PART I
Introduction
Forum of business personnel are experiencing shortcomings of income, and want to find
out strategies that can be utilize to curb or mitigate the dismal income generation and rather lead
to business prosperity and development and there fore it is mandatory to carry out research.
Statement of the Problem
The prime sentiment behind this article is about factor influencing business and strategies
that can be applied to bring development and prosperity of the business in terms of income
Significance of the Study
There are a number of factors that significantly contribute to business prosperity and
development of the business because good income earnings or profitability in general while other
factors doesn’t contribute to any positivity because they are of lee significance.
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Methods of the Study
Data source
The data that aided in writing this report was collected using questionnaire developed by
business man whose are interested to get some factual influence to the business
Sample Selection
Those who responded to questionnaire are a forum of business person doing variety of
business with a given geographical region. Techniques of many samples were used to collect
data. And the collectors of the data were obligated in issuance of 2 questionnaires to members of
the sample selected.
Statistical Methods
Statically method or statistical formula used is averaging of columns this gives a value
that correspond to a one of the given options
Limitations of the Study
Generally the study must be brief because questionnaire is not that much extensive and
intensive in data collection. Some factual points might not be captured by the questionnaire
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PART II
Findings, Conclusions, and Recommendations
Introduction
The study is just about research on shortcomings of incomes, and want to find out
strategies that can be utilize to curb or mitigate the dismal income generation and rather lead to
business prosperity and development and there fore it is mandatory to carry out research the
percentage of those who responded are 75.3%.Somes of the findings are based on over the last 3
years and the past 12 months in the business.
Findings
Findings were achieved after getting filled questionnaires from the respondents, the
questionnaire had these entries; Q1.1A, Q1.2B,Q1-4,Q2-1A,Q2-1B,Q2-1C,Q2-1D,Q2:1E,Q2-
1F,Q2-1G,Q2-1H, Q2-1I,Q2-1J,Q2-1K, Q2-1Land Q2-1L-OE. These responses were captured as
a data, which were later analyzed.
Commencing from entries Q1-1A which has got an average of 1 which is corresponding
to option “seeking a profit (i.e. a commercial business)”.hence business organization classified as
one mainly seeking to make a profit.
Under the sheet or data tab we get an average of column Q1-2A, and that is 7504.785.
The average show that 7504.785 employees the business currently employ across all sites in the
UK, excluding owners and partners meaning the option number 7 is picked or ticked since it is
250+ (or more than 250) employees and means the business is large.
Columns Q1 4 gives mean of 6.200499 this is roughly six or 6 years the firm has been
trading, this includes under all ownerships and all legal statuses. And the option number seven
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(7) is the responding answer to this inquiry because the average if six and some months which
we get from decimals lies between 6-7 years.
Findings over the last 3 years
Mathematical manipulation of column Q2-1A gives the average of 1.925125 and
according to the options given, we simply round off the value of the average and get value two
and this option is “fairly significant”. Then Survival of business has been fairly significant since
business was established or over the last 3 years
The mean value of column Q2-1B gives 1.826123128 and according to the options given,
we assume that this average is close to a significant of 2 when rounded off hence developing and
growing of the business has been fairly significant concern since established or over the last 3
years.
Working out the average of column Q2-1C we get 2.456739, this value can be rounded
off to significant whole number “3” and from the options given we get value 3 corresponds to
“Not very significant”. Then raising finance is not very significant concern to the business since
established or over the last 3 years. Average is 1 corresponding to “yes”, the re has been other
concerns for business since established over the last 3 years
Averaging column Q2:1D we get 2.097338 this is simply value 2 as we ignore decimals
that are insignificant and option corresponds to value 2 is fairly significant. Meaning Managing
cash flow has been fairly significant concern for the business since established or over the last 3
years.
Getting average value of column Q2:1E gives 2.674708819, this is rounded to significant
whole number that is 3 and this value corresponds to option “Not very significant”. Then it’s true
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that recruiting or developing staff is not very significant concern for your business since
established or over the last 3 years
Value 2.260399 is the average of column Q2-1F, which we just render it a whole number
2 corresponding to option of “very significant” and this is the answer to the question. Therefore
it’s true to state that, dealing with regulation, tax and compliance issues has been very significant
concern to the business since established or over the last 3 years.
Column of Q2-1G gives an average of 2. 572379, this is rounded off to 3 which
correspond to “Not very significant”. Therefore it’s true that developing or introducing new
products, services or processes is not very significant concern to the business since established or
over the last 3 years.
Calculating mean of column Q2-1H on the tab labelled “data” gives 2.242097, and then
we simply take value 2 and ignore decimals. This vale 2 corresponds to option of “Fairly
significant”, we find that Sales and Marketing has been fairly significant concern for the business
since established or over the last 3 years.
Column Q2-1I generate the average of 3.59401 and rounded off to four “4”
corresponding to option “Not significant at all”. Hence entering new export markets is not
significant at all concerning the business since established or over the last 3 years?
Calculating the mean value of column Q2-1J, we get 2.672213 and round off to 3 and this
correspond to option of “Not very significant”. Hence developing IT systems or the company
website is Not very significant concern for the business since established or over the last 3 years?
Getting the average of column Q2-1K we get 2 which correspond to option of “ fairly
significant“, hence Starting the business has been fairly significant concern for the business since
established.
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average of the column Q2-1L is 3.868552 and we round off to 4 corresponding to option
of”no other concerns”. Therefore there has been no other than concerns for the business since
established over the last 3 years.
Finding about the business in the past 12 months
Column of Q2-2A has an average of 1 hence survival has been an issue in the past 12
months. We also get average of column Q2-2B as 1 corresponding to option “yes”. Hence
developing and growing the business has been an issue in the past 12 months
Average of columns Q2-2C is 1.28595 and this roughly one corresponding to yes, then
finance has been an issue in the past 12 months. Column Q2-2D has an average is 1.2403 and
this is 1 corresponding to “yes”. Then it’s true that the cash flow has been an issue in the past 12
months
Q2-2E gives an average of 1.383743. This is roughly 1 corresponding to yes.
Recruiting for developing a staff has been an issue in the past 12 months. Column Q2-2F
gives mean of 1.305177 which is roughly 1 corresponds to option “yes”. Dealing with regulation,
tax and compliances issues has been an issue in the past 12 months.Q2_2G gives a mean of
1.430293 and this is roughly 1 corresponding to option “yes”. Then developing or introducing
new products, services or processes has been an issue in the past 12 months
For Q2-2H, the average is 1.322667 and this is 1 corresponding to option “yes’. It means
Sales and Marketing has been an issue in the past 12 months. For Q2-2I the average is 1.52027
which is rounded off to 2 corresponding to option “NO”, It is true that entering new export
markets has not been an issue in the past 12 months
Q2-2J gives an average of 1.361664 and this is just 1 corresponding to 1hence developing
the IT systems or the company website has been an issue in the past 12 months. The column Q2-
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2K have a mean of 1.137143 and it just 1 corresponding to option “yes”, hence starting the
business has been an issue in the past 12 months. Average of Q2-3 is 1.717181 and rounded off
is 2 corresponding to “completely”. The company has completely been able to deal with this or
these concern
Open ended findings
Q3-2A 1 indicates accountant has been used as an organization, Q3-2B indicates Bank
that has been used as an organization. Q3-2C 1 indicates Solicitor has been used as an
organization. Q3-2D indicates sectorial trade bodies/trade associations t has been used as an
organization.
The following column indicates organizations the respondents has used; Q3-2E 1
Business membership, Q3-2F,1 enterprise Agencies, Q3-2G,1 management or Business
Consultants Q3_2H,1private sector training provider. Q3-2I, 1buyer or supplier of products and
services,Q3-2J,1 formal business networking group,Q3-2K,1voluntary organizations, Q3-2N, 1
SMMT, Q3-2O,1business membership,Q3-2CQ,1 O the private sector sources of advice or
support.
The business has sleeked information regarding Surviving 6 times, even thought survival is fairly
significant since business was established or over the last 3 years, probably there are some
constricting factors which moderately have negative influence to the business.
Conclusion
The business should conduct product research within the vicinity and explore products
and services that will sell. Mongering other new products and offering new services will increase
business income or annual revenue turnout will be good.
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Then it’s true that recruiting or developing staff is not very significant concern the
business since established or over the last 3 years because, the existing employees are 7505 and
this is the reason the business cannot absorb more so the employment or staff development is at
stand still hence not very significant.
Starting the business has been an issue in the past 12 months. This is because of probably poor
sales and marketing blueprint or strategy and it is clear that starting another business by
venturing in developing or introducing new products, services or processes will make sensible
and profitable significance. In North West region it is urban and of town and fringe with less
sparse population .South east region is rural
Recommendation
The business firm should not venture or invest on new export market because it will be
irrelevant to the business goal and objective by bringing dismal income or insignificant revenue
to the business. Unless if they diversify products or services because diversification leas to
increase of sales turn over.
The business 7505 employees, that the business currently employ across all sites in the
UK, excluding owners and partners meaning the option number 7 and this is more than 250
employees and means the business is large and so the business can regulate number of
employees by applying applicable technological means to provide service and this will make
raise of finance to be very significant rather than impossibility of financial raise.
Recommendation emphasizes on sales and marketing that has been fairly significant
concern for the business for the past 12 months, Sales and marketing should rather be very
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significant concern because this will make the business to have good sales turnover per day,
together with marketing will thus boost or improve daily income.
Once the income shall have been enhanced or improved by sales and marketing, then
raising finance will be a significant concern instead of being not very significant concern to the
business since established or over the last 3 years.
Strong sales and marketing blueprint of the business organization will also encourage
developing or introducing new products, services or processes to be significant because good
market plan will make the newly introduced products and services to be purchasable instead of
the new products and services being not very significant concern to the business since
established or over the last 3 years.
Sales and marketing is still a recommendation that will make business firm to enter into
new export markets and it will be more significance after putting prime and comprehensive sales
and marketing plans. It will rather not be significant at all concerning the business since
established or over the last 3 years.
The business objective is seeking for a profit (i.e. a commercial business)”.hence
business organization classified as one mainly seeking to make a profit. Then Survival of
business has to be stable or very significant instead of fairly significant since business was
established or over the last 3 years.
It recommended that there should be referrals from business staff to other persons within
the vicinity or there should always be advertisement that makes information about the business
reach a multitude, this is because according to column Q3.28 there indication that the business
remises was accessed without referral but by individuals means.
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It’s recommended that the business organization within the vicinity should provide
advice as it is providing a fuller or wider review of the business to be explored this will enrich
the business firms, because advices always help to evade any shortcoming that may be
confronted with and this will enhance development in business at large.
The business organization can diversify products and services since business
diversification leads to increase in sales turnover, this is manifested in Q3-33AB also based on
Q3-33A, and this can make an ease in raise of finance in the business firm.
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