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Business in Practice Assignment 1

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37 views

Business in Practice Assignment 1

Uploaded by

khoalongchannel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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UNIVERSITY OF BEDFORDSHIRE FOREIGN TRADE UNIVERSITY

SCHOOL OF BUSINESS HO CHI MINH CITY CAMPUS

----------***---------- ----------***----------

ASSIGNMENT 1

Module: Business in Practices


Code: BSS065-3

Student’s full name: NGUYEN KHOA LONG

Student ID: 2422146

Cohort: K60BF-A

Semester: I Academic year: 2024-2025

Ho Chi Minh City, April 2024


STATEMENT OF AUTHORSHIP
Except where reference is made in the text of the assignment, this assignment
contains no material published elsewhere or extracted in whole or in part from an
assignment which I have submitted or qualified for or been awarded another degree or
diploma.
No other person’s work has been used without due acknowledgements in the
end-module assignment.
This assignment has not been submitted for the evaluation of any other
modules or the award of any degree or diploma in other tertiary institutions.

Ho Chi Minh City, October 2024

Nguyen Khoa Long

I. Executive Summary
SWOT (based on available information that Slough House Training Ltd
provide and some relevant sources to build a brief and simple SWOT to grasp
the surface vision.
II. Introduction (importance of this report – SMEs survival challenges,
etc.) So far, the company is still developing
III. Firm Analysis
First and foremost, a general analysis of the firm is vital in order to identify its
available resources, strengths, weaknesses, possible threats, and opportunities.
From that, address the current concerns and even further issues that Slough
House Training Ltd is facing.

Weaknesses:
Strengths:
 Lack of an official training
 Strong core business.
professional.
 Good Financial Management.
 Core value of business no more
 Small size helps better flexbility and
growing.
cost control.
 Narrow Product Portfolio
 Good expertise in running a digital-
 Core Product Efficiency
first business model.
Opportunities: Theats:
 Room for growth  Public preference of In-person
 Market Expansion training.
 Increase quality of the courses.  Intense Competition
 Uncertainty
 Dependence on Short-term Program

Overall, the company can be considered successful since the expected profit of
400,000£ within a fiscal year has already outperformed most UK SMEs, whose
average stops at 13,000£ in 2023 (Statista, 2024). This impressive number
proves that Slough House has amazing financial management and efficient
digital business operations. However, a lack of both permanent training staff
and a modest range of courses creates difficulty for growth in the near future.
These advantages and disadvantages will next aligned with environmental
matters analysis to evaluate the possibilities of promoted options.

IV. Environment Analysis


IV.1. Environment Effect on Core Business
a. Why is the core business no longer working?
A core business refers to the prior activity of an organisation which brings
values and necessary competitive advantages for the company to achieve great
benefits (2020). In this case – providing SME employees with remote training
courses on office soft skills through a digital-first environment. The stagnation
of this value can be interpreted by many elements. Here are some possible
reasons:
Public perception of remote training methods
There are suspicions about the effectiveness of non-traditional tuition. Unlike
online learning, Online Training is still viewed as a new, unorthodox within the
real-life business world. According to the group’s research, high-tech tools like
artificial intelligence (AI), machine learning, or VR have primarily proved their
efficacy in education settings (Appendix – PESTLE) rather than in business
contexts, meaning that the existing online professional training design is not yet
comprehensive enough for businesses to seriously consider it. More
specifically, 83% of CEOs in the UK share the same vision of bringing the
organisational activities fully back to the in-office format (Appendix –
PESTLE). The general attitude of the UK SMEs toward employee development
is another contribution to this phenomenon when only 43% of British SMEs
have proper funding for training exercises (Appendix – 5 Forces). Combining
these two tendencies shows a clear hesitation within small businesses about
having their personnel trained through digital formats.
Limited Market Demand for the Firm’s existing products
Slough House’s courses focus on enhancing people’s behaviours &
psychological performances in the office environment, in short, soft skills.
Unfortunately, a recent survey indicates that small business owners prefer to
take part in more technical & specific courses like Marketing, Sales, and IT than
providing general skill set training sessions (Appendix – 5 Forces). With these
types of capabilities, open and free sources like Coursera, Udemy, YouTube
videos, etc. are far more appreciated (Appendix – 5 Forces).

b. Back to the office trend:


In 2021, after removing all restrictions from covid 19, many UK businesses
expressed clear intentions to get back to physical office. This can be explained
by the limitations and numerous issues from immediately shifting all of the
business operations into remote working during the COVID-19 pandemic.
During the 2019 – 2021 period, the UK’s economy, especially the Southeast,
witnessed significant drops in business, which was mostly blamed on the
inefficiency of the work-from-home routine.
The Slough House Ltd will indeed bear the pressure of losing a serious amount
of potential customers. However, this trend can actually benefit the firm’s core
values since people go back to work after two years without meeting their
coworkers, which means the demand for communication & corporation training
programs will skyrocket. The percentage of workers who want to work in a
hybrid (mix of working in the office and remote working) has increased
dramatically, plus, people’s familiarity with online communication platforms
like Zoom and Teams will be the reason why this trend won’t negatively affect
the company in. a large scale. On the other hand, the business can follow these
new user patterns to maintain its profit.
IV.2. Training Service Market:

a. Before covid-19:

b. After covid-19

IV.3. Other Key Findings


UK GDPR, south-east potential, new tech, environment, contract
V. Options Analysis
V.1. Option 1
Sec3: các option (cơ hội các opt: có tận dụng đc thế mạnh doanh nghiệp
đang có ko, giải quyết đc điểm yếu, mối nguy nào, có hợp với thị trường ko;
rủi ro: lập 1 bảng đánh giá sử dụng công cụ chuyên nghiệp về các mối nguy
doanh nghiệp sẽ. gặp nếu chọn 1 opt nào đó)
V.2. Opt 2:
Sec3: các option (cơ hội các opt: có tận dụng đc thế mạnh doanh nghiệp
đang có ko, giải quyết đc điểm yếu, mối nguy nào, có hợp với thị trường ko;
rủi ro: lập 1 bảng đánh giá sử dụng công cụ chuyên nghiệp về các mối nguy
doanh nghiệp sẽ. gặp nếu chọn 1 opt nào đó)
VI. Recommendation (400)
DEADLINE 22/10/2024: DONE ANALYSING
DEADLINE 23/10/2024: DONE OPTION & REASON
DEADLINE 24/10/2024 DONE ALL & MOVE ON TO THE NEXT
ASSIGNMENT

Sec 4: đưa ra lựa chọn bản thân, thêm 1 vài lý do tự thêm & lời khuyên cho
hướng đi
The 2 Options Analysis:

1. An introduction of a suite of remote-working based digital skills training


courses to complement the existing offers, with the required hiring of
additional skilled trainers.
a. Benefits:
- preserve the core business => less effort in transition
- reach more customer => diversification
- have profit implemented right => more income streams
- aim to the future => ???
- cost saving
b. Disadvantages:
- more risky
- have to compete against big corporations, websites, brands, etc.
- recruit more personnel
- the core business is proved to be “no room for growth”
2. A transition to in-person training courses using hired facilities, and
focusing on the South-East of England, in anticipation of a possible
reduction in demand for remote working training.
a. Benefits:
- avoid direct competition with coursera, udemy,…
- promising market
- follow & catch up the trend
=> avoid further loss
b. Disadvatages:
- lose the core of business
- waste initial resources & effort
- affect more by the physical environment
- tighter competitions
- niche & hard to reach customers (somewhat)
3. Slough house training

5 forces

UK SMEs market

Demand for remote training

SMEs training options

PESTLE

Executive Sumary & Introduction 500


Firm analysis 200-300
Market research 600
Recommendation 600

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