Planning for Growth: Smoke and Salt Business Plan

PLANNING FOR
GROWTH

Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
PART 1............................................................................................................................................3
Key considerations for evaluating growth opportunities.............................................................3
Ansoff's growth vector matrix.....................................................................................................5
Potential sources of funding.........................................................................................................5
Exit or succession options for a small business...........................................................................8
Part 2................................................................................................................................................9
Business plan ..................................................................................................................................9
Overview of business ..................................................................................................................9
Mission.......................................................................................................................................10
Vision ........................................................................................................................................10
Marketing plan ..........................................................................................................................10
Swot analysis ............................................................................................................................10
Pestle analysis............................................................................................................................11
STP analysis...............................................................................................................................12
Marketing mix ...........................................................................................................................12
Budget for the company ............................................................................................................13
Competitors analysis .................................................................................................................13
Monitoring and controlling........................................................................................................13
CONCLUSION..............................................................................................................................14
REFERENCES................................................................................................................................1

INTRODUCTION
The report of planning for growth will comprehensively analyse the business and put
forward a business plan which will be effectively showing the direction of growth for the small
business selected. Various models and analyses will be used to effectively analyse the current
business position of the enterprise. McKinsey matrix will be used to understand the portfolio
strategies. Use of technological advancement to expand the business networks and different
mediums of collaborations like merger and acquisition for the expansion of the enterprise will be
elaborated. Further the funding sources and different exit & succession points with drawbacks
will be highlighted. In the next segment, a detailed business plan will be elaborated with the
objectives, strategies and plan for growth. The enterprise selected here is Smoke and Salt, which
is a London based dine in restaurant serves the vegetarian and non vegetarian food options. It is a
small business which is looking for the opportunity to grow further.
MAIN BODY
PART 1
Key considerations for evaluating growth opportunities.
Basis of competitive advantage as a foundation of growth: The smoke and salt opened in
2017 and has been well-received by the critics and public. It has variety of the food for the
offering for both day and evening time. Restaurant was doing really nice until Covid hit the.
Covid-19 hit the business of smoke and salt very badly that it had to shut it for some time, yet
they made a come back (Dawes, 2018). The core competencies of the enterprise is the strong
personalities like Aaron Webster and Remi Williams working behind it. Next is the specific food
menu and quality serving which is forte of the restaurant. Customers liking is also a great feature.
They do not have enough resources as of now as they recently went ahead with the crowd
funding which gave them the ability to buy their own restaurant. Yet this small enterprise is very
well capable of achieving greater goals.
New product and services: let's use McKinsey matrix to identify the area where company must
invest for the product addition to the portfolio.
Market attractiveness: restaurant market or food business is really growing at a fast pace, smoke
and salt seems to have a wast scope in the market. There is profit potential as market size is big.
Business/ competitive strength: there is high competition in the food business as a wide variety
of restaurants having wide range of offerings are there in the market. Yet the business strength of

smoke and salt is the customer preference and loyalty (Kurniawan, Iswahyudin, and Suciati,
2020).
Measurement and plotting: here products which are in the current growth range and those
products which have future growth expansion range will be seen. For the smoke and salt vegan
options and sandwiches seems to be a good product range.
Future direction: smoke and salt must go in the future direction of the products which can give
the maximum returns like sandwiches and began food options. And any innovation which can
block the resources should be avoided (Khajezadeh, and et.al., 2019).
These are important factors which were derived from the McKinsey matrix.
Identifying and mitigating risk: as enterprise is small and it has already witnessed the losses in
Covid 19 it must take measures to identify the risk in the business. Risk identified for smoke and
salt is the high competition and cost management. In order to deal with such risk, enterprise must
take measures like keeping the raw material cost low which can drive the end product price low.
Also, keeping the quality and taste so high that high cost does not bother the customers. Such
risk can not be avoided rather mitigating is the best way (Bessière, Stéphany and Wirtz, 2020).
Other business risk is the rising of Covid-19 like situations again which needs business to go
online by selling the product and food option online delivery mode. As the risk like Covid can
not be avoided and needs to be strategically dealt with.
Technology and digital platforms to expand the networks: smoke and salt is already using
various social media platforms like Instagram and Facebook to connect with the customers yet an
effective campaign must be created on various social media platforms like Instagram, Facebook,
LinkedIn, food blogs etc. which can improve the visibility of the restaurant. Use of technology to
make the business process faster. Technology can be used to start the online delivery and
takeaways. Using the best of technology to keep the customers updated about the offers, happy
hours, new menu, discounts can be an advantage over the other business in the market (Khalid
and et.al., 2019).
Growth options for the enterprises: there are various modes of growth option for the small
businesses like merger, acquisition, joint venture, alliances etc. yet the collaboration remains the
best option for smoke and salt as being a small enterprise other modes of growth may end up
diluting the brand image of its own, yet the collaboration can enhance the brand image and
increase the customer footfall in the restaurant. As collaborating with well-known chefs and