Planning for Growth in Business: An Analysis of ThirdWay Group

PLANNING
FOR
GROWTH

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
TASK 1 ...........................................................................................................................................3
P1 Evaluating The Key Opportunities And Growth In Order To Organizational Context....3
P2 Evaluate the Opportunity and Growth by Applying Ansoff Matrix................................4
M1 The Best Strategy Which ThirdWay Group have To Adopt In Organization for
competitive.............................................................................................................................6
D1 Evaluate the Growth and Risk of each strategy which will impact in organization.........6
TASK 2............................................................................................................................................7
P3 Potential Resource Of Fundings to their business with Benefits and Drawbacks............7
M2 Evaluate Potential Source Of Funding Which Appropriate For Business.......................8
D2 Evaluate Potential Source Of Fundings With Justified Arguments.................................9
Analyse the key considerations SMEs should follow when evaluating growth opportunities9
TASK 3..........................................................................................................................................10
P4 Business Plan..................................................................................................................10
M3 Develop And Appropriate Business Plan in Organizational..........................................14
TASK 4 .........................................................................................................................................14
P5 ThirdWay Group Have Option For Succession Or Exist For Benefits And Drawbacks 14
M4 Evaluate Exist Or Succession Of Small Scale Business................................................15
D3 Present A Coherent And In-Depth Business Plan For ThirdWay Group.......................16
D4 Critical Evaluate Option Of Exit Or Succession of ThirdWay Group...........................16
CONCLUSION..............................................................................................................................17
REFERENCES..............................................................................................................................18

INTRODUCTION
Planning and Growth is most essential part of business where they are need to grow their
business by doing proper planning by management of an organization where they are need to
examine all factors which need to focus while establishing a business plan. The planning is initial
step of an organization to start a business. The management should cover all the factors of
business operation while on planing the business they need to choose the product which is
necessary and demand by customer in market and prepare the cost structure of business which is
need to operate the smooth and successful business. The planing must be done in effective way
because it help to develop and grow in market. In market it necessary that business will grow at
rapid speed which help to generate more revenue in organization from markets. This report is
based on business plan of ThirdWay Group company it is small scale company in UK which do
interior design and construct the structure of office place and manufacture the wood product in
organization. This files includes the Ansoff Matrix to find out the opportunities. It also includes
the potential sources of funding for business and benefits and drawbacks of each source. It also
includes to understand competitive advantage of business and appropriate source of funds which
help the business in order to scale up their business.
MAIN BODY
TASK 1
P1 Evaluating The Key Opportunities And Growth In Order To Organizational Context
The management of an organization have to analyse key elements of organization for the
development and growth. The management have to examine all opportunities which is helpful
for management to develop business in market in order to generates more profits in organization.
The ThirdWay Group management of an organization have to check all opportunities which help
organization for development and generate revenue from market (Australia, 2018). This is very
important to grab all the opportunities which is required to develop their business in market
because development is most necessary thing which is required for management in organization
it helps to enhance performance of co-workers in organization. Let apply Porter's Generic Model
in organization to analyse these factor which help to develop business.
Porter's Generic Model: The Porter's Generic model play a very important role in organization
where they have to apply to find out the opportunities and development in order to generate more

revenue in an organization (Beer and Clower, 2019). There are different types of strategies in
Generic Model which need to apply in organization to find out the all opportunities and for
development of the organization.
Cost leadership Strategy: This strategy is made to take away customers from the competitors
and thus making an increase in sales. This is basically gaining competitive advantage in the
industry. There are basically two ways in which sales can be increased by using cost leadership
strategy. These can be done either by reducing costs and by charging just industry friendly
average charges, thereby increasing profits for organisation. The other way can be to reduce
prices of product or charging lower prices and making reasonable profits on each and every sale.
ThirdWay group have to use this strategy in organization while offering to product in market.
Differentiation Strategy: In order to make and attract more customers, the company needs to
use and make different strategies and techniques to make its product and services different from
its competitors. This differentiation can be done in anything like its features, branding,
packaging, functions, durability of products or services and many more(Australian 2019).
Organisation needs to research well about everything, develop and innovate with its product to
make this differentiation strategy a success. There should be high quality products and services,
that can also contribute in its differentiation from others. Great marketing and selling techniques
should be taken into account so that market understands and analyses all benefits and great
things that are offered by these differentiated products and services. The management of
ThirdWay group have to adopt this strategy while preparing strategy in business which will help
business to compete competitor in market with unique and different strategy.
Focus Strategy: By concentrating on some particular comfortable or niche market or areas, with
complete understanding and analysis of that and even with defining or fulfilling unique needs of
customers within its reach, the companies or organisations uses focus strategies. Because of all
this, businesses develop great healthy relations and build loyal customers for them, maintaining a
special image in the industry, thus making that market segment less worthy to its competitors.
ThirdWay Group need to focus that they have to examine care fully in market and prepare loyal
customer in market this will help organization to increase revenue in market.
P2 Evaluate the Opportunity and Growth by Applying Ansoff Matrix
This matrix is used in organization for product development and expansion of products. It is
used by management while marketing planning process (Bridge and Dodds, 2018). The