Planning for Growth Opportunities Analysing - Assignment

PLANNING FOR GROWTH

CONTENTS
INTRODUCTION...................................................................................................................................1
TASK – 1.................................................................................................................................................1
P1 Considerations for assessing growth opportunities for Guildford Tyre Company.........................1
P2 Analysing growth opportunities through Ansoff’s growth vector matrix......................................3
TASK – 2.................................................................................................................................................5
P3 Possible funding sources present to Guildford Tyre Company......................................................5
TASK – 3.................................................................................................................................................7
P4 Business plan for growth................................................................................................................7
TASK – 4.................................................................................................................................................9
P5 Exit and succession options for Guildford Tyre Company............................................................9
CONCLUSION......................................................................................................................................10
REFERENCES......................................................................................................................................12

INTRODUCTION
Growth of the business is hugely exciting for any business owner, but it does brings
many alterations within the business. Small and medium enterprise needs to plan strategically
for having effective implementation stage. With this, the companies will be in a position to
evaluate their internal and external aspects easily and successfully. For growing business,
small and medium enterprise always had a business plan as an important tool that not only
helps them in achieving the desired growth but it is also being used as a reference to regularly
check the present status of the business and the growth that has been achieved by the business
till date (De Toni and Tonchia, 2003). Concerning this, the current research also aims to
analyse different theories of enterprise along with the strategies that helps SMEs to attain
higher prospects.
The study will be based on the graduation of the firm known as Guildford Tyre
Company Limited, UK. The firm was incorporated in the year 1976 and deals in the
wholesale trade of motor vehicles parts and accessories. They are wholesalers, retailers as
well as fitters of tyres as well as motor accessories (Guildford Tyre Company ltd, 2018). The
firm already had an overdraft facility with the bank of £2.0 million. This facility is not used
by the company till so far and thus, want to use this amount for massive expansion. The
report will evaluate the growth options and opportunities available with Guildford Tyre
Company and will also throw light on methods of accessing funds. The final part will include
a business plan for expansion and several exit and succession options.
TASK – 1
P1 Considerations for assessing growth opportunities for Guildford Tyre Company
Small and medium enterprise when starts earning reasonable profits out of their
investment thy desire to earn more by doing expansions. The expansion can take place both
in the international as well as domestic level. Since, Guildford Tyre Company want to make
use of their unused overdraft facility with the bank, they are planning for adopting massive
expansion strategy to grow their business more (Guildford Tyre Company ltd, 2018).
Pertaining to this, it is very crucial for them to analyse the present opportunities for growth
available to them. This can be better done by effectively analysing the internal and external
business environment of the company. Numerous tools and techniques are available which
can be used for carrying out effective scrutiny and these tools will help the firm in
understanding the competitive advantage present in the market they are planning to move.
Some of the key considerations for growth opportunities are being defined underneath:
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 SWOT analysis – The very first important analytical tool is SWOT analysis. It is
crucial for Guildford Tyre Company to evaluate its strengths, flaws, chances of
growth and relative threats in the market. The company has a strong image in the
markets of the UK and too have a strong base of customers as well. They have office
in 9 locations and this presence will definitely going to open many new avenues for
them (Bohm, 2009). Though, there is too much competition in the tyre and
motorcycle accessories retail sector in UK that needs to be dealt effectively by
availing opportunities. Other than this, the company can also face problem because of
the existing laws, regulations and legislations of the nation.
 Porter generic strategy – this strategy is used by firms to determine profitability. This
makes it easy to analyze market and gain competitive advantage. There are four
segments are it which are as follows :-
 Cost leadership – it allows firms to become a cost leader in industry. This is done by
providing products at low cost in the market. It can be done by cutting cost in
production of goods, using technology, etc.
 Differentiation – It is used by company to be identified as unique throughout all firms.
Here, product is offered with unique 2-3 attribute in it. Moreover, price of products is
set at premium level.
 Focus- this strategy narrow scope of industry as company focus only on particular
market segment and implement strategies in effective way. There are two categories
in it:-
 Cost focus – usually in this focus is obtained through cost advantage. Here, firm sets
out such a standards price of product and focus on cost only.
 Differentiation focus – Here, firm focus on both product variety and cost. Also, it
included target market and other segments. So, by differentiating their goods business
fulfill special needs of people.
 PESTEL analysis – Seeking help from this tool, Guildford Tyre Company can
effectively evaluate its external business environment and the forces that might
influence their operations. Talking about the political condition of UK, it is stable and
is making efforts to uplift the SMEs sector. Because of the monopoly in the
automobile industry of UK, there are some policies restricting firms from forming
cartels and fixing prices has been executed by the government. Further, because of the
rising inflation all throughout the globe, the purchase of automobile will increase in
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coming years. In UK, the older population is rising and young population is
decreasing (Guildford Tyre Company enjoys 35 per cent boost in Michelin sales
following dealer pilot, 2018). Thus, planning should be made to sell those products
that caters to the needs to small families as well as older population. Finally, in recent
years, increased awareness towards the eco-friendly vehicles has been increased in the
industry and thus, investment should be made on research and development activities.
Thus, from the above analysis it can be said that the current condition of the firm is
quite strong as they are making efforts towards innovation and offering products and services
with high quality. They can follow differentiation strategy as it can be stated that with change
in social factor people taste varies. So, by differentiating their goods company will be able to
position itself. However, on basis of economic factor they can set premium pricing. This will
allow people to buy their goods.
After carrying out internal as well as external environment of the company by
adopting numerous analytical tool, it can be said that present condition of the business and
market will prove to be very promising for Guildford Tyre Company if they consider the
recent trends and demands of the present markets (Guildford Tyre Company secures Michelin
certified centre status, 2016).Based on this, the company take decisions regarding their
expansion. They can either step into the new market and location or can engaged into selling
innovative new eco-friendly products. These two growth opportunities are available with the
company considering the current conditions of the market and automobile industry of United
Kingdom.
P2 Analysing growth opportunities through Ansoff’s growth vector matrix
As Guildford Tyre Company has good image and sound customer base in the markets
of UK, they are achieving greater heights with each passing day. The company belongs to the
small and medium enterprise sector and thus, they contributes lot towards the economic
growth of the nation and so is the Guildford Tyre Company. After a certain time period, the
firm will move forward and will expand like other larger organizations and all this need
effective planning and analysis of growth opportunities (Gaggl and Grunig, 2013).
Concerning this, Ansoff’s growth vector matrix is being regarded as an important tool that
will help the organization by offering a framework to devise strategies for future growth.
Further, it will also suggest that the growth of the business is totally dependent on whether
the market is new or existing and the product is new or existing. It will also support the
Guildford Tyre Company to decide which expansion strategy will reaps out high amount of
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profits and will prove to be more favourable. The growth strategies will also help the
company in attaining a competitive edge in the market where numerous kinds of similar firms
are operating. Analysis of the opportunities of growth by making use of Ansoff’s growth
matric are as follows:
 Market penetration –With this type of strategy, the firm can seeks to achieve growth
with the existing products and services in their current market segment. Market
penetration strategy always aims to gain higher share in the market. If Guildford Tyre
Company adopts this type of strategy that are required to pay attention on methods of
increasing loyalty from the customers (Ansoff Matrix, 2018). They should also
emphasize on making the things available in the market readily and innovate their
merchandise.
 Market development – In this type of strategy, companies seeks to achieve growth by
targeting its existing products in the new market and segments. Market development
is considered as very vital strategy if the organization is planning for massive
expansion. If Guildford Tyre Company will follow this strategy than they are required
to provide high quality existing products in the new market segment or location based
on the geographic and demographic factors. In addition to this, it is also essential for
them to use innovative and new marketing campaign with different channels for the
purpose of targeting the new patrons (Blanchard, Oncken and Burrows, 2011).
 Product development –In the product development strategy, the firm develops the new
product targeted to its existing market segments. The products and services are
entirely new, but the market in which the products will be sold is existing or old.
Guildford Tyre Companyis dealing in different products i.e. tyre and motorcycle
accessories such type of strategy can prove to be very effective as well as fruitful.
This can also help the firm in achieving a competitive edge over the other companies
operating successfully in the same marketplace (Burns, 2011).
 Diversification – With this strategy in place, the companies grow by diversifying into
new businesses by developing a new market as well as new products. In this, both the
market as well as products are new to the business and the firm too does not holds any
experience of such market and products. Because of this reason, diversification is
quite risky and dangerous. If it is not done properly and strategically than it will can
bring huge losses to the firm. In addition to this, Guildford Tyre Company if adopts
diversification strategy than it is obligatory for them to carry out effective research of
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the market and strategic planning for gaining understanding of the unknown market
segment and demands of the products (Rothaermel, 2014).
Consequently, from the above discussion it is attributable that there are too many
options present before Guildford Tyre Company for expanding its business and achieving
growth. However, that growth options should be selected that offers them minimum risks and
maximum profits (Glasson, Therivel and Chadwick, 2013). Other than this, considering the
present case of the company and position in the markets of UK, it is highly suggested to the
firm to go for market development strategy wherein they will seek to achieve growth by
targeting new market with their existing products and services. The company is planning to
enter into the new markets of Scotland. Seeking help from the market development growth
strategy, the organization can increase their market coverage and will also help them in
enlarging their customer’s base. Along with these benefits, there are some cons as well that
this strategy will offer to Guildford Tyre Company. It involves high risks because of the
involvement of huge capital investment (Brockhaus, 2010). If in case, the business does not
turned out to be fruitful the whole capital will be destroyed. Therefore, the risk related to
market development strategy can be mitigated by conducting effective research of the market
and effectively comprehending the needs of the client.
TASK – 2
P3 Possible funding sources present to Guildford Tyre Company
Each and every business, without any sort of funding will wallow under the weight of
its own liability. Thus, it is rightly said that funding is the fuel for the business on which it
runs effectively. The selected sources of funding will be highly based on the desire of the
business to be in debt, solvency of the owners of the business and the amount of money being
required in a business to launch or start a new market or product. SMEs and even large
organizations needs effective financial planning, if they are adopting any kind of growth
strategies (Burns, 2014). Though the requirement of finance will vary depending upon the
type of strategy being adopted i.e. diversification, market and product development and
market penetration. Guildford Tyre Company is planning to achieve growth by targeting a
new market segment of Scotland with their existing products and services.
Pertaining to this, they will need huge capital for developing a new market and branch
in other location. They are required to source their business by considering and analysing
varied options. Furthermore, it is equally essential for the company to forecast their flow of
cash with a view to devise plans in advance and other needful resources can be brought
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effectively. This expansion will definitely increase the expense of the company and they will
need more profits before the expansion so that the money can be re-invested in future
expansion (Moore, 2014). Moreover, it is also important to note that the present business of
Guildford Tyre Company should possess additional amount as well so that the
implementation of the plans can be done successfully. There are some of the important
sources of fund available with the company which can be adopted by them as per their
suitability and these are being explained in the subsequent paragraph:
 Bank loan – The very first option available with the company is bank loan and is one
of the most secured and popular sources of accomplishing the financial needs of the
business. Bank provides different types of schemes and offers that can be selected by
Guildford Tyre Company according to their appropriateness. There are many
advantages of this method. The most vital among them is the control of the business
remains with the owner and bank does not interfere in any operation of the company.
But, it has some drawbacks as well (Hamilton and Webster, 2015). Availing loan
from banks involves huge time, formalities and documentation. The amount taken as
loan from the bank needs to be returned back in a fixed period of time being decided
earlier irrespective of the position of the firm. There are varied kinds of schemes
available like funding of lending, loan guarantee and development finance which can
be adopted for achieving the goals of expansion.
Benefit-
 Interest rates are low as compared to other funding options.
 It provides tax benefits as well for business.
Drawback
 Loans are secured against some business or personal asset.
 There are a lot of terms and conditions which needs to be followed.
 Venture capital – It is being referred as a type of a private equity which is offered to
the firms which are small and emerging and deemed to have high growth potentials.
An investment is being made when the external investors buys the shares of the
company and becomes the financial partner of the business (Watson, 2015). With this
source of funding, Guildford Tyre Company will not only get financial backing but
they will also get effective guidance as well as consultation from the venture
capitalists. However, this method has some disadvantages that it might leads to loss of
control over the business and based on the size of the venture capital firm’s stake in
the organization, Guildford Tyre Company can have a minority ownership status.
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Benefit
 Level of risk in this mode is much smaller than the other sources
Drawback
 Venture capital tend to remain reluctant in investing extra fund when needed because of the
probability of losing money
 Crowd funding – Talking in relation with the crowd funding, it is being referred as a
technique of using small amounts of capital from a large number of people to finance
a new business venture. This type of method makes use of the easy accessibility of
vast networks of individual by social media and websites so as to being the business
man as well as investors together (Halbert and Ingulli, 2014). The main aim is to
increase the entrepreneurship by mere expansion of the pool of investors far more
than the traditional circle of owners, venture capitalists and family members. One of
the major disadvantage of this source of finance is not all the business man are
comfortable in disclosing their financials plans online.
Benefit
 It is the easier way to obtain funds for business.
 It is a legitimate platform for business to acquire funds. Crowd funding also provide
exposure to business to engage with community.
Drawback
 Sometimes it is not worth enough to raise funds through crowd funding.
 There are some platforms where if goal is not reached then entire efforts results in 0.
The desired outcomes are not attained by business.
Consequently, it can be concluded that there are numerous sources of funding
available with Guildford Tyre Company through which they can meet out their financial
requirements for expanding their business. These methods should be selected considering
their pros and cons and suitability of the business. It is highly suggested to the organization to
make use of bank loan and personal investment for funding their new investment plan as it is
the most secured way of availing finance (Grünig and Kühn, 2015).
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TASK – 3
P4 Business plan for growth
Executive summary
The section has covered by the industry and its target customers. This company is
target to whole world and satisfied their customers by providing best material of tyres. This
has shows a product and services plan of company Guildford tyre company. This has covered
the marketing plan and financial plan in order to understand future requirements of company.
Industry, target customers ad competitors analysis
GTC is the tyre company and its belong with automotive industry. This industry is
target to customers who love rides and safe. The company is made tyre by using best quality
raw material at marketplace. That is target to average customers at market place. By using
Porter five force company is able to analysis their competitors analysis. The main competitor
of company is MRF tyres.
Company description
Guildford tyre company is a private company. It has estimated revenue of company
and this produce best quality of tyres for business. This has been running for 43 years and
currently active two directors and 1 active secretary to the latest confirmation.
Product and service plan
The company is provide the luxury lyres to customers and battery for safe rides at
market place. This provide a great experience to customers. Here is company is promote their
existing products at market place by providing best services at market place in effective
manner. In order to promote products at market place here company should use promotional
channels.
Marketing plan
In order to preparing marketing plan for Guildford tyre company, here is marketing
mix.
 Product: GTC tyres, battery and other sport equipments.
 Price: the company can use competitive pricing strategy to sets their price of tyres.
 Place: company should provide their tyres online and offline sites for better work.
 Promotion: Company should promote their product by using celebrates and TV
channels.
 Process: should use computers for track online orders
 Peoples: providing training to employees for tracking online orders to employees.
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Physical evidence: company can give caps and best quality of tyres for physical evidence
Operations and development plan:- For preparing business plan of Guildford tyre different
resources will be used as proper raw material is required for preparing tyre for the future.
Development can be done by implementing innovation into business that help in enhancing
tyre quality of the company. Strategic decision is being taken by company for achieving
milestones in the company.
Management team:- Proper team of expert people are required for making tyre that help in
providing effective use of resources. Team that is being build for making tyres help in
evaluating different perspective. As members that are involved in team are effective and hard
working that they help in fulfilling objective of Guildford tyre company.
Critical Risk:- There are different risk that will be occurred in business for the future course
of action. Risk of not getting raw material on time that will impact on business operations of
the company. Technical risk is also one factor that affect business operations and enhance
various perspective in Guildford company. Competitors are the biggest risk that is a threat as
it bring new innovative ideas into the market. So for adopting that changes into business
Guildford tyre operational cost will be increased.
Offering:- It is offering varieties of tyre to consumers that help in gaining larger market
share in the future. Through this more customers are attracted towards company and enhance
more opportunity and growth. It provide different perspective that will be providing various
aspect in gaining changes in business.
Market analysis & segmentation
UK is a home to more than 50 car manufacturers who are engaged into selling around
200 models. Thus, internal competition will be high and it is inevitable too. Because of the
monopoly in the automobile industry of United Kingdom, there are some policies restricting
firms from forming cartels and fixing prices has been executed by the government
(Cummings and Worley, 2014). Further, because of the rising inflation all throughout the
globe, the purchase of automobile will increase in coming years. This will going to offer
many opportunities to the Guildford Tyre Company. The main target market will be the
suppliers as well as producers of motorcycles and cars.
Projected cash flow
Cash flow statement
CASH RECEIVED YEAR 1 YEAR 2 YEAR 3
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Cash from operations
Sales £500000 £600000 £700000
Cash from receivables £400000 £400000 £400000
Cash from operations £900000 £1000000 £1100000
Additional cash received
Sales tax, borrowing,
VAT, long term
liabilities
0 0 0
Sales of other current
asset
0 0 0
New investment received £70000 0 0
Cash received £970000 £1000000 £1100000
EXPENDITURES YEAR 1 YEAR 2 YEAR 3
Expenditures from
operations
Cash spending £700000 £500000 £600000
Bill payments £200000 £200000 £200000
Total cash spent £900000 £700000 £800000
Net cash flow £70000 £300000 £300000
TASK – 4
P5 Exit and succession options for Guildford Tyre Company
Talking about the succession planning it is defined as that decision in which the
owner of the company decides to leave the business. In other words, it can also be referred as
a successful strategy for determining and developing future leaders at the organization. The
proprietor decides to leave the business either because of retirement or because of death
(Schechter, 2016). The process of succession planning is very critical to the business and
often it has been ignored by most of the business concern. However, it should be considered
effectively for the smooth functioning of the company. It is not as simple as it sounds. The
person taking the position of the owner or the successor will have different ways of carrying
out activities and processes. Similarly, Guildford Tyre Company also needs to prepare its
business for all the contingencies that can takes place when the employees resign, fire, retire
or die. Furthermore, if the new market segment or location of the business is not performing
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well than it can be sold to the neighbouring business, family friends or other business men
(Chen and Yu, 2012). Some of the methods of exit or succession planning is being defined
below:
 Voluntary winding – It is an exit plan in which company dissolves by shareholders
approval. This is a long process which includes many steps. Generally, it is applied
when firm is not able to continue its operations. In this financial accounts are set
and creditors are paid. This decision can also be ordered by court.
Benefits
 If a company is solvent than they can easily wind up the business and pay off their all
creditors in market and take away the remaining amount.
 By the Voluntary wind up they can close their business for specific time period and
when they are stable they can again come back in the market
Drawbacks
 It will decrease the goodwill of the company. The market share value of company
falls.
 Merger and Acquisition – It is another exist strategy where a large firm buys small
one. Here, a business sells its asset to other or third party. The owner of the firm
gets high amount if the strategic value of the firm is high. But, acquisition involves
the risk related to integration of new as well as old organization.
Benefits
 It enable the company to procure the raw material and goods in much larger quantity
at reduced cost
Drawbacks
 Homogenization of various activities of two different organizations makes it a
complex process.
 Selling– This is most simple way of exit. Here, a business sells its asset to other
person or business entity. There is a legal agreement between both parties. The
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overall value of firms is calculated and then amount is paid by that person who buys
it (Barlett, Ghoshal and Birinkshaw, 2004).
Benefits-
 It is a simple process that does not require any specific process or method to be
followed
Drawback
 The value of business is depreciated as assets are sold at low price.
 Bankruptcy – The word simply means breaking of the business of the company.
This can take place because of several reasons such as lack of effective planning,
wrong selection of location etc. Guildford Tyre Company has also taken loan from
the bank and thus, the suppliers of the corporate funding can file the petition against
the corporation. Because of this, it becomes important for the Guildford Tyre
Company to repay all the amount to its creditors effectively through analyzing all its
assets. At that time, the company can declare themselves bankrupt and pertaining to
this, the owners of the company will be in a position where they will not pay any
remaining amount to its debtors (Harper, 2015).
Benefit
 It is a quick and easy process that can be completed within 9 months
 It requires less cost as compared to other exit strategy
Drawback
 There is negative impact on credit of business. The brand image is highly impacted.
 In this not all debts are cleared and charge is imposed on it.
Consequently, from the analysis being carried out above, it can be concluded that
there are numerous reasons that might leads to non-functioning and under-performing of the
new business such as wrong selection of location as well as target market, ineffective
planning and many more. On the other side, sometimes it also happens that the current
business is functioning effectively and is also reaping out good profits but the owner just
want to leave the business and desire to transfer the ownership to friends or family (Alpander,
Carter and Forsgren, 2010).
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CONCLUSION
Thus, from the above research study it can be said effectively that there are many
concepts and considerations that has been successfully explored in the study which is very
important for the SMEs to take into account if they are planning for expansion. It was
originated from the study that it is vital for the firm to pay attention on effective planning, it
execution and must devise useful strategies for the fulfilment of the organizational goals and
objectives. Further, it was also explored that for undertaking any decision concerning
expansion, it is important to evaluate the growth options available with the business by
adopting different analytical frameworks. Moreover, that option should be selected that best
suits the business.
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