Business Growth Strategies for The Glitter Furniture Company Report

This report provides a comprehensive analysis of The Glitter Furniture Company's growth strategy, covering various aspects of business development. It begins with an executive summary and introduction, outlining the company's objectives and the scope of the analysis. The report then delves into Task 1, exploring Porter's generic strategies, PESTLE analysis, and the evaluation of growth opportunities using the Boston Consulting Group (BCG) matrix, the GE/McKinsey matrix, and the Ansoff matrix. The Ansoff matrix is used to analyze the company's products and markets. Task 2 assesses potential funding sources, including bank loans, crowdfunding, and venture capitalists. Task 3 focuses on developing a detailed business plan, while Task 4 discusses potential exit strategies. The report also examines the company's competitive advantages, the use of strategic frameworks, and the stages of product life cycles. The report is a complete analysis of the company's growth strategies, funding options, and exit strategies.

PLANNING FOR
GROWTH
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EXECUTIVE SUMMARY
The report briefly presented the growth strategy of The Glitter Furniture Company, a
London-based furniture consulting company. Task 1 discusses about Porter's overall strategy
& growth strategy from the PESTLE analysis by The Glitter Furniture Company then there is
the evaluation of the best growth opportunities by the Boston Consulting Group parent & the
GE / McKinsey parent. Explain the brief history of these two matrices & list the main
differences between them followed by Ansoff matrix to analyze The Glitter Furniture
Company products & markets (Adyana & Hanani, 2020). This matrix examines existing &
new product markets. In order to manufacture new products, the life cycle is analyzed from
introduction to stop. What follows is a critical analysis of growth options & pathways & the
risks associated with each option & how to mitigate them. Task 2 Conduct a detailed
assessment of possible sources of funding available, such as bank loans, crowd funding, peer
loans, angel investors, & venture capitalists. The advantages & disadvantages of each method
were discussed in detail, & recommendations were made to The Glitter Furniture Company in
order to tailor appropriate funding sources for business expansion & new product
development. Next is Task 3, in which a simple, detailed & consistent business plan is
developed, which includes financial, strategic goals, & methods to achieve the goals. In Task
4, if the business performs poorly, discuss various exit strategies, such as family inheritance,
bidding, sales of business, management buyouts, franchising, & initial public offerings, &
make recommendations based on this business happenings.
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INTRODUCTION
The growth of a company, whether it is small, medium or even large, is vital to the
long-term existence of the organization. SMEs are usually defined as small & medium-size
companies with fewer than two fifty workers. The European Union defines SMEs as
companies with fewer than two fifty representatives, a turnover of less than fifty million
euros, or a balance sheet of less than forty three million euros. When a business plans to
expand or develop its organisation in the national or international market, it needs to plan for
several aspects, such as resources, capital, & products (Birkin, Clarke & Clarke, 2017). The
task discussed the development strategy of The Glitter Furniture Company, an independent
furniture company based in London. The Glitter Furniture Company is looking for
commercial organizations with high-quality interior design & furniture that best fulfil their
needs of all budget sizes.
TASK 1
Analysing essential considerations for evaluating opportunities of growth & justifying these
considerations within a context of company
The expansion of an organization, whether in terms of scale or profit, is called
growth. Growth opportunities are multiple elements that any organization must consider
before formulating a growth strategy, including competitive advantages, required resources,
& impact on customers. Competitive advantage refers to the factors that enable an
organization to create products or services that are better or more profitable than competitors.
By creating bespoke products & sourcing from more than 500 furniture manufacturers, The
Glitter Furniture Company has opened up a niche market for itself. The Glitter Furniture
Company must determine a suitable growth opportunity to expand its business. In order to
determine appropriate growth opportunities, competitive advantages & growth
options/strategies (cost leadership, cost focus, differentiated focus, & differentiated
leadership) should be reviewed before making any decisions. The furniture business is geared
towards large companies & organizations & was established in 1997. Therefore, they have
the resources to finance the business. However, they can seek other financing options to gain
some reserve capital & the expansion experience of financial institutions. In addition, before
evaluating growth opportunities, they should consider whether their business is suitable for
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expansion & whether they have the resources to finance growth. The analytical framework is
a strategic planning tool that helps assess a company's growth opportunities & make plans.
The Glitter Furniture Company long-term strategic planning can be completed through
Boston Consulting Group's Product Portfolio Matrix (BCG Matrix). The BCG matrix was
originally developed by Bruce Henderson in 1970 for the Boston Consulting Group. The
matrix examines the company's investment portfolio from two dimensions: industry growth
rate & relative market share / competitive position (Cleberg, 2019).
Cash Cow
Cash Cow is a low market growth product, but we have a relatively large market
share. The Glitter Furniture Company Cash Cow is an office table, a chair, a sofa, a dining
table, reclining & a bed & bedroom accessory (Cobetto, Aubin & Parent, 2018).
Star
Start is a product or service with high market growth. Practical fire has established a
market growth in furniture offices & hospitality sectors. However, because competition is
relatively high, we need to provide quality, unique design & competitive price environments
(De las Rivas Sanz & et. al., 2020).
Question mark
These products have high market growth, but the company has a relatively low market
share. Construction work, lighting, acoustic & ancient products have the possibility of
growth. The Glitter Furniture Company can invest more in these segments to allow growth
opportunities in the future (Deng, Ma & Zhang, 2017).
Dogs
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These are products with low growth products & low market share, & people should be
abolished to avoid losses. The Glitter Furniture Company dogs are furniture for children,
garden accessories & accessories. Organizations can be planned to eliminate these product
lines. Thus, BCG Matrix reviews the current commercial strategy, gives the product address
for the product for the practice of furniture, or interrupting or developing. The matrix GE /
MCKINSEY is a strategic planning tool that helps organizations gives priority to investment.
The force between nine segments & the attractiveness of the market was designed by
Mckinsey & groups of consultants of the company in 1970. The GE / McKinsey matrix has
greater dimensions than BCG matrices to provide robust data measured in several dimensions
(Di Tommaso et. al., 2019).
Evaluating the opportunities for growth using Ansoff’s growth vector matrix
Organizations must continually analyse the market & assess growth opportunities to
maintain their own development in a highly competitive world. The Ansoff Growth Vector
Matrix is defined as a strategic marketing planning method used to design future growth
opportunities for the company in terms of market penetration, market development, product
development, & diversification (DODDSDIMANCHE & SADOWSKI, 2018). Listed below
are The Glitter Furniture Company’s strategic plans through product & market assessment:
Ansoff's Matrix recommends continually innovating products to capture customer
interests, improve brand trust & loyalty from existing customers, acquire new customers
through strict advertising & open up new markets in the UK & overseas. . The Ansoff matrix,
also known as the Product / Market Expansion Grid, is a tool used by companies to review &
plan their development strategies. The matrix shows four processes that can be used to enable
companies to develop & disaggregate the risks associated with each method. The advantage
of the Ansoff matrix is that in addition to suggesting potential growth strategies, it also
considers the risks & opportunity costs associated with each strategy. It is better presented to
stakeholders & provides more of a growth & development strategy for the organization
(Freire, Trigo & Friedmann, 2020).
However, some of the shortcomings of the Ansoff matrix are that it is only a theoretical
model & does not consider reality & unforeseen changes in the market. Due to the multiple
proposed growth & development options, it can also generate conflicts between stakeholders.
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 Market Penetration: This method emphasizes the use of existing products in existing
markets & increases product coverage in existing markets by using techniques such as
increased advertising to attract new customers.
 Product development: In product development, organize design & launch new
products in today's market. This strategy is adopted when the organization has a firm
understanding of the market.
 Market development: In this strategy, the organization introduces its existing
products into new markets. Businesses can try to enter new regions, or existing
products can serve new customer groups (Gualini, 2018).
 Diversification: Adopt a diversification strategy when the company enters a new
market with new products. Although this strategy is also the riskiest, it is also the
most profitable technology.
If the company decides to adopt these strategies & methods The Glitter Furniture
Company has many products suitable for different customer groups. Therefore,
diversification is not desirable for them. They may seek market development or product
development. By introducing its existing products into new market segments & new regions,
the company can expand its scope of influence in a variety of ways. At the same time, unique
& innovative products not available to competitors will also help The Glitter Furniture
Company increase its market share in the existing market. Whenever a new product is
introduced to the market, it goes through four stages from launch to removal: introduction,
growth, maturity & decline (Hassan & Liu, 2018). These stages are listed below:
 Introduction: This is the stage when a new product is introduced to the market. The
Glitter Furniture Company can launch new products, such as new designer tables,
sofas, lighting, interior design models, & provide low entry prices to capture customer
interest.
 Growth: Once customers show interest & start buying new furniture & keep a new
catalogue for interior design, The Glitter Furniture Company can produce more new
products & designs & earn considerable profits (Hassanpour & Giti Nejad, 2020).
 Maturity: At this stage, the elements & design will be saturated. Competitors will try
to replicate the project, & The Glitter Furniture Company must insist on quality &
continuous innovation to maintain a competitive advantage.
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 Decline: At this point, customers lose interest in the product & sales begin to decline.
At this stage, The Glitter Furniture Company can stop producing these products &
focus on other new products & innovative designs.
The Glitter Furniture Company needed to increase social media advertising & explore
new product lines for old designs & projects in new locations.
Discussing the choices for growth applying a range of analytical frameworks to show the
understanding of competitive advantage within a context of an organization
The strategic framework is an exercise model that constitutes the general strategy of
the association or department. It serves as a foundation for internal & external stakeholders,
setting priorities & activities as important drivers or pillars, as a springboard to achieve long-
term goals or objectives. A strong framework is optimistic, designed to motivate & motivate
stakeholders & shows how the association strives to achieve its vision, purpose, or objectives.
The success of an organization depends largely on the ability of the company to offer better
products than its competitors & maintain a competitive advantage in the market. Resources
are the assets of a company, which can be money, technology or labour. Competition is the
ability of an organization to use its resources to achieve excellent results. Capability is the
integration of the ability to provide customers with unique products & solutions (Hu, Huang
& Li, 2019). The Glitter Furniture Company has excellent suppliers, architects, brands &
internal service networks, which form the competitive core of organizational capabilities, &
can provide unique solutions to meet customer needs from installation to after-sales services,
thus providing advantages in competition. An organization's growth opportunity can be
determined by Porter's overall strategy, which defines competitive advantage through three
methods: cost leadership (competitive pricing), differentiation (unique products & services),
& focus (cost & cost of segments specific market).
PESTLE analysis is used to find growth opportunities by analysing macro-environmental
factors that affect the business. The specific operations are as follows:
 Political: Political factors affecting The Glitter Furniture Company are tax rates,
political stability, employment rates, national laws & legislation for business
operations, import & export regulations.
 Economy: The economic factors are inflation, currency exchange rates & economic
recession. BREXIT brings uncertainty to individuals who want to reduce costs &
other business units operating in the UK.
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 Society: Social factors are changing fashion trends & customer preferences, cultural
behaviour, attitudes & seasonal sales. The Glitter Furniture Company has a wide
range of products & designers, who constantly update their products to meet the
interests of customers.
 Technology: Changing technological factors affect The Glitter Furniture Company
Organizations must keep up with the times & encourage employees to learn about the
latest trends (Irina, 2020).
 Law: Government policies such as labour wages, insurance, discrimination laws,
workplace safety regulations, & vacation policies are all legal factors. The Glitter
Furniture Company offers competitive salaries, health insurance & prevents
discrimination in the workplace.
 Environment: Regulations dealing with waste, pollution & availability of raw
materials are environmental factors affecting The Glitter Furniture Company (Jian,
2021).
Critical evaluation of particular options & pathways for growth, considering into account the
risks of every option & how they can be reduced
Br& trust is the key for organizations to retain existing customers, acquire new
customers, & grow in a competitive world. The Glitter Furniture Company can increase
brand trust by ensuring the quality of products & services, encouraging customer feedback,
acting responsibly & constantly innovating. The risk associated with innovation is that people
have the interest & attitude to adapt to it. According to the innovation diffusion theory,
innovation does not happen suddenly, but depends on the characteristics of people who adapt
or not (Katsarski, 2020). People are divided into five categories: innovators (people who are
interested in new ideas & adapt early), early adaptors (People who accept change), stubborn
& give comments), early public (people who will adapt after seeing evidence of innovation),
late public (only when most people adapt to new ideas & products will adapt to them), &
laggards (Conservatives & change sceptics).
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TASK 2
Assessing the competent sources of funding available to organizations & discussing benefits
as well as disadvantages of every source
Before investing in a new business, you need to accurately assess the benefits that can
be obtained over time. The Glitter Furniture Company can assess this through the payback
period or net present value calculations. The payback period estimates the time required to
recover the initial investment in a new product or department. The calculation formula for the
payback period when the cash flow is an annuity is. The payback period = initial
expenditure/annuity payment. If the cash flow is uneven, the annual cumulative cash flow
should be calculated, for example: payback period = negative year cumulative cash flow (A)+
(absolute cumulative cash flow at the end of period A/total cash flow after period A) It is
necessary to calculate the return on investment of 2 years, 5 years or 10 years. If the
investment can be recovered within this period, The Glitter Furniture Company may consider
new projects; otherwise it will cause a loss of. The net present value will give the present
value of future cash flows, including the initial investment amount (Kinossian, 2018).
Rt is the net inflow/outflow of cash in a period, i is the discount rate, & t is the
number of periods. Consider items that show positive net present value; otherwise, they need
to be discarded. In order to expand the business, funds are needed. Different types of funds &
their advantages & disadvantages are discussed as follows: The organization is constantly
looking for sources of financing to develop its business financing, called financing, refers to
the behaviour of helping the project, the company, or the need trough’s asset contribution. It
can initiate financing for short-term or long-term purposes (Lee & Jung, 2020).
No Funds Benefits Drawbacks
1
Bank loan
Bank loan Monthly amortization of
principal & interest.
1. Fewer interest rates
2. Could maintain
control over business
1. Involves huge time
2. Needs collateral to
mitigate the risk
2
Crowd funding
Internet exchange of innovative ideas
& fundraising.
1. Could get funds fast &
easy
2. Network expansion
1. Threat of losing
br& image
2. Public display of
ideas result in
competitors copying
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3 Peer loans
Internet risk assessment interface
level of companies & investors
1. Could acquire loans at
fewer interest rates
2. Cheap accessibility
1. No chance of
insurance or
government
protection
2. Huge credit risk
4 Angel investor
Investor Independent, if you wish
Your own ideas can invest in
companies.
1. Less risky 1. Hard to get
focus over tiny
projects
2. Loss of control
over business
5 Venture capitalists
Private equity investors who can
help new business or expansion
(Matias & Franco, 2020).
1. Valuable direction
2. Expansion opportunity
1. Long period to wait
There is a chance of
losing management
control.
6 Government start-ups
The UK government provides
funding in a variety of ways,
including grants for Innovation, 6%
1. Less risk
2. Low-interest rates
3. Tax benefits
1. Long process to
qualify for loans.
7 Start-up Loans,
Small Business Grants Small
Business Grants are different from
loans because the business does not
need to pay them back.
1. No risk 1. Less amount
2. Entire money
needs to be invested.
Evaluating competent sources of funding as well as justification for the acceptance of an
adequate source of funding for a provided business context
The expansion of digital networks has narrowed the gap between geographic
boundaries & brought more connections between people. In addition to traditional financing,
organizations can also share ideas online & easily obtain funding for new products or
business expansion. Bank loans remain a traditional way of obtaining funds for companies,
which can be repaid along with interest within a specified period. But obtaining bank loans is
very difficult, because if the authorities believe that the business does not show potential, the
bank will not assume any risk. Also, there are many regulations that must be followed & they
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need collateral to issue loans. Crowd funding is the process of raising funds from a large
number of stakeholders by sharing new designs, products & catalogues on the Internet
(Mazzarol & Reboud, 2020).
Critical evaluation of competent sources of funding with justified argument for the
acceptance of a specific source or mix of sources, dependent on business needs
The Glitter Furniture Company can apply for funds by sharing your new product ideas
& interior design on a peer-to-peer platform to ensure your repayment ability. They can then
get funding from investors who are interested in their ideas. Once the business expands &
profits are made, the organization can begin to repay loans & interest to investors. This
approach is advantageous because The Glitter Furniture Company can raise funds directly
from investors without intermediaries. In addition, the interest rate will be much lower
compared to traditional bank loans that can be easily repaid (Moyle & et. al., 2020).
TASK 3
Designing a organizational plan for growth that comprises of financial data & strategic
targets for scaling up a company
A business plan is an official document that determines the company's goals,
establishes the company's strategic direction, & determines the methods & deadlines for
achieving the goals. The business plan must be accurate & promising so that when it is
presented to investors, they will be eager to invest in the business (Namada, 2020).
Executive Summary
The Glitter Furniture Company is an innovative design-driven furniture consulting
company that has the best supply chain & helps provide customers with the best interior
design, furniture & after-sales service. They have the best network of designers, br&s &
architects, where customers can find comprehensive solutions that suit their needs, from
installation to after-sales service. The core value & ethics of The Glitter Furniture Company
is to achieve the highest quality without affecting the customer's design wishes. The
organization provides unique & practical solutions to meet customer needs through the best
supply chain. The Glitter Furniture Company is an independent furniture organization that
provides non-professional wholesale designer furniture to the corporate world. Founded in
1997, the organization carved a foothold in the UK furniture market &, with the help of its
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network of over 500 furniture manufacturers, offers customers tailor-made furniture
solutions. They specialize in contract furniture, office furniture, hotel furniture &
construction of rental furniture. They provide clients with furniture advice to meet their
specific needs & then manufacture products to specification. They also provide quality after-
sales service to ensure customer satisfaction. Total revenue from The Glitter Furniture
Company in 2019 was US $ 51.85 million. In addition to London, it also has offices in
Manchester & New York. Due to its employee-centric approach & commitment to enhancing
employee engagement & well-being, The Glitter Furniture Company Limited is also ranked
10th in the Sunday Times' 10 Best Small Companies to Work For. Strategic goals are the
long-term business goals of an organization, generally aimed at improving profitability,
launching new products, & expanding the business. The Glitter Furniture Company’s
strategic objective is to open markets outside the UK & expands the project to commercial
projects such as resorts, spas, shopping centres & theatres. They hope to provide world-class
interior, furniture & work space designs with the best quality & extend the lasting
relationship with customers by providing after-sales service
Company’s Background
The organization currently has more than 46 employees with a growth rate of 25.5
percentage of hiring in the past two years. Managers from different departments such as
finance, human resources, operations, marketing, & customer service report to the board of
directors & manage the employees who work with them. The organization promotes a flat
structure of mutual cooperation.
Products & Services
The Glitter Furniture Company provides unique furniture such as chairs, tables,
lockers, multimedia, lighting, room audio, bedroom accessories & children's furniture. The
company has collaborated with various designers & architects to provide quality designs.
Vision
The Glitter Furniture Company's vision is to become the most trusted & popular brand
for customers.
Mission
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The Glitter Furniture Company's mission is to provide the most thoughtful &
innovative furniture & interior design that best suits customer requirements, & to promote
long-term relationships with all customers.
Competitor Analysis
Competitive analysis is the process of an organization identifying its main
competitors & evaluating its products, services, & marketing methods. The Glitter Furniture
Company Limited’s closest competitors are Office Inspirations, National Project Groups &
Munson Business Interiors; these are the wholesale business focused on office furniture. All
the competitors of The Glitter Furniture Company have adopted active strategies to promote
their products, leading to fierce market competition (Owen & Taylor, 2020).
Marketing Strategy & Pricing Strategy
Marketing strategy refers to the company's overall strategy for reaching customers
who are imminent buyers & turning them into products or services provided by the company.
The Glitter Furniture Company Limited currently uses profitable methods to market its
products. They work with architects & designers to promote & sell their products. However,
they need a broader marketing strategy to increase product awareness & sales. With the huge
increase in the number of online subscribers, The Glitter Furniture Company is able to exp&
online sales. Additionally, commercial & office buildings require more flexible workspaces.
The company can provide people with a design that can share workstations rather than
separate compartments. The Glitter Furniture Company can enter the market to make bigger
furniture for obese people & make more environmentally friendly products to meet the
growing demand. The Glitter Furniture Company's pricing strategy should be competitively
priced for mass merchandise. However, for sustainable furniture & customized products, they
can demand higher prices. The Glitter Furniture Company can provide products at a price
slightly lower than the market value & offer discounts to regular customers. They can expand
their network on social media & promote their products through video clips. Companies need
to contact customers & encourage interaction with them through direct or telephone feedback
& take corresponding actions. They can provide additional discounts for loyal customers &
seasonal offers (Pizzitutti et. al., 2017).
Operations Plan
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The Furniture Business Department has a team of in-house project managers &
operations professionals who are responsible for all aspects of any project, from furniture
delivery to installation. In order to optimize its operations & provide comprehensive support
to its customers, the furniture business will streamline its operations by sourcing sustainable
products from local furniture manufacturers, continually monitoring & tracking their orders,
& ensuring easy access to final products for the clients. The Glitter Furniture Company will
establish stronger connections with your furniture manufacturers & help them provide
innovative ideas & financial assistance to improve their operations, thereby optimizing The
Glitter Furniture Company inventory operations & management (Prezioso, 2020).
Financials Plan
Backup plan
Along with the disaster recovery plan, the backup plan includes a comprehensive &
inclusive business development plan, which is a framework for the association to defend
against cyber-attacks & restore damage to its business, reputation & information from zero to
negligible. The Glitter Furniture Companies from reputable companies that outsource
services will be adopted to develop business continuity plans, with sufficient knowledge &
resources to develop robust business continuity plans (Rudolf, Kienast & Hersperger, 2018).
TASK 4
Assessing exit or succession plans for a small organization discussing the benefits &
disadvantages of every option
An exit strategy is an emergency action plan implemented by an organization to
liquidate positions in currency resources or dispose of a large number of business assets after
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reaching or exceeding predefined measures. Companies always start with a passionate idea to
promote the selected product line & continue to develop over time. But in some cases, the
company may fail for some imminent reasons, which may be internal or external. Internal
reasons may be poor management, insufficient marketing, & lack of knowledge, innovation
or capital. External factors may be economic recession, social & legal issues, business
competition & Brexit. An organization must have a strategy for going out of business in the
event of a failure (Schatz, 2017).
Mergers / Acquisitions
The merger or acquisition of a company is done with another company or the
acquisition of another company with a similar product line. The benefits of mergers &
acquisitions are to increase market share & reduce operating costs, while avoiding
duplication of products in the market. On the other h&, employees may be laid off, different
organizational cultures will cause poor communication between employees, & product prices
may rise due to less competition.
Initial public offerings
Public offerings of shares are called initial public offerings or initial public offerings.
Large amounts of funding, advertising, & company reputation are several of the advantages
of adopting an initial public offering. However, the need to publicly share sensitive
information, loss of management control, & long wait times are its downsides (Tsatsoula,
2018).
Liquidation
Liquidation is the suspension of the business & the sale of assets. It is conducive for
business owners to make money & settle all debts, but the employees are unemployed & the
owners need to settle the loans; otherwise, they will assume responsibility for personal
administration acquisitions. Selling business to internal employees is called a management
buyout. Employees already understand the business, customers, & requirements, & can run
the business in the right direction. It is also easy to organize & simple. However, you cannot
raise enough funds internally.
Selling businesses
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Selling businesses to a third party on the open market is another exit strategy. The
new management can introduce new ideas to effectively manage the business &, if the brand
equity is still preserved, it can make great profits through sales, which are some of the
advantages of this strategy. Loss of employee motivation & loss of the company's initial trust
in the brand are some of the shortcomings associated with this strategy.
Franchise
Franchise gives other persons or groups the right to use your combined name &
image to sell their products, which is called a franchise. The benefits of adopting this strategy
are easier access to loans, lower risk, & more innovative ideas. However, the initial
investment can be high & the organization needs to share financial information with other
companies.
Family inheritance
Family inheritance is the transfer of property to family members. Work flexibility,
greater commitment, cost reduction & similar management methods are some of the benefits.
On the other h&, family conflicts can lead to conflicts in business objectives & family heirs
may not be interested in business (Vorobec & et. al., 2020).
Therefore, in the event of a business failure, The Glitter Furniture Company can
safely go out of business without incurring a loss, so there are multiple exit strategies
available.
Evaluating exit or succession plans for a small organization comparing & contrasting the
choices as well as making authentic recommendations
Entrepreneurs build businesses with a passion for developing a vision, adapting to
market trends, & continuous development over time. But sometimes they want to continue
pursuing different goals, retire or sell unprofitable businesses. In this case, The Glitter
Furniture Company has a variety of exit strategies to safely exit the business without causing
losses. These strategies depend on whether the business should continue to operate after the
owner leaves, transfer to family members, or retire completely. By evaluating the business
based on profit & market needs, you can choose a suitable strategy. The Glitter Furniture
Company was established to provide the most thoughtful, innovative & high-quality furniture
to meet consumer preferences for all budgets. They redefine their business value through
rigorous market research & development of latest items & adding value. But in some cases,
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even after careful planning, companies may fail. In this case, The Glitter Furniture Company
must prepare an exit strategy to safely close business (Wang, 2019).
Providing critical evaluation of the exit or succession plan for a small organization & decide
an proper course of action with justified recommendations to assist implementation
As people demand more comfortable working spaces & accessories, The Glitter
Furniture Company is a growing organization that has a great demand for furniture both in
the UK & abroad. Therefore, there is no need to sell the entire business to a third party or
liquidate it. If the owner wishes to retire, if family members are interested & have experience
in running a business, he can plan family succession. Therefore, the company can stay within
the family & operate with the same values. If they cannot choose family inheritance, they can
also plan to buy from the government. Here, existing managers can buy the business &
operate it effectively. But this way the company would not generate money for expansion
(Zhang, Li & Guo, 2017).
CONCLUSION
The Glitter Furniture Company can expand its product range to include
environmentally friendly & comfortable designs for domestic & commercial projects, explore
markets outside the UK & seek venture capitalists, peer loans & other traditional fund
markets. If the business is not doing well, they may adopt exit strategies such as mergers /
acquisitions or initial public offerings to keep the business running or liquidate in the event of
serious losses.
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