,MNE3701 Assignment 5 (COMPLETE ANSWERS)
Semester 2 2024 - DUE 25 October 2024; 100%
TRUSTED Complete, trusted solutions and
explanations.
Having acquired sufficient knowledge and skills on
entrepreneurship and small business management, you must
demonstrate practical competencies in managing business’s
assets and risks. Think of any business you would like to start
and answer the following questions: QUESTION 1 By using
practical examples, critically discuss how you would manage the
assets of your business. (10)
To effectively manage the assets of a business, it’s crucial to
ensure that resources are utilized efficiently to maximize
profitability while minimizing risks. Here’s how I would
approach asset management for a hypothetical small business
—a cyber café named iStudy:
1. Inventory Management
Example: Regularly track and manage equipment such as
computers, printers, and furniture. Implement an
inventory management system to monitor the usage,
maintenance needs, and depreciation of assets. This helps
in understanding when to upgrade or replace equipment,
ensuring the café remains competitive and operationally
efficient.
2. Financial Management
, Example: Establish a robust accounting system to manage
cash flow, monitor expenses, and track revenue. For
instance, using software like QuickBooks can provide real-
time insights into financial health. Regular financial audits
will ensure transparency and help in making informed
investment decisions for future growth.
3. Risk Management
Example: Assess risks associated with equipment failure,
cybersecurity threats, and market competition. For
instance, having a backup power supply (like a generator
or UPS) can mitigate downtime due to power outages.
Additionally, implementing cybersecurity measures such as
firewalls and regular software updates can protect
customer data and business operations.
4. Human Resource Management
Example: Invest in training programs for staff to enhance
their skills in customer service and technical support. This
not only increases efficiency but also improves employee
satisfaction, reducing turnover rates. For instance, training
staff on troubleshooting common tech issues can minimize
downtime for customers and increase overall satisfaction.
5. Customer Relationship Management (CRM)
Example: Utilize a CRM system to manage customer data
and interactions. This could involve tracking customer
preferences, feedback, and usage patterns to tailor
Semester 2 2024 - DUE 25 October 2024; 100%
TRUSTED Complete, trusted solutions and
explanations.
Having acquired sufficient knowledge and skills on
entrepreneurship and small business management, you must
demonstrate practical competencies in managing business’s
assets and risks. Think of any business you would like to start
and answer the following questions: QUESTION 1 By using
practical examples, critically discuss how you would manage the
assets of your business. (10)
To effectively manage the assets of a business, it’s crucial to
ensure that resources are utilized efficiently to maximize
profitability while minimizing risks. Here’s how I would
approach asset management for a hypothetical small business
—a cyber café named iStudy:
1. Inventory Management
Example: Regularly track and manage equipment such as
computers, printers, and furniture. Implement an
inventory management system to monitor the usage,
maintenance needs, and depreciation of assets. This helps
in understanding when to upgrade or replace equipment,
ensuring the café remains competitive and operationally
efficient.
2. Financial Management
, Example: Establish a robust accounting system to manage
cash flow, monitor expenses, and track revenue. For
instance, using software like QuickBooks can provide real-
time insights into financial health. Regular financial audits
will ensure transparency and help in making informed
investment decisions for future growth.
3. Risk Management
Example: Assess risks associated with equipment failure,
cybersecurity threats, and market competition. For
instance, having a backup power supply (like a generator
or UPS) can mitigate downtime due to power outages.
Additionally, implementing cybersecurity measures such as
firewalls and regular software updates can protect
customer data and business operations.
4. Human Resource Management
Example: Invest in training programs for staff to enhance
their skills in customer service and technical support. This
not only increases efficiency but also improves employee
satisfaction, reducing turnover rates. For instance, training
staff on troubleshooting common tech issues can minimize
downtime for customers and increase overall satisfaction.
5. Customer Relationship Management (CRM)
Example: Utilize a CRM system to manage customer data
and interactions. This could involve tracking customer
preferences, feedback, and usage patterns to tailor
