Planning for Growth: Key Considerations and Funding Methods

Unit 42– Planning for
Growth

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK 1............................................................................................................................................3
P1............................................................................................................................................3
P2 ...........................................................................................................................................5
TASK 2............................................................................................................................................7
P3............................................................................................................................................7
TASK 3............................................................................................................................................9
P4 ...........................................................................................................................................9
TASK 4..........................................................................................................................................12
P5 .........................................................................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................15

INTRODUCTION
Planning for growth is defined as strategy which helps to plan business for achievement
of goals and objectives in appropriate manner (Mitchelmore and Rowley, 2013). This is regarded
as strategic businesses which enables owner for tracking organic growth in terms of revenue. It
allows enterprise to allocate resources with efforts to adapt changes occur in industry that are
driven through competitors and digital disruption. In order to expand business in other place,
planning has to be done by enterprise. The given assignment is based on Trading Scents which is
small business that deals in manufacturing perfumes, cosmetics, skin products for consumers. It
is planning to expand their business through online portal for users. The main aim of report is to
discuss about key considerations SME has to consider when evaluating growth opportunities and
methods of funding used by business. It has covered business plan and ways that lead business to
exit their respective firm from market.
TASK 1
P1
Growth considered as an regular facet which is mainly based on firms and their support
they gives towards products for staying in market at certain period of time. In context with
Trading Scent, as it is small business which deals with different types of perfumes, beauty care
products and so on. The main motive of this business is to satisfy consumer's needs and wants in
a perfect mode. For expanding business within UK manager of this firm is needed to have unique
plan and services to gain targeted objectives easily (Liepa-Zemeša and Hess, 2016).
Competitive Advantages: It is based on different situation of business which is helpful
for firms to increase their growth and huge revenue. Wherein, Trading Scent required to
formulates so many strategies and tools to gain huge competition. Some of them elements are
given below:
Resources: As this respected business has knowledgeable and skilled employees so that
they can use availability of resources.
Core competencies: In order to get better quality of goods and services they are able to
satisfy its consumer's needs and wants at marketplace.
According to the above specified core competencies it has been evaluated that if
respective firm or business has liable to apply these sorts of term in business than they also

required to face few challenges into the marketplace. Reason being competition is raising day to
day that always have impact on firms within positive and negative way. If talk about positive
than with the help of these sorts of factors firm is able to achieve their goals via targeting its
potential customers. On the other hand, negative side shows if firm do not include these
competences in business than they can face many difficulties in regards with fund and resources.
There are some another ways by which this firm can get lots of advantages and able to
known overall situation of market analysis by using Porter's generic strategies and PESTLE,
those are going to be discussed below:
Porter's Generic Strategy
This model used to analyse specific framework which generally consist so many tools
and techniques in order to gain competitive scenario in a perfect manner. This generic strategy
model always supports business in order to increase their growth and opportunities perfectly.
There are few strategies in reference with this model, those are discussed below:
Cost leadership: With the help of this cost strategies it can be said that, fist oh fall firms
are needed to have effective goods and services along with they are needed to have better cost
strategies by which Trading Scent, is able to satisfy their customers and attract them at high level
(Muzzini and Aparicio, 2013).
Differentiation: In order to fix any kind of price on each and every product firm is
needed to have better and high class quality of their goods so that they can satisfy consumer's
needs. It gives them better ways and able to differentiate their entire goods from another firm. It
will increase firm's image positively.
Cost focus: In reference with Trading Scent, this organisation mainly focus on niche
market to offer its goods and services at affordable price along with it fulfil firm's needs and
wants.
Positive Impact:
There are different types of competitive advantages which are combines with the scope of
several activities in which firm is able to look at their overall goals and objectives along with
increase better working performance of employees in an effective manner. By using this model
respective business is able to gain competitive scenario and achieve their target effectively.