Managing Small and Medium Enterprises Assignment Sample

Introduction To Managing Small and Medium Enterprises

Revolut, an investment technology SME situated in the UK, will be evaluated in this document along with a growth/development plan for the company. Nikolay Storonsky and Vlad Yatsenko created Revolut in 2015 to revolutionise the conventional banking sector by offering cutting-edge and practical digital banking services. The business has grown quickly and is now among the world's top fintech companies.

Several services are available through Revolut, such as financial accounts, cards for prepaid debit, money transfers abroad, exchange of currencies, trading cryptocurrency, and tools for managing finances. Visitors may easily control the accounts they have with the use of its mobile app, which offers real-time announcements, planning tools, and access to several banking services from just one interface. The business has grown in prominence with tech-savvy clients that seek simplicity, reasonable costs, as well as sophisticated digital features.

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With the use of technology, Revolut has established itself as a disruptor in the finance industry by offering banking products that are quick and affordable. With more than fifteen million clients globally, it has garnered a sizable client base that includes people, companies, and contractors. The business now serves clients in several nations around Europe, North America, Asia, and Australia. It has also extended its activities outside the UK.

Secondary data collecting from reliable sources, including business reports, trade magazines, market research studies, and news items, was the main step in the research procedure employed in this study. The goals of this report are to evaluate different facets of Revolut's business, including the entrepreneur who founded it, the start-up procedures, competitive edge, customer demand, company expansion, difficulties, its present expansion strategy, support from government programmes, and interest social or environmental objectives.

Findings

The nature of the entrepreneur behind the venture

The entrepreneur Nikolay Storonsky is the creative force underlying Revolut. Storonsky, a businessman of Russian descent with experience in investment and financing financial services co-founded Revolut in order to use modern technology to upend the conventional banking sector. His direct financial interactions revealed the shortcomings of conventional financial institutions, inspiring him to develop a user-friendly and cutting-edge financial experience (Vilkinis, 2022). Consumers looking for easy and economical financial products and services identified with Storonsky's idea. Revolut has had great growth and profitability under his direction, growing its offerings, extending into new areas, and garnering significant capital. Due to Storonsky's entrepreneurial spirit, business acumen, and strategic judgement, Revolut is currently a major player in the fintech industry (Nilsson, 2023).

The SME start-up processes

The start-up procedure for Revolut included numerous crucial milestones which are discussed in the below given table.

The business concept and any sources of competitive advantage

Revolut's business idea spins around giving an extensive scope of computerized financial administrations through an easy-to-use versatile application. The organization's upper hand lies in a few key elements.

• First and foremost, Revolut offers minimal expense or charge-free administrations, for example, worldwide cash moves and money trade, which is a critical benefit contrasted with customary banks.
• Besides, Revolut furnishes a consistent client experience with ongoing notices, planning devices, and simple-to-utilize interfaces. The application's instinctive plan and high-level elements give it an edge over contenders, upgrading consumer loyalty and commitment (Rybacki, 2022).
• Also, Revolut's capacity to help different monetary standards and deal with cryptographic money trade separates it from conventional banks. This adaptability and consideration of arising monetary innovations draw in clients who require assorted monetary abilities.
• Moreover, Revolut's fast venture into various business sectors, both inside and outside the UK, has given the organization a more extensive client base and expanded its memorability and market reach (Chrzanowski, 2021).

The current level of demand and the competitive environment

The internet banking and fintech industries are extremely competitive environments in which Revolut works. Due to a number of causes, there is a considerable demand for its services at the moment. The demand for Revolut's products has increased as mobile banking and digital financial services become more widely used. Customers, especially tech-savvy people and enterprises, are looking for banking options that are quick, safe, and affordable, which is consistent with Revolut's value offer. Traditional banks that are improving their digital products compete with other fintech firms that provide comparable services. A few notable rivals include Monzo, N26, and TransferWise. These rivals place an equal emphasis on offering new funding options and user-friendly cell phone banking experience (OECD, 2020).

The growth and development of the business to date

Revolut has encountered tremendous development and advancement since its origin. The organization's client base has extended quickly, with more than 15 million clients overall as of the most recent accessible information. This development can be credited to a few variables. Revolut has ceaselessly extended its administration contributions past fundamental banking, including highlights, for example, digital money exchanging, speculation items, and business accounts. These increments have drawn in a different scope of clients and added to the organization's development. Besides, Revolut has effectively extended its tasks into different global business sectors. It has entered different nations in Europe, North America, Asia, and Australia, expanding its compass and catching new client fragments (Weber, 2020). The organization has additionally tied down significant speculations to help its development. Eminent financing adjustments have included speculations from noticeable funding firms, showing financial backer trust in Revolut's plan of action and potential. In general, Revolut's development and improvement can be portrayed by its growing client base, enhancement of administrations, worldwide extension, and effective gathering pledges endeavours (Gupta, 2013).

The challenges of managing and running the business

Overseeing and maintaining an efficient Revolut accompanies its reasonable part of difficulties. A portion of the key difficulties looked at by Revolut include:

• Administrative Consistence: Working in the monetary business requires consistency with complex guidelines and permitting necessities. Revolut should explore advancing administrative scenes in different nations to guarantee consistency while extending its administrations.
• Security and Information Protection: As a computerized financial platform, keeping up with steady and powerful safety efforts and shielding client information is pivotal. Revolut should continually put resources into cutting-edge network safety frameworks and conventions to safeguard against expected breaks and keep up with client trust (Vignesh, 2020).
• Functional Adaptability: With quick development and global extension, guaranteeing functional versatility becomes fundamental. Revolut necessities to have a hearty foundation, productive cycles, and a fit labour force to deal with the rising volume of exchanges and client requests.
• Client Trust and Notoriety: Keeping up with client trust is pivotal for a monetary establishment. Revolut necessities to address any worries connected with security, unwavering quality, and client service expeditiously to maintain its standing and hold client reliability (Wennberg, 2013).

The SMEs current growth and development strategy

Government support measures that may be available to help the business overcome the challenges faced

• Monetary Help: Government-upheld advances, awards, or venture programs that give monetary help to SMEs. These can assist Revolut with getting extra financing for extension, innovative work, or mechanical headways.
• Administrative Direction: Government organizations can give direction and support to explore complex administrative structures, guaranteeing Revolut agrees with monetary guidelines and authorized prerequisites.
• Export Assistance: Government drives that help SMEs in extending universally, giving assets and support to enter new business sectors. This can assist Revolut with getting to new client bases and increment its worldwide presence.
• Skills Development: Government-financed programs for upskilling and reskilling the labour force can help Revolut by giving admittance to a gifted ability pool or supporting the preparation and advancement of existing workers.
• Innovation and Research Funding: Government schemes that promote innovation and research can offer grants or tax incentives to SMEs, enabling Revolut to invest in technological advancements, develop new products, or improve its services.
• Networking and Collaborations: Government-sponsored events, conferences, and platforms that facilitate networking and collaborations within the fintech industry can help Revolut form strategic partnerships, access new markets, and share best practices.

Sustainability goals

Revolut has shown a few thoughts for social and supportability objectives in its tasks. The organization has done whatever it may take to advance monetary consideration by giving open and reasonable financial administrations to people and organizations, no matter what their area or monetary status. By offering minimal expense or charge-free administrations, Revolut plans to make monetary administrations more open and reasonable for a more extensive populace. As far as manageability, Revolut has taken drives to diminish its ecological effect. For instance, it has presented highlights in its application that empower clients to follow their carbon impression and make gifts to ecological causes. Revolut has additionally put forth attempts to diminish its plastic utilization by giving virtual cards and advancing computerized exchanges. While Revolut has gained ground in considering social and maintainability objectives, there is still space for additional open doors. The organization can investigate associations with social effect associations or incorporate greater maintainability-centred highlights into its foundation (Gupta, 2013).

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Conclusion

Overall, it can be concluded from the study, that Revolut has become a top fintech SME thanks to Nikolay Storonsky's inspirational management. The business's quick development, global reach, and variety of goods available have strengthened its position in the marketplace. It's important to manage issues including compliance with regulations, safety, flexibility, hiring talent, and confidence from customers. Market development, product diversity, improved client experience, strategic alliances, plus customer-focused methods are all part of Revolut's growth plan. The expansion and success of the company may be further increased by integrating cultural and environmentally sound goals and by utilising funding from the government.

Recommendation

Recommendations for the future growth and development of Revolut:

• Present extra speculation items and wealth management highlights.
• Extend business banking administrations to take care of the requirements of small and medium undertakings (SMEs).
• Offer custom-made answers for explicit client portions, like specialists or worldwide voyagers.
• Enter new business sectors with high development potential, particularly in districts like Latin America, Africa, and the Center East.
• Tailor administrations to meet nearby administrative necessities and client inclinations.
• Lay out essential associations with nearby monetary organizations to work with the market section and gain market experience.
• Further, incorporate manageability highlights inside the application, for example, carbon impression following and feasible venture choices.
• Team up with ecological associations for drives that advance mindful monetary ways of behaving and support natural causes.
• Investigate government-upheld drives and financing programs for fintech advancement and exploration.

References

• Chrzanowski, M., 2021. A dynamic perspective on competition between traditional banking and banking fintechs. Prace Naukowe Uniwersytetu Ekonomicznego we Wroc?awiu, 65(2), pp. 1-14.
• Gupta, P. D., 2013. Firm growth and its determinants. Journal of Innovation and Entrepreneurship, 2(15).
• Nilsson, A., 2023. Make Banking Simple Again: A multiple case-study about the internationalization of the largest online retail banks in Europe, s.l.: Linnaues University.
• OECD, 2020. Digital Disruption in Banking and its Impact on Competition, s.l.: s.n.
• Rybacki, P., 2022. Revolut's Revolution: The Rise of a Digital Bank, s.l.: THE UNIVERSITY OF CHICAGO.
• Singh, R. K., 2018. Strategy development by SMEs for competitiveness: A review. Benchmarking An International Journal, 15(5), pp. 525-547.
• Vignesh, M. T., 2020. TOP FIVE CHALLENGES OF ENTREPRENEURS. InfoKara, 9(3), pp. 246-253.
• Vilkinis, T., 2022. Disruption of the Financial Services Industry: A Case Study of British Fintech Startup Revolut, s.l.: Copenhagen Business School.
• Weber, S., 2020. Data, development, and growth, s.l.: Cambridge University Pres.
• Wennberg, K., 2013. Managing High-Growth Firms: A literature review, s.l.: Stockholm School of Economics & Ratio Institute.
• Zijderveld, J., 2018. The Fintech Phenomenon and Challenger Bank Revolut, s.l.: Avon.