(Doc) Planning for Growth | Assignment
Added on 2020-11-12
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Planning for Growth
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Evaluate different key considerations for finding growth opportunities...........................1P2 Evaluate the growth opportunities through Ansoff Matrix...............................................3P3 Potential sources of funding..............................................................................................5TASK 3............................................................................................................................................6P4 Design a business plan......................................................................................................6TASK 4..........................................................................................................................................10P5 Assess exit or succession options for a small business...................................................10CONCLUSION..............................................................................................................................12REFRENCES.................................................................................................................................13
INTRODUCTIONPlanning is very important process for every business firm in achieving growth orsuccess. In this included several activities which company undertake to develop sustainabilityand competitive advantages in an appropriate manner. Planning is thinking process for makingeffective strategies to develop business activities or functions that facilitate to attain economiesof scale within organisation (Barbour and Deakin, 2012). This report is based on XYZconstruction company that deals in constructing buildings, architecture services, infrastructuresin UK. They are coming under the contract for working purposes and their bid is £150,000. itwill describe growth opportunities that must be considered by SMEs and assess various methodsfor accessing funding. It will develop an appropriate business plan as well as communicate thisto intend scaling up a business. There are defined various ways for small business for thepurpose of exiting and succession of organisation to achieve benefits. TASK 1P1 Evaluate different key considerations for finding growth opportunities.In the modern era, competition is growing rapidly as many of firm try to captureparticular market by running their business functions or operations effectively. It is necessary todevelop strategy and action plan for every business entities to survive in the competitiveenvironment. In this included diversification, market penetration, product development, businessexpansions and many more that undertaken by the organisations for maximising their wealth andsize of growth. On the other side, XYZ construction company is small firm that deals in variousproducts and construction services in the UK market. They also considered competition thatincreased day by day, so better strategies should be formulated by them to achieve competitiveadvantages and higher returns as well (Beatley, 2014). They provide various services includingconstructing building, houses, dams, infrastructure, roads, and other architectures facilities to thecustomers. Company is focusing on expanding business into other marketplace for generatinghigher revenues and growth in an efficient way. Therefore, adequate planning must be requiredto accomplish set goals or targets and it can be created by considering available funds, resources,time schedules, tools or equipments, strategies, skilled workforce and many more. These areessential in increasing growth and grabbing opportunities to develop business among1
competitors. There are defined some major aspects which beneficial to measures higher growthand attains long term advantages as well. These are as followings:Competitive advantages: There are lots of competition in the market place so it isrequired to formulate effective plans or strategies for the purpose of gaining competitiveadvantages in an appropriate way. Small and medium enterprises are focusing on creatingeffective position among competitors through adoption of better strategies or action plans so thathigher growth can be achieved in well manner. Management decide business's aims or objectivesthat must be accomplished within time frame and it support in define various ways or paths tomeet particular requirements.Porters generic strategies: This model is beneficial in developing business growth andcompetitive advantages with appropriate planning in well manner (Chen, 2014). In this considercompany's actual position, values and image among competitors so that better strategies can beformulated. There are some components of this model such as:Cost leadership: In this defined the marketing position and effective strategies foroccupying that place in an effective way. Therefore, it is necessary to analyse customersneeds and wants for providing them better quality of goods to satisfy their desiredexpectations. XYZ construction also considered customers demands regardingconstructions of buildings and houses at affordable prices so that they can be attractedtowards firm. It is needed to adopt best pricing strategies in an effective way. Differentiation leadership: There are necessary to have unique and featured products orservices for increasing sales and maximise wealth of the firm (Eddleston, 2013).Therefore, XYZ construction company use better quality of building materials forconstructing best structure at reasonable costs, so that more customers can be attractedand satisfy their demands. Cost focus: This is another important aspect of this model that beneficial in formulatingmarket strategies by which alteration and modifications are possible. Many of firms usethese types of plans for analysing customer's needs, wants, choices and expectationstowards goods or services. therefore, XYZ Construction required to manage theiravailable resources by allocating them into entire business activities for getting bestpossible outcomes. 2
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