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Planning for Growth - Guildford Tyre Assignment

   

Added on  2021-02-19

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Planning for Growth
Planning for Growth - Guildford Tyre Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Evaluation of growth opportunities and considerations within organisation....................3P2 Evaluate the opportunities for growth applying Ansoff’s growth vector matrix..............6TASK 2............................................................................................................................................8P3 Sources of funding available to businesses and their benefits and drawbacks.................8TASK 3..........................................................................................................................................10P4 Business plan for growth that includes financial information and strategic objectives forscaling up a business............................................................................................................10TASK 4..........................................................................................................................................14P5 Assess exit or succession options for a small business explaining benefits and drawbacks..............................................................................................................................................14CONCLUSION..............................................................................................................................15REFERENCES..............................................................................................................................16.......................................................................................................................................................16
Planning for Growth - Guildford Tyre Assignment_2

INTRODUCTIONPlanning for growth is defined as business strategic activity which can help firm ownersto do proper planning and tracking growth in terms of revenues (Barbour and Deakin, 2012). Forsustaining and growing in business environment, it is essential for all organisation to havegrowth strategy at marketplace. In order to achieve objective and goal of business, it isresponsibility of management to make effective planning for growth in market. If organisationwant to expand or grow business at international and national market then they must makeproper planning related with different aspects such as funds, investors, resources, service andproducts. The firm can plan their growth through expansion at international level, designing ofnew goods and services, introduction of new technology and others. The organisation chosen forgiven assignment is Guildford Tyre Company which was established in 1976 as a private firm.Different kinds of goods and services are offered by respective organisation such as repairing ofmechanical, wheel alignment, brakes, batteries, air conditioners and others. The aim of report isto discuss about evaluation of various growth opportunities, methods of funding and businessdevelopment plan for organisation. It also highlights various ways where small business ownercan exit its business from market. TASK 1P1 Evaluation of growth opportunities and considerations within organisationIt is difficult for small business to grab appropriate opportunities in competitive market.For this management has to prepare business strategy and plan in order to survive, sustain andget benefits from it. There are approx 40 to 50 employees working in Guildford Tyre Companywhere they need to make effective plans and strategies. For success and growth of business,different factors are considered that are:Competitive AdvantagesIt is defined as situation where organisation manufacture similar type of products andservices at low prices in effective and efficient manner (Beatley, 2014). It is responsibility ofGuildford Tyre Company manager for designing planning strategy in order to gain competitiveadvantages. In order to get competitive advantages, Guildford Tyre Company follows somestrategies that are:Competitive Advantage as a Foundation of Growth
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In order to get advantage of competitive as foundation of growth, Guildford TyreCompany has used Porter's Generic Strategy model which consists of four strategies that aredescribed below:Cost Leadership- This strategy can assist organisation for creation of position in order totarget market through offering low price products (Goodfellow, 2013). Guildford Tyre Companycan use such method for market analysis and targeting audience to know about theirrequirements. In this price of products is low and quality is high for attracting large number ofcustomers. This strategy is providing opportunities to increase market size and share for theirbusiness in competitive market.Differentiation Leadership- The goods and services offered by Guildford TyreCompany is unique that helps in attracting large number of consumers. With help of suchstrategy, respective organisation can design unique feature products and services to enter intonew target market. For example, if respective organisation can do innovation in design andquality of tyre then it can influence and encourage consumer for purchasing of products. Cost Focus- The respective organisation focus niche market to provide goods and serviceat low price. With help of this strategy, organisation can easily analyse market and theircustomer requirement and develop products at low price. They do market analysis beforeproducing products and accordingly design them. For example, this strategy helps to know aboutconsumer requirement and produce accordingly. There is no chance for wastage of production asit goods are based on customisation. Differentiation Focus- In this strategy, company focus on their target group fordesigning of goods and services by adding innovative and unique features (Keough, 2015).Guildford Tyre Company manufacture goods and services by analysing need and demand oftheir target market and audiences. With differentiation of products, it can create opportunities tosurvive in competitive market with their innovative and new products which can help to riseprofits and sales revenue. The major growth opportunities before Guildford tyre company that they have advancetools and technology with they provide their products and services in less cost so that are majoradvantage for an organisation to remain always relevant in marketplace. As there are variouscompetitors Guildford tyre have but with the proper planning and implement ion of plans andpolicies helps to reach at desirable goals and objectives in proper manner. So the major growth
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