Planning for Growth
Added on 2021-01-01
19 Pages4830 Words176 Views
Planning for Growth
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P 1 Key considerations for evaluating growth opportunities.................................................1P 2 Evaluation of the opportunities for growth by applying Ansoff’s growth vector matrix5TASK 2............................................................................................................................................6P 3 Possible sources of funding available to businesses and its advantages and disadvantages.6TASK 3............................................................................................................................................8P 4 Business plan for growth that includes financial information and strategic objectives ..8TASK 4............................................................................................................................................9P 5 Exit or succession options for a small business along with its benefits and drawbacks..9CONCLUSION..............................................................................................................................10REFERENCES ............................................................................................................................11
INTRODUCTION Planning is a fundamental concept which is used in each and every sector foraccomplishing any task. It can be simply defined as a process of thinking regarding someactivities that is needed to reach an ambition (Lo and Beunen, 2013). The main motive ofcreating a plan is to achieve growth and development in particular sector. Therefore, it can besaid that planning is very import factor in the world of corporate. In- fact, it is considered aspillar of an organisation since without generating proper plan, a company can not attain its aims& objectives. The current report is designed for elaborating the importance of planning forattaining growth. In this context, an enterprise named ' JS Hardware Suppliers' is taken which isdealing in mechanical industry. They are supplying different raw materials for manufacturingrailway station platform tractors, forklift trucks, etc. Recently, the owner of the organisation isjoining with 'Provision of Mechanical Handling Equipment'. TASK 1P 1 Key considerations for evaluating growth opportunitiesEvery small and medium sized enterprise requires opportunity of growth in order to enlarge itscommercial actions drastically. JS Hardware Suppliers is chosen for the present case study i.e.dealing in the mechanical and hardware industry. The organisation deliver distinct manufacturingraw materials forklift trucks, platform tractors etc. The organisation is emerging in the UKmarket through opting through supplying value-added services to their clients. The firm is alsowishing as well as attempting to garb golden chances for expanding their business and gaininghuge sum of profits. In order to catch such opportunities, this is vital to concentrate on aspectsassociated with measuring growth level and gaining chance of development. These aspects canbe better understand by examining below mentioned points :Competitive advantages : This refers to the state of achieving advantage over rivals. Itis acquired by manufacturing quality based products and services and offering the same atminimum cost to expected customers (van Assche, 2013). In addition to this, companies shouldalso deliver greater benefits as well as such kind of services that justifies expensiveness. Theyought to add more values in their merchandises so that people get attracted towards goods orfacilities provided by them in comparison to other competitors. There are various strategies1
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