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Planning for Growth - B5 Innovation

   

Added on  2020-12-18

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Planning for growth

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Analyse key consideration for evaluating growth opportunities...........................................1P2 Evaluate the growth opportunities through Ansoff Matrix....................................................2TASK 2............................................................................................................................................4P3 Potential sources of funding...................................................................................................4TASK 3............................................................................................................................................6P4 Design a business plan...........................................................................................................6TASK 4............................................................................................................................................8P5 Assess exit or succession options for a small business..........................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONGrowth for businesses is a level where it reaches at the point of expansion in operationsand processes. The primary goal of every business is to enrich its functional areas in one or moreeconomies thus to accomplish high growth and success. Enlargement of working activities canbe done through obtaining economies of scale for small entities. In this relation, businessassociations are required to consistently plan its working activities with a specific time framethus it can carry out effectively (Barbour and Deakin, 2012). B5 innovation is the chosenorganisation in this present assignment which works in making new technologies to customerswith an aim to provide some new and innovative to local groups and organisations of UK. Thefirm works on contract basis and its bidding ability is £20,000. Apart from this, the report isgoing to be described various key consideration which evaluate growth opportunities; for thispurpose Ansoff Matrix will be used. TASK 1P1 Analyse key consideration for evaluating growth opportunitiesGrowth and development are the key factors to every business organisation which hastake into consideration by management. Business expansion supports a business to grow anddiversify at large level, it leads enhancement of sales revenues and profitability. Whileformulating growth strategies, B5 innovation has decided to ascertain all external factors whichcan affect their future viability and market position. Therefore, it is necessary for smallbusinesses to plan all these activities and align them to suitable for a specific time and resources(Beatley, 2014). There is defined certain key considerations to measure and attain high growth: - In-depth competitive analysis- It is one of the impressive strategy that can be acquired byany business so as to analyse all those factors which may affect its market position and upcominggrowth. Analysis of external rivals also supports companies who will be competitors of thecompany and which kind of strategies are applied in order to deal with them in an effectivemanner. It also helps in creating a distinct image of the company at marketplace and helpsmanagers to recognise that which kind of products should be offered for obtaining highcompetitive edge. Incorporation of digitalisation in business – Implementation of digital tools andtechniques helps a business organisation to improvise the efficiency of its working activities andoperations. Although, small businesses does not give much preference to digital platforms due to1

their low budgets. Therefore, to capture customers' eye B5 innovation needs to introduce certaintechnologies, such as – creating own website, mobile applications, pay per click advertisementsso as to reach large group of customers' in a certain time period. This aspect equip corporateassociations to grab better future opportunities. Additionally, in present scenario customers arealso getting attracted towards innovative products they can fulfil their needs and wants in moreideal manner. Henceforth, transformation of digital working environment helps in providingeffective outcomes to B5 innovation. Profitability – Assessing those areas from where firm will gained more profitability andrevenue. Small businesses are tend to merge with other multinational companies so as to enhancetheir market areas. B5 innovation can join hand of other existing companies of UK marketthrough – franchising, joint ventures, strategic alliances. For example – by effective franchisingsmall entities enables to sell their products with big brands in international markets. As B5innovation works on contract basis so strategic alliance will be beneficial for it to gain success ofany specific project or contract (Chens and et. al., 2014). Market share – It is most common aspect while planning because every new and existingbusiness wants to attain high market share by remain competitive among customers. In order tomeasure growth, firms are needed to assess their market share and how it can be improved byapplying various tactics. Build a comprehensive market image companies must assess certainfeatures, like – who will be the target audiences, what are their needs and wants etc. It can bedone by making research of customers who are benefited with cloud technology, high speed data,bandwidth network and further IT facilities. P2 Evaluate the growth opportunities through Ansoff MatrixIn respect of business entities, opportunities are the chances which helps a firm to expandits operations at marketplace. A corporate association get diverse chances to grow and diversifyin their target market but it is based upon the nature of area which provides fruitful outcomes in aminimum time period. While identifying future opportunities determination of certain factors isalso crucial. This aspect supports to do thing in better way which ensure growth and success of asmall business organisation. Therefore, management is required to prepare an action plan andapply certain strategies. The chosen organisation, i.e. B5 innovation has numerous opportunitiesin UK market to enrich its business area by acquisition of digital equipments in its processes. Forthis purpose, firms can utilise Ansoff Matrix which has four quadrants of growth, they assists to2

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