Planning for Growth Assignment : Harvey Water Softener.
Added on 2020-12-29
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Planning for growth
Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1Key considerations for growth option by utilising the framework for gaining competitiveadvantages ...................................................................................................................................1Evaluate the opportunities for growth applying Ansoff's growth vector matrix ........................3LO 2.................................................................................................................................................5Potential source of funding available to business and its benefits and drawbacks .....................5LO 3.................................................................................................................................................7Design business plan for growth .................................................................................................7LO 4...............................................................................................................................................10Exit and succession options for small business and its benefits and drawbacks ......................10CONCLUSION .............................................................................................................................11REFERENCES .............................................................................................................................12
INTRODUCTIONThe growth of business can be largely exciting, but it does bring modification within thebusiness. It is very necessary for planning for growth of business. Growth planning is strategicbusiness action which allow owners of business to plan and lead integrated development in thisrevenue (Wu, 2015). It enables to allocate their limited resources of business towards focused tofollow the modification in the business driven by digital interruption as well as differentiate fromchallengers. The methods and tactics involves planning for growth which is directed on the mainelements of generation of revenue. This study is based on the Harvey Water Softener. It is thenumber one water softener. Report will explain key considerations for growth options utilisingthe different framework for gaining the competitive advantages for company. LO 1Key considerations for growth option by utilising the framework for gaining competitiveadvantages There are various key considerations for increasing growth of business which involvesdecide the company structure, secure the rights, control or have rights of intellectual rights,shareholder agreement, incentives workers and consider the best modes to get funding forbusiness and so on (Keough, 2015). In this context, Harvey Water Softener needs to adopt all thekey considerations for growth of their business. Small and medium sized companies utilisationthe framework which Porter's Five Generic strategies for gaining competitive advantages andanalysing the all key considerations for growth options for business. Porter's Five Generic Strategies:The relative position of company within industry defines profitability which above andbelow average. The key basis of above averages profits in long terms that is sustainablecompetitive advantages. There are normally two kinds of competitive advantages by companycan possess like low cost and differentiation (Colantoni and et.al., 2016). These are combinedwith range of actions for that company tries to accomplish them there are leading three genericstrategies for accomplishing above average presentation in the industry like cost leadership,differentiation and focus. It involves capabilities like innovation, use of technology and processefficiency. Resources involves like financial and human resources. Also, core competencesinvolves strong brand and marking skills, leadership and organization. 1
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