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Planning for Growth in Uk - Assignment

   

Added on  2021-02-19

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Planning For Growth

Table of ContentsINTRODUCTION..................................................................................................................2TASK 1............................................................................................................................................2P1 Key consideration for evaluating growth opportunities and justify these considerations.2P2 Opportunities for growth applying Ansoff's growth vector matrix...................................4TASK 2............................................................................................................................................5P3 Potential source of funding available to businesses and discuss benefits and drawbacks5TASK 3............................................................................................................................................7P4 Business plan for growth that includes financial information and strategic objectives forscaling up a business..............................................................................................................7TASK 4............................................................................................................................................8P5 Evaluate exit or succession option of a business and its benefits and drawbacks ...........8CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................111

INTRODUCTIONPlanning is the most important aspect of a enterprise which is required for completing thepre-determined goals and objectives for an organisation in specified time frame (Osiyevskyy,and et. al., 2013). This is defined as the planning and making of several strategies which arerequired for maintaining a good image in market and helps in gathering value in marketplace.The small business enterprises require to help the economy of the country effectively in order tosustain successful in market. A pre planned business plan will help in attaining the desiredgrowth and development of the company. A good planning helps a company to build a goodreputation and capturing a large market than the rivals. The following report is based on a smallbusiness of UK i.e. Little Italian Soho. This is a small that is established in London on the year1995. This hotel has a combination of fine dining, a good wine list, music and dancing which hasbecome one of the most known restaurant of UK. The topics which are discussed in this reportare crucial considerations for evaluation the growth possibilities and various ways for findingfunding of business. At last a business plan is discussed which involves ideas and objectives andalso this report will include ways of exiting or succession. TASK 1P1 Key consideration for evaluating growth opportunities and justify these considerationsGrowth is termed as an essential aspect required in a business for sustaining success in amarketplace. This helps in contribution to enhancement in market share for a business. In case ofLittle Italy Soho, this is small business that is established in UK and it is earning a lot of profits.This restaurant has an objective to expand business in different market and increasing thecustomer satisfaction. This restaurant has a lot of opportunities to expand its business and it hasto do effective work in accomplishing the targets and goals of the company in less time. Thereare few key considerations that are helpful in growth and success of business. These arediscussed below – Porter's generic strategy:This is a necessary strategy utilised by the companies fordetermining the competitive edge of business. This helps in knowing and analysing whetherbusiness is earning profits or not. There are basically four types of strategies that are used in thebusiness and these are helpful in enhancing the performance of business and establishing a2

competency in market. This helps in expanding business in different areas and also providesanalysis of actual performance and growth of the organisation. Different strategies of Porter isdiscussed in the following paragraph-Cost leadership: according to this kind of strategy, the business is concerned aboutquality products and service and selling them at an affordable price to the consumers. In this kindof organisations the main objective of these businesses is to ensure appropriate good andservices are delivered to the customers. Differentiation: in such strategy company focuses on providing new innovative productsto the customers. This builds the customer’s interest and attraction towards the services ofcompany. In context of little Italy SoHo is advisable to the company to provide new dish Pastasandwich to customers and enhance company’s image and reputation. This differentiation inproducts line up will be helpful in capturing a larger share of market. Cost focus: The main focus of company is on niche market under which products andservices are sold at very low price. The Little Italy Soho restaurant can meet the demands andneeds of customers easily. Differentiation focus: This strategy focuses on building uniqueness in the product orservice. This focuses on creating new innovations in dishes and attracting a lot of customers incase of the Little Italy Soho.PESTLE analysis: It is also an analysis that the Little Italy Soho can use and identify factor inthe external environment which can influence operations for a business organisation. The Pestleof this restaurant is given below- Political: Political factors are one of the crucial factors which can influence activities foran organisation. The political circumstances in the country are stable hence there are noproblems in operating business activities in this country. Economical: This is related with the factors like inflation rate, GDP, economic growth ofthe country etc. In case of the Little Italy Soho restaurant the economic condition of UK is veryfavourable and business can be easily operated in such country. 3

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