Planning for Growth of Business Assignment

Added on - 21 Feb 2021

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PLANNING FOR GROWTH
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3P1. Explain key consideration for evaluation of growth opportunity.........................................3P2 Ansoff Matrix Of Laynes Espresso........................................................................................4P3 Source of Funding for Laynes Espresso................................................................................6P4. Explain business Plan for Growth.........................................................................................7P5 Succession options for small business and their benefits and drawbacks...........................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONGrowth is the word used for the advancement of the business. This report explains the keyconsideration for evaluating the growth of the business. Further this report explains the sourceswhich can help the business in getting the Fund and also shows the business plan for the growthand which also includes the Financial information and in the end report explains about thesuccess option for the small business explaining the benefit and drawbacks.MAIN BODYP1. Explain key consideration for evaluation of growth opportunityGrowth Opportunity of Laynes EspressoWhen it comes to start a new business, business opportunity plays a very important role in it.Before starting Laynes Espresso, Company study the market, like what is in trending, or what isthe demand of the market, which age group persons are more in that market, and many more. Byanalysing all this factors about the market, owner comes to the conclusion to start a cafe. Nowagain after starting the business of cafe, company requires growth opportunities so that LaynesEspresso can earn profit in good amount(Wu, 2015). So Laynes Espresso decided to followfollowing methods for more opportunity:Technological Advancement-Technological Advancement means company is boarding up thegrowth through various technologies. Now in case of Laynes Espresso, they are using thehelp of Facebook, twitter, and google, because of this social media, Laynes Espresso isreaching more people at the same time, company is being able to express their services andthe products to the market. Even company has created its own blogging facility throughwitch their customers are telling other people about their own experience in the cafe. Witchis again very help full for the company for their image or reputation in the market.Technological Advancement also includes using new and updated technology for thecompany, like Laynes Espresso uses the latest tools and machineries for coffee making. Andin restaurant to company is using the latest technology in gas, or for making fries or for milkshakes, and many more. Basically all the instruments and the tools with in the kitchen ofcafe and the restaurant they are using the latest tools, which helps to cook fast and easily(Mason, 2015).Globalization-After promoting through technology, Globalization is the major factor throughwitch a business can growth. Basically Globalization means to spread the business at3
different cities or country. By globalising, the company is entering into global market whichcan leads to name and fame of the company which can again leads to the growth of thecompany. People will recognise your firm, and that is a very positive point for the company.Laynes Espresso is also looking forward to globalize its business by opening the same firmin different city(Bridge and Dodds, 2018).Porter's Generic Strategic Model-Porter's Generic Strategic mainly focuses on 3 things i.e., Cost Leadership, Differentiation, focus1.Cost Leadership- Company is already running the cafe successfully,but for the growth ofrestaurant Laynes Espresso will follow the cost leadership method. Cost Leadership basicallymeans company has to lower their prices so that every age group or every class group of themarket can try the service or the product of the company. And then if the company gets positivefeedback then they increase the price slowly and accordingly.2.Differentiation- Now again every here and there are restaurants then what new can LaynesEspresso can do so that people will attract more to the company. This is what Differentiationmeans, To introduce something new or different to the market. Restaurant is already beingintroduce into the market but for better growth very soon Laynes Espresso is going to introducesomething different to the market.3.Focus- focus basically point on narrow competitive scope within the company. Focus includesboth cost leadership and differentiation, present the product or the service in different way andalso at low cost(Kim, 2017).Laynes Espresso follows the first strategic model to enter into the market. The company firststarted the cafe with very low price, and when people gets attracted towards the cafe and gettingpositive reviews from the customer then they increase the price accordingly(Denton, Forsythand MacLennan, 2017).P2Ansoff Matrix Of Laynes EspressoAnsoff matrix is a marketing planning that helps a business determine its product and marketgrowth strategy. Ansoff matrix suggests that a business attempts to grow depend on whether itmarkets new or existing market. The Ansoff growth matrix assists organization to help strategicproduct market growth. Through matching product development and market position fouralternative growth strategies based on the Ansoff matrix as follows:Market Penetration4
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