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SME Management-Management-Assignment Solution, Exercises of Business Management and Analysis

Amity University - BiharBusiness Management and Analysis

This is solved assignment for Management course. It was submitted to Prof. Ethaha Grewal. In this course, i learned many different concepts and basic topics of Management. Like in this file, you can see I learned about Business, Acquisition, Skilled, Labor, Customers, Enterprises, Problems, Challenges, Service, Time

Typology: Exercises

2011/2012

Uploaded on 08/01/2012

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SPRING 2012
SME Management (MGT601)
Sample Solution of Assignment No.01
Requirements: Assume that you are working on behalf of Mr. Saleem who is running
and managing the whole restaurant business. You are required to answer following
questions keeping in mind the above mentioned scenario.
1. Identify what sort of problems or challenges could be faced by Mr. Salem during and
after the establishing of Ravi Restaurant? 10 marks
2. How Mr. Saleem can overcome these problems or challenges for successful business
operations. You are required to device the whole business strategy for his restaurant.
15 marks
Sample Solution
1. Identify what sort of problems or challenges could be faced by Mr. Salem during and
after the establishing of Ravi Restaurant?
10 marks
Problems and Challenges during the establishing of Ravi Restaurant. 5 marks
It is already mentioned that Mr. Saleem and his family planned to convert their old
Carpet business into a beautiful Restaurant at the same place.
• So, they will face any problem in acquisition of land.
• Fear of less profitable business idea. They might think that they have taken wrong
decision of converting carpet business into restaurant.
• Attracting skilled labor can be a serious issue for Mr. Saleem Hiring skilled labor
might be tough because there are already many hotels and restaurants operating
on the same place. The access to the dealers for raw material can be a problem.
• Attracting customers while beating cut throat competition can be a serious
problem.
• Small business owners are good at some task but they tend to not have formal
training in how to manage their enterprises. Same problem can be faced by Mr.
Saleem who does not have any relevant experience in the business. He can face
the challenge, of making labor work better
Problems and Challenges after the establishing of Ravi Restaurant. 5 marks
• Service time:
• One of the big challenges Mr. Saleem will face is the service time. He and his
staff members have to provide quality of food and services to tourists rushing into
the restaurant. If they failed in providing services on time they face some
difficulties.
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SPRING 2012

SME Management (MGT601)

Sample Solution of Assignment No.

Requirements: Assume that you are working on behalf of Mr. Saleem who is running and managing the whole restaurant business. You are required to answer following questions keeping in mind the above mentioned scenario.

  1. Identify what sort of problems or challenges could be faced by Mr. Salem during and after the establishing of Ravi Restaurant? 10 marks
  2. How Mr. Saleem can overcome these problems or challenges for successful business operations. You are required to device the whole business strategy for his restaurant. 15 marks

Sample Solution

  1. Identify what sort of problems or challenges could be faced by Mr. Salem during and after the establishing of Ravi Restaurant? 10 marks

Problems and Challenges during the establishing of Ravi Restaurant. 5 marks

It is already mentioned that Mr. Saleem and his family planned to convert their old Carpet business into a beautiful Restaurant at the same place.

  • So, they will face any problem in acquisition of land.
  • Fear of less profitable business idea. They might think that they have taken wrong decision of converting carpet business into restaurant.
  • Attracting skilled labor can be a serious issue for Mr. Saleem Hiring skilled labor might be tough because there are already many hotels and restaurants operating on the same place. The access to the dealers for raw material can be a problem.
  • Attracting customers while beating cut throat competition can be a serious problem.
  • Small business owners are good at some task but they tend to not have formal training in how to manage their enterprises. Same problem can be faced by Mr. Saleem who does not have any relevant experience in the business. He can face the challenge, of making labor work better

Problems and Challenges after the establishing of Ravi Restaurant. 5 marks

  • Service time:
  • One of the big challenges Mr. Saleem will face is the service time. He and his staff members have to provide quality of food and services to tourists rushing into the restaurant. If they failed in providing services on time they face some difficulties.
  • Financial Risk: Mostly, every business at initial time may earn losses or very low profit. So, Mr. Salem can be worried about initial profit and expenses.
  • Due to financial risk or low profit, Mr. Saleem can feel stress and worry about competition, employees’ problems, utilities, equipment breakdowns, customer problems.
  • Inability to handle uncertainties in business
  • Lack of customer focus and know how to compete: Managerial inexperience or incompetence of Mr. Saleem and how to satisfy customers.
  • Time Commitment: Running a small business is extremely time consuming activity especially in hotel business, Mr. Saleem might lose the freedom to time and he might not be able to get or move away in peak timings during early morning, lunch and dinner time.
  • Undesirable duties: When Mr. Saleem start up, he’ll undoubtedly be responsible for either doing or overseeing just about everything that needs to be done.
  1. How Mr. Saleem can overcome these problems or challenges for successful business operations. You are required to device the whole business strategy for his restaurant. 15 marks
  2. Mr. Saleem devises an efficient good business plan which that can beat the competition and take advantage from his previous experience. He should visit and survey other local restaurants to observe their operations.
  3. Mr. Saleem is local resident of Murree and also worked in a good reputed restaurant. So, he’ll be well aware of skilled people who are best fit for the job and can ensure best quality of food and services to customers in the each category of his Ravi Restaurant.
  4. No body is perfect in the world. If Mr. Saleem lacks in leadership and managerial skills then he can get guidance and support from his family members who were running Carpet business. He can also get help from previous organisation friend/colleagues who are working in different departments. 4. There is always financial risk in business at the start up of business.. So, Mr. Salem shouldn’t be worried about that and this experience.
  5. Time commitment and undesirable duties are real facts in small and medium size business. At the initial stages of business, it’ll give very tough time especially in hotel business. Support from family members can help and reduce stress and other problems. Division of time and responsibilities among the family members is the big relief as Mr. Saleem can enjoy social life.

Business Strategy for Ravi Restaurant

First of all, Mr. Saleem should know the basics of hotel business and managing resources and time effectively and efficiently and learn how to compete in the business and to satisfy customers.

Vision Quality is the Recipe of Ravi Restaurant, quality in terms of food and services. Also, expand the business other nearest tourist areas.