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Report on Planning for Growth

   

Added on  2020-06-06

15 Pages4729 Words54 Views
Planning For Growth

Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Key considerations for evaluating growth opportunities..................................................1P2 Opportunities for growth applying Ansoff's growth vector matrix...................................3LO 2.................................................................................................................................................5P3 Potential sources of funding available to businesses and benefits and drawbacks of eachsource......................................................................................................................................5LO 3.................................................................................................................................................7P 4 Business plan including the financial and strategic objectives........................................7LO 4.................................................................................................................................................9P 5 Small businesses exit or Succession options....................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12

INTRODUCTIONPlanning for growth is the main part of business from that the business of Unicorn can beexpanded and take growth in the market. This report introduces the consideration of evaluatingthe growth opportunities and also justify these considerations within the Unicorn context. Thereport also covers the opportunities of growth in a business with the help of Ansoff's growthvector matrix. The potential sources of funding are also there for expanding or exploring thebusiness with benefits and drawbacks. This introduction also involves the business plan ofUnicorn to growth and financial information about scaling up the business from strategicobjectives. The report also covers the exit and succession options for the Unicorn with thebenefits and drawback of each option.LO 1P1 Key considerations for evaluating growth opportunitiesIt is important for Unicorn to evaluate its growth opportunities to find position in themarket place. It becomes a priority nowadays for the organization. The growth can be measureby looking some statistics of the Unicorn such as turnover, market share, profits, sales and staffmember numbers. Even if organization growth is going good but it is important to keep findingnew opportunities for the business growth (Kumar, 2016). Growth opportunities help business todevelop its strategies and plans also to expand the business with productivity and profitability.Here are some growth opportunities for Unicorn:Competitive advantage:The basis of competitive advantage is a foundation for growth such as resources,capabilities and core competences. Small business has many competitors which means businessneed to focus on opportunities from which it can be expand or find ways to compete the other inthe market. Unicorn can make strategies and plans from evaluating the present business growthand use it as a future opportunity advantage. Unicorn can also evaluate the capabilities of its corecompetitors to ensure its market position and able to make changes according to it.Business market developmentMarket is the area where the business sells its existing products. There are many ways toapproach the market segment and make according strategy such as new product dimension,packaging, all new geographical markets, new distribution channels and difference price policiesto attract different type of customers or creating new market strategies. The business owner1

should think about the market development strategy before implementing the following aspects:profitability of new strategy, will it requires, research to understand the customer and channeldistribution. Market development can be divided into three parts and these are targeting thecustomers, assessing their needs and demands, good communication with them and building acommunity (Pallagst, Mulligan, Cunningham-Sabot, and 2017). Unicorn can develop newmarket where they are able to provide products and services to people. It will help in expandingin new market as well. Product and service developmentProduct development is the opportunity to expand the local business. Productdevelopment involves making new products and launch it to existing market for the attention ofthe customers. The old products can also redevelop for the market product strategy. The newproducts with new changes and improvements will compete with the others and create goodimpression upon customers. The product development strategy carried some qualityimprovements in the product such as better, bigger, stronger and attractive with styleimprovement. The new product will develop according to the need and demands of thecustomers which attract the existing one's also to buy the latest version of products and services.By this Unicorn can attract new customers and retain old ones. This will help them to developlarge customer base. Moreover, it will be useful in targeting new people as well. DiversificationDiversification is a strategy in which business or company launch their new products andservices into the new markets. This is a risky strategy that business has no idea of new marketand experience but also can be an opportunity for the business in terms of new market, newcustomers, new brand image, acquisition of firm, licensing of new technologies etc. Unicorn candiversify into new markets with new products. They can select a particular area and then offernew products to people. Technologies and innovationIn this modern world the technologies, techniques and new innovations are taking placefor business growth opportunities. Unicorn can adopt new techniques and technologies for theirbusiness to make effective and developed products for their customers and can grow theirbusiness effectively. The new innovations in the market segments allow a business to makeeffective changes according to the business requirements. Unicorn can use advance technology2

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