Business Growth Strategies for Trading Scents: A Comprehensive Analysis

This report delves into the growth strategies for Trading Scents, an SME specializing in perfumes, scents, and cosmetics. It analyzes key considerations for evaluating growth opportunities, explores funding sources, and designs a comprehensive business plan for scaling up the business. The report also examines exit and succession options for the company, providing insights into the benefits and drawbacks of each approach. By applying Ansoff's Growth Matrix and SWOT analysis, the report identifies potential growth avenues and addresses challenges faced by Trading Scents in a competitive market.

PLANNING AND GROWTH

TABLE OF CONTENTS
Introduction................................................................................................................................1
LO1............................................................................................................................................2
P1 analyze key considerations for evaluating growth opportunities and justify these
considerations within an organizational context....................................................................2
P2 evaluate the opportunities for growth applying Ansoff’s growth vector matrix..............4
LO2............................................................................................................................................7
P3 Assess the potential sources of funding available to businesses and discuss benefits and
drawbacks of each source.......................................................................................................7
LO3..........................................................................................................................................11
P4 design a business plan for growth that includes financial information and strategic
objectives for scaling up a business.....................................................................................11
LO 4.........................................................................................................................................15
P5 Assess exit or succession options for a small business explaining the benefits and
drawbacks of each option.....................................................................................................15
Conclusion................................................................................................................................18
References................................................................................................................................19

LIST OF TABLES
Table 1: SWOT Analysis of Trading scents............................................................................12

LIST OF FIGURES
Figure 1: Factors affecting growth.............................................................................................4
Figure 2: Ansoff's Matrix...........................................................................................................5
Figure 3: Main sources of funding.............................................................................................7
Figure 4: Products at trading scents.........................................................................................11
Figure 5: Exit strategy..............................................................................................................15
Figure 6: Succession Plan........................................................................................................17

Introduction
The report will discuss about Trading scent, an SME dealing in perfumes, scents, cosmetic
and other beauty products based in UK. The various growth opportunities that must be
considered for expansion by trading scents will be discussed. Also, opportunities will be
identified using Ansoff’s Growth Matrix. Finance which is the most essential resource of an
organization will also be discussed. The various sources of funding will be identified with the
advantages and drawbacks associated to it. Ansoff’s matrix will also be discussed in the
report to evaluate the various growth opportunities. The various methods of Succession and
exit will also be discussed if an organization wants to leave in the long run due to the effect
of some future uncertain event.
1

LO1
P1 analyze key considerations for evaluating growth opportunities and justify these
considerations within an organizational context.
Trading scents is a leading organization providing cosmetics, perfumes, and skin products.
The managers of the enterprise need to formulate a systematic growth plan that helps in
expansion of Trading Scents. It is essential to utilize resources for the achievement of goals
and objectives of the organization. The employees and stakeholders of the organization need
to set up goals that help in competing with other enterprise and making research so that
innovation can be done in these products. There are various flavors that have emerged
recently and are being adopted by enterprises (Bryman and Bell, 2015). Trading scents need
to adopt the new flavors available in the market so as to increase customer base.
Business environment comprises of external and internal factors like political, social,
economical and legal that affects the working of business. The managers need to plan
strategies during the time of change in business environment so that quick decision making
can be done and negative impact of such changes be removed efficiently. Business
environment must be carefully researched so as to find out the opportunities within the
business environment. The factors that can be considered for evaluating growth opportunities
are as follows:
Competition:
These days there has been a tremendous increase in the level of competition and only the best
running SME survives. Increase in the level of competitors has pressurized the managers to
adopt methods and skills that help in making strategies during critical situation. The
organization is responsible to take tactical decisions leading to innovation, creativity and new
methods of production so as to stand out of crowd. The new flavors have changed customer
mind and demand for new scents have increased. There has been a significant increase in
population with different skin types and hence there has been change in the demand pattern
which has put the research department of trading scents under the pressure of opting new
flavors and methods to launch in the market so that customers do not shift to other traders
(Crane and Mattern, 2016).
Collaborations:
2

Increase in competition has made the survival of small enterprises difficult. Hence most of
the enterprises are choosing to go for mergers, demergers, alliances and acquisitions. These
methods of collaborations provide an opportunity to small enterprises to increase operations
and collect funds for further investment. All the various types of collaborations have different
advantages and disadvantages attached to it. The managers of trading scents need to research
and identify the various benefits and drawbacks of each type before implementing them to the
business. Collaborations are one of the pickiest decisions that have to be taken because this
might lead to reduction of power in the hands of some and continuous interference by the
members of collaborating organization (Creswell, 2017).
Technology:
Increase in technology and globalization has increased the use of technology for making new
mixtures that best suit the demand of customers. The managers need to well train the
employees so that they use technology in their working. The low level workers generally do
not prefer adopting new methods as it makes work slower initially. Hence it is the duty of
managers and other employees to train and motivate employees to work better with the use of
technology. In the long run, use of new techniques makes work faster and serves with
innovative ways of production. New products and flavors attracts large customer base thus
increasing profits and leading to growth and expansion (Bhattacharya et.al, 2015).
Pricing strategy:
The trading scents manager need to adopt the best pricing strategy out the various strategies
like price penetrating, economic, skimming etc. this is an essential decision which involves
deciding profit margin and covering up cost before selling the product. Various marketing
strategy are also adopted by the mangers that help in increasing customer base. Trading
scents must use the method of price penetrating in which initially low prices are offered so as
to attract large number of customers while in future the prices are increased to earn higher
profits.
Customer service development:
Customers are the most essential resources of the organization, it is the duty of the
organizations to provide effective service to the customers so as to reduce complaints and
satisfy them with the products. There must be proper customer grievances redressed system
to look after the complaints of the customer. This will create a good image of the
3

organization in the minds of customer and induce them to choose trading scents rather than
other organizations.
Internal and External factor:
There are various factors of business environment that affect the decision making of the
industry. For example, change in the economic policy might decrease or increase the demand
for cosmetics. People tend to buy cosmetic products during sales (Love and Roper, 2015).
Figure 1: Factors affecting growth
(Source: recoverycontextinventory.com, 2018)
P2 evaluate the opportunities for growth applying Ansoff’s growth vector matrix.
Ansoff’s matrix is a technical tool that helps in taking strategic marketing decision. When
this matrix is used efficiently, it helps in achieving the goals and objectives of the
organization in the most effective manner. it is a grid that show four options that help in
minimizing risk and shifting to a new product. It enables matching of exiting product to new
market and new products to existing market (Chiang et.al, 2016).
This matrix is made up of four grids in the name of penetration, market development, product
development and diversification. This analysis helps in finding opportunities that help in
diversifying and expanding. All the four factors are put on the matrix and analysed to find the
potential of a new product.
4

Figure 2: Ansoff's Matrix
(Source: tutor2u.net, 2018)
Market penetration:
This process does not involve new customers for increasing sales. The major focus is on
finding methods for selling the original product to the same customers. This involves high
amount of customer satisfaction. The managers of trading scents need to find out ways that
will help in developing customer loyalty and increasing customer satisfaction. The main
reason of not including new customers is to avoid the risk of competition and losing the
existing customers. The existing customers are not interested in buying new products (Yin,
2016).
Market development:
In this grid new customers are induced to buy the existing product. New customers are
attracted by implementing various promotional activities and advertising campaign. The
customers are divided according to various geographic locations and target market so that
advertisement becomes easy. The focus is not on developing new product but selling the
existing product to new customer. Technological advanced methods are used to initiate
campaigns and promotions. The new customers must be provided effective services without
affecting the existing ones.
Product development:
5

This part of matrix focuses on development of new product with the help of using
technology. Trading scents need to use methods that increase the number of customers and
maintain long term relationship with them. Research needs to be done for innovation and
development of new products that attract customers. This method also involves customer
feedback collection so that any changes can be bought (Navarra and Scaini, 2016). In trading
scents, the managers can use new technology that will provide new flavours in cosmetics as
per the new trend.
Diversification:
This is one of the most risky and costly strategy that requires the recruitment of consultants
and strategic managers who will help in infrastructure development and marketing strategies
development. New customers are induced to buy new products. Customer base needs to be
increased with effective promotional and advertisement strategies. Trade scents need high
customer contact and supply chain that will attract new customers. Product diversification is
essential with effective transportation facility so that the supply is not disrupted.
Ansoff’s matrix is a strategic tool that helps in effective of strategies for growth and
expansion. There are various business factors that need to be analyzed before implementing
various strategies. A skilled professional need to be appointed for performing this task, there
are various factors such as infrastructure, resources, position and budget.
There are various contingencies that affect the marketing process, the business factors need to
be analyzed and the impacts so that effective decisions can be considered for putting the
resources to best use. PESTEL analysis helps in achieving decision making and finding
opportunities that leads to growth and expansion. Business environment is an essential factor
in determining success of organization.
6

LO2
P3 assess the potential sources of funding available to businesses and discuss benefits and
drawbacks of each source.
Figure 3: Main sources of funding
(Sources: indiamicrofinance.com, 2018)
Any business activity that is just start-up and aims at expansion requires rising of fund. Fund
raising is an essential component in running a business. These two components have high
potential in raising the growth potential of business. Any start-up such as trade scents needs
fundraising to reach its objectives. The funds need to be properly invested so that the profits
can be increased. There are various sources of funds that are present in the market. Each
source has advantages and disadvantages associated with it. There are various factors that
need to be kept in mind before selecting the source of finance such as net present value,
Payback period, and interest on investment (Sekaran and Bougie, 2016). These factors also
differ in terms of long term and short term funds. The various factors are as follows:
Savings of Proprietor:
The personal savings that proprietor has kept for future since long time can be used for
investment in start up to ensure initial funding needs. Trading scents and similar SME’s use
private funds because of the benefits associated with it.
Advantages:
7

 There is no acquisition cost or commitment cost that has to be paid on the savings of
proprietor. Hence, there is no risk associated to it.
 Any type of outsider loan requires the payment of interest to the third party while
outsider’s loan has no such problem (Eriksson and Kovalainen, 2015).
 Start up has problem of sometimes not being so successful. in such cases of loss there
is no burden of repayment of principal or interest.
Drawbacks:
 Personal asset of the proprietor is fund that has been saved by the owner for future
use, investment of total asset in case of loss might end up leaving nothing for the
personal use of proprietor.
 These savings acts as a support system for after retirement days. Investing all the
personal assets might not leave anything at the disposal of the proprietor for future.
 Retirement benefits, EPF’s and other such funds are tax resistant. They are beneficial
to the owner as no additional tax has to be paid on them. Hence investing these funds
might lead to negative impact on the business.
Bank loans:
Banks provide an option to the SME’s for funding the business activities. Both long term and
short term needs are looked after by the banks when there is no other potential investor
available for funding (Burns, 2016). The bank loan is provided only to organizations with
good credit rating and proper paper work. Some assets need to be leveraged in order to get
loan.
Advantages:
 There are various types of loans available depending on the business needs.
 The personal assets of the proprietor can be saved for personal needs in future.
 In case of insolvency the additional funds such as retirement benefits and EPF’s can
be saved from court charges and used for personal benefits and survival.
Drawbacks:
 The main drawback is that some asset needs to be leveraged to get loan which
obstructs its use until the whole payment is cleared.
8

 Timely payment of interest and principal is essential for maintaining credit rating for
future purpose.
 During cases of loss the payment has to be made from the personal assets of the
proprietor.
Crowd funding:
There are investors who have additional savings that can be invested into some growing
business. This investor search for potential enterprises online, this is an easy way of raising
funds and also a faster way (Manyani et.al, 2014). The investor need to conduct proper
research and gain information about the working of an enterprise and the benefits of
investing.
Advantages:
 This method enhances the decision making process by involving large customer
participation.
 It is an easy, fast and less costly method of Investment Avenue.
 Online method of fundraising provides additional benefit of promotion without
spending much.
 There is an increase in the level of loyalty among customers due to an increase in the
rights of customers. The additional right apart from receiving interest include tracking
rights; participate in decision making and reviewing reports. This make them feel
more comfortable.
Drawbacks:
 Some enterprises are no so technology savvy and hence find this method difficult.
 Any kind of wrong or immoral act will pose a negative impact on the stakeholders
and affect the reputation of the organization (Bril et.al, 2017).
 Sometimes the firm tries to impress investors and ends up giving too much of returns
thus affecting the profits.
 When there is low or no profit the future funding needs might be impacted negatively.
Venture finance:
There are some private sources of raising funds known as angel investors who are ready to
invest a large amount of capital to meet long term needs. They want a share in the enterprise
9

and some parts of profit. Banks can only meet small investment needs while huge financial
needs can be met up by these private investors.
Advantages:
 Angel investors are highly professional and skilled individual who can give expert
advice to the managers of the organization.
 Much other assistance such as taxation, legal aid and expansion needs are also catered
to by the private investor.
 These private investors are high status people with good contacts; SME can get the
benefit of long term good contacts.
Drawbacks:
 The investors are concerned with profits and sales of the organization so they keep on
interfering in the management of the organization. This creates a negative pressure on
the managers.
 The investor gets a high portion of share of the total investment and hence the actual
management is left with only a small portion of share.
 The investor invests in an enterprise for potential returns. This lowers down the
amount of actual profits (Baranov et.al, 2015).
Trading scents is an SME that has started its operation newly. The selection of the most
viable source of finance is important for the development and expansion of the organization.
Among the various sources of finance, Venture finance is the best source for Trade scents as
this source will provide benefits of expert knowledge and large investment to carry out
research activities that will be useful in bringing new types of odour and cosmetic flavour in
light.
10

LO3
P4 design a business plan for growth that includes financial information and strategic
objectives for scaling up a business.
There are various business factors in an environment that affects the working and strategic
decisions of the organization. The manager of trading scents needs to evaluate and plan for
minimizing the impact of various internal and external factors on the business. This will
enhance effectiveness and increase the scope of attaining organizational objectives. All the
strategic plans and decisions need to be effectively communicated using viable means to the
employees of the organization (Grant, 2016).
All the enterprises try to lay down a sample business plan that will help in effective
achievement of business objectives.
Figure 4: Products at trading scents
(Source: falmouth.co.uk, 2018)
Executive summary:
The business plan highlights the various important strategies and methods that will help in
scaling up the business activities and attaining personal and organizational objectives.
Allocation of the various types of resources including financial is a crucial decision that need
to be taken with utmost care and efforts (Rothaermel, 2015).
Vision:
11

The main vision of trading scents is to be a leading merchant of cosmetics and perfumes in
UK and worldwide thereby leading to expansion and increase of geographical area. Choosing
the most effective and efficient source of investment is also an essential decision that needs
study and research (Hill, 2017).
Objectives:
The major objectives of trading scents include:
 It aims at using sustainable sources of development that do not cause negative impact
on the environment. For example, using recyclable methods of packing and bottles
for storage of cosmetic products
 Providing a good working culture and environment to the workers with safety and
security needs
 Trading scents aims at being excel in the production and marketing techniques for
which skilled staff needs to be hired.
 Laying down objectives that are achievable and understandable instead of being
vague, the managers’ aim at developing customer satisfaction and being honest to the
customers (Doppelt, 2017)
 Accountability and responsibility handling leads to effective achievement of
organizational goals
SWOT analysis:
This is a strategic tool that helps in determining the strength, weakness, opportunity and
threats of an organization. This will provide the managers with tool for best decision making
and set up achievable goals that can be attained.
Table 1: SWOT Analysis of Trading scents
Strengths:
The main aim of Trading scents is to bring innovation
and expand customer base.
 Reputation and credit rating makes it
easy for trading scents to arrange
finance which is an essential
resource.
Weaknesses:
 New flavours are to be designed and
introduced in the market.
 The satisfaction of customer as per
the latest trend is essential.
 New pricing methods need to be
12

 The variety of products it deals in
such as cosmetics, perfumes, etc
makes it attract large number of
customer with different needs.
 The efficiency of customer service
helps it sustain long term relations
(Cassidy, 2016).
 It is a reputed SME due to the
remarkable credit rating received by
the agency.
adopted that will enhance sales.
 Globalisation and advancement has
increased the need for using new
technology as per the current scenario
requirement. Technology makes work
faster, easier and less costly.
Opportunities:
 There has been an increase in
knowledge and dependence on
cosmetic products. This provides an
opportunity to go global.
 New methods for development of
products can be adopted.
 The policy of segmentation,
targeting and positioning can be used
to increase customers.
 Creativity and innovation will
enhance products and attract more
customers.
 Online bookings and promotional
techniques can be used as an
effective means of bringing products
in the lime light.
 A symbol for brand and a suitable
name will give product
identification.
Threats:
 Increasing competition from similar
enterprise.
 Employees are reluctant to use new
technology as they are not well
versed with it.
 Finance is the most vital resource that
needs to be decided upon after
looking at the various advantages and
disadvantages.
 The customers need to be made well
aware of the various kinds of
products that are there in the market
and the benefit of each type (Epstein,
2018).
Financial analysis:
13

Every organization small or big needs finance to investment in growth and expansion
avenues and also for development of the organization. Finance is an essential resource whose
source needs to be determined with utmost care and effectiveness. Trading scents is a SME
with strong credit rating and every type of outsider is ready to provide loan easily. It is the
duty of managers to select the best source after evaluating the advantages and drawbacks of
the various sources (Scarborough, 2016).
Competitor analysis:
Increase in the number of business has increased the number of competitors of trading scents.
This has created a pressure on the mangers of trading scents to switch to strategic planning
methods and use ways that helps them survive completion and gain attention of customers.
Proper market research needs to be conducted so that business tactics can be identified and
applied.
Implementation and Evaluation:
The last step to this process involves the implementation of various plans at the right time for
best results. The business plan is also communicated to the various stakeholders using the
most appropriate channel. This also requires monitoring and evaluation of plans that have
been implemented. Any deviation is tried to cover up by making minor changes in the
execution of the next plan (Bridge and Dodds, 2018).
Conclusion:
A proper and well planned business plan is essential for the achievement of growth
objectives. Its communication is also essential for getting group efforts. Implementation of
Business plan helps in achieving the goals of growth and expansion.
14

LO 4
P5 Assess exit or succession options for a small business explaining the benefits and
drawbacks of each option
Exit strategy is an option available to the SME’s for shutting down the operations of a
business or selling the ownership to some other proprietor who is interested in it. This
strategy helps in overcoming losses and future certain events that might hamper growth
activities. Trading scents is an SME and thus has various options at its disposal for exiting the
business (Hawkey, 2017).
Reasons for exit strategy:
There are many reasons which force the proprietor to either sell its share or shut down
operations. Exit strategy can be planned as well as unplanned. Planned exit strategy is when
the proprietor withdraws all its assets from one business to be invested in some other projects
that have more potential for earning higher. Another reason can be joining of service sector
instead of carrying on business. some other reasons can be difficulty in survival or continuous
losses.
Ways to exit business:
Start up is a long plan to continue a business. The owners never think of closing it during
taking initiative. However there are various options with the management to exit the business.
The available options are:
Figure 5: Exit strategy
(Source: newsroom.cnb.com, 2018)
15

Selling or floating the business:
The business is sold to some other manger or broker in return for some cash. An advisor is
appointed and suitable price estimated for proceeding sale. After deciding the suitable price
and ownership a legal agreement is entered and ownership transferred (Daspit et.al, 2016).
This option is exercised by large business organizations to sell business at higher price.
Consolidation:
This is a process by which one well performing business buys or merges with another
potential enterprise to gain benefits of assets and reputation. This method involves alignment
of goals and objectives of both the organizations and working towards a new goal.
Employee buyout:
In this process the business is sold to existing people who have the related knowledge
regarding the existing business. This method improves employee loyalty and management.
but the organization needs to be aware of the impact of external forces on the business.
Liquidate:
This is the total closure of the business by selling the assets of the firm and repaying the
liabilities. This method is mainly adopted when there is future uncertainty of facing loses and
ineffectiveness in the operations (Sadgrove, 2016).
Succession options for Small business
There are various strategies that will help a business to survive and compete rather than
exiting a business. The strategies are as follows:
Identifying factors affecting business:
There are various factors that affect the working of a business. The manager needs to monitor
and exercise control over these factors so as to decrease the impact of such factors. For
example change in economic policy can hinder the demand pattern of an organisation (Bird
et.al, 2016).
Succession planning:
16

Resources are the major input in an organization. The resources need to be utilized wisely so
that there is an increase in efficiency and proper distribution of roles and responsibilities. The
employees need to be trained and committed for better performance (Tall et.al, 2017).
Staying involved in the operations of business:
Only implementing business strategy is not enough, proper monitoring and observation is
essential to ensure proper operations and effective achievement of objectives. This will help
managers take correct decisions relating to innovation, pricing policy and investment
decision.
Figure 6: Succession Plan
(Source: peoplepuzzles.co.uk, 2018)
17

Conclusion
As per this report, trading scents is a leading SME in UK dealing in a variety of products.
There are many new competitors that have entered in the market posing a serious threat on
trading scents. The report discusses about the key considerations for the growth of the
enterprise. The report also lays down the various methods of funding that can be analyzed
and used for meeting the funding requirements. The best source of funding for trading scents
is venture capital. The Ansoff’s Matrix has also been discussed to evaluate the various
growth opportunities that are available with Trading Scents for expansion and development.
A well developed business plan will help in strategic management and growth. The various
methods of exit and succession have also been observed in the report to fight with future
uncertainty. It was also observed in the report that innovation and adoption to new
technology are ways that will enhance growth.
18

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