Planning for Growth: Analysis, Strategies, and Recommendations Report

This report provides a comprehensive analysis of Bespoke Furniture's growth strategies, financial planning, and exit options. It begins with an introduction to the concept of planning for growth and its importance for businesses, particularly SMEs. The report then delves into Task 1, which involves analyzing key considerations for evaluating growth opportunities, using models like the Boston Consulting Group Matrix and McKinsey Matrix. The report then evaluates growth opportunities using the Ansoff growth vector matrix. Task 2 assesses various sources of funds available to the business and their benefits and drawbacks. Task 3 focuses on designing a business plan for growth, including financial information and strategic objectives. Finally, Task 4 assesses exit or succession options for the small business, explaining the benefits and drawbacks of each. The report concludes with recommendations for Bespoke Furniture's future growth and financial sustainability, emphasizing the importance of strategic planning and adaptability in a competitive market.

Planning for Growth

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1: Analysis of key considerations for evaluation of growth opportunities and justification of
these considerations within organisational context......................................................................1
P2. Evaluate the opportunities for growth applying Ansoff growth vector matrix:-..................3
M1: Options for growth using a range of analytical frameworks to demonstrate the
understanding of competitive advantage.....................................................................................4
D1: Specific options and pathways for growth, risk of each option and how it can be mitigated
......................................................................................................................................................5
TASK 2............................................................................................................................................5
P3: Assessment of sources of funds available to business and benefits and drawbacks of each
source...........................................................................................................................................5
M2: Evaluation of potential sources of finance and justification of adoption of a particular
source of funding for a given organisational context...................................................................6
D2: Critical evaluation of sources of finance with argument for adoption of a particular source
or combination of sources , based on organisational needs.........................................................6
TASK 3............................................................................................................................................7
P4 and D3: Designing a business plan for growth that includes financial information and
strategic objectives for scaling up a business..............................................................................7
M3: Evaluation of potential sources of funding and justification for adoption of a particular
source of funding for a given organisational context...................................................................9
TASK 4..........................................................................................................................................10
P5. Assess exit or succession options for a small business explaining the benefits and
drawbacks of each option:-........................................................................................................10
M4. Evaluate exit or succession options for a small business comparing and contrasting the
options and making valid recommendations:-...........................................................................11
D4. Provide critical evaluation of the exit or succession options for a small business and
decide an appropriate course of action with justified recommendations to support..................12
CONCLUSION..............................................................................................................................12

REFERENCES..............................................................................................................................13

INTRODUCTION
Planning for growth is a business activity involving making plans and tracking of growth
in revenue. It is something which is required by all companies whether small or large and
provides them with various opportunities in the future. It is an indicator of efficiency of small
businesses. Importantly, it is considered as a sign of becoming successful. It is necessary if a
firm has to sustain itself in competitive market in the future. Different parameters can be used to
measure growth of the organisation (Alden, 2016). The company which has been selected for this
report is Bespoke Furniture which is an organisation involved in dealing of furniture in U.K. In
this report, a detailed analysis will be made on key considerations to be considered by SMEs for
evaluation of growth opportunities. Methods used by organisations to source their funding,
development of a business plan and assessment of different options through which a small
business owner can exit business have also been covered in this assignment.
TASK 1
P1: Analysis of key considerations for evaluation of growth opportunities and justification of
these considerations within organisational context
For a business, it is necessary that different growth opportunities in various segments
must be identified. Models such as Boston Consultancy Group Matrix and Mckinsey Matrix can
be used by Bespoke Furniture to identify growth opportunities.
Boston Consultancy Group Matrix-
Boston consultancy group matrix is used for the purpose of long-term strategic planning
by helping a business to analyse its products and services (Baum, 2018). Using it, a firm can
decide the investment areas, whether to start or discontinue a particular product etc. It can be
used by Bespoke Furniture to take decisions regarding its growth in future. There are four
quadrants in it which are described as follows-
Dog products- For a company these goods are of low value and aren't popular among
consumers. There can be different products of Bespoke Furniture which come in this category.
Thus, it would be good for the organisation to remove such items from its portfolio as they don't
create much impact.
Question mark products- Here, there is an uncertainty regarding the future of goods
whether they would become a star or will they fall in the dog quadrant. In the context of Bespoke
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Furniture, it has to analyse the products having potential of star category in which investment can
be done. It must avoid investing in those goods which it doubts are of low value for the
customers.
Star products- These are goods which can be market leader but require regular
investments to sustain. For Bespoke Furniture, it is necessary that it invests funds in these
products as they will provide a good return on investment.
Cash cow products- For these products the strategy should be to make as much use of
them as possible. It is so because they give company a chance to enhance its profits because they
are well-established in market. Bespoke Furniture must focus on these goods and must make
their optimum use to increase its profit share.
Mckinsey Matrix-
Mckinsey matrix is a strategy tool providing strategies for multi-business corporation to
prioritise its investments among different business units available to invest (BenDor and et.al.,
2017). For Bespoke Furniture, use of this matrix is important as it needs to analyse where its has
to divert its funds for investment. Different elements of this matrix are discussed in context of
Bespoke Furniture-
Determination of industry attractiveness- In it, different factors are taken and weights
are assigned to them and a score in obtained in the end by comparison of different business units.
Bespoke Furniture can take the help of a expert in assigning weights to different units for
comparison purposes to determine investment priority (GE McKinsey Matrix, 2014).
Determination of competitive strength- It analyses competitive strength of business
units by assigning weights. In the context of Bespoke Furniture, it is necessary that competitive
strength of units is determined so that important decisions can be taken.
Plotting of business units of matrix- After evaluation has been done, business units can
be placed on a matrix represented by circles representing revenue (Bradley and Sparling, 2017).
For Bespoke Furniture, it is essential that is plots its business units according to their revenue.
Analysis of information- The units can be plotted in different boxes such as invest box,
earnings box, divest box. Bespoke Furniture can place business units in boxes according to their
market potential.
Identification of future- In it, analysis is done for identifying the potential units have in
future. Bespoke Furniture must examine business potential of its various units in future.
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Prioritizing investments- The last step is to make a final decision regarding the
investment of firm's money (Calvillo, Sánchez-Miralles and Villar, 2016). In the context of
Bespoke Furniture, it is essential that it takes this step carefully after examining all the factors.
Difference between the two matrices-
While BCG evaluates only limited elements Mckinsey analyses more elements. The
Mckinsey matrix also offers more comprehensiveness in its analysis. BCG only segregates
products of a company in different categories whereas Mckinsey matrix offers full detail on
business units by assigning weights to it.
Justification-
Bespoke Furniture can make use of Mckinsey matrix in its analysis as it will provide a
comprehensive detail regarding its business units. By assigning weights to factors associated
with business units it can examine micro-details of aspects. It will help it in taking the right
investment decision raising its profitability level.
P2. Evaluate the opportunities for growth applying Ansoff growth vector matrix:-
Every organisation in this competitive market, plans and develops growth strategy to
maintain its stability in future (Carnes and et.al., 2017). The Bespoke Furniture also plans the
growth strategy to develop and capture large market share with increase sales and profits. The
firm manage its rivalry with the Ansoff growth vector matrix by analysing these strategies in the
best way to defeat them.
Ansoff growth vector matrix:- This matrix was introduced by the great philosopher Igor
Ansoff in 1957, with the aim for product competitive marketing strategies. It is essential for
Bespoke Furniture to compete with their rivals through various competitive strategies, which are
as described under:-
Market Penetration:- It is the first quadrant in Ansoff matrix, which is referred as
strategy of an organisation, with existing product for known market (Elinbaum and Galland,
2016). The Bespoke Furniture uses it products in the same market, aiming to increase its market
share with market penetration. This strategy is least risky, as it identifies firm's existing resources
and capabilities. It is implied by the firm to increase its customers base in existing market, reduce
cost, improve distribution channel, etc., to achieve its goal easily.
Market Development:- It is the second quadrant in Ansoff matrix, which is referred in
targeting a new market segment with its existing product. Companies prefer to expand their
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products in whole wide area, which creates market development. This competitive strategy is
also applicable in Bespoke Furniture as it seeks to sell its existing product in new geographical
regions through product dimensions, new distribution channels, different pricing policies, etc. It
is good competitive strategy for core competence, as it has more risk as compared to market
penetration.
Product Development:- It is the third quarter of Ansoff Matrix, referred to have good
market share in existing target segment, which needs to introduce new product for expansion.
This strategy is most beneficial for the Bespoke Furniture by opting proprietary technology to
leverage into new market, consumers possess disposable income, etc. A new product
development strategy that caters the existing market is a better approach for Bespoke Furniture in
its expansion.
Diversification:- It is the fourth quadrant of Ansoff matrix, which is referred as the
entrance of a firm with new product introduced in new market (Farahmand, 2016). This strategy
is the most risky as compared to all strategy, because it is considered as the “suicide cell.” The
Bespoke Furniture may use this competitive strategy as a reasonable choice for high risk to
compensate by the chance of high rate of return. This strategy also provide the firm to include
potential gain as an attractive industry and reduction of overall business portfolio risk.
From the above discussion it has been analysed that, Bespoke Furniture should adopt the
product development strategy as it helps to produce best quality products. It also provides
consumer satisfaction by achieving the stability in the demand of product by expanding market.
By using this strategy, company can launch the Panel furniture in its existing market.
M1: Options for growth using a range of analytical frameworks to demonstrate the understanding
of competitive advantage
Various models for analysis of growth can be used by Bespoke Furniture namely BCG
Matrix, Mckinsey Matrix and Ansoff's growth vector matrix. The four strategies of Ansoff's
growth matrix are market penetration, product development, market development and
diversification. The company has selected new product development for achievement of growth.
This will help in attaining competitive advantage over its rivals and surge ahead of them.
Competitive advantage means a condition which puts a business in a favourable business
position. If Bespoke Furniture edges ahead of its competitors and is in a superior position when
compared to them then it will surely help it in the long-run.
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D1: Specific options and pathways for growth, risk of each option and how it can be mitigated
The four strategies of Ansoff's growth matrix offers Bespoke Furniture a chance to grow
its business. However each one of them also carries a specific risk along with it. Market
penetration involves a risk of possible harm to company's goodwill, product development carries
a risk of chances of failure of product. Market development requires capital expansion and
diversification has chances of company not being able to sustain itself in a new market. These
risks can be mitigated through preparing the right strategy, launching the right product, selecting
the right source of finance and doing a proper research before entering a new market.
TASK 2
P3: Assessment of sources of funds available to business and benefits and drawbacks of each
source
Bespoke Furniture is planning to launch panel furniture in existing market. For it, it
requires finance for investment purposes. The provisions of funds required by a company to meet
its short-term and long-term requirements are known as sources of finance (Furlan, 2016). The
various sources of funds available for it are as follows-
Personal savings- In this type of financing, proprietor's own personal savings can be
used for investment in business. The amount of investment depends on amount of savings
available and the level of risk taken. Bespoke Furniture can use this source of finance for
diversification in panel furniture.
 Benefits- There is no paperwork involved in getting funds through this source thus
making it easy to get funds. Also ownership can be retained as there is no transfer of
equity involved.
 Drawbacks- There is a lot of risk involved in investing money through this source. It
creates a liability on personal assets in case of failure of business.
Debt financing- It is the other name of loan given by banks which has to be paid over a
period of time along with interest. Bespoke Furniture can use this method of financing if its
requirements of funds is little higher.
 Benefits- It does not involve surrender of equity of company therefore ownership is not
changed. It also involves flexibility of payment according to terms agreed between
business and bank.
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 Drawbacks- Banks usually charge a high interest rate for loans and collateral security is
also needed for high amount of loans. Also, getting a bank loan involves a lot of
paperwork and formalities.
Friends & Family- Funding can also be arranged through friends & family members in
form of debt or through equity (Frank and Hibbard, 2016). In the context of Bespoke Furniture, it
can use this method tp arrange finance as it does not involves much formalities.
 Benefits- It does not requires collateral security for funds. Friends & Family may also
lend money interest-free.
 Drawbacks- Arranging finance through this source can be a little complex in nature.
Also, some friends and family members may demand a share in equity.
M2: Evaluation of potential sources of finance and justification of adoption of a particular source
of funding for a given organisational context
The different sources of finance available for Bespoke Furniture are Personal savings,
Debt financing and Friends & Family. The company must choose Debt Financing as its source of
financing because it will allow it to retain equity and control over the operations and
management. Also, it will enable it to pay the loan in flexible repayment tenure according to
terms and conditions. The organisation requires debt financing as it also gives it an option of
raising large amount of money which it can use for investment purposes and its other varied
needs.
D2: Critical evaluation of sources of finance with argument for adoption of a particular source or
combination of sources , based on organisational needs
In the context of Bespoke Furniture, it is necessary that it adopts debt financing as its
source of finance. It will provide it with more funds required for the investment in manufacturing
of furniture and other needs like marketing, promotion etc. It allows it to save tax as the amount
paid on interest is tax deductible. Also, it will help in easier planning of how much money has to
be paid in instalments every month helping it to manage its resources.
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TASK 3
P4 and D3: Designing a business plan for growth that includes financial information and
strategic objectives for scaling up a business
A business plan is basically a road map providing directions to business for its future and
helps it avoiding roadblocks in its way (Liepa-Zemeša and Hess, 2016). It gives all the details
related to the business such as marketing strategies, budget allocation, cash flow projection etc. It
helps a business enterprise in achieving its long-term growth potential. Different elements of
business plan of Bespoke Furniture are listed as follows-
Executive summary: In this business plan, Bespoke Furniture is selected which is
furniture company in U.K. providing different products to its consumers. This business plan
details various aspects of strategies, financial projections etc.
Business details: New product: Bespoke Furniture plans to launch a range of panel
furniture
Mission: It aims to provide a wide variety of furniture to its customers.
Vision: It aims to become a leader in furniture market.
Strategic objective: Bespoke Furniture has a strategic objective of achieving a 30 %
market share of U.K. And taking its profit margin upto 25 % by 2022.
Appropriate frameworks: Industry size: The furniture industry in U.K. contributes
£12.2 billion to the country's GDP.
SWOT analysis: It can be used by Bespoke Furniture to
find out its strengths, weaknesses, opportunities and threats.
Strengths Weaknesses
Strong customer base is the strength of
Bespoke Furniture because of the trust it has
created among them (Liu, Sioshansi and
Conejo, 2017). Additionally, it offers a wide
variety of products to which helps in attracting
consumers.
Low profit margin is a problem due to high
level of competition in the industry.
Warehousing of products is also creates
problems because the goods need large amount
of storage.
Opportunities Threats
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The booming economy of U.K. Offers
Bespoke Furniture an opportunity to grow
itself as it is a large market. Most of the
transactions are done in stores and very few of
them are done online.
Lack of skilled workers is a threat as it is very
difficult to find skilful people. Brexit is
threatening to impact the industry hard as cost
of inputs is going to be higher.
STP Framework: It is the summarisation of a company' strategy for segmentation of
market (Hathout and Patel, 2016). Various elements of STP Framework which Bespoke
Furniture can use are-
 Segmentation: Bespoke Furniture segments the market in U.K. according to Life
stages and geographical basis. In life stages basis, segmentation is done according
to customers of different age groups. In geographical basis, it is done according to
different areas of country.
 Targeting: For panel furniture, people with high income can be targeted as
potential customers.
 Promotion: For promotion, company uses billboards along with advertisements
on different online websites.
Marketing Strategy: Marketing strategy refers to long-term planning of conducting
marketing activities with an aim of achieving competitive advantage (Pallagst, Fleschurz and
Said, 2017). Bespoke Furniture can use penetration pricing for penetrating into market,
distribution strategy for proper storage of products etc.
Financial projection:
Income projection:
Particulars 2020 2021 2022 2023 2024
Sales 25000 28000 30000 15000 28000
Expenses:
COGS 8000 1000 6000 7000 8000
Depreciation 600 600 600 600 600
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Advertisement 1300 2400 1000 2400 1900
Rent 600 600 600 600 600
Total expenses 10500 4600 8200 10600 11100
Net income before tax 14500 23400 21800 4400 16900
Income tax 300 160 300 150 400
Net income after tax 14200 23240 21500 4250 16500
Cash flow projection:
Cash flow
Particulars 2020 2021 2022 2023 2024
Cash inflow
Investment 6000
Credit sales 3000 5000 4000 5000 2000
Total inflow 9000 5000 4000 5000 2000
Cash Outflow
Fixed Exp. 4000 2000 1000 2000 1200
Variable Exp. 3500 450 250 1800 100
Total Outflow 7500 2450 1250 3800 1300
Net cash inflow 1500 2550 2750 1200 700
Opening balance 0 1500 4050 6800 8000
Closing balance 1500 4050 6800 8000 8700
Monitoring and controlling: The activities done in Bespoke Furniture will be effectively
monitored and controlled so that results are according to industrial standards (Ruming and
Goodman, 2016). This is to ensure that there is no deviation.
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M3: Evaluation of potential sources of funding and justification for adoption of a particular
source of funding for a given organisational context
In the context of business plan of Bespoke Furniture, the different sources of finance
available with it are personal savings, debt financing and funding through friends and family. It
should choose debt financing as its source of finance as it will help it in execution of its vision,
marketing strategy. It will provide it an advantage of retaining its profits as it does not needs to
share profits.
TASK 4
P5. Assess exit or succession options for a small business explaining the benefits and drawbacks
of each option:-
Every organisation has to focus on stability of business to sustain in the competitive
market by achieving organisation goal effectively and efficiently (Todes, 2017). There are
various types of exit and succession strategies adopted by the companies. Some of these
strategies are also implied by the Bespoke Furniture, which are described as:-
Succession strategy:- This strategy can be termed as “replacement planning,” as the
process of transferring opportunities to the new leaders by old leaders on their retirement, pass
away, etc. This involve cross-training employees so that they develop skills, knowledge and
holistic understanding of company. Some of these strategical planning are also adopted by the
Bespoke Furniture which are as follows:-
Selling business interest:- Many business opt to sell their business interest to earn a
good return of cash or other assets. The capital gain tax are to be paid before the death. The
Bespoke Furniture sells their business interest as it creates an opportunity of return in terms of
cash or assets.
Merits:- It helps the business to replace old leaders by new leaders with trained skills,
knowledge, etc., which leads to earn good return.
Demerits:- It creates drawback for the business as to pay the capital gain tax before the
death or retirement of leader.
Key employee:- Selling the business to a key employee leads to increase the options to
sustain in competitive market, which is aware of pros and cons of the business (Valler and
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Phelps, 2016). The Bespoke Furniture can sell the business to its key employee, as every
information regarding business are already provided.
Merits:- It helps the business in spoiling time deficiency by providing information.
Every detail regarding business is already familiar to it, which leads to focus on the competitve
strategies to defeat rivals.
Demerits:- The demerits of key employee can be specified as the delay in target
achievement of organisation. The firm appointing wrong person as key employee may lead to
lacks in turnover.
Exit strategy:- This strategy can be referred as the plan for transition of business
ownership either to company investors or another company. The business can be sold, handed to
new management, acquired by larger company. The Bespoke Furniture, having an exit strategy
worked out in advance, helps to ensure some control over small business's future. The firm can
apply this strategy from the following ways:-
Acquisition and Merger:- It is an agreement where two existing entity comes together
to form one entity. It is meant by merging with similar company or being bought by larger
company (Zaina, Zaina and Furlan, R., 2016). It is more efficient and quicker to grow revenue in
bigger companies, than creating new products organically. The Bespoke Furniture is benefited by
reducing break in business. It also helps to negotiate the terms, price, etc.
Merits:- It helps to reduce cost of operations with generating revenue and maximisation
of profits. It also provide wide area for expanding operations to new geographic regions.
Demerits:- The major disadvantage is very tough to communicate and co-ordinate
between employees of different cultures.
Initial Public Offering (IPO):- The IPO is the method of selling the shares of stock to
the public. This strategy creates large amount of cash within organisation in short duration. The
Bespoke Furniture uses it as the preferred mode for being rich.
Merits:- It provides publicity and credibility by raising funds. It also reduce overall cost
of capital.
Demerits:- It leads to high transactional costs. It also leads to suffer with additional
regulatory requirements and disclosure of information on company audits.
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M4. Evaluate exit or succession options for a small business comparing and contrasting the
options and making valid recommendations:-
There are various types of option for succession or exit strategy are selling business
interest, key employees, acquisition and merger, IPO, etc. The Bespoke Furniture must opt to
select the option for exit strategy, as it reduce cost of operations to generate revenue with
maximisation of profits. It also provides publicity and credibility by raising funds. The exit
strategy plans for transition of business ownership to company investor or another company
whereas the succession strategy replace old leaders by new leaders on their death or retirement.
D4. Provide critical evaluation of the exit or succession options for a small business and decide
an appropriate course of action with justified recommendations to support
The various succession and exit strategies are selling business interest rates, key
employee, acquisition and merger and IPO. The Bespoke Furniture may focus positive scenario
in opting succession or exit strategy by identifying value gaps and transferring obstacles by
minimising risks and taxes. It also have negative impact in opting these strategies are
organisational structure changes, demotivation, narrow focused, family rivalries, etc. The course
of action imposed on succession strategy are to develop skills, knowledge and holistic
understanding of company, whereas in exit strategy, ensures some control over small business's
future.
CONCLUSION
From the above report, it can be concluded that planning for growth is an important
activity in business. It is needed to ensure that an organisation surges ahead in market and its
competitors. It is essential for a company's planning prospects so that it can see where it will
stand in the future. Proper planning will allow the company to become leader of the segment.
Different matrices like BSG Matrix and Mckinsey Matrix, sources of finance available for a
business like personal savings, debt financing, friends and family have been analysed.
Development of a sound business plan to execute strategies and ways through which a business
owner can exit the business have also been covered in this assignment.
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Online
GE McKinsey Matrix. 2014. [Online]. Available
through:<https://strategicmanagementinsight.com/tools/ge-mckinsey-matrix.html>
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