Planning for Growth: A Business Plan for Couch Potato Company

Planning for growth

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
REFERENCES................................................................................................................................1

INTRODUCTION
Planning for growth is one of the most important process in every business organization
which allow firm to plan certain activities and procedure to expand their business. It is very clear
that growth is continuous process, firm need continuous flow of strategic direction to win target
market. Growth demand firm to carefully analyse both internal and external environment,
company can drive success with expansion. This study is based on Couch Potato Company, this
is one of the finest furniture company in the London focusing on customizable furniture products
delivered to home, office and restaurant. This report will discuss key considerations SME's
should take when evaluating growth. Later this report will discuss various methods through
which organization access funding and when to use these different type of funding. Later this
report will discuss a complete business plan including every element required to make business
successful. At last this report will discuss various ways to make small scale business exit the
market.
MAIN BODY
Explaining of the basis of competitive advantage for the business:
Every business organization know the importance of getting competitive advantage, firm
develop certain type of strategies allowing them to get competitive advantage. It is very clear that
company get competitive advantage on the basis of uniqueness and strength they carry, Couch
Potato Company is one of those firm who have competitive foot print in the market. There are
certain basis which need to be consider by Couch Potato Company to get competitive advantage
in the target market, these are:
Unique product: Uniqueness of product and service is one of the biggest basis for competitive
advantage, firm enjoy continuous growth when their product become unique and have ability to
attract consumer. Couch Potato Company can get competitive advantage if they bring uniqueness
to their product (Distanont and Khongmalai, 2020). For example; Couch Potato Company is
focus on basic customizable furniture, however, they can innovate their product by adding self
customizable option which allow consumer to design their own furniture products. Couch Potato
Company need to focus on R&D (Research & Development) which allow them to design
completely new range of product and service, company enjoy stability in the market if product
range become unique.

Resource capabilities: Every business organization demand continuous flow of resource in their
business operation, mainly manufacturing firm know the importance of getting and procuring
right resource (Ali and Anwar, 2021). Couch Potato Company is furniture company dealing in
furniture market, this company can get competitive advantage if availability of resource can be
seen. However, these resources need to be available in terms of low cost and high uniqueness.
Resource availability is basis of competitive advantage because firm might face issue of lack of
resource when demand of furniture remain high in the market. Couch Potato Company can avail
competitive advantage if they increase their resource capabilities.
Pricing strategies: This is another important basis of getting competitive advantage in the
market, firm who set price of the product according to the market condition have ability to
survive in the critical situation. Pricing depend on type of product, if the product is highly
customizable then firm can keep prices high. Couch Potato Company have opportunity to
increase price of their product, after COVID-19 consumer have changed their lifestyle, elite
customer range are demanding furniture in higher price possible which means even after
COVID-19 impact price of the product will going to remain high. Couch Potato Company is one
of those companies who have unique product which means they can set according to their
product range.
A critical assessment of the opportunities available to the business:
Growth opportunities is one of the most important section in expansion process, here firm
need to focus on those opportunities which provide market leadership. Couch Potato Company
need to consider porter generic strategies which allow them to focus on certain type of
opportunities, these are:
Cost leadership: This is one of the most important element in the business organization which
allow firm to capture market after reducing price of their product, however, firm will lose their
brand image and reputation (Firoz Suleman, Rashidirad and Firoz Suleman, 2019). Couch Potato
Company can adopt this option allowing them to reduce price of the product, they will capture
furniture market with the help of reduction is price, but they will lose brand image and
reputation.
Differentiation: This is another option in which firm have to keep their product and service
different from their competitors, here, innovation play key role. Couch Potato Company need to
focus on keeping their product different from competitors by adopting innovation as key