Planning for Growth - Eat & Treat restaurant Assignment
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Added on 2021-02-20
Planning for Growth - Eat & Treat restaurant Assignment
Added on 2021-02-20
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PLANNING FORGROWTH
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Analysis and justification of key considerations for evaluating growth opportunities .........1P2 Evaluation of growth opportunities using Ansoff's growth matrix .......................................4TASK 2............................................................................................................................................5P3 Assessment of sources of funding along with advantages and disadvantages.......................5TASK 3............................................................................................................................................6P4 Business plan for growth including financial information and strategic objectives forscaling up a business...................................................................................................................6TASK 4............................................................................................................................................9P5 Succession and exit plan for small business with its advantage and disadvantage...............9CONCLSUION..............................................................................................................................11
INTRODUCTIONPlanning is defined as an advance thinking and formulating a marketing procedure fordifferent activities so that aims and objectives of an organisation can be achieved in a desiredmanner. Planning for growth is referred to preparation of plans and strategies so that a businessfirm can achieve high growth and success in marketplace (Lasso, Carter and Unrelenting, 2011).This assignment is written in context with Eat & Treat restaurant which is a small restaurant inLondon employing small number of people and earning limited revenues. This restaurant offerhealthy food and drinks to their customers. restaurant wants to increase their growth by offeringcatering services in Birch wood Community school in England. This report is going to evaluatedifferent growth opportunities, various measures to access funds by mentioning their advantagesand disadvantages for the company. Beside this, a business plan is formulated including strategicobjectives and financial status of company. At last, ways of succession and business exit arementioned. TASK 1P1 Analysis and justification of key considerations for evaluating growth opportunities Eat & Treat restaurant is a small scale restaurant in UK that offers healthy food and drinkto their consumers. Along with this, restaurant is also planning to initiate catering services forcolleges and schools. As they are offering healthy and delicious products, restaurant has a wideopportunity to enhance their growth in a considerable manner. People in UK are very healthconscious, this is the reason offerings of Eat & Treat restaurant can gain wide popularity amongcustomers and marketplace (Dixie and Kumar Pander, 2011). There are some key considerationsto evaluate the growth opportunities of business organisation are stated beneath: Porter's generic strategyPorter's generic strategy states the manner by which an organisation can attain itscompetitive edge against competitors in the marketplace. According to porter, there are fourdifferent kind of strategies which can be used by a restaurant to attain an upper edge against therivals along with implementation of right strategy so that growth and expansion can takes placein a proper manner. In cost leadershipstrategy, an organisation offers high quality services and products tothe customers at less prices. This benefits the restaurant in increased sales and gaining1
competitive edge against the rivals. For example, with the use of this strategy, Eat & Treatrestaurant can enhance their market shares and sales. This is only possible if restaurant willreduce their operational costs by implementing cost effective procedures. In differentiationstrategy, a firm is required to offer innovative and unique services or products to their clientswhich are not currently offered by rivals. This will benefits the restaurant in enhancing theirmarket shares in a considerable manner. To achieve high output from this strategy, Eat & Treatrestaurant is required to introduce a unique innovative idea or concept like organic and herbaldrinks so that attention of customers can be grabbed desirably (Love and Roper, 2015). Under Cost focus strategy, an organisation is required to focus on present industry andoffers their products at minimum possible prices so that high advantage over rivals can beachieved. By using this strategy, Sales of Eat & Treat restaurant will increase due to which theirMarket shares will enhance considerably Whereas in differentiation focus, a businessorganisation offers unique products to their customer base for differentiating their services orproducts from other companies operating in same field. For example, Eat & Treat restaurant cantake the help of this strategy to retain their customer base for a longer time period. Growth option appropriate for Eat & TreatThere are different growth options which are available for concerned restaurant. Theseoptions will help the restaurant in attaining desired success and growth along with requiredcompetitive advantage. Out of all the available options, restaurant can go for differentiationstrategy where new and unique products will be given to existing and potential customers so thattheir attention can be gained in large numbers. This will benefits the restaurant in increased sales.Due to this, revenues and profitability of restaurant will increase and they will be able to acquirestrong position within marketplace. This will benefits the company in gaining high competitiveadvantage and edge against rival competitors. PEST analysisPEST analysis is a strategic framework that can be used by Eat & Treat restaurant todetermine external business factors that can impacts the activities and operations of concernedrestaurant in a considerable manner. In this context, a PEST analysis is mentioned below: Political factor: This factor is related with the stability of government, tax rates, tradetariffs etc. As UK is a stable country with stable government and tax rates in UK are quite low. Itwill be very beneficial for the Eat & Treat restaurant to operate their operations and business2
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