UKCBC MS60047E Report: Broadsword Event House Growth Strategy Analysis

This report focuses on Broadsword Event House, an event management SME, and its growth strategy. It analyzes the company's business concept, competitive advantages (skillful employees and service quality), current market demand, and competitive environment. The report identifies ch...Read More

Managing small
and medium
enterprises

INTRODUCTION
Managing small and medium enterprises refers to the use of strategies by the
management to ensure that the Business Growth in the future can be attained. Therefore, the
management identifies the opportunities which are available for growth and makes their use for
the purpose of enhancing the overall level of profitability effectively and efficiently (Bandara
and et.al., 2020). This report will focus on Broadsword Event House. It is a Business
Organization which provides Event Management services to its customers and clients in the
market. It has to prepare a Growth Strategy so that it can grow in the future and is able to attain a
strategic advantage over its wide range of competitors in the market. In this assignment, a
detailed focus will be made on the way the company can attain growth in the future in order to
attain a competitive advantage in the market effectively and efficiently.
Growth Strategy of Broadsword Event House-
Nature of the entrepreneur behind the venture- Broadsword Event House is a
Business Organization whose focus is on ensuring that the Event Management Services are
provided to the customers and clients. This is quite helpful in ensuring that the customers and
clients are provided with the best options to choose from while organizing the event which will
help them in making their event successful (Dwaikat and Queiri, 2020).
There is a high-level of demand of event management services in the market (Fomina,
Manachynska and Kuzub, 2020). The reasons for such high-level of demand are explained as
follows-
Proper management of events- The customers and clients want that their events should be
organized in a proper manner (Kassem and Trenz, 2020). Thus, for this purpose
organizations like Broadsword Event House are able to provide them with event management
services which help in meeting out their needs and requirements.
Innovative ideas- The Event Management Companies have various sorts of innovative ideas
which can be used by them for the purpose of ensuring that they are able to attract the
customers and clients in a proper manner. Thus, in this way it can be said that the
organizations like Broadsword Event House make the use of such ideas which helps in
attracting the customers and clients.
SME Start-Up Processes- In order to start up a SME there is a requirement of ensuring
that a Start-Up Process can be used. Therefore, for starting Broadsword Event House the
use of the following process will be made-

Identification of a Business Opportunity- Business Opportunity is required to be identified
in the Business Environment and therefore the actions are required to be taken for making its
use.
Selection of a Business Opportunity- The entrepreneur has to select a particular Business
Opportunity which is the most suitable for being applied for the Business Organizations
which will help in ensuring that they are able to earn more profits.
Preparing a Budget- A detailed budget has to be prepared by SME for the purpose of
ensuring that the management of the operations can be done in a proper way and the
functioning can be handled in a smooth manner.
Starting the Enterprise- The enterprise has to be started and thus the customers are required
to be targeted through providing them with the necessary products and services.
Business Concept and Sources of Competitive Advantage- Business Concept of SME
is related with providing of Event Management Services to the customers and clients.
These services are quite important in ensuring that their events are hosted successfully
which will be thus helpful in managing the events in the long-term in a proper manner
(Prashar, 2020).
The Sources of Competitive Advantage for the Business are explained as follows-
Skillful Employees- SME has skillful employees who are able to ensure that they can
skillfully meet out the various types of needs and requirements in a proper manner.
Services- The services which are provided by the SME to its customers and client are helpful
in it gaining a competitive advantage over its competitors in the market.
Current level of demand and the competitive environment- The SME has high-level
of demand in the market because many customers and clients are willing to get their
events hosted properly and therefore this can be quite helpful for them in ensuring that
their events are successful (Puspaningrum, 2020). The competitive environment has high-
level of competition because there are many Event Management Companies which are
competing with Broadsword Event House.
Growth and Development of the Business- Growth and Development of the Business
has to be done by ensuring that the SME has to focus at organizing of large-scale events
in the Corporate Sector which will help it in channelizing its growth as its level of
profitability will be enhanced in the market (Quartey and Oguntoye, 2020).

Challenges of managing and running the business- The challenges which are
associated with managing and running the SME are explained as follows-
The employees of SME have to continuously update their skills and competencies which will
enable them to be able to meet out the particular needs and requirements in the market in a
proper manner (Schaefer and et.al., 2020).
There are a lot of dynamic changes taking place in the Business Environment in this sector.
Therefore, it is a requirement for the SME to make sure that all the appropriate adjustments
can be made in a proper manner which will thus help in ensuring that the SME is able to
progress further in the market.
The market here is quite innovative in nature and regularly requires the Businesses to make
sure that they are able to update themselves according to the changing needs and
requirements. Therefore this is a big challenge in front of the enterprises which are operating
in this particular sector and thus for the SME it is a challenge which it has to face.
The market of Event Management has already existing competitors in the market and
therefore in this way this poses a big challenge in front of the Businesses as they have to
frequently change their prices which are charged by them and also change their policies so
that they are able to sustain in the market. For the SME it is a big challenge which it has to
face within the market.
In the Event Management Market a lot of new entrants can enter into the market which
therefore poses a big challenge in front of the Businesses. Therefore it can be said that for the
SME it is a big challenge because with the entry of new entrants in the market a lot of
changes are required to be made in the policy and terms and conditions of the business which
therefore will help the Business a lot.
The Event Management sector requires the Businesses to come up with innovative marketing
strategies which can help them a lot in ensuring that they are able to use the right approaches
and methods through which they can attain the wide range of marketing goals and objectives
in a proper manner. For the SME it is quite important that it is able to ensure that it is able to
make the use of aggressive marketing and promotional strategies so that it can effectively and
efficiently manage its operations. This can be done by targeting the new customers through
the use of these strategies.
Current Growth and Development Strategy of SME-
The Current Growth and Development Strategy of Broadsword Event House focuses on
ensuring that the events are organized in the different types of locations so that the
popularity of the business will increase and thus this will be quite helpful in ensuring that
the business is able to attain Growth and Development in a right way in the future (Wang
and et.al., 2021). The Growth and Development Strategy of SME is explained as follows-

Broadsword Event House will be focusing at organizing more events as per the needs and
requirements of the customers and clients (Widayani, Astuti and Saifi, 2020). For this the
management will put its focus on ensuring that the SME is able to focus at the events in a
proper manner and organize them quite effectively and efficiently.
Broadsword Event House will put its focus on ensuring that the different locations are
targeted for the purpose of organizing the events. This is essential because this will help in
ensuring that the customers and clients are targeted accordingly and thus the management is
able to ensure that they can help in meeting out the particular needs and requirements in a
proper manner effectively and efficiently.
Broadsword Event House will make sure that it able to target the different types of customers
and clients by ensuring that it targets an expansion of the wide range of services which are
provided by it to them. This will be quite helpful in ensuring that the company can meet out
the broad range of needs and requirements in a proper manner which will be quite helpful for
satisfying the customers and clients and thus will help in getting a positive review from them
so that a strategic and competitive advantage can be attained over the competitors in the
market.
Broadsword Event House will ensure that it makes the use of innovative approaches which
will help it in bringing Innovation in the way it organizes the various types of events.
Therefore, in this way it can be said that the use of these particular approaches will be quite
helpful in ensuring that the company is able to attain the particular goals and objectives in the
future.
Thus, this is the main Growth and Development Strategy which will be used by
Broadsword Event House in order to make sure that it is able to satisfy its customers in
the long-run.
Government support measures-
There are a wide range of Government support measures which can be taken by the
Government which will enable the SME to be able to make sure that it can deal with the
various challenges which it has to face in the market. A detailed explanation of these
measures is given as follows-
The Government of UK provides all the required information related with support provide to
Small Businesses on GOV.UK website. On this website, all the relevant information which is
concerned with these businesses is available which can help a lot in ensuring that the
Government is able to ensure that the Businesses are able to access all of the required
resources.

Due to the impact created by the COVID-19 pandemic, the Government of UK is also taking
all the possible measures through which the Small Businesses can be supported. This will
help in ensuring that the impact of the pandemic on these Businesses is reduced and they are
able to earn higher-level of profits in a proper manner.
The National Business Support Helpline has been created by the Government of UK which
will be helpful in ensuring that all the required support can be provided to the Businesses.
The Government of UK is also providing Local help for business which is quite helpful in
ensuring that the Businesses are able to ensure that they can effectively and efficiently use it
for the purpose of targeting the required level of growth in the future.
The Government of UK is providing Financial Support to the SMEs which are quite helpful
for them in ensuring that the wide range of financial goals and objectives can be attained in a
proper manner. This will be helpful for the SMEs so that they are able to ensure that they can
fulfill a wide range of needs and requirements related with the Business.
Recommendations- It is recommended to the management of Broadsword Event House
that it is able to make sure that it identifies the way in which the management of its
business has to be carried out. This will be quite helpful for it to be able to ensure that the
management of the different types of needs and requirements which are related with the
business can be done in a proper manner. Therefore, it is important for the managers of
the organization that the management of the work can be done quite effectively and
efficiently in the future by taking a right approach.
CONCLUSION
From the above report, it can be concluded that Managing small and medium enterprises
is a task which requires making the use of specific strategies. It is important for the Businesses
that they can make the use of these strategies appropriately. Therefore, it becomes quite
important that the Businesses are able to ensure that they can make the use of these strategies
which will help them a lot so that they are able to grow effectively and efficiently in the future
and are able to target a higher-level of profitability.

REFERENCES
Books and Journals: