Planning for Growth - ABC Construction
Added on 2020-12-26
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Planning for Growth
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK 1............................................................................................................................................1P1 Analyse key consideration for evaluating growth opportunities......................................1P2 Evaluate the opportunities for growth by applying Ansoff's growth vector matrix..........4TASK 2............................................................................................................................................6P3 Sources of funding available for companies with its advantages and disadvantages.......6TASK 3............................................................................................................................................8P4 Business plan for growth of organisation..........................................................................8TASK 4..........................................................................................................................................11P5 Exit or succession option for small business...................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTION Growth planning may be considered as the business activity which enables the plan andtrack for particular growth and revenues of business. It support to business venture in allocatingtheir limited resources and put efforts for enhancing growth with effective manner. Planning isbest method or approach that every firm consider to achieve desired position as well. Planning isessential for organization in enhancing its growth and productivity. This report is based on ABCconstruction company which deals in constructing building and infrastructures (Eddleston, andet. al., 2013). They construct bridges, dam, roads, provide civil services, architecture and designengineering etc. This company is coming under a contract with The University of Hull for thepurpose of constructing the Aura Innovation Centre. This assignment will cover the keyconsiderations for evaluating growth opportunities. It will assess different methods for arrangingfunds and develop business plan as well. TASK 1P1 Analyse key consideration for evaluating growth opportunitiesEvery business firm focus on finding various opportunities for enhancing growth andachieve success. It is necessary to identify, analyse and evaluate several factors that support inattaining potential growth. ABC construction company is a small business firm that providevarious construction services in the market place. They try to find best ways as well as keyconsideration for the purpose of growing business with well manner. Therefore, it is required toundertake new ideas, concepts, thoughts as well as innovative plans that are essential inimproving brand reputation (Mahmoudi and et. al., 2013). Company can develop sustainabilityand achieve competitive advantages with the help of enhancing business growth in better ways.ABC construction company is bidding with the University of Hull for constructing AuraInnovation Centre so they have required to evaluate different key consideration which facilitatesin business development. These are mentioned below:Core competences: In this, company consider the strong competitors who are dealing insame products or services and then compare with own goods. It support in making some requiredchanges and formulate strategies to deal with different kind of situations so that best possibleoutcomes can be achieved. ABC construction company have to analyze its competitors and their1
strategies for improving brand image so that more contracts can be considered with effectivemanner. Porter's generic strategies : This is best strategy for analyzing the growth opportunitiesand it was introduced by Michael Porter. He described four most important strategy thatbeneficial in enhancing growth and achieve sustainability of an organization. It is essential indetermining effective components that can be undertaken by ABC construction for the purposeof improving brand image and achieve competitive advantages as well (Valler, 2012). There arevarious aspects included in this, such as:Cost leadership : In this strategy, company undertake the better quality of products orservices at low costs for competing with different competitors. It is best approach thatassist to firm in achieving economies of scale, logistics, adopt new technology andutilization of available resources so that particular goals or objectives can beaccomplished. ABC company is giving various services regarding constructions such ascreating buildings, bridges, flyovers and houses in reasonable costs so that customers canafford for fulfilling their demands. It will support to the firm in increasing profitabilityand productivity by attracting number of clients towards company's services. Differentiation : This is another effective strategy in which company consider somechanges and modification within its products or services so that quality can bemaintained. ABC company is focusing on quality as they inspect the raw materials,resources and tools for making strong buildings (Phelps and Wood, 2012). It support inadding new methods, materials, architectural designs and engineering that differentiatecompany with other competitors. The University of Hull can get such advantages with thehelp of better designing of Aura Innovation Centre so that more conferences, meetingsand events can be held. Therefore, ABC construction firm will charge additional amountfor unique designs of buildings that depends on the bid. Focus : This strategy describe the focus areas where found less competitors of particularbusiness. In other words, focus strategy is to be considered for niche market so thatcompany can easily understand the needs and demands of customers with adequatemanner. ABC construction firm also focused on some particular areas like constructing ofbuildings, houses and bridges on the basis of contracts so that they can improve theirimage and achieve growth in better ways. 2
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