MNE3701
ASSIGNMENT 5 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 25 OCTOBER 2024
, MNE3701
Assignment 5 Semester 2 2024
Unique Number:
Due Date: 25 October 2024
Entrepreneurship and Small Business Management
Question 1
Managing Business Assets: A Case Study of Brewed Awakening
Introduction
Starting a small business requires careful planning and management, especially
regarding its assets. Assets can be tangible, like inventory and equipment, or intangible,
such as brand reputation and customer relationships. In this essay, I will explore how to
effectively manage the assets of a small café called "Brewed Awakening." By focusing
on inventory management, equipment maintenance, space utilization, financial
management, staff training, branding, technology, customer relationships, risk
management, and sustainability practices, I aim to demonstrate how these strategies
contribute to the overall success and longevity of the business.
Body
1. Inventory Management
Effective inventory management is crucial for any café, as it directly affects customer
satisfaction and operational efficiency. For Brewed Awakening, implementing an
inventory management system will help track stock levels of coffee beans, pastries, and
supplies. By monitoring inventory closely, I can ensure that popular items are always
available, thus avoiding missed sales opportunities and unhappy customers (Harrison et
al., 2020). For example, if I notice a decrease in stock of a specific coffee blend, I can
reorder it promptly, ensuring that I never run out.
ASSIGNMENT 5 SEMESTER 2 2024
UNIQUE NO.
DUE DATE: 25 OCTOBER 2024
, MNE3701
Assignment 5 Semester 2 2024
Unique Number:
Due Date: 25 October 2024
Entrepreneurship and Small Business Management
Question 1
Managing Business Assets: A Case Study of Brewed Awakening
Introduction
Starting a small business requires careful planning and management, especially
regarding its assets. Assets can be tangible, like inventory and equipment, or intangible,
such as brand reputation and customer relationships. In this essay, I will explore how to
effectively manage the assets of a small café called "Brewed Awakening." By focusing
on inventory management, equipment maintenance, space utilization, financial
management, staff training, branding, technology, customer relationships, risk
management, and sustainability practices, I aim to demonstrate how these strategies
contribute to the overall success and longevity of the business.
Body
1. Inventory Management
Effective inventory management is crucial for any café, as it directly affects customer
satisfaction and operational efficiency. For Brewed Awakening, implementing an
inventory management system will help track stock levels of coffee beans, pastries, and
supplies. By monitoring inventory closely, I can ensure that popular items are always
available, thus avoiding missed sales opportunities and unhappy customers (Harrison et
al., 2020). For example, if I notice a decrease in stock of a specific coffee blend, I can
reorder it promptly, ensuring that I never run out.
