Planning for Growth - ABC construction Ltd
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Added on 2020-10-22
Planning for Growth - ABC construction Ltd
Added on 2020-10-22
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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....................................................3TASK 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................................................................................................................................9REFRENCES.................................................................................................................................10
INTRODUCTIONPlanning play vital role in business growth and success. Many of organisation considersplanning activities that helps in achieving long term sustainability and increase market share ofthe company. Planning may be defined as thinking process in which strategies are to beundertaken regarding business activities. The purpose of planning is to attain goals or objectiveswith achieving economies of scale within small enterprises as well (Barbour, 2012). This reportis based on ABC construction company which provide various services regarding constructingbuilding, infrastructures, and architecture services in the UK. They are focusing on working onthe basis of contracts and their bid is £150,000. This report will evaluate growth opportunitiesand justify consideration with application of Ansoff's growth matrix. This will assess sources offunds for business development. There is requirement to make plans for growth by consideringfinancial information and strategies as well. TASK 1P1 Analyse key consideration for evaluating growth opportunitiesIn the present scenario, every business firm try to develop their function or operation inbroad level so that maximum outcomes can be achieved. There is an increased competition inthe market because there are organisation which are offering similar products and areundertaking plans to improve their market share (Deakin, 2012). It is necessary to make plans forbusiness growth because of tough competition. On the other side, companies make decision toexpand business into at another countries and diversify in other field so that market can becaptured by the organisation. ABC construction firm is providing number of services regardingconstruction of buildings, manufacturing, architecture etc. but it is a small and medium enterprisethat plan to expand business in different areas of market. It is required to make adequate planregarding developing firm and manage entire activities or functions in an effective manner.Management undertake several factors during planning procedures such as available resources,funds, strategies, tools or techniques, and time for achieving particular goals or targets in betterways. It can be understood by undertaking some major components that support in measuring thehigher growth and long term benefits such as:Competitive advantages: This is one of the major aspect for developing firm as ABCconstruction is a small medium enterprise so they required to achieve superior position in the1
market. It can be possible through appropriate strategies and action plan that can affects on thebusiness development and get higher results in well manner. Management have to set their futuregoals so that they can build different ways to meet that particular aims or objectives withindefined time period. Porters generic strategies: It is another factor that must be determined to make betterplans for business growth. It helps in identifying values of firms and its position amongcompetitors as well (Beatley, 2014). With the help of this, company can bring several changes byeffective planning and adoption of strategies. In this consist various aspects such as:Cost leadership: It is related with marketing position that can be occupied throughappropriate strategies. ABC construction required to identify potentials customers withtheir particular demands or needs regarding constructing strong buildings with reasonablecosts so that they can attracts more clients by adopting suitable pricing strategies.Differentiation leadership: In this defined the unique selling points (USP) whichorganisations use to increase sales volume and attracts huge audiences towards firm.ABC constructions is serving construction facilities or services with effective qualitiessuch quality product at lower costs which support in creating good image and positivereputation in an efficient manner. Cost focus: It is most effectual strategies regarding market where firms consider somemodifications to get higher profits. Company make strategy and plans by undertakingcustomers needs, demands so that they can provide them better products or services tomeet their desired expectations (Chen, 2014). It is beneficial in managing costs withutilisation of available resources so that competitive advantage could be availed. Differentiation focus: In this, ABC construction required to focus on their goods orservices qualities so that sales can be increased in well manner. This is essentials to getcustomers attentions and attracts them towards firm for enhancing profitability andproductivity as well. The consideration to cost is given less and efforts are directed intomaking sure that distinct offerings are catered.Incorporation of digitalisation in business: There is required to improve digital toolsand technologies to make business functions smooth and operate various activities to run anorganisation. Small businesses can be developed by using digital tools or technologies because ithelps in performing different function to obtain better outcomes. ABC can undertake this factor2
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