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Project on Impact of Digital Technology on Small Business Growth and Innovation

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Added on  2020-06-04

Project on Impact of Digital Technology on Small Business Growth and Innovation

   Added on 2020-06-04

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Planning for Growth
Project on Impact of Digital Technology on Small Business Growth and Innovation_1
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Analyse key consideration for evaluating growth opportunities...........................................1P2 Evaluate the opportunities for growth apply Ansoff's growth vector matrix.........................4TASK 2............................................................................................................................................8P3 Assess the potential sources of funding available to businesses and give benefit.................8TASK 3..........................................................................................................................................11P4 Prepare business plan for growth that include financial information and strategic objectives...................................................................................................................................................11TASK 4..........................................................................................................................................12P5 Assess exit or succession options for small business...........................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
Project on Impact of Digital Technology on Small Business Growth and Innovation_2
Project on Impact of Digital Technology on Small Business Growth and Innovation_3
INTRODUCTIONPlanning is important for every organisation because it will help in increasingprofitability and productivity in effective manner. Firm will adopt those strategy which is totallyfocused on customer based strategy and its main objective is to earn maximum profit withinlimited time period. An organisation has to make plan for enhancing growth by doing regularplanning. Business will select various tools and techniques for identify different opportunities forraise growth and also help in achieving desired goals and objectives (Sheppard, 2013). Thisreport is based on Talon Outdoor which is home media and advertising company and it issituated in United kingdom. Firm have approx. 84 employees who works for achieving targetsconsumers. The main motive of this report is identify growth opportunities in forthcoming timeperiod. Ansoff's growth vector matrix help in recognising common growth opportunities for thecompany. The topic of this project is “ Impact of digital technology supporting small businessgrowth and innovation”. TASK 1P1 Analyse key consideration for evaluating growth opportunitiesCompetitive advantage is the key factor which help in developing effective growth andincreasing profitability cost. Firm will try to create that products and services which are differentfrom other competitors in each manner. There are three determinants which are explained asunder:Sales- It is very essential key factor which help in evaluating growth opportunities forincreasing firm profit ratio and percentage in proper manner. Turnover- The annual turnover rate are important for company will directly affects onbusiness growth and get more opportunities for enhancing growth and development. Profitability- This is key consideration factor that will evaluate growth chances byidentifying firm actual profit percentage ratio which assist in increasing development. Benefit- An organisation will know that their products and services are beneficial forcustomers and also they try to convince them for purchasing their firm goods (Deakin,2013). They mainly deal in latest technology which help in increasing growth andstructure. 1
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