Small business enterprise is a privately owned small business in small-scale that have a less number of workers or employees (Wawira, 2016, p.13). The aim of this chapter is to make the learner understand the opportunities involved in the processes and changing management that help to review and improve the performance of the small business enterprise. Here, it is also discussing the financial measures and economic impact of chosen business as Razzamataz.
Task 1 (LO1) Profile of selected business.
AC1.1 Overview of chosen business from Dragons Den series
The researcher has chosen Razzamataz from the Dragons Den series which is a theater school that is a platform of opportunities as it offers and provides training in drama, dancing, and singing. The classes of this organisation cover everything that includes traditional west end musicals with a street dance and pop singing and they believe that every student can get an opportunity to become energetic and do lots of fun and gain confidence. It has included some performance of art with a fresh, vibrant and funky environment (Startups.co.uk, 2017).
In context with the founder or owner, it was founded by the seasoned performer whose managing director name is Denise Hutton-Gosney who use the franchise formula to improve their business and do hard work for that. Before the establishment of Razzamataz in 2000, Denise for over 10 years had been a choreographer, gymnast artist, and professional dancer. According to the owner structure, there are many teams divided for the development of organisation such as the head of the franchise requirement, head office support team, franchise support and development manager, head office accounts, overseas recruitment manager, artistic director, administrator and public relations advisor (Orme, 2014, p.50). All of these group work together for making the high-quality environment and also to reach high and expand by the aware process as volunteering.
As history before 2007, the founder took a brave step and enters BBC's Dragons Den and first troupe singing children from the firm to perform for them and that song was written by one of their student (Mazhindu and Gregory, 2015, p.25). At first, In the Den of Dragon offered to invest all the money without haggling over the equity and Denise accepted this offer of $50,000 for the 25% stake in Razzamataz and fill grateful for that. As a successful businessman, he did not want to lose this opportunity and instantly recognized it and chose to invest for Razzamataz. They started this organisation to give an excellent opportunity to build up the self-esteem and confidence and with their enthusiasm and business sense lead him in a great success and also in the expansion of the business. Razz skills give or keep the youth active, confident, pride and encourage their social skills. And mainly located in the UK and also go through their expansion.
Its strength is to make the society happy and energetic by providing active youth and regular achievement of its goals, aims, and objectives. In a context of its weakness, this diverts student from their study, lack of motivation on an account of their studies also and they only used to make a fun among the student and youngster.
AC1.2 Compare their performance of such areas as production, HR, market sale and technologies uses
Razzamataz Theatre Schools limited is incorporated on 18 November 2002 which is firstly located in Cumbria and has been running for approx 14 years 2 months. According to annual outcomes, there are one active director and one active secretary currently in working process measured in the last year 2016 (Shupak, 2015, p.19).
In context with latest financial, the company cash deposited in the bank is $94.45k which is increased by 10.4% from the previous years (Elsaesser, 2013, p.2). The current liabilities is decreased by 16.92% and become $-53.02k while in an account of total assets, it is increased by 25.65% and now it is $288.65k. The net worth of this firm increases by 40.01% and now it rises to $200.07k. The average cash in the industrial as in the terms of the liquidity is the as average capital current liabilities there is a decreased by the 2.56%. The working capital ratio reveals that the availability of the current assets and liabilities is very low as in context with the industrial average. Then the profitability ratio refers the profitability of the company to be low which comes around 1.88 whereas the industrial average comes around 2.55. However, the entity is on the right way as there are various options of growth of the company. There is a lot of growth expansion for the company as the company is free from the debts and excess loans. On seeing the financial representation given by the firm it can easily raise investment which will ultimately lead to capital expansion.
Task 2 (LO2) Identification of weakness.
AC2.1 Recommendation to overcome of weakness with their justification
As they divert student from their studies and youth from their career, it is not good for the societal development and country development. It is good to make people happy and energetic but besides this they should also motivate people in their daily routine and their development as life is not only for enjoying and making fun, it has also had some responsibilities which help them to develop and be a part of their country as only they are a future of any country. The individual development contains everything like physical and mental development and societal development as their career, enjoyment. Confidentiality, lively wants, and needs, to achieve their goals and aims.
Although for the business development, they should expand their business in other or different countries to improve their business and knows about the variation in their culture, beliefs and needs and wants which help them to invent new views and styles in their organisational teaching process and performance. They should also improve their turnover as they are leading less from another similar type of business that shows a bad impact for the organisation, this also lead them in the competitive market.
AC2.2 Analysis of performance
Razzamataz Theatre Schools was established in 2000 but it achieved its national recognition in 2007 after the appearance of BBC’s Dragons Den. Through the analysis of existing performance, it comes that they are focusing on building the child’s confidence and improvement in their communications skills and coordination. They need to maintain their health and fitness with having the fun. They fill proud in their goals and aims or whatever they do for it which help in the welfare of the student. As they have provided affordable performance art in part-time training for the children or youth within the UK help them to find out the talented performer through the classes and workshop ( Razzamataz.co.uk. 2017).
In context with their strength achievement, they not only want to make the career on stage and stimulate children's creativity but also help to make a sense of facing the problems, fears and live in the safe environment and to face their challenges which comes in front of them and aesthetic sense and to express their own opinions. They also help those who are struggled with literacy and poverty.
AC2.3 Suggest some new areas that use to expand the business
To expand their business they should go for the scholarship providing techniques which also help to support the unreached children and to achieve a talented performer. Scholarship is a best and new techniques, as it is the best way to reach children or youth all over the world and also provide the platform to that student who mainly belongs to middle family or even having a talent in some extra curriculum activities but due to money problem, can't able to reach on that platform. This contains some exams and provides money and platform to the student and that exam should be conducted in well or proper managed manner having common questions that every student can answer those arises questions and also provide some sample papers so that they can study from that and be prepared.
They should increase the number of volunteers who can visit different countries to an advert and make aware about all that. Volunteers in public sectors or that sector that related to general people to become aware and for advert are play a major role in that organisation as they go far for their inaugurations and having the skill to communicate people and make them understand about their firm and provided offers.
Although, they should have to use some other techniques and new technologies for the skill development and build a small business in different companies so that the people may aware that help to develop it in large scales on that existing country. They should also use some type of gaming technique which helps to attract children and make large or attractive and well-managed websites having some pop-up alert that shows the current offers and news related to the organisation.
Task 3 (LO3) Further investigations carried out regarding the business plan of the concerned organisation
AC3.1: Assessment related to the present objectives and plans of the business
Keeping in accordance with the current case scenario it has been observed that among a large number of business organisations participating in the international reality show, Dragons’ Den, Razzamataz is one of the most popular institutes, which has been considered for the present assignment. On assessing the organisational objectives, goals and future plans of Razzamataz, it has been evidently found that being a world class theatre school it aims to bring forward the importance of art and culture on a global platform. The institute does not confine itself to mere provision of training of theatre and play, but also aims of incorporating other performing activities which comprise of an umbrella term of art (Schaper et al. 2014, p.71).
The organisation though started off with a small scale business perspective, has shown vibrant outcomes. They have projected their aims as involving students from a very tender age so that they tend to identify and develop their potentials in several areas of performing arts. The new introduction of their scheme named Razz Minis tries to cater and focus on children aged 4 to 5 year olds and involve them into dynamic classes which include- drama, song, dance, musical theatre, pop singing, street dancing, physical drama and plays as well as improvisation.
In order to make their business reach global heights, they are designing exclusive business strategies to make strong promotional campaigns to spread the awareness regarding their innovative institution (Storey, 2016, p.65). Utilisation of electronic media has proved to be an extremely intelligent and bold step taken by such small scale business to make their organisation become popular and bring their institution name to people’s recognition. They also plan to take measures in the coming year to spread their business with the help of franchise, which would enable them to obtain their desired position in the global arena.
AC3.2: Evaluating the business plan to bring the necessary changes
It has been found that Razzamataz is counted as one of those striving small scale business organisations that are burping withe aim of developing their institution with a blooming prospect in the near future. In order to pull them up to that position it is very essential to bring about certain transformational strategies to incorporate necessary changes within the structure and functioning of their organisation. Since this institute comes with a fundamental viewpoint of establishing art and activities associated with art and culture into people’s recognition, it is imperative of them to fulfill their mission taking proper measures beforehand. For the purpose of gaining recognition from the masses, it must plan to involve increased number of franchises, so that it not only spreads awareness regarding their institution but will help them grow their business (Rao, 2015, p.164). Shifting their vision from small scale, regional, local performance exhibition of talents and rather get it projected on a larger platform to showcase the diverse aspects and talent emerging from their institute.
It is certainly desired and expected that to aim for the final zenith of success they need to first fulfill their short term goals. Incorporation of trained, certified and professionally skilled members is to be selected for the purpose of suiting their requirement of trainers in different departments of the institutes (Burrows, 2015, p.44). In order to take their institute name on a global arena it is imperative for them to implement skilled employees from diverse fields having in depth knowledge regarding the specific department they are held responsible for. Dance, music, drama, play of all sorts from all parts across the globe must be considered with respect to their objective of forming a world class organisation, keeping up to the international standards.
AC3.3 Designing of an action plan for bringing the desired changes into practice
It is evident that to take their organisation to a desired position, it is extremely necessary for them to transform the planned strategies, thus made by Razzamataz, into practice by the process of making it a reality. For the sole purpose of transforming their small term business to be a large scale blooming one, they need to focus their vision on areas of resource development, incorporation of better infrastructure, inclusion of larger number of franchise, utilisation of electronic and nonelectronic media and emphasising upon establishing a strong promotional base. It is essential for the organisation to create opportunities for the students passing out after being trained from their institutions, so that they can divert their aim giving shape to form a successful career oriented future.
Razzamataz comes up with a very strong mission of establishing art as a part of life as well as holds it in a high position for influencing people to choose art as their profession in life. In order to make their mission successful Denise Hutton Gosney, the founder of the institute is trying hard to accomplish their dream though actualisation of their desired goal. Optimum utilisation of resources, one such is being eminently the platform of media that needs to be explored for grabbing the attention and interest of the mass across the globe at large.
In today’s world it goes without saying that any organisation that needs publicity has to gain support and assistance from the various sources of media. Newspaper, pamphlets, posters , banners, website page information, continuous updates regarding the latest innovations, specialisations and growth taking place within the organisation act as a part of extensive promotional measures taken into account for the purpose of upholding the standards of the institution among the global arena (Tasevska et al. 2014, p.531). Infrastructural improvisation and development of more and more institutes spreading its wings across all the regions shall make it more effective and easy to bring into accessibility to avail the training classes for students originating from different parts of the world. Involving increased number of franchise addressing areas of large population mass where accommodation of greater number of candidates will be possible shall be included in the plan of extending and expanding their business. Targeting of students comprising different age groups irrespective of their origin, location and background shall be made into the business design.
Task 4 (LO4) Report regarding information collected about the concerned organisation
AC4.1: The effect of changes brought about upon the organisation and the personnel constituting it
On the basis of the reports thus obtained by gathering an in depth knowledge and information regarding the present institution under consideration, it can be found that the impact of changes thus incorporated within the structural and functional perspectives have been quite extensive and elaborative in nature (Romano et al. 2001, p.306). It has been seen that for the purpose of obtaining the desired results the organisation had planned and brought into practice certain changes within the organisation. Denise Hutton Gosney, the founder and owner of Razzamataz is evident to bring in a number of prominent changes such as expansion of firm by incorporating increased number of franchise owners which has had an extremely positive impact upon the development of their business at large. It is proving to gradually pull their organisational position from a grassroot level to a position where they can compete with other promising organisations having similar objectives on a global platform.
The extensive, effective and intelligent usage diverse media sources in a productive manner have contributed immensely in incorporate better outcomes for the overall growth of the institution (Adegbite, 2001, p.165). Getting themselves involved as a participant among the leading global organisations competing and projecting themselves over a world based show such as Dragons’ Den reality show; itself is a proof of their success and achievement over the passing years. The institute has witnessed a fairly large amount of growth in terms of spreading their petals and developing consciousness among the people to associate them with their institution name.
Diversified styles, forms and specialisations having essence from all over the world are incorporated into the organizational structure to highlight the functional quotient of the institution in reaching to students originating from diverse cultural backgrounds. Latest innovation by bringing the video connectivity facility into practice it has proved to take one of the biggest steps to reach a global audience and spread their learning skills through web facility. Reviews from all over the world has contributed by having positive implications not only by generating profit ratios for their business, but has also proved to be helpful for keeping up to their organisational objectives.
AC4.2: Plan regarding the management of changes incorporated into the organisation
As evident from the elaborative overview of the organisational prospect it has been observed that Razzamataz stands strong by sticking to its fundamental objectives. This institute comes up with larger vision of making all the children stay fit following healthy practices right from the very tender age. Their efforts are seen to be extremely dedicated and committed to bring in awareness about addressing the global issue overweight, obesity and over abundance of fat content within their dietary habits (Kasemsap, 2015, p.275). The organisations aim to fix this global issue by incorporating various natural and healthy remedial practices which are exercised in their classes to reduce the growth impacts of obesity among children.
Performing dynamic activities under the governance of professional trainers are a prerequisite determining the crux of the organisation’s value (Power, 2014, p.89). It can thus be found the organisation has decentralised their authorities and provided them with fragmented responsibilities regarding the cooperative and well coordinated efforts taken in the direction for gaining productive outcomes for the organisation. It has although been observed that due to the expansion of the institute’s growth with respect to its structural as well as functional areas, there has been an increase in lack of control. Losing of regulation and monitoring over all the diverse departments and branches of the institutes that have emerged since the last few years of growth has also been evident. It has thus been evident that though being able to reach their aspired standards, they have also faced certain shortcomings in terms of losing control over their supervisory and regulatory aspects.
AC4.3 Report on the basis of improvement in performance of business in the respective organisation since the last two years
On tracking the records of the past two years’ report with respect to the specific organisation under consideration, it has been found that there has been drastic transformation taking place. As the institute initially originated from a very fundamental grassroot level, it has seen a gradual rise in its standard over the passing years. Nevertheless, the organisation has witnessed maximum growth and underwent tremendous modification and finally transformed itself into a completely evolved state at present (Obeng and Blundel, 2015, p.423). Two years prior the institute did not comprise of such diversified and dynamic orientation incorporating a large number of health based activities for the promotion of health and welfare of the children and youth constituting the future generations. The organisation has confronted itself with approach of involving a bunch of new and fresh openings through franchises all over the globe (Cant, 2016, p.98). One of the most noteworthy achievements that Razzamataz has obtained is its opportunity to participate in Dragons’ Den, the international reality show, as one of the blooming business organisations. This has not only held their standards high but has made their organisation be added with another petal of success in their crown.
From the above discussion it can thus be inferred that small business enterprise such as the one taken into consideration can bring about great deal of transformation by proper designing of strategic measures as well as putting them into practice in the rightful manner. It can be evidently observed that over the passing years the institute for providing training in areas of theatre, play and other activities of art has gradually built its place in the global arena by gaining recognition from people all over the world. In order to achieve this position they had to resort to utilisation of various resources such as making use of media, promotional campaigns, involvement of franchises and more which aided them in directing their vision towards reaching their desired goal. It can henceforth be concluded that patience, perseverance, correct objectives taken in desired direction can yield productive outcomes, thus resulting in establishing aspired aims into practice.
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