Planning for Growth for Bake My Day Bakery - Desklib

Planning for growth

TABLE OF CONTENT
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
An explanation of the basis of competitive advantage for the business......................................3
A critical assessment of the opportunities available to the business...........................................4
Applying Ansoff Growth Matrix within the business..................................................................5
A critical evaluation of the options for financing growth and sources of funding......................6
Succession and exit options that are available for the business “Bake my day”.........................6
Recommendations for the “Bake my day” bakery.......................................................................7
Business plan...............................................................................................................................8
Mission and vision.......................................................................................................................8
Products and services...................................................................................................................8
Market analysis............................................................................................................................9
PESTEL analysis.........................................................................................................................9
Porter's five forces.....................................................................................................................10
Marketing mix............................................................................................................................11
CONCLUSION..............................................................................................................................11
REFERENCES................................................................................................................................1

INTRODUCTION
Business growth planning is the strategic activity that enables the business owners to plan
and track the organic growth in their revenue and can built their business at successful level. To
run any business, it is important for an individual company to plan the activities which can
enable the growth of the organization and can enable the business to grow (Saan, Enu-Kwesi and
et.al., 2018). Bake my day is a new operating bakery which is providing the cakes, cookies,
handmade chocolates and such more and locates at London, UK. The current report will discuss
the basis of competition, opportunities availability to business by using Ansoff Growth Matrix.
Further, the sources of funding including exit or succession option for the organization will be
explained. At last, the business plan will outline in the report.
MAIN BODY
An explanation of the basis of competitive advantage for the business
The term competitive advantage simply means a company implement the strategical methods and
techniques for the attracting the customer's and can grow its market share which overall result
the company to obtain the successful outcome and results. To run any business, the company
should understand and identify the different factors which can help and support them to attract
and influence the maximum number of the customer at their place and can increase their
productivity level. However, the new bakery business has planned for having the competitive
advantage by putting the focus on the different essential factors which can help them to increase
their competitive advantage and can build the company at definite position.
Quality products: The new venture bakery organization have to understand the importance of
the products and services which they offer to their customer which should be very useful and
qualitative for them. In general, every customer looks for the products which are highly
qualitative and can use them for the different working purpose where considering this factor will
allow the company to keep their business ahead in this highly competitive market.
Pricing structure: One of the most important factor is pricing structure where the new bakery
business have to consider and understand the needs and expectations of the people (Shpak,
Naychuk-Khrushch, and et.al., 2020). Customer's always looks for the products which are
affordable and have a better quality where Bake my Day bakery provides their products in
affordable prices and uses the quality raw materials in the baking which attract the customer's
and will increase the competitive advantage.

Customer services: Customer service puts the great impact over the business and its brand
image as well. Consumer will go with the companies who will provide the better customer
services where Bake my day have hired a team especially for focusing on the customer services
where the consumers can directly connect with them and can share their reviews and issues
which will solve by the firm as soon as they can.
Location: Bake my day bakery started newly in London where the firm has to operate in new
and different places for increasing their competitive advantage. For gaining the high competitive
advantage in the market, the bakery has to move from traditional to digitalization for attracting
and creating an awareness among maximum number of people so that they can easily operate
their store ion different locations.
A critical assessment of the opportunities available to the business
A business enterprise require to understand the different opportunities which are available for the
firm and can increase their productivity level as well. Bake my day is a newly start-up venture
who is providing the bake cake, cookies and pastries to the customer's by adding the flavours in
appropriate way which makes their bakery business to grow and develop effectively. For the
better opportunities, the bakery should choose the best strategies and methods for the betterment
of the business and can gain the competitive advantage more perfectly (Fung, Choi and et.al.,
2020). Here, mentioning some factors which the firm majorly focus on and enable to make a
place in the bakery industry.
Cost leadership: Cost leadership is one the best strategy which is used by the different
organizations and businesses for gaining the competitive advantages. The new start-up
organization, Bake my day has critically assessed the available opportunities to their business
where they offer the affordable prices to their customers from where it increases the productivity
and possibility of leading the firm at successful level.
Differentiation: Differentiation strategy is commonly used by the companies where Bake my
day is using this method for increasing the productivity level. Thus, the newly started business
has provided the differentiation in their products where they use healthy ingredients and also
bake the sugar free items for the health concern people which makes their products unique and
enable them to meet the set objectives.