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Planning for Growth Assignment : Tile and Stone Depot Ltd

   

Added on  2021-02-19

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Planning for growth

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1TASK 2............................................................................................................................................7TASK 3............................................................................................................................................9TASK 4 .........................................................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15

INTRODUCTIONPlanning for growth helps small business units for growing there business in rightdirection, as it is a tool that guide the business owners where to go and what strategies they canimplement to grow there business and achieve the objective of the firm. Present study is based ona private limited company of UK that is Tile and Stone Depot Ltd which was incorporated in theyear 2011 in Greater London. Company is having one active director and have less than 10employees with a turnover under £2 million and includes the retail sale of hardware lines likedifferent tools, housewares and appliances. Report includes key considerations for evaluatinggrowth opportunities within an organisation. Further study is based on Opportunity for growth byapplying Ansoff's growth vector matrix on the given company. There are potential sources offunding for business that have been explained in the report by further giving benefits anddrawbacks of these sources. Business plan for growth is also design in the given report whichinclude financial information and different strategic objectives of the business. At last study onexit and succession options for SME is done that further include benefits and also somedrawbacks of each option(Albert, 2017).TASK 1Key considerations for evaluating growth opportunities within an organisationFor having growth opportunities in an organisation firm must work on its resources,capabilities and its core competences. They are competitive advantages of a firm that means firmcan have advantage over the competitors by offering customers such products which are at lesserprice or higher in quality so that consumers have a feeling that they are getting benefits out of it.There are four strategies which porters have defined as Porter's Generic Strategies which help ingetting competitive advantage which leads to growth of the firm. Tile and Stone Depot Ltd canuse these strategies for growth opportunities of the firm(Angotti, 2018).Cost leadership:- With this strategy company becomes lowest cost producer in the broad marketand in this way they are able to lead the market by lowering the price of the offerings. Bydiscounting the products, sales of the Tile and Stone Depot Ltd will increase and in this waymarket share of the firm will also increase. For the same coordination in functional areas of1

business must be there and effective technology is required with good distribution channels andthis strategy will lead to increase in productivity of the business(Arzaghi and et.al., 2017).Figure:-1Cost Focus:- In this strategy business take advantage of lower cost in small market segments.Tile and Stone Depot Ltd can minimize the costs in the areas where there products are notdifferentiated and they can follow focus strategy as by applying this strategy companies onlyfocus on few segments where opportunity for growth is more(Baschat, 2018).Differentiation Focus:- This strategy is some what same to cost focus but here the market willnot be broader but they will be focusing on quality products introducing just in a specific nichemarket. Tile and Stone Depot Ltd can either sale there products as least expensive or mostexpensive but in a particular niche market. If customers are getting a quality product at higherprice they will go with that offering only. This strategy helps the company to target a group of2Illustration1:https://www.google.com/search?q=porter+generic+strategies&oq=porter+gene&aqs=chrome.0.0j69i60j69i57j0l3.11170j0j7&sourceid=chrome&ie=UTF-8

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