Family Business Growth and Development Plan

The assignment is a report on developing a growth and expansion plan for a family-owned business. It evaluates the strengths, weaknesses, opportunities, and threats (SWOT) of the business and proposes strategies to reduce issues faced by family businesses. The report discusses the importance of proper role allocation among family members, democratic leadership styles, and hierarchical organizational structures to improve the quality of products and services offered by the business.

Managing Growth in SME’s and
Family Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Background..................................................................................................................................1
GROWTH PLAN.........................................................................................................................3
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Small business enterprises are the independent firms and have maximum employee limit
of 250. The family owned business means the business runes by family members. The companies
which have yearly turnover of not more than 50 millions. The most of the contribution in the
economy of nation is provided by the SME's. In the private sector 99.9% of contribution is of
SME which was 16.3 million which is 60% of all private sector. The Spec Savers is a small
medium enterprise which is working in The United Kingdom and run as family business.. It was
Spec savers is selling the Glasses, Sunglasses, Designer brands and contact lenses. This report is
giving the overview of the Spec Savers. By using the different models the growth and
development stages of SME is explained (Ward, 2016). SWOT analysis of the company is
conducted to develop a growth plan for the company.
MAIN BODY
Background
Spec savers is a private organization which is leading brand in Dispensing Opticians
industry. Which is using the joint and or Shared venture Partnership to perform their business.
The company mission is to earn the profit by selling the quality glasses and sunglasses to the
consumers. The Spec savers was established in year 1984 by Mary and Doug Perkins. The
products of the company are spectacles, contact lenses, Hearing aids and domiciliary sight. There
are more than 30000 employees are serving the Spec savers.
The parent company of Spec savers is Spec savers international Healthcare. This
company have stores in united Kingdom Ireland, Netherlands, Spain, Australia, and New
Zealand. It is also providing the Hearing aids since 2002. The Spec savers is providing the
services on more than four hundred locations. The owners of the company wants to keep the
business with in the family (Neubauer and Lank, 2016). The total revenue of the Spec savers in
financial year 2017-18 was 1.39 billions which was generated in UK. The globle revenue is rise
up to 2.61 billions including the revenue generated form the UK. The revenue of the Spec Savers
increased with 7% all over world from 2016-17. To improve the performance of business Spec
Savers added 300 new test rooms in U K and Ireland.
SWOT Analysis
The SWOT analysis is conducted to know the strength, weaknesses, opportunities ans the
threats of the organisation to develop a growth plan for the Spec savers.
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Strengths-
1. Leading Brand- The Spec savers is leading brand in the business of the glasses,
sunglasses and contact lenses. The brand image of Spec saver is good in the UK market
because of the quality and durability of the products provided by the company.
2. Trusted Brand- Spec Savers is considered as the trusted brand across the customers
because the experience of the customer with the products of the Spec saver is good. The
material used by Spec Savers is reliable and long lasting (Aronoff and Ward, 2016).
3. Competitive Offers- The offers provided by the Spec Savers to the customer are
attractive. This offers help the organisation to increase the sells. The offers provided by
the Spec Savers are cost efficient for the customer.
4. Good Customer Services- The customer services provided by the company is easy and
customer friendly. The services provided by the customer care are simpler for the
customer and quicker which improve the trust of consumer in the organization.
5. Professional and Knowledge Staff- The staff of the Spec Savers is experienced and
they have good knowledge of eye wares and the disease related to the eye which makes
the product more user friendly and comfortable.
6. Value for Money- the product and services of the Spec Savers are value for money. The
customer satisfaction is the main objective of the company which help to gain more
consumer trust.
Weaknesses
1. Customer Relationship- The individual greeting with the consumer is not good in Spec
Savers. The staff engagement with the consumer is less effective and not satisfactory for
the customers.
2. Location- The store location of the Spec Savers is not at good place which is less eye
catching. This is the reason for less consumer visit to the local store in UK.
3. Staff Training- The training process of the Spec Savers is not good enough to handle
the consumer.
4. Advertising Gap- The offers are not visible to the customers so the offers are not
attracting the customers.
Opportunities
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1. Creative Thinking- Spec Savers can provide more creative offers to the customers to
increase the number of customers to serve.
2. Discounts- By providing more discount on the company products the company can gain
more consumers.
3. Accessories- The company can attract more customer by selling the accessories
alongside the glasses like glass covers and cleaners.
Threats
1. Competitors- The competitors in the business are the main threat to the business of the
Spec Savers.
2. Online Retailing- The online retailer are threat to the organisation because they selling
the sunglasses and glasses on the less price to draw the attention of the consumer which is
reducing the business of the Spec Savers.
3. Laser Eye Surgery- The laser eye surgery is a threat to the business because it can
reduce the customer who used to ware glasses.
4. Economy of UK- The changes in the economy of the UK is big threat to the company.
The price policy of the company is dependent on the taxation policy of UK.
GROWTH PLAN
Effective Growth plan will be developed on the basis of the SWOT analysis that is been
carried out above which will help in proper planning of the service measures which will help in
growth and development of the selected family owned SME. This will include the following
components:
Mission/ Vision:
Mission statement of Spec Saver is to deliver the affordable eye care services which are
been taken by the form without mitigating or sabotaging the quality and professional standards.
This encourages the organisation to carry out the proper allocation of the services and gaining
the good trust level of their customers all over the world in the countries where the firm operates
(Scarborough, 2016).
Vision Statement of Spec Saver is to emerge as the world class eye care brand that also
provides the fashion eye wear and thus will help in proper planning of development that helps in
valuing the staff and customer needs in order to have a good and effective growth measures that
are been carried out by the organisation on the international level.
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Core values:
The optical service provider firm that assists in carrying out of the core values which
leads to implementation of models and frameworks which will help in proper planning of the
services that will help in handling of their business operations. It supports the carrying out of
service improvement and sustainable business activities (Karadag, 2015). The core values that
drives growth and development of the organisational measures are:
 Supporting staff: In order to have a value based growth measures and development
activities that is been carried out to meet and cater vivid needs of various customers. As
the organisation operates on international level, it is susceptible to interact with different
customers and their requirements. The knowledgeable staff will look after the proper
planning of the operations which will help in proper growth and rise of the action plans
which will help in improving their satisfaction level (Majama and Israel, 2017).
 Development of proper partnership: The Spec Saver will look after the effective and
suitable bonding with its partners or stakeholders which will help in improving the
services of business activities and thus will help in improvement or development of the
operations which are been carried out by the organisation.
 Community service approach: The chosen optical service provider enterprise is well
known for its CSR operations which are been carried out by the organisation which will
help in having a better connectivity with their customer’s. This will help in facilitating
the effective bonding which will help in proper rise n capabilities which will lead to set
the plans related to growth and development of the organisation.
 Taking feedbacks from the customer base: Spec Saver This will help in proper
planning of the services that will help in improving the quality of services which will lead
to setting up of the operations and thus, supports a good management of action plan
which will helps in improving firms connectivity with their customers.
Key KPI's:
Various KPI's will be taken in considerations that will help in carrying out of the services
sand improving the services which will help in setting up of the growth measures which are been
taken within the organisation. Some major Key performance indicators which will help in
effective growth and development of the chosen optical enterprise are:
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Revenue per examination: This will include the cost of the examination or check up that is
been carried out by the workforce of the organisation. Meeting up of the standards that are been
carried out by the organisation which will help in proper planning of the treatment measures by
Spec Saver. This will help in calculating the cost of the equipments and other medical costs by
the organisation. The rise in revenue will indicate the positive growth of firm.
Revenue per staff hour: This is the profit earned by the organisation from the cost of the
operations performed by their service providers or staff. This will help in calculating the cost of
functions that are performed by organisation and this will lead to effective profitability of the
firm.
Consistency in Quality: Providing the effective and high quality products and services on a
consistent level will help in meeting the needs and demands of the organisation and their
customers. It will also help in gaining a sustainability within market.
Key changes to be made within the firm for growth management:
Certain change measures are required to be taken in consideration by the firm that will
help in improving the weaknesses or threat factors which are been carried out by the
organisation. This will also assist in improving the quality of services offered by the firm. Some
effective changes that can be made within the organisation are:
 Improving the staff connectivity with customers in order to reduce their turnaround and
rectifying their issues or problems.
 Improving their advertising measures which will help in raising the awareness of
customers for inducing high level of sells.
 Organisation can also go for online retailing of the eye care services and catering their
requirements 24X7.
Issues faced in relationship between family and business: As the family owned business
operations which will be carried out by the firm which can hamper the growth and development
of the operations which will help in carrying out of the operations (Love, and Roper, 2015).
Some major issues that are faced by Spec Saver are:
 Proper allocation of the roles and responsibilities among the family members will look
after proper management of operations related to optical care services.
 The distribution of profit count will also be a major challenge which will be faced by the
organisation.
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Style culture and changes in marketing and customer base:
The organisation will help in looking out of operations which assist executions and
allocation of services which will help in improving the quality of products that are offered by the
organisation. The democratic leadership style will be followed with a hierarchical organisation
structure that will lead to carry out the change measures and improving the promotional activities
by the optical service provider firm. Also, it will help in effective planning of the connectivity
with their target customer base within market (Gillani, and Awan, 2018).
CONCLUSION
This report is concluding the importance of growth and expansion of the business. This
report is evaluating the strength, Weaknesses, Opportunities and threats to develop growth and
development plan for the business. This business plan is developed according to structure of the
SME. This report is concluding the methods to reduces the issues of the family business.
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REFERENCES
Books and Journals
Aronoff, C. and Ward, J., 2016. Family business governance: Maximizing family and business
potential. Springer.
Gillani, S.S. and Awan, M.A., 2018. Association of literacy level with the perceived amount of
discomfort caused by erroneous interpupillary distance dispensed by
opticians. Ophthalmology Pakistan. 8(02). pp.16-20.
Karadag, H., 2015. Financial management challenges in small and medium-sized enterprises: A
strategic management approach. EMAJ: Emerging Markets Journal. 5(1). pp.26-40.
Love, J.H. and Roper, S., 2015. SME innovation, exporting and growth: A review of existing
evidence. International small business journal. 33(1). pp.28-48.
Majama, N.S. and Israel, T., 2017. Strategic planning in small and medium enterprises (SMEs):
A case study of Botswana SMEs. Journal of Management and Strategy. 8(1). pp.74-103.
Neubauer, F. and Lank, A.G., 2016. The family business: Its governance for sustainability.
Springer.
Scarborough, N.M., 2016. Essentials of entrepreneurship and small business management.
Pearson.
Ward, J., 2016. Keeping the family business healthy: How to plan for continuing growth,
profitability, and family leadership. Springer.
Online
Organizational Culture Types, 2019. [Online]. Available through: <https://www.ocai-
online.com/about-the-Organizational-Culture-Assessment-Instrument-OCAI/
Organizational-Culture-Types>
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