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Planning for Growth - Taste Assignment

   

Added on  2021-02-20

18 Pages6298 Words21 Views
Business DevelopmentFinancePolitical Science
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Planning for Growth
Planning for Growth - Taste Assignment_1

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3Key considerations for evaluating growth opportunities and justify these considerations....3Evaluation of an opportunities for growth applying Ans-off's growth vector matrix............6TASK 2............................................................................................................................................7c) Potential sources of funding available to businesses and benefits & drawbacks of eachsource......................................................................................................................................7TASK 3............................................................................................................................................9D) Business plan for growth includes financial information and strategic objectives for scalingup a business...........................................................................................................................9TASK 4..........................................................................................................................................12e) Exit or succession options for a small business explaining the benefits and drawbacks ofeach option............................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................17
Planning for Growth - Taste Assignment_2

INTRODUCTIONPlanning for growth is the vital concept which helps to understand growth of the businessfirm and checks out strategic objectives of the business. In business context, growth is emergingto understand pattern on basis of which business entities are generally operates, either to earnprofit or strategic position of the firm. In the current era, planning to acquire strategic position ina market place is useful for business firm to generates strength that can be converted into goalsaccomplishment (Ward, 2016). This report will cover on ““Taste”” which is the popular SMEwhich specialised to sell coffee products which varies of different types and tasty buns andsnacks. This report will put light key consideration for evaluating growth opportunities,evaluation of the growth using Ans-off matrix. Also, report will carry out its discussion onpotential sources of the business funding and benefits and drawback of each and every sources.Lastly, report will also consist of a business plan along with discussion on exit or succession forthis business. TASK 1Key considerations for evaluating growth opportunities and justify these considerationsPlanning for growth is vital for every firm to its sustainability and long term survival of abusiness operation at an optimised level. When talks on SME's, growth has dramatical role playto increases business profit and informative reach to the customer's. In UK, SME is on rapid wayto increase operational efficiency or ensures long term for firm productivity on growth orientedstage. This discussion is centric on ““Taste”” which is a leading SME which sells varieties of thecoffee product & eating buns to its customer's at an attractive cost (Valler and et. al., 2017).Thus, growth is necessary either future or present is required to be evaluates in lesser time toensure firm's growth of this venture. In context with “Taste”, business growth is vital to expandcoffee business on wider level and ensures long term suitability for an operation.PEST analysis:An organisation must consider its external environment in order to evaluate severalexternal pointers which could be an opportunity for an organisation. Following is the externalanalysis for “Taste”:Political Factors: Due to Brexit, the country experiences political instability and thewhole political scenario of the UK is in a very bad shape since is dissociation with European
Planning for Growth - Taste Assignment_3

Union. Moreover, trade channels related to EU are also disrupted, which affects the sale ofproducts by “Taste”. However, an opportunity which lies within this scenario for the company isthat it could build an effective supply chain outside the UK which allows the firm to remainflexible despite the political tensions.Economical Factors: The decrease in the value of Pound has been a setback within thecountry and has affected various large organisation. However, the firm must sell its products at alower price range along with hiring more talented staff at reasonable wages which would allowthe customers to prefer the company more despite the competition.Social Factors: There has been an inclination towards consumption of healthy food andbeverages within the people of UK, especially millennials. Thus, the firm must produce organicfood and coffee products that aid to this need of customers.Technological Factors: With rise in Artificial Intelligence, Virtual Reality andAutomation, the firm has this opportunity to enhance its performance and provide an inside viewto the customers about how their products are made and manufactured, which would ensure trustwithin the buyers towards the company.Competitive advantage:This means about favourable position of firm, when they are profitably advantageousthan its competitors. There are different resources which “Taste” is required to continue its firm'soperations on an optimised time. Resources such as funds, skills, time, manpower etc., is need toaccomplishes business objectives in lesser time. “Taste” has wide range of suppliers which offersresources in price less that market price due to which increment in profits is expected. In order toachieve competitive advantages in marketplace and this will be ensures using different elementsare as follows: Resources: This consists of both tangible & intangible tools such as manpower, technicalitem, funds, strategies etc., of which support to achieve organisational goals such as expansion ofan operation, increased profitability, market share to creates its brightest image into the market. Capabilities: “Taste” has high skilled workforces and experts that are capable to achievesoperational firm and provides edge to edge support in case of increased rivalries. Core competencies: This is the combination of a multiple resources & skills whichdiffers from its competitor and firms. Core-competencies of the ““Taste”” uses skilled people,outsourcing of the resources, trending technology with support of which competitive advantages
Planning for Growth - Taste Assignment_4

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