In business, unit 29 of the HND (the Pearson Higher National Diploma, “Running and managing a small business” provides the students with practical information necessary for functioning as a social enterprise or small start-up. The unit protects a wide-ranging spectrum of activities essential for managing business, including launching strong client relationships, allocating and planning working resources, budgeting and predicting cash flow, retention and recruitment of staff, interpreting economic statements, submission with regulation and legislation, leadership, and business idea development. This understanding approach makes sure students recognise how these components interconnect to the serious role of organisation and dive into company success and planning in satisfying operations.

The main structures of the unit are the practices of hypothetical knowledge to virtual business projects, providing students with first-hand experiences, strategies and challenges involved in supervising a short enterprise. Students discover resources by strategising by recognising essential equipment, human resources, skills, premises, understanding long-standing organisational culture and structures. They also educate about customer connection management processes, including customer communication and channels care programs, which are crucial for retaining and acquiring customers. Skills in Financial management are established through cash forecasting flow, analysis of break-even, interpreting financial statements, and emphasising the significance of business cash flow chart viability. Furthermore, the unit reports regulatory and legal requirements, safety and health, data protection, employment principles, and specific industry regulations. Make sure students escalate the acquiescence features of running an organisation.

In short, unit 29 is holistic a fostering recognising of minor business management by participating in operational, legal, and financial. It builds students to analyse critically resource allocation, financial health, and customer management to make knowledgeable decisions that improve business sustainability. At the end of this unit, learners are provided with the skills to build up informative business ideas and operational plans, enhancing their capacity to manage small businesses fruitfully in a competitive market.

Unit Objectives

The main objectives of unit 29, managing and running a small business, are designed for learners to recognise significant aims, like:

• Identify the customer connection management method, and focus on maintaining and developing good customer connections. To understand the challenges, benefits and especially in multinational operations.
• Analyse and develop financial instruments, including budgets, interpret components, break-even analysis, and currency flow forecast statement, to ensure economic information and stability when making decisions.
• Discuss the influence of regulation and legislation on small businesses, including diversity and equality, and employment principles. How to combine these thoughts into the idea of business and operations.
• Recognise how a new start-up business or social enterprise idea distributes resources, likewise equipment, people, skills, premises, to attain its objectives effectively. It includes recruitment, retention, capacity, and optimises of external outsourcing advisers.

Learning Outcomes

The learning outcomes of unit 29, managing and running a small business, are demonstrated here.

LO1: Discuss how a small business or social enterprise plans and allocates resources to achieve objectives.

• Equipment promises and resource planning with skills and people
• Activities of planning in a business, including management and utilisation of capacity
• Identification of skills and resources required for the development of the job specification as an employer
• The structure of the organisation is applicable to the state of the organisation and the business purpose
• Appropriate culture of the organisation and its establishment
• Human resource management considerations
• Retention and recruitment
• Team building
• Performance management
• External advisors, networks and outsourcing optimisation
• Recognising the significant aspects of legislation of employment relevant to small businesses, for example, diversity and equality.

LO2: Explain and evaluate the customer relationship management process for a small business or social enterprise, including understanding the benefits and challenges of transnational operation.

• Customer relationship building
• Customer value, retaining customers and acquiring customers assessment.
• Effective channels of development for customer care programs and customer communication.
• Digital platforms for useful customer relationships to include mobile devices and email marketing forums, and online chats utilise for real-time solutions and responses, online ratings and testimonials utilise for social media.
• Sales of transnational
• Defining sales of transnational and considering the reasons for small firms and startup internationalisation.
• Preparation of source and cell transnational e and e-stage model application for internationalisation.

LO3: Develop and analyse a cash flow forecast, budget and break-even analysis and interpret key financial statements.

• Financial sources for small businesses and startups
• The significant sources for the startup of finance and small businesses include equity finance, savings, family and friend loans, overdrafts, bank loans and purchase hiring involving factors
• Buttering and forecasting
• Techniques for budgeting and forecasting utilising the data series, calculating average, moving trend, finding seasonality dealing
• Budgeting development that includes a sensitivity analysis based on what-if
• Utilising performance monitoring and controlling the budget
• Video analysis
• Analysis of break-even
• A small business financial statement
• The significant financial statement, which is required for a small business, and the way in which it can be interpreted
• The difference between cash and profit, and the significance of small business cash flow
• Working capital components and the way in which they are managing cash flow efficiently.

LO4: Discuss the implications of regulation and legislation on a small business or social enterprise.

• Regulatory and legal issues
• Regulatory and legal issues which are applicable to small businesses in the country according to registration
• Employment and tax
• Record keeping
• Safety and health
• Data protection
• Insurance
• Cybersecurity measures
• Regulatory issues are examples which can be applicable to various categories of business
• Multiple services or products and various localities, including waste regulation and environment
• Guidelines of professional practice
• Restrictions on local planning
• The source`s potential for information for application regulation determination

Assessment Criteria

The unit 29 managing and running a small business has a potent assessment criterion which is connected to the learning outcomes.

LO1: Discuss how a small business or social enterprise plans and allocates resources to achieve objectives.

• 1.1 Discuss the main considerations a small business or social enterprise needs to address when planning and allocating resources to achieve business objectives.
• 1.2 Apply relevant tools and techniques in a structured and analytical way to plan and allocate resources in an organisational context.
• 1.3 Assess the importance of planning and allocating resources to achieve business objectives.
• 1.4 Critically analyse the application of appropriate resources to demonstrate links between resource allocation and achievement of business objectives.

LO2: Explain and evaluate the customer relationship management process for a small business or social enterprise, including understanding the benefits and challenges of transnational operation.

• 2.1 Explain and evaluate different processes of customer relationship management for a small business or social enterprise.
• 2.2 Explain how a small business can develop transnationally and determine the benefits and drawbacks.
• 2.3 Apply and evaluate the elements of the customer relationship management process in relation to achieving business objectives.
• 2.4 Evaluate the potential to develop transnational operations using the stage model of internationalisation, assessing both benefits and challenges.
• 2.5 Critically evaluate the customer relationship management process at all stages and provide recommendations for overcoming challenges of developing transnational operations.

LO3: Develop and analyse a cash flow forecast, budget and break-even analysis and interpret key financial statements.

• 3.1 Produce an annual itemised monthly cash flow forecast showing fixed and variable costs set against income for a specific organisation.
• 3.2 Explain how breakeven analysis could be applied to an organisational situation.
• 3.3 Interpret key financial statements for an organisation in relation to how they contribute to the successful management of the organisation.
• 3.4 Apply appropriate quantitative and analytical techniques to provide an appropriately detailed cash flow forecast and break-even analysis.
• 3.5 Produce an accurate cash flow forecast and break-even analysis with a critical evaluation of how key financial statements contribute to the successful management of the business.

LO4: Discuss the implications of regulation and legislation on a small business or social enterprise.

• 4.1 Discuss key legislation and regulations that have implications for small businesses or social enterprises.
• 4.2 Evaluate the implications of key legislation and regulations in an organisational context.
• 4.3 Critically evaluate key legislation and regulations that affect small businesses or social enterprise organisations, taking future developments and changes into account.

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