Planning for Growth: Key Considerations, Ansoff Matrix, Funding Methods, and Business Plan

PLANNING FOR GROWTH

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Key considerations SME's should consider when evaluating growth opportunities.......................3
Ansoff Vector matrix ..................................................................................................................4
Options for growth with the help of analytical framework..........................................................5
Specific option and pathways for growth....................................................................................6
Various funding methods available for the organization.................................................................6
Business plan for growth.................................................................................................................8
Assessing the succession and exit options for the business and explaining its benefits and
drawbacks of each option ..............................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES................................................................................................................................1

INTRODUCTION
Planning for growth is one of the most essential part of marketing strategy and it helps the
company in dealing with external and internal factors present in the market area. This stage is
also very important part beacuse it helps in increasing the growth and overall performance of
the company. The present report is based on Byford which is a small industry and loacted at
small town of Holt. This hotel have historic building and architecular features such as walll of
stone and large beams that helps in attratcing customer. Furthermore, the stud will discuss
about growth opportunity which helps business in improving their productivity.
MAIN BODY
Key considerations SME's should consider when evaluating growth
opportunities
Planning for development is very necessary part for growth and enlargement of
businesses. It helps manage to reach at high position in market and increase its gross revenue and
profit margin. It is very primary for managers of Bayford to analyse all possibility available in
market and utilize the opportunities to achieve competitor advantages which will assist to beat its
competitors (Verbeke and Ciravegna, 2018). Bayford is looking forwards to having the best
business process in the organization which can be built on the opportunities available in the
market. As they are expecting, the profit maximization. The competitive advantages can be got
by implementing Porter's Generic strategies. This tool change organization to evaluate
competitive behaviour that helps entity to become successful in competitive market. There are
four strategies that can be enforced by organization to amend its business performance and to
stay competitive in market.
Cost leadership
Under cost leadership business undertakes various cost-cutting measures which makes the cost of
final product very low. It gives an edge in the market in the cost segment as business will be
offering the services at the lowest possible prices in the market. Goods are sold in high volumes
to maximize profitability.
Differentiation

Under this innovative and unique product and services are offered by the business which remains
the selling point in the business. Business achieves competitive edge in the market as they are
selling unique products on the market (Saeed and Ziaulhaq, 2019).
Cost focus
Here customers in the niche market are offered the goods and services at the lowest possible
prices. Specific group of customers are targetted which are served which the lowest prices.
Business gains competitive advantage in offering products to niche market.
Differentiation focus
Here unique products and services are offered to the niche market or specific group of customers.
Customers under the niche market are willing to pay good prices for the unique or customized
products and services.
Here Bayford is choosing to enhance the business on the grounds of choosing
differentiation they are developing the organic menu in the restaurant which will attract the
customers to the hotel and this will gives a competitive edge on the market.
Ansoff Vector matrix
This is known as strategic tool which help the business in attempting to grow in new
market area or developing innovtaive services and products. Basically this tool helps in
developing business strtagey that help organization growing their overall performance in better
ways.
Market penetration: It is one of the growth strategy in which company aims at selling the
existing products into same markets. It obejctive is to achieve four key points:
Maintaining or increasing the market share of existing products and it can be achieved by
Byfords through developing competitve pricing strategie, sales promotion and advertising. Also
company can do personal selling in order to attract customer in effective manner (Zanjani and
et.al., 2020). Another aim is to secure domainac in the market area by keeping the consumer
satisfied. In order to restructure the market Byfords has to conduct promotional campaign to
make the competitor look more unattractive.
Market development:
In this tactic buiness need to sell its existing products in new markets and there are various
strategy used by company.Firstly there is need to select new geogrpahical market like exporting
the products into new country or opening branch of business in that market (Clarissia, 2019).