By implementing this in an organisation, the chances of increase in profit will maximise (Beach and Coule 2016). This matrix first step is to analyse options for improvement in the firm. For improvement purpose also the firm is trying to enter in new market this will help the entity to grow. Firm can entry to make different kinds of product which will improve in market area. In this, the entire organisation has chances to improve in customer size of firm . Product can be developed so that more customers will come to increase market. The pricing of the product will be as much as client of the product can buy easily. The risky decision is taken by the owner which can earn loss as well as profit. Selection of the best option is chosen by the company whose chances to work in better way in market becomes more. By using this matrix improvement chances are more in every aspect of the firm.

TASK 2

2.1 Review of the wholesale business

Business effectiveness refers to the basic problems face by organisation. These are managing risk, increase in revenue and controlling cost. This guides the enterprise to improve its performance, process, design, service models and outsourcing. These decisions will cover the management of the work with the serving of the clients. nisa has the wholesale business and under this entity is working on the improving in products and services. It is the company which is distributing the quality of food at different retail stores (Li and et.al.2014). There are the food and scale. It also encourages the local persons to become retailers. In marketing also there are various methods to sell the product. It can be sell through the online mode as well as offline mode. Customers can reach it by social media and many more. The sales of the company are increased by applying various promotional methods. Like offers and advertisements, discounts. Finances of the company are arranged by the owners, assets, investors and many more. There are the many activities like equity, preference and many more. Workers are appointed by this company through interview basis. After selection of the organisation will provide the training to workers so that all conditions are handle by them. All the records are kept safe in software because any data can be used in the organisation. Image of the Nisa is very popular in UK. It is very famous in the eyes of market.

2.2 Developing plans to improve in Nisa

Business planning is necessary in every organisation. It contributes in its growth. Many complexities of business are solved by this only. There are many benefits of this like pre planned work never creates chances of confusion. It helps in the facing all the situation which are prevailing in the market (Verzuh 2015). nisa is also moved ahead from the pre planning of activities.

There are many things that can be solved through planning. Future planning is necessary in organisation. Its foresightedness will help in taking all appropriate decisions. There are the plans which are supporting in taking the market and productive decision. This will make the firm to look after the decision and improvement in product.

The promotional methods will be more used by the firm to increase the sales of the organisation. The financial system is which does the work of the money related or the transaction between investors, lenders, borrowers. It can be followed in regional, local and national level. There are the systems which provide money to the organisation. There are various roles and responsibilities of the staff management.

Some duties are explained below:

Technical expert - role of the staff is to know well about computers. If any nominal calamity happens in organisation then he/she can solve them. Organisation must ensure that worker is doing the work according to the aim. It will also make work easier. The work will be faster than he can look after the other works.

Teamwork - staff has the duty to work in the team with their superior. This will enhance the quality of the organisation. Employee can learn the more in teams rather than in alone. In the study shows that team study is better than any other is.

Managing business - this duty of the worker to do work which is assigned to them. They will become perfect in process which will become expert in the particular process.

Development - staff has the responsibilities to make the progress in the organisation. Employees are those persons who are working on the initial level and fully responsible for the growth of the organisation.

Performance is monitored by an organisation of employees in which certain parameters are set by them to measure. All the relevant information is provided to administration department which can be more useful to them regarding taking decisions. Information is reached by the superior authority related to employees.

TASK 3

3.1 Current Skills of management and staff

There are different skills that are technical, operational and managerial skills. Technical skills refers to related knowledge that is needed to fulfil mathematical , engineering , scientific or computer related duties that helps in doing different tasks . These persons are capable to do all the work related to the computers, i.e. hardware and software. These persons will also help the organisation to grow on the continuous basis. Operational skills which will help the organisation to do daily work. Managerial skills refers to the knowledge of all management principles and it also involves planning, organising, directing, controlling. The manager must possess qualities for taking appropriate decision,s risk bearing and many more (Turner and Aitken 2018).

The current skill of management of nisa retail limited is making the good reputation of the firm in short span of time. nisa is using the managerial skills. It is more beneficial for an organisation. Under managerial skills, human and conceptual skills are followed by the company.

Every human is different and posses diverse qualities. Human Resource differentiates one firm from another. These qualities help the organisation to work in the better way. These skills help the organisation to move forward from the current position. From knowing the technical skills the staff can work in easy way. Staff of the worker is working in the organised way, it will encourage in the work to in systematic way. There different concepts which are used in the organisation. The human skills are the most effective skill for the organisation<https://www.snhu.edu/campus-majors/undergraduate/bs-operations-and-project-management>. Different persons who came from diverse background and having the knowledge of various fields which are helpful in organisation. They implement different styles of working and numerous things are also learnt from them, they have the innovative ideas which can be implemented in the entity. The skills which are necessary in the organisation for development purpose .Proper decision making is the also significant part of the business.

Risk is bearing the organisation which can earn profit and loss. The more risk is taken by the company by the company the more profit it will make. Managerial skills impacts good on the business. Through this, all the work of the organisation is organised and in proper manner (Idries and et.al. 2015,). There are the workers who are implementing the management principles in their work. There workmen become easier through applying these principles. The staffs of the organisation are fully trained and this will help the organisation to grow in better way. The staffs are following all rules and regulations to be implemented in an organisation. There are many things which have to be followed by the company like managerial skills which the person is having and all the work related to the organisation.

3.2 Developing the plan for development of skills for management and staff

The plan which is developed for the organisation is look after the skills for the development of management and staff. There are number of steps used in the development of plan. There are different steps followed for the development of employee.

These are as follows:

  • Consider the business goals - for setting the target for the employees, make a plan which is considering the goals of company as well as employee. First thing which is needed to know about the employee are the skills, knowledge and their abilities to fulfil the objectives of the company. In this set target of the employee and the potential of employee.
  • Talk to the employees - in this all employee abilities which are known by the employer and after that things are planned for employee looking at their potential. If they are facing the challenges then in that case talk to them after tries to solve their issues (Holweg and et.al. 2018.). if there is requirement of the training, in that case employer has to provide the training. Many workers know appropriate path from where it has started but don't know how to start.
  • Decide what skills employee has needed- now all information is known about employees and it’s time to look after what skills they require by them. Employer has to make sure about that employee has done the work on time.
  • Action plan is created - make a plan which help employer to achieve the goals of the company. Give them work and work on the basis of the qualities them posses.
  • Implementing the new skills in workplace - if the proper training is given to employees and giving time to make them perfect in that case in return the employee will also motivate and try to apply those skills in contributing towards the growth of workers. Give them the new opportunity and tell them to achieve it with innovative style.

For management also their skills are needed to improve on a regular basis. It is the job of the training staff to do something which are necessary for them (Heizer, 2016.). Give them new task on regular not after that tell them to apply the new principles to solve that situation.

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CONCLUSION

From this report, it can be concluded that Nisa company whose objectives are discussed. It has also discussed the factors which are making an impact on the business. The potential improvement is needed by the company to grow. It has also discussed the effectiveness of the business for that plan is developed. For the development of skills for management and staff which are needed.

REFERENCES

  • Heizer, J., 2016. Operations Management, 11/e. Pearson Education India.
  • Holweg, M. and et.al., 2018. Process Theory: The Principles of Operations Management. Oxford University Press.
  • Idries, A. and et.al., 2015, March. Challenges of developing UAV applications: a project management view. In Industrial Engineering and Operations Management (IEOM), 2015 International Conference on (pp. 1-10). IEEE.
  • Turner, N. and Aitken, J., 2018. A framework for understanding managerial responses to supply chain complexity. International Journal of Operations & Production Management.
  • Verzuh, E., 2015. The fast forward MBA in project management. John Wiley & Sons.

You may also like to read: R/508/0486 Performance Appraisal In Hilton Hotel

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