Small businesses are vital to the success of any economy. Not only as they provide the success stories of the future, but also because they meet local needs, serves as backbone of creativity and production, stimulates economic growth and serve the requirements of larger businesses. However, small businesses are confronted with a wide range of internally and externally based problems on a daily basis which makes it mandatory for small business managers to understand how to apply effective turnaround strategies to put their firms back to profitability. This module and its corresponding assignment is meant to give learners the opportunity to focus on the processes involved, through change management, of reviewing and improving the performance of a small business enterprise.
The scenario is individualistic. Students are expected to approach a small business enterprise that is familiar and accessible to them and from which they can obtain relevant information that will enable them to carry out the task
1.1 Produce a profile of a selected small business identifying its strengths and weaknesses
1.2 Carry out an analysis of the business using comparative measures of performance
2.1 Recommend with justification, appropriate actions to overcome the identified weaknesses in the business
2.2 Analyse ways in which existing performance could be maintained and strengthened
2.3 Recommend with justification, new areas in which the business could be expanded
3.1 Produce an assessment of existing business objectives and plans
3.2 Revise business plans to incorporate appropriate changes
3.3 Prepare an action plan to implement the changes
4.1 Report on the impact of the proposed changes on the business and its personnel
4.2 Plan how the changes will be managed in the business
4.3 Monitor improvements in the performance of the business over a given timescale.