Trendsetters shops Assignment Example | Topics and Well Written Essays - 3000 words

Trendsetters shops - Assignment Example The small and medium enterprises are the enterprises which play a very important role in the global economy and constitute 90% of the global economy. Because of the saturity in the developed countries the Small and medium sized enterprises are making more advancements in the developing nations which are mainly the BRIC countries (Brazil, Russia, India and China). The WTO has recognized the importance of these small scale industries and thus has promoted these industries. The small and medium enterprises are the enterprises which begin with their own innovations and inventions and survive competition in order to succeed globally. This report is a personal report and in this topic I will focus mainly on the development of our own small medium enterprise called the â€Å"Trendsetters† in which I and my brother are partners and it is a family business. I have been into this business as soon as I completed my higher secondary exams. I began my role in the firm as accountant. This t opic and firm has been chosen by me for my research purpose as I have personalized experience in the firm and I foresee my future in this firm. Beginning of as an accountant in the business I have started managing all the aspects of the business in order to carry our family legacy further. I and my brother have started discussions concerning all details about the shop like the supply chain procedures that we need to adopt, the pricing and the marketing strategies that needs to be implemented, the seasonal highs and lows etc. â€Å"SMEs enhance competition and entrepreneurship and hence have external benefits on economy wide efficiency, innovation, and aggregate productivity growth. SMEs are generally more productive than large firms. SME expansion boosts employment more than large firm growth because SME are more labor intensive† (Small and Medium Enterprises, 2011, P.1). This research will shed light on â€Å"Trendsetters† as case study and example of successful small business in India. This research relies on the case study methodology, whereby personal description is provided which calls for analytical as well as descriptive study and provides accurate information on the actual developments in the research topic. 2. History of Trendsetters Shop: My Grandmother was the brain from where such an idea of family business emerged. She was a great textile designer and she could make her own designs which of course she did not market but created for her own family uses. Due to her talent people came to her for design tips on their clothes. My father grew up hearing this that many people wanted my grandmother to start her own small business but my grandmother was afraid because of the knits and guts that is required in the business field. My father had then acquired his business administration degree and instead of venturing out and sourcing him to other firms he decided with grandmother to start his own business so that his academic excellence and my grandmother’s ideas of design could merge together and they started a small garment factory. There was difficulty in procurement of initial capital and the initial capital was a loan with 10% interest from the Regional Rural Bank in our locality. With 5 of my grandmother’s friends our business’s first contract began. It was a very small contract but it ensured confidence in my father to further the business. My father became the managing director of the firm. The present number of employees in the firm is 75 which consist of designers, purchase officials, logistics officials and marketing officials. Comments: Even though the enterprise is a small scale it shows the merger of business idea with high academic excellence. It is notable how the family merged skills with education in order to start their own business. â€Å"Another area in which small entrepreneur has faced the difficulty is that of management. The principles of management have not been properly stu died and translated into practice owing to the influence of old traditions and customs. It has seldom bothered to

Balanced Scorecard Dissertation Example | Topics and Well Written Essays - 7000 words

Balanced Scorecard - Dissertation Example If you can't measure something, you can't understand it. If you can't understand it, you can't control it. If you can't control it, you can't improve it† by H. James Harrington is justified in every aspects of a business environment (USACE, 2005). Measuring performance in an organizational perspective is equally important as its business operations. An organization running its operations without having performance measurement tools can be like a CEO functioning without formulating a strategic plan or an aeroplane flying without its compass. Therefore it can be portrayed that the primary intentions behind measuring performance is to get an idea of how the organization is performing and looking after the possibilities of further development. Performance management enables organizations to measure, plan and control activities in accordance with the predefined strategies. In simple words it facilitates organizations to achieve their desired goals (Johnson, 2007, p.1-2). Some of the major performance measurement tools that are being used in current business scenario include Balanced Scorecard, Economic Value Added (EVA), Activity Based Costing and Management, Performance Prism and Quality Management. However among the aforementioned tools, importance and usage of balanced scorecard will be principally highlighted through the entire report. While the saying ‘balanced scorecard was coined in the early 1990s’, the origin of this approach however is believed to be deep, and also embrace radical work of General Electric (GE) during the early 1950s. The work was basically based on reporting of performance measurement. Apart from this French process engineers have also contributed immensely towards the development of performance management tools. There work was during the early 20th century. In this context the engineers literally developed a â€Å"dashboard† in order to monitor performance levels in a simplified and efficient way. Despite of its early conception, it was originally developed at Harvard business school by Dr. David Norton and Dr. Robert Kaplan in the year 1992. During the initial phases after the development of balanced scorecard, it was merely used as the performance measurement tool or a performance measurement agenda. Nevertheless slowly with the passage of time balanced scorecard has been able to gain much more importance in the professional field. A number of companies incorporated balanced scorecard into their system of operation in order to facilitate effective and well-organized performance measurement system. Nowadays balanced scorecard is considered as a valuable strategic planning tool. It helps an organization to transform its strategic plan from