Unit 29: Managing and Running a Small Business

Unit code                           L/508/0566

Unit level                           QCF Level 5/ NFQ Level 6/7

Credit value                       15


This unit will provide students with a practical understanding of the key aspects of running a small business or social enterprise. Students will learn about the activities involved in running a small business, including developing good relationships with customers, planning and allocating operational resources, forecasting and budgeting, interpreting financial statements, recruitment and retention of staff, leadership and building a team, dealing with legislation and regulation and how to put together a business plan.

Students will be able to apply their learning to a simulated business of their choice that they will work on as part of a group. They will develop an understanding of how all of the different aspects of running a business interrelate to achieve success, and develop an appreciation of the benefits and importance of organisation and planning.

Learning Outcomes

By the end of this unit a student will be able to:

  1. Discuss how a small business or social enterprise plans and allocates resources to achieve objectives.
  2. Explain and evaluate the customer relationship management process for a small business or social enterprise, including understanding the benefits and challenges of transnational operation.
  3. Develop and analyse a cash flow forecast, budget and break-even analysis and interpret key financial statements.
  4. Discuss the implications of regulation and legislation on a small business or social enterprise.