Marshfield Bakery: Analysis of Growth and Funding Options

This report provides a comprehensive analysis of growth strategies and funding options for Marshfield Bakery, a medium-sized bakery business. It begins with an examination of key considerations for growth opportunities, emphasizing the importance of resources, core competencies, and capabilities. The report then evaluates growth opportunities using the Ansoff Matrix, exploring market penetration, product development, market development, and diversification strategies. It also critically assesses potential sources of funding for SMEs, including bank loans and angel investors, weighing their benefits and drawbacks. The report concludes with a business plan for Marshfield Bakery, outlining strategic recommendations for future growth and development, and a critical evaluation of different exit and succession options for the SME owner. The analysis incorporates PESTLE analysis to identify external factors influencing the business and provides actionable insights for sustainable business expansion.

Planning for growth

Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
1.1 Analysis of key considerations for growth opportunities......................................................1
1.2 Evaluation of growth opportunities using Ansoff Matrix......................................................4
1.3 Critical evaluation of potential sources of funding for an SME............................................5
TASK 2............................................................................................................................................8
2.1 Business plan.........................................................................................................................8
TASK 3..........................................................................................................................................12
3.1 Critical evaluation of different exit and succession options for an SME owner.................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14

INTRODUCTION
Planning for growth is an important managerial function that involves identification of
business growth opportunities based on external environment analysis for maximisation of
revenue and profits and making investment into resources for leveraging the growth
opportunities (Kumar, 2016). Marshfield Bakery Limited is a medium-sized business
organisation which was founded in the year 2005 and the company has its registered office in
Chippenham, Gloucestershire, United Kingdom. The company provides a wide range of bakery
products that are home-manufactured with promising quality such as cookies, handmade cakes,
biscuits, snack bars and a range of other seasonal products. In the following report, an attempt is
made to determine the key considerations for an SME for evaluation of growth opportunities
using analytical frameworks such as Ansoff Matrix. The report also evaluates various sources of
finance and exit options available for SMEs. The report also presents a business plan for the
management of Marshfield Bakery for future growth and business development.
TASK 1
1.1 Analysis of key considerations for growth opportunities.
Growth opportunity can be termed as an area or direction of strategic future growth where
an investment is made by a business organisation in the anticipation of earning better revenue
and profits in future (Bi, Davison and Smyrnios, 2017). In the context of a SME business
organisation, identification and evaluation of growth opportunities is a very crucial function of
the management primarily because of the extent of competition faced by these organisations
from large corporations. Evaluation of growth opportunities to build and offer a diversified range
of products or services ensures and enhances the competitive position of a SME in its industry
and ensures that the business organisation doesn’t lose its market favourability and
supportiveness in the transit process. The following considerations should necessarily be made
by the management of an SME before expanding their business organisation:
Resources: Essentially, every business organisation consists of a combination of financial,
physical, human and other resources that are used to deliver goods and services to the potential
customers. Thus, expansion and growth opportunities for a SME also requires a substantial deal
of investment into acquisition of other resources along with existing resources and hence, a
business manager of SME should consider the resource requirements before expansion and
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development. Necessity of considering resources increases exponentially in case of SMEs due to
the limited investment and access to funds (Love and Roper, 2015).
Core competencies: Core competencies can be termed as the unique and distinct element
of an organisation that enables it to offer a high quality of exceptional service to the customers. It
acts as the unique selling proposition for an organisation. The management of SMEs needs to
consider and evaluate the core competency of the organisation to leverage it as a strength in the
future growth and expansion plans or strategies of the organisation (Weber, Geneste and
Connell, 2015).
Capabilities: It denotes the ability, skill and knowledge of a business organisation to use
the resources for offering goods and services that meet or exceeds the expectations of customer.
The management of SMEs needs to consider the capability of the organisation to determine
whether the access to resources can be leveraged by the organisation to establish a platform for
future growth and increase in the revenues. For example, prior to making any investment in
technology for business growth and development, the management of SMEs need to develop the
technical skills and knowledge of the employees.
PESTLE Analysis for Growth Opportunities:
It is tool of strategic change management that is applied by business managers to identify
and determine the impact of external environment and explore the key trends and changes in the
external environment of an organisation (Marmol and Feys, 2015). It can be used to determine
the growth opportunities for SMEs in the following manner:
Political factors:
It refers to the government policies or the extent of government intervention in a business
territory. Political factors can be considered to identify any growth opportunity by business
managers of SME.
Brexit and local expansion: Brexit have resulted into an opportunity for local business
owners and other SMEs to increase their sales and revenue by offering the existing range of
products in other markets which were earlier dominated by other European companies (Brown,
Liñares-Zegarra and Wilson, 2019).
Economic factors:
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These include factors such as labour rates, import-export taxes, rate of capital etcetera.
Economic factors present an opportunity for SMEs to provide high quality of products at high
prices due to a rise in the level of household income.
Cost leadership strategy: A decrease in the rate of interest for loans obtained by SMEs is
an opportunity to offer additional discounts and increase the revenue and profits.
Social factors:
Changing demands and trends in consumption behaviour influence the process of
decision-making by business organisations.
Product innovation: It presents an opportunity for the management of SMEs to cater to
these dynamic needs by innovative and developing products according to the needs and
expectations of the consumer that can be identified by conducting effective market research.
Technological factors:
Technological innovation and development in the past decade have been one of the most
significant factors presenting multiple opportunities for growth and development of SMEs.
Social media marketing: With the use of technology such as social networking and mass
media marketing, the management of SMEs can increase the potential customers and spread
information about the products and services being offered by the company to widely scatter
customers (Rodrigues, 2018).
Legal factors:
Legal factors such as rules and regulations with respect to production, manufacturing, trade
activities also present growth opportunities for small businesses.
Legal compliance: For example, compliance with the statutory and legal requirements
while product manufacturing is an opportunity for product innovation and maximisation of
revenue for the company.
Environmental factors:
Environmental protection and regulating the ecological balance are factors which present
an opportunity for SMEs to improve goodwill by decreasing emission of green house gases and
carbon footprints.
Eco-friendly products: With limited production investment, it is possible for the
management of SMEs to offer eco-friendly range of products in new markets to increase market
favourability and goodwill for business growth and development (Nulkar, 2014).
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1.2 Evaluation of growth opportunities using Ansoff Matrix.
Ansoff Matrix:
It is one of the most essential tools of strategic marketing that can be applied by business
managers to identify and evaluate the directions for strategic future growth by either launching
new products or tapping into new markets (Schawel and Billing, 2018). Four strategic directions
for growth identified under the Matrix are being evaluated for the management of Marshfield
Bakery in the following manner:
Market Penetration:
 Offering goods at more competitive
prices due to decrease in cost of capital.
 Using technology to increase
effectiveness of marketing and
promotions.
Product Development:
 Offering innovative goods as per the
desires and expectations of the
customers.
Market Development: Local expansion opportunity because of
Brexit.
Diversification:
 Eco-friendly products in new market
areas to increase market favourability
and supportiveness.
Market Penetration:
Under this strategy, a business organisation aims to increase the sales of existing products
in existing markets using tools of sales promotions. The management of an SME can use social
media marketing and other tools to increase information and create brand awareness. For
example, the management of Marshfield Bakery can use social networking websites such as
Instagram or Facebook for product promotion as a growth strategy (Berthon and et. al., 2012).
The company can also use low-cost strategy and offer additional discounts to maximise sales and
profits. It the option with the minimum risk for SMEs. Price-wars and retaliation are the only
possible risk in adoption of this strategy that can effectively be mitigated with the help collective
efforts on limited products or services instead of overall marginal efforts.
Product Development:
Under product development as a growth strategy, new products and services are launched
in the existing markets to increase revenue and profits. For example, based on analysis of healthy
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eating and nutritional needs of customer, the management of Marshfield Bakery can offer food
products that promote healthy eating habits among the consumer. Risk associated with this
strategy for SMEs includes failed innovation strategy and poor market performance which can be
managed to a great extent with the help of effective market research (Tsatsoula, 2018).
Market Development:
Under market development, an organisation offers the existing range of products and
services in new markets to increase the sales and expand the business operations. Every SME in
United Kingdom has the opportunity to expand nationally because of Brexit due to increasing
favourability for local and domestic firms. Similarly, the management of Marshfield Bakery can
expand nationally and tap new markets for business growth and development. It is more risky
option of business growth for SMEs considering the investment and financial resources required
(Navarro, Casillas and Barringer, 2012). Risk associated with market development for SMEs
involves lack of market knowledge and poor coordination that can be mitigated with the help of
effective management and in-depth critical analysis of the market situation.
Diversification:
It is the riskiest option for growth and expansion of small and medium-sized
organisations where the company offers a new range of products in new markets. For example,
the management of Marshfield Bakery can offer eco-friendly products manufactured with least
carbon emissions in new market areas for expansion and growth of business organisation. A
huge amount of investment and finance is involved in diversification strategies which increases
the risk associated with this strategic growth direction (Asrarhaghighi and et. al., 2013). The
management of SMEs can conduct field trials to mitigate the risk to some extent under this
strategy.
1.3 Critical evaluation of potential sources of funding for an SME.
Funding can be termed as the process of supplying and arranging financial resources by a
business organisation with a specific objective and purpose. Every opportunity for business
growth and development requires a significant deal of investment into fixed and other assets for
which funds are necessary and the process by which an SME arranges these required financial
resources is termed as funding. The various sources of funds available for the managers of an
SME are being evaluated as follows:
Bank Loans:
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Obtaining funds from bank is a common source of funding available to the management
of SMEs as every bank and financial institution these days has a separate department for
providing loans to SMEs based on their earning potential. Loans for short-term needs such as
working capital requirement or long-term needs such as acquisition of fixed assets can be
obtained from banks by providing a security and the annual amount of interest which is charged
by every bank at varying rates. Benefits and drawbacks of obtaining bank loans for SMEs are as
follows:
Benefits: It helps the owner of an SME to retain full control over the business operations without
any external intervention. It increases the market credibility of a small business organisation.
Drawbacks: Banks often require the personal guarantee of an owner of SME that results into risking
the personal wealth.
 Rate of interest charged by banks can reduce the profitability of business operations of
SME since they are fixed charges on organisation’s profits (Abraham and Schmukler,
2017).
Angel Investors:
Angel investors are people with large amount of money and wealth and who are willing
to invest money into the growth and development of an SME and usually demand equity in
exchange of money. These are people who build their portfolio by investing into diverse range of
business organisations and have the necessary technical and managerial skills to run and manage
a small business organisation. Process of obtaining funds from angel investors is being critically
evaluated as follows:
Benefits: Obtaining funds from angel investors is a very less time-consuming process as compared
to bank loans.
 These investors bring specialised skills and knowledge along with the money that can be
useful for business expansion and development of an SME (Dibrova, 2015).
Drawbacks:
 High extent of intervention and control dilution is a major weakness of angel investing.
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 Limited scope of additional investments in case of angel investing is another drawback.
Sale of fixed assets:
It refers to the funds acquired by a business organisation by selling a fixed asset which is
not central to the company’s operations. Benefits and drawbacks of this process are:
Benefits: It doesn’t involve any repayment obligation and can also meet the long-term needs of the
organisation depending on the size of asset.
Drawbacks:
 It can result into capital loss due to assets being sold at a lesser price than market value
(Curley, 2019).
Retained Earnings:
Every business organisation retains a part of its profit after payment of interest and
dividend that can be reinvested into the business for future growth and development which is
termed as retained earnings. Benefits and drawbacks of retained earnings as a source of finance
for SMEs are as follows:
Benefits: It doesn’t hamper the authority and controlling power of the small business owner. It is cost-effective as it is an internal source of finance without any charge on profits.
Drawbacks:
 It creates the risk of over-capitalisation for small and medium-sized organisations.
 Extensive retention of profits can lead to dissatisfaction of shareholders in the long-term
(Tirmizi and Ahmad, 2013).
Based on the above critical evaluation of alternative sources of funding available to SMEs,
the management of Marshfield Bakery can be recommended to use bank loans and retained
earnings for meeting the financial requirements of the organisation. Bank loans will ensure that
operational control and authority is not regulation and along with retained earnings, the fixed
charge on profits can be restricted within a desirable limit by the management.
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TASK 2
2.1 Business plan.
Business plan is a detailed written document that provides information about the goals and
objectives of a business organisation and the manner in which the organisation plans to achieve
these goals and objectives in a fixed timeframe with the help of its promotional and marketing
strategies (Finch, 2013).
SMART Analysis is an effective tool used for planning and attaining the goals of an
organisation. According to this tool, every goal of a business organisation should be SMART i.e.
specific (clear and precise requirements), measurable (elements for monitoring the progress and
attainment), achievable (with a reasonable efforts and inputs), realistic (taking into account the
skills, resources and competencies of the organisation) and timely (within a pre-determined
timeframe) (Bjerke and Renger, 2017).
The business plan for the management of Marshfield Bakery is being demonstrated as follows:
Executive Summary:
The following business plan provides information about the mission and vision of
Marshfield Bakery and takes into account the existing products and services that are being
offered by the organisation to determine a strategic growth opportunity based on key trends and
factors in the external environment of the organisation. The business plan also determines the
sources of funds which will be utilised for investing into the business growth opportunity and
provides a detailed financial information to assess the profitability and the viability of investing
into business growth opportunity.
Company Summary:
Marshfield Bakery Limited is a medium-sized business organisation which was founded
in the year 2005 and the company has its registered office in Chippenham, Gloucestershire,
United Kingdom. The company employs more than 80 people and the turnover of the company
in the year 2019 was £6.83M (Key data, 2019).
Products:
Marshfield Bakery provides a wide range of bakery products that are home-manufactured
with promising quality. The products offered by the business organisation include cookies,
handmade cakes, biscuits, snack bars and a range of other seasonal products as well that are
distributed throughout many areas in the United Kingdom.
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Market Analysis Summary:
Based on the analysis of market trends and the factors in the external environment of
Marshfield Bakery, it can be summarised that there are many growth opportunities that can be
considered by the management of the company. It includes making use of technological
developments, offering new innovated products and expanding to different markets domestically.
Technology has disrupted operations in every industry and with the help of using digital
marketing technology, the management of Marshfield Bakery can promote the sales of the
company. It has also been observed that consumers’ preference for healthy and nutritional
products is increasing that presents a business growth opportunity for the company. Brexit has
opened an opportunity for the organisation to offer its products more extensively in different
market areas domestically for growth and development of the business.
Strategy and Implementation:
1. Using social media tools such as Instagram and Facebook to generate more leads digitally
and increase brand awareness: To increase the number of leads generated digitally by 12% in the next 12 months with
the help of social media marketing and social networking websites such as Instagram and
Facebook.
2. Due to a decrease in the cost of capital, the management of the company can offer additional
discounts to attract more customers and increase customer base: To increase the lead conversion ratio for both online and offline sales by 25% in the
period of next 18 months using tools of sales promotion such as discounts on first-
purchase, cashback offers and customer referral bonus.
3. The management of Marshfield Bakery have the strategic option to offer existing products and
services in new market areas which were earlier being dominated by other European companies
to increase sales and revenue: To increase sales by opening new stores in new market areas by 12% in the period of
next 12 months.
4. A range of new products can be offered by the management of Marshfield Bakery considering
the consumer preference for healthy eating and nutritional products such as nutritional snack
bars or oatmeal cookies:
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 To increase the sales of the company by 5% with the help of making additional sales in
new innovated products that also promote healthy eating habits among United Kingdom.
Financial Plan:
For making investments into the above mentioned strategis for business growth and
development, financial requirements worth £20,000 are expected that will be used for different
activities such as R&D costs, marketing and sales promotion expenditure, product development
costs etcetera. A loan worth £10,000 for a period of five years will be taken from the bank and
retained earnings worth £10,000 will be used for meeting the financial requirements of the
business growth opportunity. A detailed financial plan is being presented as follows:
Marshfield Bakery Ltd.:
Financial Plan:
INVESTMENT (in £)
Research and product development
costs:
4,000
Production equipment costs: 8,000
Marketing and promotions expenditure: 5,000
Training and development: 3,000
Total cost of the project: 20,000
Depreciation to be waived off annually
for a period of 5 years:
4,000 per
annum
Sources of funds:
Retained Earnings: 10,000
Term Loans for 5 years: 10,000
Total 20,000
(Rate of Interest 4% per annum)
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Revenue and Costs for the project 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR
Sales 10,000 12,000 15,000 18,000 20,000
cost of sales (50%) 5,000 6,000 7,500 9,000 10,000
gross profit (50%) 5,000 6,000 7,500 9,000 10,000
fixed overhead costs 2,350 2,350 2,350 2,350 2,350
interest payment 400 320 240 160 80
Depreciation (as above) 4,000 4,000 4,000 4,000 4,000
Profit Before Tax (PBT): -1,750 -670 910 2,190 3,570
Tax (20% of net profit) 0 0 182 438 714
Profit After Tax (PAT): -1750 -670 728 1,752 2,856
Amount of cash generated
(PAT+Depreciation)
2,250 3,330 4,728 5,752 6,856
Break-even Analysis:
Break-even refers to the point of sales where the company occurs no loss and no profit
which implies the point where fixed costs can be recovered through sales margin. The break-
even point for Marshfield Bakery is calculated as under:
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Break-even point = Fixed Costs / Gross Profit Margin
= 2350/50%
= 4,700.
Hence, at a sale of £4,700, the organisation Marshfield Bakery will be at a break-even situation.
TASK 3
3.1 Critical evaluation of different exit and succession options for an SME owner.
Exit options refers to the different alternative options available for the owner of a business
organisation to discontinue the operations or sell the ownership to prevent future losses.
Succession options are alternatives with the primary objective of preserving legacy and values of
a business organisation by transferring ownership to employees or family members. Different
exit and succession options available for the management of Marshfield Bakery are being
critically evaluated as follows:
Liquidation:
Liquidation is a very common exit strategy in short-term for SMEs where the operations
and trade activities of a business organisation are shut, and assets are sold in the market to pay-
off the liabilities. A critical evaluation of the liquidation strategy for the management of
Marshfield Bakery is being done as follows:
Benefits: It is a process where the business operations come to an end by a natural process which
ensures that no legal complication exists in the future. Under liquidation, terms and agreements of lease are ended on the date of liquidation that
ensures no fixed payment in future despite shutting down of business operations.
Drawbacks:
 Generation of the goodwill amount is not possible in case of liquidation of a business
organisation which is its biggest disadvantage.
 In the process of liquidation, assets can either be sold at a price higher or lower than the
book value to pay-off liabilities which usually creates a risk of loss of capital invested by
the owners (Duffie and Ziegler, 2003).
Merger and Acquisition:
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In the context of SMEs, Mergers and Acquisitions are common exit strategy in the long-
term where usually a multinational corporation acquires the existing SMEs to consolidate the
companies at a very significant price. Acquisition has the primary objective of eliminating
competition. The following benefits and drawbacks of Merger and Acquisition can be considered
by the management of Marshfield Bakery:
Benefits:
 It is the most profitable exit strategy in the long-term where the small business owners
have the opportunity to realise a good amount and financial resources in the merger and
acquisition deals.
 With the help of merging with a large multinational company, SMEs can obtain the
benefits of economies of scale and also get an access to larger market and existing
customer base of the large corporation (Cassia and Minola, 2012).
Drawbacks:
 Merger and acquisition can result into monopoly power and decrease in the number of
choices for consumer that can affect the goodwill and image of a business organisation in
the long run.
 In the context of small and medium business organisations, merger and acquisition can
result into loss of market identity and image for the company which is not desirable by
the management of SMEs considering the hard-work and efforts which go behind
establishment of a business organisation and creation of brand awareness in the market.
Selling: It is consider as a most popular and common medium for getting an exit. In this method
the owner of the business sells his business in an open market. In this the interested prospect
comes show their value which they are ready to give for buying the business. In this process of
buying and selling the owner chooses that candidates who he believes is ready are giving true
value to them. If the business is running at profits or had goodwill then the value for its selling
price would be high, but if the business was running in a huge loss then the value for the same
could be very less (Halsmaye, 2017). In this the company also has an option to sell its business to
another business.
Benefits: When the true value for business is taken out then the valuation of goodwill and
of its assets do get added for calculating its true value. This works as in benefit for the company.
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Drawbacks: It has been observed that finding a true buyer or a prospect into the open
market for business is quite a long and time consuming process (Weiner, 2016). Because it is
rare to find the buyer who is ready to pay the value which the seller wants for its business.
Family succession: The family succession refers to the transfer of possession of business when
the originated party gets retired, unhealthy, or death. In such cases the business goes to their
family member. The member to which the business gets transferred now must insure that the
responsibilities and activities into the business should be taken at the same way as it was before.
Benefits: The family succession has a benefit that the business gets into the family only.
It does not get transferred into any other business or into unknown random party. As the business
stays into the family only, its operations and its activities runs at the same way as it was before
without creating any kind of conflicts or confusions about its operations.
Drawbacks: If the family members do not have the strong succession plan then the
business might get into trouble. The families may face the legal issues, financial issues,
operational and management issues when the succession planning is not clear and transparent.
These issues also deceases the value of the business into the market, which includes the goodwill
as well. These things can adversely affect the business and its operations.
CONCLUSION
The report presented above, pestle and Ansoff analysis has been done of a particular
SME, which helps it in making strategies about how they can achieve their objectives in future
and how they need to proceed into the future. There are various sources for financing which a
company can opt for which may includes bank loans, personal saving, trade credit and etc. Apart
from this the report also mentioned about the various exit option for a company which are
selling, family succession, liquidation and etc.
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Key data. 2019. [Online]. Available thru<https://suite.endole.co.uk/insight/company/05331534-
marshfield-bakery-limited>
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