Planning for Growth Assignment | Brooklands Hotel
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Added on 2020-06-06
Planning for Growth Assignment | Brooklands Hotel
Added on 2020-06-06
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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Analysis of the crucial consideration for evaluating growth opportunities and justify theseconsideration within an organisational context......................................................................1P2. Opportunities for growth applying Ansoff's growth vector matrix..................................4TASK 2............................................................................................................................................6P3. Potential sources of funding available to the businesses with advantages and disadvantageof each other...........................................................................................................................6TASK 3............................................................................................................................................8P4. Business plan for the growth highlighting the financial information and strategicobjectives................................................................................................................................8TASK 4..........................................................................................................................................12P5. Exit and succession options for the small business with the benefits and drawbacks ofeach other..............................................................................................................................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONPlanning is considered as crucial part which helps an organisation in growing theirmarket share. Growth for any business can be gained through developing a suitable plan and thiswill be highlighting the strengths and weakness of the market and the company. This element ofthe business can be taken for a longer period of time as it increases the chances of success.Planning for the growth is normally for the small scale industries who are looking forward toexpand their business at the global level (Barbour and Deakin, 2012). It directly focuses on theenhancing the productivity and ensure that all the business operations should be utilised inefficient manner. For this report the case scenario of Brooklands hotel is taken into the accountand they are looking forward to use the digital technology which can assist them in establishingtheir business at larger level. In such case the key consent which enable in performing the thingsis required and along with this Ansoff Matrix will be used by the firm in order to gaincompetitive advantage. The organisation has to identify the resources which can support them inallocating the funds in better manner. TASK 1P1. Analysis of the crucial consideration for evaluating growth opportunities and justify theseconsideration within an organisational context.Growth and development is the crucial concern towards any business identity which theyhave to take in the account. Expansion of the businesses is the only way through which anorganisation can earn profit and increase their revenues. Growth can be called as the risk but it isthe duty of the manager to frame a strategy which brings stability to the business. There arevarious factors which needs to be considered by the organisation and their management whilelooking for the growth and development. Turnover:- An organisation has to look at the sales which they are making in the specifictime period. This is one of the element which is helpful in measuring the growth of abusiness through which the chances of ascertaining goals become easier (Beatley, 2014).Evaluation of the growth opportunity can be done through maximising the turnover of abusiness within particular time. Market Share:- Another factor which can be evaluated here for the growth is the marketshare. The market share can only see a rise if it produces and deliver better quality1
products. This element can be evaluated by comparing the market share of theircompetitors. Profitability:- All the business which is existing in the business environment has the aimof earning profit and it is the growth and development which supports this idea. Whiledealing in the international market it is necessary to give quality end products becausethis is the only way they can attract more number of consumer. Staff:- It is the employees of the company without whom no business activate can becarried out and it is the contribution of the staff which helps them to achieve the set goalsand targets (Chen and et. al., 2014). It is the duty of the management to ensure that theyrecruit those candidates which has high potential skills and knows how to attract morenumber of customers thus increase the profitability. Advanced Technology:- Every business organisation has to adopt the new technology sothat they can manufacture high quality products and services. By doing this they caneasily modify the services which are facing crisis and thus they can gain competitiveadvantage. Brooklands hotel is considered as a small organisation based in UK and looking forward toexpand and their business operations so for that they have to conduct a market research. Thyhave to look at the opportunities which are attached with the adoption of digital technology foran organisation. Digital technology brings use of the social media, digital advertisement whichhelps them in reaching a large number of audiences in quick time. Below mentioned are somesort of information about the hotel which needs to be taken in mind.Mission: To deliver better quality services to the customer with the help of enthusiasm,empathy, organisational culture, involvement, commitment, creativity and elegance.Vision: “To continue to 'Make it Happen' through our Brooklands ethos, thereby lookingafter our guests, teams and investors”.Staff Members: The number of employees who are part of the hotel is up to 106 staffmember and the staff turnover rate in the hotel is up to 32%. These staff has good andappropriate skills and knowledge to deal with every consent in a suitable manner. The aim of the Brookland hotel is to expand their business operations all around the UnitedKingdom and for that they will be offering quality based services to potential consumers. Theexisting turnover is approx. £17000 and they want to increase it up to 20% with the help of the2
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