Planning for Growth Business in Uk - Assignment

Added on - 21 Feb 2021

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Planning for growth
ContentsINTRODUCTION.....................................................................................................................................3TASK 1.................................................................................................................................................3P1: Justification and analysis of key considerations for evaluating growth opportunities..................3P2: Evaluation of growth opportunities using Ansoff's growth matrix..............................................4TASK 2.................................................................................................................................................5P3: Assessment of sources of funding along with advantages and disadvantages..............................5TASK 3.................................................................................................................................................7P4 Business plan for growth which include financial information and objectives to scale up abusiness.............................................................................................................................................7TASK 4.................................................................................................................................................9P5: Succession and exit plan for small business with its advantages and disadvantages...................9CONCLUSION...................................................................................................................................10REFERENCES....................................................................................................................................11
INTRODUCTIONThe word planning can be defined as advance thinking in order to formulate a plan forperforming various operations that helps organisation to accomplish their desired objectives.Whether planning for growth is preparation of effective strategy through which organisationsuccess and grows for long term in the future. Small business or organisations are recognisedas SME that generate small revenue and provide employment to few individuals that help toprovide support to the government. The work on this assignment is done from the perspectiveof Pleasure foods which is operating their business in UK. They provides organic food inmarket that helps them to enter in the food industry and opens new market area for thecustomers by providing different options to them. In this assignment various types of growthopportunities are evaluated. Along with these advantages and dis-advantage for the pleasurefood and a business plan which includes financial approaches in order to achieve moresuccess in the upcoming future.TASK 1P1: Justification and analysis of key considerations for evaluating growth opportunitiesPleasure food is the medium sized organisation of UK which offers different range oforganic foods products in market to satisfy needs of customers. Along with these emerged itsbusiness in catering services through with they provide foods in colleges and schools. Itresults that firm is able to capture high market because they are providing good quality oforganic food in market. In present scenario customers are aware about health issues so theyare more attracted towards healthy and tasty food. This opportunity helps organisation toenter in market by introducing new products to consumers. So they can earn direct benefitsfrom customers and UK government. Some key points are considered to evaluate variousgrowth opportunities is mention as below:Porter's generic strategyThis strategy helps an organisation to accomplish their goals by formulatingcompetitive edge among the rivals. According to Porter there are four different strategy thathelps an organisation to retain at top position for longer period. Some elements of these aremention as follow:Cost leadership-According to this strategy small firms or companies need to providegood quality products to its customers at low prices. This helps an organisation to gaincompetitive advantage in the industry. Like pleasure foods expand their business in differentareas by providing healthy food at minimum price.Differentiation-It is necessary for an organisation to provide unique products to thecustomers. To bring creativity in products pleasure food try new methods of innovation inorder to increase demand of their product. Along with these it helps them to offer thoseproducts that are not available in market. Through this strategy it is easy for pleasure food toaccomplish their goal within minimum time period.
Cost focus-With implementation of this strategy an organisation is totally focused tofight on competitive prices by which they provide their products at low prices. This helpspleasure foods to attract more customers because they provide foods at low prices.Differentiation focus-According to this strategy it is beneficial for organisation todifferentiate their products form other available products. As new and unique productsattracts end user as they are manufactured according to customer demand. Similarly it helpspleasure food to increase their brand recognition in market.Management of pleasure foods decided to increase their market share. For this theyenter into catering services so they decided to make contract with schools or collages. In thistask they decided to formulate contract with Birchwood community school. So they canprovide organic food to students. Moreover this activity also helps them to promote andintroduce their product to large number of customers with in minimum time period.Pestle analysisPESTLE analysis helps management of pleasure foods to predict external factors of theenvironment that impacts on operations and growth of them.Political-UK is a developed country due to which there are minimum changes intheir policy that are formulated by ruling government. Therefore it is easy for pleasure foodsto develop effective legal structure to perform its activities.Economical-After the Brexit there is up and downs in economy of UK but due tostrong policy the market condition is not impacted on high values. Therefore they aredifferent opportunities generated in market among which one of them is capture by pleasurefood to enhance their revenue.Social-There is drastic change in the society of UK therefore recent trend in foodindustry is that people are aware about harmful effect of fast food. It creates positive factorfor pleasure food because it increases the sale of their products.Technological-To sustain in present market it is essential for organisation to adoptlatest technology. Therefore pleasure adopts latest technology that helps to offer and saletheir products through various digital platforms.Environmental-Management formulated strict policies to produce the organic foodwhich determines that they are concerned about the safety of environment and its naturalresources. Along with they also operate their operations by following laws of UK.Legal-The government of UK provides support to SME by formulating liberalpolicies for them. Thus it is easy for pleasure foods to increase their market share by enteringinto new markets for organisation.P2: Evaluation of growth opportunities using Ansoff's growth matrixAnsoff growth matrix
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