Planning for Growth in Rent-A-Car: Evaluating Growth Opportunities, Ansoff's Matrix, Funding Sources, and Business Plan

This report discusses the growth opportunities for Rent-A-Car, including evaluating growth opportunities, Ansoff's matrix, funding sources, and a business plan. The report suggests market development as the best option for growth and discusses various sources of funding, including bank loans, crowdfunding, angel finance, and venture finance. The business plan includes introducing a new business service for Rent-A-Car, catering to corporate clients.

PLANNING FOR GROWTH
1

Table of Contents.
INTRODUCTION...........................................................................................................................3
P1: Evaluating of growth opportunities:......................................................................................3
P2: Growth opportunities applying Ansoff's matrix:...................................................................5
P3: Sources of funding:................................................................................................................7
P4: Business plan:........................................................................................................................9
P5: Succession options:..............................................................................................................13
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................17
2

INTRODUCTION
Small and medium enterprise (SME's) are independent businesses who employ a fewer
number of employees with a specific investment (Nurjaman, 2020). Planning for growth is
important to SME's as it provides an overview of how the business is performing as a whole and
helps to set up the priorities and growth targets for the future. In the given case study, Rent-A-
Car is business dealing in car hire founded by Jack Taylor over more than 55 years ago. It is the
largest car rental company with 68000 employees and a turnover of $14.1 billion.
This report will discuss the key considerations, various growth opportunities and their
evaluation that Rent-A-Car can consider by using Ansoff matrix. The various potential resources
which the company can use to access funding, the methods of the successions and
recommendations for the company will also be discussed. A business plan for the same will also
be prepared.
P1: Evaluating of growth opportunities:
The considerations for growth opportunities which Rent-A-Car can adapt to enhance its
market share can be evaluated as following:
Competitive advantage:
A competitive advantage is an approach used by the companies to outperform its
competitors and gain a competitive edge over them. It is considered a basis for the growth for
every company (Anwar, 2018). The given company can gain competitive advantage through the
use of its resources such as business's assets, capabilities it is the ability to utilize the resources
and its competencies which are integration and coordination of those capabilities.
Innovations:
Innovation refers to the procedure of creating or improving new products, processes,
attributes and services (Silvestre and Ţîrcă, 2019). The given a use various types of innovations
as a means for opportunity to grow: Incremental innovations: The company can either upgrade or introduce small
improvements in its existing products or services which can bring it the effectiveness and
competitive differentiation.
 Diffusion innovations: The company can introduce changes in its communication
channels, time, social systems and the innovations itself which will influence its
adaptation of new ideas and technologies (Dearing and Cox, 2018).
3

Portfolio Strategies:
Through portfolio strategies the given company can use its assets to attain its financial
objectives. The company can use following portfolio strategies: Boston Consultancy Group Matrix: The company can use this matrix to plan its assets
through graphical representations of its products and services and decide what it should
keep and what should be invested or sold out (Bonaccolto and Paterlini, 2020).
 GE McKinsey matrix: The company can adopt this strategy through which it can use the
systemic approach to prioritize its investments among all the business units.
Growth options for Rent A Car:
The company can also use following emerging options for growth: Digital platforms: The company can use the digital platforms which are the combinations
of technologies which can enable it to deliver the digital business capital. The company
can offer its customers the business, financial and other services through online or mobile
channels. They are faster to launch and also involves low setup costs. However, data
security and privacy of the company can be at risk. Partnerships: Partnerships are the formal arrangements between two or more parties to
manage and share its management and profits (Gray and Purdy, 2018). The company
partner with the similar business and grow its market share in the industry. It will provide
better borrowing capabilities to the company and will provide more capital for business.
However, the company can face various issues like lack of stability and loss of autonomy. Franchising: Franchising is a technique for distribution of services and products by
involving a franchisor who implies trademark or trade name of a business of the
franchisee, who pays fee for operating the same business. Rent-A-Car can use the
technique of franchising through a popular brand in the similar business and increase its
customer base. Collaborations: Collaborations are the techniques of business where two or more
business entities work together to achieve a defined common objective of generating
revenue (Patania, Petri and Vaccarino, 2017). The given company can use collaborations
as it will help it in improving the flexibility, engaging employees and also to acc3elerate
business velocity. However, it can cause conflicts in working styles for the employees
and can cost more than the actual worth of the business.
4

 Mergers and acquisitions: Merger refers to the new joint organization created through
combination of two separate entities. Acquisitions on the other hand, refers to the
takeover of one business entity by another. Rent-A-Car can use Mergers to gain
economies of scale and generating more profits. However, mergers can lead to monopoly
powers and higher prices of products to customers (Renneboog and Vansteenkiste, 2019). Joint ventures: joint ventures are the business arrangements' where two business entities
agree to share their resources to complete a specific task. The given company can Use
joint venture approach and pool the resources from a bigger brand to grow its market
share in the industry. Through this the company can share its investments, expenses and
the risks. However, the profits generated will also be shared between the entities
(Audretsch and Link, 2019.).
 Strategic alliances: They are the business arrangements where two business entities
undertake agreed projects to attain benefits through sharing their resources. The given
company can gain new customer base and competitive skills for the business. However, it
is very difficult to keep objectives on target over the time period (Bamel and et.al., 2021).
P2: Growth opportunities applying Ansoff's matrix:
For identifying, anticipating and satisfying the consumer requirements in profitable
manner the companies needs strategies (Ottoo, 2020). The objective of Rent-A-Car is growth
which can be achieved through the use of Ansoff matrix. The Ansoff matrix offers the
opportunities in existing and new products through various strategies such as:
Market penetration: In market penetration the companies uses their existing products and
markets to grow their market shares with the use of better promotions or price reductions. The
company invests a lot in the promotional strategies to retain its customers (Tsatsoula, 2018). The
company also offers various discounts to the new customers to convert them into their permanent
customers. For the existing customers it offers various coupons to retain them loyal in company.
Benefits:
 It is the least risky strategy. It can help the company in building the customer loyalty.
Drawbacks:
 The lack of innovations may force the customers to switch to competitors.
5

Product development: Product development strategies involves the development of new
products but in the existing market. The company have introduces services like Flex E-Rent and
Business rental programme where the customers are offered a bespoke programme with special
pricing.
Benefits:
 Product development enables the company to remain on the top in the industry. The company can explore regular avenues for business (Loredana, 2017).
Drawbacks:
 This involves huge costs to be invested.
 The project can be very risky as it does not ensure success.
Market development: Market development is the strategy where existing products are offered
in the new markets. Rent-A-Car can use market penetration as an opportunity to create product
differentiation from the huge competition. Market penetration has helped the company in
satisfying the needs of the customers. The company located its business units closer to customers
to provide convenience to the customer. This ultimately helped the company in gaining
competitive advantage.
Benefits:
 It allows the company to discover a wider base of customers (Krupina, 2021). It offers better understanding of consumer needs.
Drawbacks:
 Understanding new markets need huge resources and funding.
Diversification: Diversification is the strategy where new products are developed and offered in
the new markets. It can help the company to research and tap new customer segments and market
segments. It allows the business to transfer skills from main business to the other businesses
opportunities through reducing the risks associated. Through the diversification, the company
have become now one of the largest sellers of cars (Dawes, 2018).
Benefits:
 It can help in exploring new avenues of business. The mitigation of risks allows the company to move into new and profitavble areas of
operations.
Drawbacks:
6

 It is the most risky strategy to be adopted. Diversification may need additional skills and investments.
Suggesting the best option:
The best option for the company is to imply market development. With the use of market
development strategy the company will sell its existing products but in a new market. As the
company is already the largest selling company of rental cars, tapping a new market can be very
beneficial. It is the least risky option that company can adopt and also provides various benefits
like low costs. This strategy needs the company to have enough knowledge of the current market
so that it can move ahead to the other market.
P3: Sources of funding:
Every business needs funding for investment to carry out their business activities which
is referred as business finance (Cornelius, 2020). Rent-A-Car can adopt any of the following
sources of funding:
Investment decision-making:
The given company can use following methods of appraisal to compare its strategic
options and earn the highest possible returns:
Payback period: It refers to the amount of time taken to recover the cost of an investment. It is
calculated as dividing the initial cash outlaing the chosen project by the amount of net cash
inflow which that project generates every year (Zhao and Zhang, 2019). The given company can
calculate the payback period to reach the break even point.
Net present value: It a technique to determine the current values of future cash flow generated
through a particular project which includes the initial capitals. Rent-A-Car can use the technique
of net present value for calculating the current value of future flow of payments generated
through project (Hering, Olbrich and Rapp, 2021).
Sources of finance for growth:
Sources of finance are the pools through which a company can access funding. Rent-A-
Car can use any of the following source of finance:
Bank loans:
7

Banks lends the money in advance in exchange for finance charges such interest rate.
They are the most common type of finance where a loan is raised in the form of debt incurred by
the entity.
Merits and drawbacks:
The company can use bank loans as they can be purchased without liquidity and provides
capital for regular operations. They are flexible in nature and offer better interest rates. However,
they have strict repayment schedule, and they require security needs and creditworthiness of the
company (Duarte, Gama and Gulamhussen, 2018).
Crowdfunding:
Crowd funding is a method of sourcing in which small amounts of capital is pooled
through many individuals to finance the business project. The given company can generate a
large amount of capital through raising money from numerous people in small amounts.
Merits and drawbacks:
It can be very beneficial for the company as it is a fast way to finance with no advance
fees. Crowd funding involves the sharing of idea among people through which the company can
get feedbacks and guidance on how it can improve that project (Petruzzelli, and et.al., 2019).
However, the funding is dependent upon the interest of project idea and a failed project can harm
the reputation of the company.
Angel finance:
Angels are the investors or the individuals who are willing to invest their own money in a
business or project. They are risk takers, so they often backs the high risk opportunities which
can attain potential high returns.
Merits and drawbacks:
Rent-A-Car can use angel financing as it is more suitable, allows making investment
decisions quickly and does not need any collateral. However, it is very less transparent and
demands control of the company.
Venture finance:
Venture capitals are financed by well off investors or financial institutions who provide
finances to companies which are believed to have long termed growth potential. The investors
are high risk takers and provides opportunities to growth.
Merits and drawbacks:
8

Venture financing can be very beneficial to the given company as they are trustworthy,
easy to locate and can provide valuable guidance to the projects (Wallmeroth, Wirtz and Groh,
2018.). However, it is time-consuming and requires reaching specific milestones to attain before
providing funding (Metrick and Yasuda, 2021).
P4: Business plan:
A business plan refers to the written document which provides a description and
overview of a company's future (Tokarski, A., Tokarski, M. and Wójcik, 2017). It is essential as
it explains business objectives and strategies which will determine how the business will become
profitable, increase assets and grow its target marker.
Contents of the Business Plan:
 Executive Summary:
For the growth and development of the company and to deal with all the competitors the
company needs to generate a strategy for its growth. The business plan will consist of the
introduction of a new business service for Rent-A-Car i.e. catering to the corporate clients. It will
provide the services to large companies who might need to rent vehicles for business trips,
business meetings or to provide local transport to their business associates and to cater any other
business needs. The benefits of this service to the consumers will be ease of transportation to
employees of companies and ease to going in business meetings.
 Company: Rent-A-Car
It is privately owned business with 3 generations of the founder- Jack Taylor involved in
the management of company since 1957. It is a small company whose branches are
decentralized.
- Mission: The mission the company is customer service and employee relations.
- Vision: The vision of the company is to provide real solutions to the people and
businesses with transportation problems.
- Objective of business plan: The objective of the business is foster the growth of
business through the introduction of service of catering to corporate clients.
This strategy will be adopted along with the existing services.
9

- Values: The company believes that their brand is the most valuable thing they own
and customer service is their way of life.
 Financing Summary:
Start up costs: 10,000 $ in hand.
Basis (expected) Amount in dollars $
Sales 300000
Exports 100000
Net profit 200000
Investment 50000
Employment 1,50,000 employees.
 Industry and Market Analysis:
- SWOT:
Strengths Weaknesses
 Customer service and satisfaction
 Good employee relations
 Quality differentiation
 Customer convenience
 Airport branches
 Huge competition
 Easily availability of Service
substitutes.

Opportunities Threats
 Globalization
 Differentiation
 Government policies
 Consumers prefer different mobility
solutions.
- PEST of Rent-A-Car:
10

Political factors: They include Government policies regarding use of eco-friendly products
(LEYVA and et.al., 2018). The company uses fuel efficient vehicles and car sharing
memberships which will also be offered in the new services.
Economic factors: They are the factor related to the economy a country. The company will offer
services like car sharing and smaller sized cars to maneuver the traffic and saving the economy.
Social factors: These factors relates to the customers and their preferences. The company will
offer services at an affordable hourly rate and monthly rates to cater their demands.
Technological factors: They include the factors related to improvement and up gradation of
technologies (VÁZQUEZ and et.al., 2018). The company will use online bookings and E-Rental
service to meet the needs.
 Marketing Strategy including Pricing strategy:
The company will be using market development strategy which means it will introduce its
existing services to the new customer segment i.e. corporate clients. The pricing strategy will be
cost plus pricing i.e. All the costs and a mark up will be added to calculate the cost of service.
The company will be providing various services like pick from the location and mobile
bookings. The marketing of the new plan will be done by the re-presenters of the company.
- Market Potential:
The market potential of the new business plan will be worth $20,00,000 in the next year.
- Competitors:
The major competitors of the new brand will be Payless, Avis, Zoom-car and National
car rental in all over the world.
- Advertising/Promotions:
The company will be using social media advertisements, point off sale promotion and end
cap marketing strategies for the promotion of the new business plan strategy.
 Sales strategy:
The company will reach its target market through the direct sale i.e the customers will book the
services through the mobile apps, or they can visit the physical stores directly to avail the
service.
 Business Strategy and Implementation summary:
The company will implement the strategy of market development. Through this strategy Rent-A-
Car will be developing the new market identified i.e. services for corporate clients. The company
11

will invest in the research and demands of the local and international clients and will access their
preferences and disposable incomes. Then the pricing will be decided according to the demands
and the willingness of customers to spend on the service. The company will be using the eco-
friendly methods to preserve environment such as providing car sharing membership and using
the fuel efficient resources for services. It will offer various discounts to the customers whoo will
chase car sharing. Personnel and Management:
- Ownership (sole trader/partnership/limited liability etc.)
The ownership of the company in its new business plan will be same i.e. sole trader. The
company will be run by its existing founder Jack Taylor.
- Number of employees:
The new business project will need an approximate amount of 500 new personnel to be
employed with the company and 140000 employees as foreman i.e. the drivers to drive and pick
up the clients. 500 employees will be further employed as the maintainers dealing with
maintaining of the assets such as cars.
- Employee costs for the next 3 years:
The current employment costs are 140,00,000 per year. So the employment costs will be
150,00,000 per year if no new government policies or legislations regarding national wage rate
will be introduced.
 Financial Plan:
- Assumptions: the assumptions of the business plan will be as following:
The market conditions will remain stable and the economy will be normal.
The demands and preferences of the customers are in favour to the company's business plan.
The employees and labour will be easily available to the company foe employing in the new
project.
There will be no changes in government legislations, laws and policies.
Budget –
Financial projections Year 1
12

Revenues from current business plan 925630
Revenue from new business plan 500000
Net Revenues 1425630
Materials 380000
Labour 180000
Overhead costs 80640 -
Cost of goods sold 784990
Gross profit 55.00% 640640
Other Expenses:
Salaries 250000
Superannuation 12250
Advertising 30000
Petrol expenses 180000
General expense 1000
Legal expense 8000
Maintenance expense 1500
Utility Expenses 1600
Rent Expense 80000
Machine Expense 4000
Total Other expenses 564750
Earnings Before Tax 75890
Less: Tax @ 30% 22767
Earnings After Tax 53123
Start-up costs:
Start-up costs are the initial costs that are invested in the implementation of a project or
activity (Darnihamedani and et.al., 2018). Apart from the budget the company will need an initial
start-up of the business plan of $50,000 in hand.
 Scaling Options:
The company will be partnering with various companies in the future to expand its
business in all across the world. It will allow the company to increase its market share and
increase the customers. The company will partner with various other companies like national car
rent to gain their customers and knowledge about markets. Through this strategy the company
will be able to plan product developments and market developments based upon the knowledge
and resources of the partner company. The company will also partner with local travel agencies
to make them the agents for the company.
13

P5: Succession options:
Ways of exit for Owner-manager:
Exit strategies gives a business owner/manager to liquidate his strake in the business
(Hohen and Schweizer, 2021). Various business exit stargates which Rent-A-Car can adopt are:
Merger and acquisition:
The company can either merge with another company i.e. collaborating with a separate
business entity to create a joint organization or adopt the Acquisition where the business will
taken over by the other business entity.
Selling or Floating the business:
Floating means selling a part or shares of the company to the investors or shareholders
(Ackermann, 2021). The given company can exit the business by floating the business in form of
stocks to market investors.
Reasons for a business failure:
Business failure refer to the situation of failure of business to make profits and growth
(Assaad and El-Adaway, 2020.). Internal cause can happen within the organization whereas
external reasons can be the caused by outside forces.
External reasons: Changes in legislation: With the introduction of new rules and regulations, some
businesses in a particular sector might get affected. Poor economic environment: The situations like recession can cause the economies to not
perform well which will ultimately affect the businesses to shut down (Muñoz-Izquierdo,
Segovia-Vargas and Pascual-Ezama, 2019).
Internal reasons: Poor Accounting practices: Poor accounting practices like when the manager is unaware
of financial conditions and makes decisions, can cause regulatory bodies to impose
excessive penalties forcing business failure.
 Poor management: Organizations where the manager is unable to identify and resolve the
current problems quickly, can cause business failure.
How to prevent business failure:
The companies can prevent the business from potential failure through:
14

Maintaining good customer services where the demands of the customers will be fulfilled
providing quality services at affordable prices (Cook, 2017) and through regular supervision of
the cash flow of the company to ensure the cash inflow and outflow in a balanced way. The
business plan of the company must be strong.
Succession options: 200
Succession options are the financial decisions regarding nominees of business upon
retirement, death or any uncertainty of the owner/manager (Rojeck, 2019). The Given company
can adopt any of the following strategies: Selling business to a co-owner:
Selling the business to the co-owner means the transfer of business to the co-owner who
is an individual already involved in the ownership of the business. It includes an ownership
agreement which includes certain restrictions on when and how the transfer will take place.
Merits and drawbacks:
The owner knows the skills and knowledge and commitment of buyer to the business.
The transfer of ownership will be quick which saves the operations from delays. However, this
succession may require the owner to remain involve with the business and can cause the conflicts
between the other co-owners of the business. Succession in family:
In this the succession is done by the transfer of assets, duties and responsibilities of the
owner to the family heir. This succession does not separate the owner completely from the
business. Family legacy can be continued even after succession.
Merits and drawbacks:
The succession family ensures commitment of new owner to the business and low
transfer costs. The wealth of the business can be protected well and the business is able to create
legacies for future generations. However, a lack of family interest and capacity of members in
business can cause failure to the business (Bozer, Levin, and Santora, 2017).
 Selling to a third party:
The company can search for the business entities or the investors who might be willing to buy
the business. The third parties may be the competitors, large companies looking to roll other
companies inside and private equity owners.
Merits and drawbacks:
15

The owner can leave the business immediately after succession and separates himself completely
from the business (assuming he warts this). Owner can generate more cash or capital quickly
with this option of succession (Song, Chen and Li, 2017,). However, finding a suitable buyer for
the succession is very difficult and generally takes a lot of time to transfer ownership.
Recommendations:
The following recommendations to the company be provided:
 Market development strategy: This strategy can be used by Rent-A-Car to
increase its market share and ensure growth in the future. The company can
introduce various options like discounts to the first 100 customers who book the
rides after implementation of new services.
 Succession in family: The company can use the succession in family as a option
of the succession. As the company is running through the generations, succession
in family will ensure that the legacy of the business is maintained and protected
well and can be passed to the other future generations of the family.
CONCLUSION
It can be concluded that SME's are the independent business enterprises who involve low
investments and fewer employees. Rent-a-car is one of the SME's who is a leading company in
its industry. It can use various options for growth such as collaborations, partnerships or joint
ventures. Market development is the best growth strategy that it can use. The company can use
various funding resources such as bank loans and venture capitals. The company's business plan
comprises strengths which help it in reduction of threats and grabbing the opportunities. SME's
can adopt any succession strategy such as liquidation or management buyout to exit from
business.
REFERENCES
Books and journals:
16

Ackermann, M., 2021. A Business Perspective. In Mobility-as-a-Service (pp. 91-112). Springer,
Cham.
Anwar, M., 2018. Business model innovation and SMEs performance—does competitive
advantage mediate?. International Journal of Innovation Management. 22(07).
p.1850057.
Assaad, R. and El-Adaway, I.H., 2020. Enhancing the knowledge of construction business
failure: A social network analysis approach. Journal of Construction Engineering and
Management. 146(6). p.04020052.
Audretsch, D.B. and Link, A.N., 2019. Embracing an entrepreneurial ecosystem: an analysis of
the governance of research joint ventures. Small Business Economics. 52(2). pp.429-436.
Bamel, N. and et.al., 2021. Knowledge management within a strategic alliances context: past,
present and future. Journal of Knowledge Management.
Bonaccolto, G. and Paterlini, S., 2020. Developing new portfolio strategies by
aggregation. Annals of Operations Research. 292(2). pp.933-971.
Bozer, G., Levin, L. and Santora, J.C., 2017. Succession in family business: multi-source
perspectives. Journal of Small Business and Enterprise Development.
Cook, S., 2017. Measuring customer service effectiveness. Routledge.
Cornelius, P., 2020. Sources of Funding Innovation and Entrepreneurship. Global Innovation
Index 2020: Who Will Finance Innovation?. p.77.
Darnihamedani, P. and et.al., 2018. Taxes, start-up costs, and innovative entrepreneurship. Small
Business Economics. 51(2). pp.355-369.
Dawes, J., 2018. The Ansoff matrix: A legendary tool, but with two logical problems. But with
Two Logical Problems (February 27, 2018).
Dearing, J.W. and Cox, J.G., 2018. Diffusion of innovations theory, principles, and
practice. Health Affairs. 37(2). pp.183-190.
Duarte, F.D., Gama, A.P.M. and Gulamhussen, M.A., 2018. Defaults in bank loans to SMEs
during the financial crisis. Small Business Economics. 51(3). pp.591-608.
Gray, B. and Purdy, J., 2018. Collaborating for our future: Multistakeholder partnerships for
solving complex problems. Oxford University Press.
Hering, T., Olbrich, M. and Rapp, D., 2021. Net Present Value, Duration, and CAPM in Light of
Investment Theory: A Comment on Kruk. Quarterly Journal of Austrian Economics.
24(2). p.25904.
Hohen, S. and Schweizer, L., 2021. Entrepreneurs' Exit Strategy Intentions and Their Final Exit
Path. In Academy of Management Proceedings (Vol. 2021, No. 1, p. 14846). Briarcliff
Manor, NY 10510: Academy of Management.
Krupina, N.N., 2021. Development of a Matrix Tool for Visual Market Research in Strategic
Management. Development. 13(2). pp.10-23.
LEYVA, M. and et.al., 2018. A framework for PEST analysis based on fuzzy decision
maps. Revista espacios. 39(16).
Loredana, E.M., 2017. The use of Ansoff matrix in the field of business. Annals-Economy Series.
2. pp.141-149.
Metrick, A. and Yasuda, A., 2021. Venture capital and the finance of innovation. John Wiley &
Sons.
17

Muñoz-Izquierdo, N., Segovia-Vargas, M.J. and Pascual-Ezama, D., 2019. Explaining the causes
of business failure using audit report disclosures. Journal of Business Research. 98.
pp.403-414.
Nematovna, A.M., MATRIX APPROACH TO FORMING A STRATEGY FOR THE
DEVELOPMENT OF INDUSTRIAL ENTERPRISES.
Nurjaman, R., 2020, March. The Framework of Strategic Agility in Small and Medium
Enterprise. In Journal of Physics: Conference Series (Vol. 1477, No. 5, p. 052034). IOP
Publishing.
Ottoo, R.E., 2020. Valuation of corporate growth opportunities: a real options approach.
Routledge.
Patania, A., Petri, G. and Vaccarino, F., 2017. The shape of collaborations. EPJ Data Science. 6.
pp.1-16.
Petruzzelli, A.M. and et.al., 2019. Understanding the crowdfunding phenomenon and its
implications for sustainability. Technological Forecasting and Social Change. 141.
pp.138-148.
Renneboog, L. and Vansteenkiste, C., 2019. Failure and success in mergers and
acquisitions. Journal of Corporate Finance. 58. pp.650-699.
Rojeck, R.P., 2019. Business Succession. In Wealth (pp. 37-46). Palgrave Macmillan, Cham.
Silvestre, B.S. and Ţîrcă, D.M., 2019. Innovations for sustainable development: Moving toward
a sustainable future. Journal of Cleaner Production. 208. pp.325-332.
Song, W., Chen, J. and Li, W., 2017, December. Spillover Effect of Consumer Awareness on
Third-Party Sellers' Selling Strategies on Retail Platforms. In ICIS.
Tokarski, A., Tokarski, M. and Wójcik, J., 2017. The possibility of using the business model
canvas in the establishment of an operator's business plan. Torun Business Review.
16(4). pp.17-31.
Tsatsoula, E., 2018. Application of Ansoff's Matrix-Methodology: Marketing Growth Strategies
For Products.
VÁZQUEZ, M.L. and et.al., 2018. A framework for PEST analysis based on fuzzy decision
maps. Espacios. 39. p.13.
Wallmeroth, J., Wirtz, P. and Groh, A.P., 2018. Venture capital, angel financing, and
crowdfunding of entrepreneurial ventures: A literature review. Foundations and
Trends® in Entrepreneurship. 14(1). pp.1-129.
Zhao, R. and Zhang, X., 2019, May. Analysis of Investment Decisions of SMEs. In 2019
International Conference on Management, Education Technology and Economics
(ICMETE 2019). (pp. 427-430). Atlantis Press.
Online references:
SUCCESSION PLANNING IN FAMILY BUSINESS. 2019. [Online]. Availble through:
<https://www.ifb.org.uk/resources/succession-planning-in-family-business/>. [Accessed on 14
August 2021]
18