Business Development Planning
Added on 2020-06-06
14 Pages4330 Words72 Views
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Planning For Growth
TABLE OF CONTENTSINTRODUCTION: .........................................................................................................................1P-1 Growth opportunities for business........................................................................................1P-2 Opportunities of growth using Ansoff matrix......................................................................2P3. Potential sources of funding available to businesses with their benefits and drawbacks.....4P-4 Business plan for growth opportunity..................................................................................7P-5 Succession or exit options for small business......................................................................9M-1 Growth options of business. .............................................................................................10M-2 Potential source of funding...............................................................................................10M-3 Business plan for ANS Limited........................................................................................10M-4 Exit or succession of business...........................................................................................11CONCLUSION:.............................................................................................................................11REFERENCES:.............................................................................................................................12
INTRODUCTION: To effectively run a business for long term it is important that accurate and properplanning must be done. It helps in achieving goals and surviving in the market. A business cansustain in market only when it is having strong financial position and capability to raise fundsand generate profits. The present assignment shows various growth opportunities for efficientplanning by applying Ansoff matrix. This report will show the potential sources of financing thebusiness and benefits and drawbacks of each source. In addition to this exit or successionoptions for business to shut down its operations is shown.For undertaking this the organisation selected is ANC Limited. The cited firm belongsto service industry and operates in UK. The existence of the company in such a competitivemarket requires effective business planning.P-1 Growth opportunities for business.There are various methods by which the growth opportunities can be evaluated inbusiness. It is not that the ANS Limited is not creative or don't have talented people. To findedge opportunities for growth in business these are the steps can be taken:Understand your customers-- The first and foremost function of any organisation is tounderstand its customers. Understanding means not only to know their demands but also to knowwhat they feel about company, what are their views regarding the company and its products, howcustomers respond to the their products, etc. (Blackburn, and et.al 2013)The company segmentsthe market according to the customers so it is important to know your customers whose needsare already meeting. Once the customer’s needs are known innovation in the product can bedone.Provide products in more creative way- Sometimes to unlock new opportunities it doesn'trequire to change what company is offering to customers but to change the way it charges forthat product. It means to provide extra benefits to customers by charging some amount. Forexample- ANS Limited is engaged in cloud service provider so it should provide some extraservice to customers by innovating the product. It will be lead more customer satisfaction amongthe customers and the customer retention.
Analysis of complementary products- it is crucial to monitor the performance of othercompanies who are providing similar products to the customers. It helps in comparing thebusiness growth of past and present year. Changing trends in complementary products andmarkets should be taken into account while making investment decisions Assessment of assets- it is important that the company must make assessment of its assets. Itwill be useful to identify their growth level in the market (Eddleston, and et.al., 2013.) It not onlyinclude equipments or buildings but also culture, organisation knowledge and relationships withsuppliers, distributors, etc. by doing this it helps in knowing the value of assets, use of assets andwhat are the areas in which these assets can be used for future growth purpose.P-2 Opportunities of growth using Ansoff matrixMarket development- It means searching for a new market for selling products. The newmarket can be inside or outside the geographical area of country. ANS Limited can enter a newmarket where growth opportunities are there. Potential markets for them are neighbouringcounties. They can also make segmentation in the market like focusing different people acrossthe country. For example ANS Limited can focus on European market for providing service to2
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