Examining Growth Opportunities for Business Organization
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This report discusses the key considerations for examining growth opportunities for a business organization. It includes an analysis of competitive advantage, Ansoff growth matrix, feasible sources of funding, appropriate business plan, and exit options for a small-scale company.
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Contents INTRODUCTION...........................................................................................................................4 TASK 1.........................................................................................................................................4 P1Assesskeyconsiderationforexamininggrowthopportunitiesforthebusiness organisation.................................................................................................................................4 P2 Ansoff growth Matrix............................................................................................................8 M1 Discuss the options for growth by using range of analytical frameworks in order to develop an understanding of competitive advantage in context of an organisation...................9 D1 Critically examine specific options as well as pathways for the growth & considered every risk options and how they can be mitigated...............................................................................9 TASK 2.......................................................................................................................................10 P3 Feasible sources of funding for small businesses................................................................10 M2 Examine potential sources of funding and justify the application of an effective funding sources in the context of an organisation..................................................................................11 D2 Critically analyse the potential sources of funding with the help of justified arguments in order to adopt the best and most suitable source of funding as per the needs and demand of organisation..............................................................................................................................11 TASK 3........................................................................................................................................12 P4 Appropriate business plan for company.............................................................................12 M3 Develop an effective business plan for the growth as well as secure investment, setting of objectives, strategies and suitable frameworks in order to accomplish the objectives and goals. ...................................................................................................................................................14 D3 Present an effective and detailed business plan that helps in developing understanding of how to formulate, apply as well as attain business objectives & goals in a successful manner. ...................................................................................................................................................14 TASK 4..........................................................................................................................................14 P5 Determine exit or succession options for small scale company..........................................14 M4 Examine the exit and succession options for a small scale business comparing & contrasting the options and then develop valid recommendations...........................................15
D4 Critical evaluation of the options for a small business organisation and decide an effective courseofactionwiththehelpofjustifiedrecommendationsinordertosupportthe implementation.........................................................................................................................15 Conclusion.....................................................................................................................................16 REFERENCES.............................................................................................................................17
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INTRODUCTION Every business organisation performed their business functions and operations at the marketplace in order to generate huge amount of profitability and grow the business in an appropriate manner. For this, managers of an organisation adopt different types of strategies and actions plans as well as conduct ample number of market analysis so that they can develop products and services accordingly to maintain their sustainability at the competitive marketplace for a longer period of time. Along with this, management team of an organisation provide guidance to the managers in order to perform their task in an effective manner and produce positive outcomes for the business(Barbourand Deakin, 2012). Gekko Partners is chosen as the base organisation in order to complete the whole report. It is an organisation which is based in UK based is a small level marketing services company which highly offers their services among the marketplace of UK. This is the report which consist of information on the significant considerationwhichisconcernedbytheorganisationinorder toexaminetheirgrowth. Furthermore, it includes an explanation on various growth strategies consist in Ansoff’s matrix which help in the growth of business organisation. In addition to this, there are various sources of funding, succession and exist strategies and effective business plan are going to be discussed in this report. TASK 1 P1 Assess key consideration for examining growth opportunities for the business organisation. It is said that every business organisation performs their business functions at the market in order to attain grow and develop at the competitive marketplace. With the help of this, organisation will be able to perform their all business functions in an effective manner and maintain their sustainability at the market for a longer duration of time period(Beatley, 2014). In the present context of Gekko Partners, this is the business entity which decides to do a business expansion within the new marketplace with the help of offering unique and high quality services to the customers related with the marketing & satisfy their needs and wants in an appropriate manner. For this, a competitive analysis is going to be done by the management team which are going to be discussed as follows: Competitive analysis: 5
It refers to a framework adopted by the business entity in order to examine their strategies and policies used by the competitors available at the marketplace. In reference to the chosen organisation, management team of Gekko Partners are going to be ascertained the capability, resource & competency of the organisation which are going to be explained as follows: Resource:It has been analysed that the main and prime resources of the chosen organisation is their skilled, competent & knowledgeable staff members which are highly capable of doing their wok as per the needs and requirements of people, customers and the company. Capabilities:In reference to the Gekko Partners it has been said that the company is enough capable of developing and providing unique and high quality marketing services to their customers and clients & gaining gratification from their potential and regular customers(Chapin, 2012). Competencies:It is said that the competency ofGekko Partnersis that it provide effective and high quality marketing services to their customers in order to create positive brand image and expand its market position at the marketplace. It has been analysed that the present company is effectively doing their business functions within the market place of England, therefore they decide to expand their functions at new market in order to enhance their sales and profitability. Before doing any kind of business expansion and planning is required so that all the business functions will be carry out in an appropriate manner. In this context, it has been said that there are ample number considerations which need to be focused by the management team of SMEs such as Gekko Partners before doing business expansion or entering into the new marketplace. All these essential elements are going to be identified with the help ofPorter’s Generic Strategies. This is the framework which are going to be discussed as below in an appropriate and effective manner. Porter's Generic Strategy It refers to an analytical as well as strategic framework which includes ample number of policies and strategies need to be focused by the management team of the company. This will assist in gaining competitive advantages at the marketplace in an effective manner and within limited duration of time period. all these strategies help SMEs in order to enhance their performanceandcreatepositivebrandimageatthemarketarea(Denton,Forsythand 6
MacLennan, 2017).All the strategies which are included in this model developed by Porter are going to be discussed in a detail manner as follows: Cost leadership:It refers to a strategy where business organisation develops high quality goods and services within optimum cost in order to maintain positive image at the marketplace. It is the strategy which is adopted by the organisation in order to gain competitive advantages at the marketplace by providing low cost products and services to the customers. Therefore, it is very essential for the managers to identify various sources for reducing the cost of the products so that they can maintain the level of competition at the market area. In the present context of Gekko Partners, managers of the company adopt this method so that they can reduce cost of the services by controlling extra cost as well as develop services which are of high quality in order to retain potential customers and to attract new clients towards the organisation. Differentiation:It is the another strategy which is included in the Porter’s generic model. According to this strategy it is required by the management team of the company to produce innovative and unique commodity in order to gain competitive edge at the marketplace. This will help them in developing trust and belief of customers and attract large number of new clients towards the business organisation at the new market area(Eddleston and et. al., 2013). With the help of using this strategy, managers of Gekko Partners will be able to develop loyalty among the customers towards the company which help them in making their brand strong at the new location. Along with this, it has also been said that by providing range of high quality, unique, innovative and different marketing strategy company will be able to develop their reputation at the market in an effective and appropriate manner. Cost focus:It has been said that organisation who adopt this strategy mainly focuses on niche market, where they enhance their understanding about the changes of market trends and needs, wants & preferences of customers. By doing all these things, managers of the company develop commodities which are of low cost and help them in satisfying the requirements of clients in an effective manner. As a result, by adopting this strategy company will be able to create their strong brand position at the market place which help them in gaining competitive advantage. Hereby, the main emphasis of the chosen business entity is on the niche markets & develop services which are of low cost according to the needs and wants of customers. Therefore, by using the cost focus strategy, Gekko Partners will be able to meet the needs and requirements of individuals in a positive manner(Galland, 2012). 7
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Differentiation focus:It refers to the strategy where company mainly focuses on creating unique and different products and services which help them in order to accomplish their goals and objectives in an effective manner. This strategy stresses on developing a unique and creative environment so that company will be able to enhance their sales and ratio and profit margin. With the help of this strategy, Gekko Partners will be able to provide new and wide range of marketing services to the customers and satisfy their needs and wants in an effective manner. With the help of above mentioned report it has been said that managers of Gekko Partners adopt differentiation strategy so that they gain competitive advantages at the market place and beat the level of competition by producing unique marketing services. PEST Analysis It refers to an analytical model which helps in enhancing the understanding of the company about the external condition. Along with this, managers of the company will be able to analysed the effect of all the external element on the company. In the present context ofGekko Partners, all these elements are going to be discussed in a detail manner are as follows: Political factor: It is considered as one of the most essential as well as crucial element ofmacroenvironmentwhichhighlyinfluencetheoverallperformanceofthebusiness organisation. It is the factor which helps in analysing that about what extent government interfere in the business operations(Grover, Bokalo and Greenway, 2014). It has been analysed that the political condition of England is quite stable which assist Gekko Partners by creating ample number of opportunities in order to expand their business. Economical factor:It refers to an element which help in identifying the economic condition of a country where business expansion is going to be conducted. It consists of various number of aspects related with the economic condition of the country, which includes interest rate, inflation rate, growth rate and so on. With the assistance of strong economic situation of England,GekkoPartnersproduceshighquality,uniqueaswellasinnovativemarketing offerings. Social factor: Another most essential element is social factor which includes demands and requirements of customers. It has been said that the social factor creates the newest trends prevailing among the population of the country. In relation with the chosen organisation which is Gekko Partners, it has been identified that the company conduct market analysis on a continuous 8
basis and develop various marketing services which is enough capable of satisfying the needs and wants of customers living within the country or nation. Technological factor:In today’s competitive environment it is very essential for the organisation to modify their technologies on a regular basis so that they can gain competitive advantages at the marketplace(Hollenbeck, Noe and Gerhart, 2018). Due to advancement in the technology, expectations of customers raises that the company produces high quality goods and services and fulfil their needs and wants. In the present context of Gekko Partners, company takes ample number of advantage with the help of technological advancements like they attract large number of customers with the help of new digital trends. P2 Ansoff growth Matrix It is a tool which is adopted by an organisation to identify & develop effective strategies which leads to growth. Ansoff matrix is also termed as product grid or market expansion matrix. Thismatrixconsistsoffourstrategiesthatisproductdevelopment,marketpenetration, diversification and market development as well.This matrix provides proper guidance to companies and due to this they can leads to success. The higher authorities of Gekko Partners Ltd. adopt this framework at workplace in order to gain an insight about market conditions. This assist them to make those plans which reaches company towards growth(Levy, 2016). The four strategies of Ansoff matrix is mentioned below with relation to company: Market Penetration: Herein, the higher authorities of an organisation suggested to offer the same goods and services in the existing market with an aim to enhance growth of their business. With reference to Gekko partners Ltd., its management team uses this strategy as they offer the same product in the market of UK. They try to approach more customers with their same product in order to raise sales and their profitability level. Product Development: In this strategy, firms offer new products as well as services to the existing market in order to attract more customers and to enhance their sales level. In context to Gekko Ltd., the managers try to add new services in its portfolio which gives customer more options to buy their brand. With this, it assists them to create awareness about its new offering at market in a proper manner. Due to the creation of new services, more customers get attract towards the company which directly leads to raise in its sales performance. Market Development: Herein, an organisation targets new market with its same services and product. In relation to Gekko partners Ltd., the management team starts to offer its products 9
in more parts of United Kingdom so that companies customer base can be increase effectively. They adopt various medium of communication to promote their existing product in other cities (Lewis, 2013). In addition to this, increase in the customer base of company directly raise its sales & profit level of Gekko partners Ltd. Diversification:At this point, companies were suggested to target new market with the new services and product. With reference to Gekko partners Ltd., the top level management first analyse new market then offer new product because it takes high amount of capital and contains high risk that is not possible for small industries as Gekko partners Ltd is also a small business. After analysing the above strategies, it has been analysed that most suitable and feasible strategy for Gekko partners is Market penetration. The reason to adopt this strategy is to grow its business as company is small and did not invest huge capital. In order to enhance business activities, the management team conducts market research that identifies which existing market can be approached and beneficial for them. By the assistance of market research, the company can raise its customer base that directly effect on its sales and profitability level positively. M1 Discuss the options for growth by using range of analytical frameworks in order to develop an understanding of competitive advantage in context of an organisation. As per the above mentioned report, it has clearly been identified that one of the best and most effective method used byGekko partners Ltd.Is differentiated strategy which is an element of porters generics strategy (MacLeod, 2013). This will assist the company in order to maintain their sustainability at the marketplace in an appropriate manner and for a long period of time. Along with this, with the help of market penetration strategy company will be able to grow at the competitive marketplace. D1 Critically examine specific options as well as pathways for the growth & considered every risk options and how they can be mitigated. Positive aspect of differentiation strategy is that company will be able to attract large number of customers towards their organization which leads towards the growth of the company at the marketplace. Whereas negative impact is that in order to adopt differentiation strategy huge amount of fund is required by the top management authorities in order to innovate new and unique services. For reducing such negative impact, managers need to examine the whole market situation in advance so that they can satisfy the needs and wants of the customers. 10
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TASK 2 P3 Feasible sources of funding for small businesses It has been said that for every business organisation, funds play very essential role in order to run the business functions in an effective and appropriate manner. Sources of capital or funding defines as various options with the help of which company can easily gather sufficient amount of money so that they can expand their business functions in a successful manner (Mahmoudi and et. al., 2013). In the present context of Gekko Partners Ltd., high level of authorities and owner of the organisation decides to do business expansion. For this, managers are required to gather enough amount of money and they analyse the most appropriate source of funding with the help of which they can perform their business operations in an effective manner. Some of the most appropriate and potential sources of funding are going to be discussed as follows along with their advantages and disadvantages: Bank Loan:It refers to the total amount of funds which is credited by the financial institution or by bank to the individual or to the business organisation against some specific amount of interest in return. It has been said that bank loans are generally provided to the people who have some type of security which they kept to the bank. Reason behind this is that if there is any kind of issue arise in order to return the amount by the person, bank can claim the amount from the particular security given by the person. In reference toGekko Partners Ltd., managers of the business entity adopt this funding source as it is one of the safest method with the help of which company can raise enough amount of funds(Mason, 2015). Advantage:One of the primary advantage of this source of funding is that it is highly secured method which includes all the necessary documentation which helps in ensuring the security of the organisation. In addition to this, bank or financial institution provides ample number of repayment options so that business entity can easily return the borrowed amount as per their feasibility. Disadvantage:But on the other hand one of the biggest drawback of this factor is that it is time consuming process as verification and loan sanctioning takes lot of time. Personal Saving:Apart from bank loan, a business owner can also take personal saving option as the source of funding with the help of which they can enhance their business 11
growth. This is one of the method where there is no legal verification is required and the owner can use money as per their need in a very quick manner. Advantage:Major advantage is that it is one of the quickest method and there is no external interference among the business functions. Apart from this, there is no requirement of any kind of assurance about the money(Mitchelmore and Rowley, 2013). Disadvantage:On the other hand, the major risk is that if there is any kind of loss to the business the amount of money invested by the owner got wasted. With the help pf above mentioned analysis, it has been concluded thar the best and most suitable source of funding for theGekko Partners Ltd. Is bank loan which is highly secured and safe for the business entity. M2 Examine potential sources of funding and justify the application of an effective funding sources in the context of an organisation. There are ample number of sources of funds with the help of which managers can gather enough amount of money for performing their business functions. One of the best and most suitable method is bank loan. By using this method in order to gather funds company will be able to perform their business functions in a secure and safe manner (Moseley, 2013). D2 Critically analyse the potential sources of funding with the help of justified arguments in order to adopt the best and most suitable source of funding as per the needs and demand of organisation. As per the above mentioned, it has been concluded that out of various methods of collecting funds one of the most easiest and safest method is bank loan. It has been said that higher authority of the company can gather money as per the need and requirement of the organization. With the help of bank loan, managers of the company securely perform their activities at the competitive marketplace. TASK 3 P4 Appropriate business plan for company Business plan is developed by the higher authorities of the organisation which helps the staff member in order to perform their business functions. It is a type of blueprint which includes strategies and policies of the company which need to be followed by them in near future. In the 12
present context of Gekko Partners Ltd., an effective business plan is developed by the mangers which includes ample number of elements. Some of these elements are going to be discussed as follows: Overview of the company:In the present reportGekko Partners Ltd. Ischosenas the base company which isa UnitedKingdombased marketingorganisation works at small level. It isanorganizationwhichemphasisesonprovidingattractivemarketingservicestotheir customersinordertoenhancetheirsalesandprofitability(Pred,2017).Inthecurrent environment,companyoperatesits business functions within the marketplace of UK wherethey use social media platform for promotion so they can influence large number of clients. Vision& Mission statement:Vision statement of the company is“To becomeoneof the best marketingorganisation in the whole wide world”.Where as mission statement is“To offer uniqueandhigh quality services totheclients in order to maximize their profits”. Situational market analysis:In the present context ofGekko Partners Ltd.ithas been said that managers of the company conducted a situational analysissothat they can examine their weaknesses and develop them into their strength (Schetke, Haase and Kötter, 2012). Below mentioned are the strength and opportunities of the company: StrengthsOpportunities the managers ofGekko Partners Ltd. adoptadvancedtechnologieswhich attracts the clients as they provide high quality service to their customers in a limited time period. Byadoptingnewmarketplace, company will be able to attract large numberofnewcustomerstowards them. Apartfromthis,companycanalso expand their functionsbyfocusingon individualsavailable intheperiphery geographicalareaof UKmarketplace. 13
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Formulation of budget:Nextstage of thebusiness planwheremanager ofGekko Partners Ltd.arerequired to preparean effective budgetplan for the business functions (Todes, 2012). Budget of the company are as follows: Asper the above mentionedcash flow statement, ithasbeen identifiedthatGekko Partners Ltd. paystheirtaxeson a regular basis whereas their overall income is almost$72001. Identification of targeted market:In this context, targeted customers of the company is the local individuals of the UK market place. Allocation of resources:It has been analysed that allocationofall the resourcesaregoing to be done on the basis of needs and requirements of every department within the organization. 14
Implementation&controllingofplan:Thisistheplanwhichisgoingtobe implemented by the managers in an effective manner as well as monitoring and controlling of the plan is done by the management team on a day to day basis (Valler, Phelps and Wood, 2012). M3 Develop an effective business plan for the growth as well as secure investment, setting of objectives, strategies and suitable frameworks in order to accomplish the objectives and goals. Above mentioned is a business plan with the help of company will be able to conduct their business functions in an effective manner and produce favourable outcomes within given time period. In a business plan various strategies, policies are developed so that high quality goods and services will be produced (Ward, 2016). Apart from this, effective frameworks are used by the managers which will assist in gaining growth and success at the competitive marketplace. D3 Present an effective and detailed business plan that helps in developing understanding of how to formulate, apply as well as attain business objectives & goals in a successful manner. By using PEST analysis, managers will be able to know the external environment before expanding their business functions. Along with this, differentiation strategy is one of the most suitable strategy for the company in order to attract large number of customers towards the company as they provide unique and innovative services to their clients. TASK 4 P5 Determine exit or succession options for small scale company There may be number of objectives for which a company is Incorporated. One of the major reasons is competitive advantage. There comes a stage at which small scale company wish to achieve a balance by minimising financial burden and maximizing position in the market. Therefore, it formulates succession strategy. Some of the suitable options for Gekko Partners Ltd. Have been elaborated below along with merits and demerits: Internet-With increasing number of people active on internet, it becomes easy for companies to persuade its customer and increase the market share by reaching them. Products and services can easily be promoted through this option(Ziari and et. al., 2012). The advantage is that awareness of the product can be spread in a prompt manner. However, disadvantage is the cyber crimes. Merger and acquisition-Through this is strategy, Gekko can merge with other company for the purpose of expanding the business. It can help in in finding solution for financial issues. It gives 15
rise to financial synergy and usage of combined resources. On the other hand, there may be increase in conflicts because of one single business. M4 Examine the exit and succession options for a small scale business comparing & contrasting the options and then develop valid recommendations. Internet is an effective tool which is also cost effective. It is easy to use and make customer understand about the products. It can grease the profit because the amount of expenses are low. But, merger and acquisition can prove to be an expensive method as it involves a lot of investment and time. The number of months included in this can be negative for the business as this can reduce the profits in that time(Barbour and Deakin, 2012). It can be recommended that every company should consider factors such as investment, costs and target profit before opting for one option. It is important to earn profit in order to recover the expenses. Furthermore, there should be detailed planning and research before choosing one option to be implemented within the organisation. Gekko can use social sites platforms such as Facebook, Instagram as well as have its own website to attract customers. D4 Critical evaluation of the options for a small business organisation and decide an effective course of action with the help of justified recommendations in order to support the implementation. The above mentioned methods i.e. internet and merger and acquisition are effective and have their own benefits and disadvantages. Due to the digital transformation, the use of internet has increased with the time and large number of people depends on the exchange of information through internet. It can proved to be useful because it requires less investment as compared to merger and acquisition. On the other hand, merger and acquisition is a time consuming process as well as need a good amount of investment in order to complete the procedure. Unlike internet, the business is very much tangible and physical which continuous to restore the trust of customers. There are less chances of Cyber crimes or other issues(Beatley, 2014). Therefore, small company like Gekko it is recommended that it should use internet for increasing the market share leading to higher profit. For this purpose, it can make plans with the manager and higher team who can look after the technological aspects. Followed by estimation of the budget. 16
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Conclusion With the help of above mentioned report, it has been concluded that every business entity wants to get success and growth at the competitive marketplace which is not attained by them without proper planning. It has also been identified that it is very essential for the management team of the company to provides funds in order to plan all the activities in an effective manner. Along with this, it has been said that with the help of PESTLE analysis, managers of the organization will be able to identify all the external market that which are the favorable ones and unfavorable market situation. It has also been said that one of the most feasible growth strategy is Market penetration as it is time and cost effective. At the end, it has been analyzed that bank loan is one of the most beneficial method for gathering funds in order to perform their business functions at the competitive market area. 17
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