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Innovations and technology has helped many small and medium sector businesses to come up with new ideas to grow their business on a large scale. Talking of the SMEs it has grown in number with the passage of time and made its existence in the large markets. The study would focus on the working of the SME, Thirdway enterprises that have provided the people with magnificent designer furnishings especially for the office decorations (Thirdway. 2020). The interior designer company of London has won many hearts with their fabulous designing and makes it a point to serve their customers with more improved services that would excite their customers and make them demand more. Though it has been in the list of the small and medium enterprises, the main objective is to serve the clients with satisfying services and make them happy. The Thirdway believes that first impression is the last impression hence the service of the interior design provided by them attracts everyone which aids the company to recruit and retain its employees and in turn supports the employees well being and increases the productivity (). The aim of the report is to bring forth the issues that the Thirdway group faces in delivering their services and business growth. It would also reflect the ways the government helps the organization to pursue business growth. The analysis also gives a vivid record of the measures that the organization takes to overcome the pitfalls. It would also give light on the critical evaluation of the contemporary issues that adversely affect the business with the help of the literature review. Furthermore the use of the theories and the strategies to uplift the business gets importance in the study. Suggestions regarding the solutions that would help the business of the Thirdway group to overcome the challenges faced are given elaborately in the study. Nevertheless the recommendations would suggest how the government policies could be even better to provide better support the SMEs help to grow in the future. The research process is totally based on the secondary data collection process where the records and the data collected would be from the magazines, books, journals, newspapers and the other sources that are already available in the market. The research done through this process helps to get the details of the study through the present collected news and resources which becomes easy to prepare the report. However there come many glitches which in turn become an issue in the report as the market trend changes every now and then and the records that help to prepare the report are of the past that do not provide with the latest updates hence making the study to some extent useless. The whole study thus gives a detailed record of how the Thirdway group of small industries is being managed and becomes one of the leading Small Medium Entrepreneur in London and provides the best interior furnishings to decorate the offices and increase their demands through new and improved designs.
Issues faced by the SME in the growth of the business
In the competitive race the organizations to be in the top positions have to be very creative, modified and have to be well informed and knowledgeable. To persist in the market all the business owners try their level best to show their strength and take the opportunities to be in the market through the application of many strategies and theories (Parker et al.2016). Moreover many organizations are there that have to face many complications and issues in regards to standing high in the market. With the large business giants in the market the SMEs are also sprouting up with their innovative ideas and attracting the customers on a large scale. According to Hill et al.(2016), the organization of the Thirdway group of companies too has to go through many issues that hinder in their growth. Nevertheless it has been recorded that the organization had tried and succeeded in overcoming them with their dedication and love for the work.
Inadequate access and marketing platform: The SMEs face the majority issues in the market due to the inadequate access of marketing facilities and at the same time the budget matter constraints as the international business hold could not be done if the budget is less (Pekmezovic and Walker.2016) . Hence an issue related to the market hold would arise. The Thirdway group has a market hold however it could be even better with more investment of capitals.
Lack of access to new technologies: Records tell that the technologies have uplifted the business trends to a much higher level nevertheless the improper access of it could be an issue that would rather be a negative impact on the SMEs (Schwab.2017). The remote areas that do not know the actual use of the innovation do not get to access the requirements through technology resulting in the lessening of the customer strength. Lack of required credit: The SME means small investments. It has been seen that the small and medium entrepreneurs have influential ideas to promote business nevertheless the insufficiency in the credit requirement hinders in the execution of the plans and proceedings (Akbar et al.2018). The mentioned SME Thirdway group of interior decorators for the offices in London also can show their best if they get a credit flow in their business. Cumbersome regulatory practices: The regulatory practices that involve the permission of construction, pledge and insurances, keeping plans for the bankruptcy and issues of taxations has always been and would always be an issue for the SMEs (Veron and Wolff.2016). The issue persists for the Thirdway Groups also which could be eradicated with proper planning and execution. Lack of managerial skills: The lack of managerial skill is a big issue faced by the SMEs that could hamper the business growth of the organization (Wang.2016). Proper execution of the work in the firm by the managers would enhance the growth rapidly. On the other hand the wrong decisions and management would bring down the profit percentage of the company. Competitions: With the growth of the SMEs it has been seen that the competition level in the market has reached a high level and each organization strives to be at the top position. Nevertheless the one with the best management and execution gets the most acknowledgements (Jansen.2020). The Thirdway group too has tried to be on the competitions with their unique presentations that make the customers baffled and attracted. Moreover it has been seen that the aim of the organization is to make the customers thin beyond imaginations. Corruption and inflation: The inflation and the corruption in the business has affected the growth of the SMEs badly and hence the upliftment in the profit percentage has been hampered (Nyamunda.2016). As the SMEs are small budget businesses the increase in the cost of the materials could be an issue that would make the business fall head over heels. The Thirdway group of interior designers too would get adversely affected by the inflation in the market as they could not increase the price of the product which in turn would lower the profit margin.
The government support measures that help the business overcome the challenges faced:
The government helps the SMEs all over the world to overcome issues that each organization faces. It has been a major support that each SME could get and be in the race (Razak et al.2018). The government thus helps the small and medium business organizations with schemes and plans that aid the SMEs to be in a prevailing and demanding position.
Research and evolution scheme: the government helps in doing the research and the development for the SMEs through the promotion of the business. The Thirdway group too gets the support of the government to promote its business and take it to a new level of success. Property protection scheme: the government scheme for the property protection gives a sigh of relief to the SMEs to invest without any tension as their hard earned money stays safe as the government protection schemes helps them and at the same time protects them.
Contemporary issues faced by the small business owners:
As opined by Burns.(2016), the issues or the challenges the small business owners face in the present days market are very challenging and provoking. The SME to retain its position in the market has to go through many challenging issues. The literature review would bring into limelight the challenges that the organizations face and what are the adverse effects of it in the growth of the business.
Leading issues: The lack of leading power makes the business go array. The improper guidance can incur a hefty loss in the business as the SMEs actually have a smaller number of employees (Stefano and Aloisi.2018). The leaders have to be very potential to make the business run in a smooth way. If the leading issues persist in the organization then it would further defame it in the market losing its position. Poor visibility: The improper way of presenting the matter of the business makes the customers lose interest in the business resulting in the lowering of demands in the market. According to Visnjik et al.(2018),as in the present days the customers demand to view the products or the services before acquiring and hence proper visibility makes them interested in the product. Lack of marketing knowledge: Another big challenge faced by the SMEs is the shortfall of marketing knowledge. The dearth in the marketing knowledge would hinder in the growth of business as the needs and the requirements of the market would be unknown and it would be impossible to compete in today's market without acquiring proper knowledge of the market (Tidd and Bessant.2020). Deficiency of time: Time plays a vital role in the proper development of the business in a market. The dearth in the time input could be harmful in the up gradation of the SMEs. This is a vital factor to persist in a strong position in the market. Proper execution plan according to time and the timely surveys could be helpful to manage the time factor easily. Lack of budget: Another challenging factor which makes many SMEs walk back foot is the deficiency of funds or budgets. The budget or the funding is a big challenge that the SMEs has to face in the startup plans and it could be overcome by attaining certain schemes offered by the government and also through proper planning that could suggest to properly invest the fund in the business (Halland et al.2016). With the help of the PESTLE analysis one would get a clear view of the matter of fact the SMEs face in striving in the market. The factors that have been affecting the SMEs get a clear view through this review.
Suggestions to help the SMEs business overcome the issues faced by them:The SMEs could overcome the issues or the challenges through proper planning method: Proper analysis of the industries and the requirements of the customers and proper targeting of the market would help the SMEs to execute and persist in the market with a strong hold (Boschmans and Pissareva.2018). As the SMEs launch their business with a very small investment proper financial planning would be essential to initiate the cash flow and get a better impact through it. The operational plans are very important as they help in the executions in the SMEs and get the best out of the processing. Hence it would be suggestible to make a solid operational plan to eradicate the issues. Another important way to overcome the issues is to make an effluent marketing plan to properly execute the business of the SMEs (Sanfey and Milatovic.2018).
The study gave a detailed view about the problems and the challenges that the SMEs face while executing their business in the market. The ways Thirdway group present their innovative designs of interiors and impress their customers get a vivid notice in the study. The literature review brought into limelight the challenges that the organizations had faced and what are the adverse effects of it in the growth of the business. It also gave a detailed study of how the government thus helped the small and medium business organizations with schemes and plans that aid the SMEs to be in a prevailing and demanding position. The study gave a brief account of the factors that affected the business through PESTLE analysis. It further gave an idea of the suggestions by which the SMEs could overcome the issues or the challenges through proper planning methods. The analysis gave an idea about how to persist in the market by all the business owners who try their level best to show their strength and take the opportunities to be in the market through the application of many strategies and theories. The analysis also gave a vivid record of the measures that the organization took to overcome the pitfalls. It also gives light on the critical evaluation of the contemporary issues that adversely affect the business with the help of the literature review. Hence it could be concluded that SMEs could develop their business through proper managing and leading.
The government has been providing many facilities that enable SMEs to stand high in the market along with the large scale business. The recommendations to how the government policies might be informed to support SMEs to achieve their growth objectives could be done in the following ways: Through the granting of loans at a very low rate. As seen the SMEs start up their business with a very small capital and hence if the government provides the business with loans at a lower interest rate it would be helpful for the organizations to enhance their business according to the plans made (Osano and Languitone.2016). Giving Tax incentives to the small scale business would also be helpful and encouraging for the SMEs as they would get a scope to explore more and in turn expand their small business with the moving of time (Rizos et al.2016). The friendly trade policies would be helpful for the SMEs as the lowering or the eradication of the foreign taxes would stimulate and at the same time inspire the SMEs to think innovative and enlarge the business in international perspectives too. By granting loans easily would be helpful for the SMEs to grow and the easy access of loans and disbursements would give them courage to apply for loans and get the same to enhance their business. Through the up gradation of technologies the SMEs that face issues of technologies would rely on the government to support them to evolve the issues that arise regarding the technology (Antoniuk et al.2017). This would further help in the improvement of the business in the remote areas too. Changes in the government also affect the SMEs as they may not get the same support that the former government supplied. Thus it would be helpful if the new government looks into the matter by which the SMEs could upgrade their business in a much larger aspect. Financial assistance schemes would be the major help that the government does to financially support the SMEs as the raising of the fund for the small and medium scale business requires a lot of hard work (Kozubikova et al.2017). The scheme would be really a helpful one for the small and medium scale business as they can do their best with the cash flow. By providing security and assistance to the striving SMEs the government would grow trust within them to take more drastic steps and get acknowledgement in the market and grow the profit percentage rapidly. It would be helpful for the SMEs to get help from the government on the traditional approach of the business as it gets accepted all round the world (Mole et al.2017). Proper use of technologies and initiation of new ideas to execute the business would also be helpful for the SMEs to get acknowledgement and may encourage them to spread it globally. In accordance with Mittal et al.(2018), the government could aid the SMEs with proper planning and research and development plans that would improve the way of execution of plans to spread the small scale business and at the same time hold the position in the business for a longer time. As seen in the present day competitions market exposure is a prime concern for the SMEs and the government could help by organizing better network systems and other cooperatives to get together to enhance and help in the growth of the business (Lang et al.2016). There are many other ways by which the government comes and lends hand to the SMEs to grow and upgrade the business rapidly.
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