A Comprehensive Business Growth Plan for Speedboard Assembly Services

This report provides a comprehensive business growth plan for Speedboard Assembly Services, an electrical and electronic manufacturing company based in the UK. The report begins with an introduction to the importance of strategic planning for business growth, followed by a competitive analysis of Speedboard Assembly Services, highlighting its strengths and opportunities within the market. It then delves into market analysis using PESTLE and Porter's models to identify potential threats and opportunities. The core of the report focuses on applying the Ansoff Matrix to explore various growth strategies, including market penetration, product development, market development, and diversification, with market penetration being identified as the most effective strategy. The report also examines different funding sources for business expansion, such as bank loans and angel investors, along with their pros and cons. Finally, the report discusses the factors contributing to the success and downfall of small and medium enterprises (SMEs), offering advice for Speedboard Assembly Services to achieve sustainable growth.

Planning for
growth

INTRODUCTION...........................................................................................................................3
PART 1............................................................................................................................................3
Brief information of competitive advantages for business venture.......................................3
Different opportunities present in market...............................................................................3
Identification of different options and apply Ansoff model with every options....................5
kinds of funding sources for buiness firm and explain pros and cons of every source.........7
Success and downfall for small and medium enterprise and their drawback.........................7
A advice for the business venture...........................................................................................9
CONCLUSION..............................................................................................................................13
REFERENCES .............................................................................................................................14

INTRODUCTION
Planning acts as a strategic activity with the help of which business organisation can
effectively enable their business towards growth and further increase organisation revenue ratios.
With the help of proper and well framed planning business organisation can allocate organisation
limited resources into a centred effort that effectively lead industry to adopt changes that are
mainly driven by technological advancements and competitors (Ward, 2016). Thus, it becomes
essential for business organisations to take advantage of formative strategies and draft a well
defined business plan in order to gain high growth opportunities. Present report has been
conducted on, Speedboard Assembly Services. Company was founded in the year 1983 while
having headquartered in Windsor, South East England, ( UK). Organisation offer their services
in Electrical and Electric Manufacturing Industry. Speedboard Assembly Services offer their
services in market sector of Industrial & Instrumentation, Communications & Broadcast,
Transport, Aerospace & Defence and Medical. In this report formative discussions has been
made on, Ansoff Matrix along with numerous form of growth strategies. In addition with this
sources of finance are also covered in this report with, business plan.
PART 1
Brief information of competitive advantages for business venture
Competition analysis
In today modern world, competition have increase rapidly and companies have to
provide better quality product to survive in long run.(Barbour and Deakin, 2012). In context
with, Speedboard Assembly Services organisation manager facilitates external evaluation as to
effectively improve their organisational services as to offer best effective services to customers.
As per the evaluation, it has been determined that Speedboard Assembly Services main
resources is their skilled and potential employees those who effectively provide their services
and to stimulate organisational growth along with satisfying customers with best. Organisation
holds their capability in terms of offering their services in IT sector as to offer best marketing
services.
Different opportunities present in market
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It is essential for each and every business organisation to have best effective form of
strategies as to conduct their operations in well defined manner. For this it become important for
them to evaluate overall market conditions as frame organisational strategies as per accordance
to them in order to extract advancements in well defined manner (Beatley, 2014). In the present
report, company take advantages of PESTLE analysis and porters model for organisation to gain
advantages.
Porter’s Generic Strategies: With the help of these strategies organisation can effectively able
to gain competitive advancements in best effective manner. This mainly consist different types of
strategies which is defined below:
Cost leadership:
As per accordance with this strategy, Speedboard Assembly Services can take numerous
form of advantages by providing their services at cost effective manner in order to attract
customers as to gain attraction of large base of customers.
Differentiation:
According to this strategy, Speedboard Assembly Services is required to consider that
they offer their service in a unique manner as to influence customers interests towards them.
Focus:
This strategy is devised for particular customer segment (Mitchelmore and Rowley,
2013). In other words, it further segregates in two factors which include , different focus group
and cost factor . In context with Speed board Assembly Services, organization by considering
their strategy towards cost effective strategy can effectively focus their interest towards
providing their services in cost efficient manner. This will simultaneously help them to increase
their market scope and gain more advancements.
As per the basis of above mentioned strategies, it has been defined that cost leadership
will prove to be one of the most effective and best strategy for Speed board Assembly Services
can attract more and more customer by adopting strategies mentioned above.
PESTLE Analysis:
It is done for identifying the cause by which company may get effected by the different
factors present in market. In the context of speed board assembly services, company must
implement this model for evaluating the threats for marketplace on business. The factors of
PESTLE are mentioned with example below:-
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Political: if political condition of UK changes, it might directly effect the business of
speed board assembly services, this may lead in rising of services which are offered by the
company. New taxation schemes introduced by government may change the policy of company
which will lead high price of product and services (Ziari, 2012).
Economical factors: It consist of different factors related with economy of any country
such as, inflation rate, foreign exchange rate, and gross domestic rate etc. As being a highly-
developed country, UK can help to grow the small enterprise, who are unique and innovative and
able to provide new offerings to there customers. As the end result, it will boost the growth of
speedboard assembly services.
Social: This include various trends of society such as population growth rate, lifestyle,
attitudes and cultural barriers. UK has millions of people who are socially active on social
media. This may provide various opportunities for speedboard to identify the new potential
customers.
Technological: technology provides the edge to company in order to gain advantage in
market. It includes innovations, automation, research and development in market, this factors
will help the speedboard to enter or not to enter in the industry (Lewis, 2013). By identify the
technology organization may able to save the company from spending huge amount of money
on new technology.
Environmental: This factor have become necessary because of increasing scarcity of
raw goods, carbon footprint which are set by governments. It is necessary for speedboard
assembly move towards carbon neutral policy to confront pollution. Other factor of environment
are weather, climate change etc. This has led to organization getting more involved in corporate
social responsibility.
Legal factors: It is important for every organisation to understand what is legal in
order to trade efficiently and effectively (MacLeod, 2013). Speedboard should avoid the
unethical practise, which will create wrong impression on the minds of customers.
Identification of different options and apply Ansoff model with every options
Ansoff growth matrix acts as an one of the most effective marketing tool which provide
direction in selecting right growth strategies in order to compete in the business. In the context of
Speedboard Assembly Services, manager can take advantage of Ansoff matrix as to find out the
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best from of strategies with the help of which they can lead towards growth prospective in well
effective manner (Mahmoudi, P., and et. al., 2013).
Market penetration:
Organizations by taking advantage of strategies can effectively grow their business
services within existing market area as to further increase company market share. In context
with, Speedboard Assembly Services with the help of this strategy organization manager as to
increase overall sales performance of company that lead towards increase in their market share.
Product development:
As per accordance with this strategy, it is important for organization to provide their new
products and services within existing marketplace as to attract attention of large base of
customers (Schetke, Haase and Kötter, 2012). With the help of this strategy Speedboard
Assembly Services can effectively increase their marketing services. This will lead towards
increase in overall organization productivity and profitability.
Market development:
As per the report, business venture have develop new product according to need and
wants of customers and create new customer base. In this regard, Speed board Assembly
Services is required to grow their business market area by offering their services outside UK
market as to increase their consumer range. With the help market development company can
able to increase their overall sales and profitability.
Diversification:
This strategy acts as an one of the most effective strategy for Speedboard Assembly
Services. As per according to this strategy it is essential of an organization to bring a complete
new product in marketplace. This will prove to be costly for small scale business enterprises. As
per the above mentioned growth strategies, it has further been evaluated that market penetration
strategies will prove to be best effective form of strategy. As with the help of this organization is
not required to invest more additional expenses. In addition with this, they only thing which is
required by them to conduct is evaluation of new consumer base within existing marketplace.
For an example, Speedboard Assembly Services can find new consumer base in within UK by
making an approach from different technological companies. As company can make approach in
educational and health care sector as to effectively increase organization consumer base. With
the help of this organization can effectively able to increase their customer base. In accordance
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with the organization can able to improve overall sales performance which will lead towards
increase in profitability (Chapin, 2012).
kinds of funding sources for buiness firm and explain pros and cons of every source
It is essential for organisation to enhance their business at market place by making higher
profitability level (Schetke, Haase and Kötter, 2012). In this regards, Speedboard Assembly
Services is planning to expand their business at market place by offering better services to its
customers. For attaining the same, company needs to find appropriate ways of funding option
within the business organization. In this, there are various sources of funding are available for
the company to expand their business:
Bank loan: It is also an effective option of funding in which organisation take loan from
the bank in return of some interest of amount. Along with this, bank also takes some security that
help Speedboard Assembly Services in raising their fund. In this regard, the main benefit of this
option is that it includes nominal rate of interest. On the other side, it is time consuming as entire
procedures needs more time to be complete.
Angel investor: These are those who invest their fund in business organisation and takes
share and equity of the company in return (Denton, Forsyth and MacLennan, 2017). They have
good knowledge about the company which help them in improving the chances of attaining
success. With the help of Angel investor, company and easily take right decision and remain
profitable situation within the organisation. On the other side, some Angel investor are not in
favour company which negatively impact on the company image.
From both, bank loan is one of the effective source of funding for Speedboard Assembly
Services through which company raising their fund and also expand their business effectively.
Speedboard assembly services effectively provide the services in many sectors thus; there is a
requirement for funds in order to effectively stimulate their business operations. For this best
source of funding of company can be bank loan as with the help of this they can gather fund at
any conditions and offer their services on regular basis this may be time consuming process but
can prove to be very effective for company.
Success and downfall for small and medium enterprise and their drawback
In market place, every company wants to gain prosperity in limited time frame so that they
make their brand image more competitive. In this context, they set their goals and objectives
related with growth and development in market. For attaining the same, company undertake and
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assessment and evaluation as well to determine the ways or modification that help them in
improving their overall performance level. With the assistance of this, organization can easily
make their customers base strong and also attain their satisfaction level (Beatley, 2014). . This
will contribute in establishing competitive position in market place. Furthermore, it is also
important for company to implement the exit approach through which Speedboard Assembly
Services easily attain success at market place. Along with this, company also responsible for
gaining knowledge about various type of succession and exit strategies. It can be further
explained by different ways
Exit strategy:
In corporate world, every business organisations required to earn funds and profitability
for prolong in business and make profit for future survival. (Schetke, Haase and Kötter, 2012).
when business venture not able to meet their future goals organisation have to file a bankruptcy
and can not be a part of business process. In this context, there are some option that can be used
by the company to exit their business from the market place:
Liquidation: This type of strategy is related to the legal process in which owner of the
company sale all the assets for pay off debts before exiting their business. In this context, the
main aim of the business owner is to maintain their reputation and brand image after execution of
liquidation. By using this, Speedboard Assembly Services maintain their goodwill at market
place after winding up their operations. One of the main advantage of this strategy is to easily
come out of financial crisis and also improve goodwill at market. On the other side, owner of
company is also face difficulties while selling their assets which may negatively impact on the
organizational image.
Business stakeholders and family : This type of plan of action is also consider as an effective
way for company to exit from market place (Mahmoudi, 2013). Under this, an existing business
in open in market. Along with this, organization carry out by manager, workers, family and
many other stakeholders. Mainly, it is most effective strategy for Speedboard Assembly Services
which will not negatively impact on the brand of the company in upcoming time. The main
benefit of using this strategy is that it take lesser time as owner is easily found in organisation
like employees, friends and family members who already have proper knowledge about the
operational activities. On the other side, if company sale to friends and family than it reduce the
valuable price of company.
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Succession strategy:
Use of internet: By using this, company can perform their business activities in
effectively manner and can connect with larger audience. Speedboard Assembly Services
promote their brand image at global market and also invite more and more customers. The main
benefit of using this strategy is to enhance productivity level of the company. On the other side it
create issues related with privacy of organisational information.
Merger and acquisition: Under this strategy, company merge their business with another
organisation with the aim of expanding their operations. With the assistance of this, Speedboard
Assembly Services can improve their financial position at market place. The main advantage of
this option is that it help in raising capital of the company that put positive impact on
enhancement of its profitability. On the other side, it may create issues or complicities in front of
new business at workplace. .
A advice for the business venture
Business plan is a formative document that includes business organisation operational as
well as financial objectives in a detailed manner along with the allocated budgets. With the help
of this business can lead towards success of growth. In simple terms it is a written document that
describes existing and future business object which is required to be accomplished by business
organisation (Mitchelmore and Rowley, 2013). Thus, it is essential for Speedboard Assembly
Services to formulate a business plan in which it is essential to include executive summary,
financial planning, products and services, budget marketing strategy and many other required
things. Business objective mainly serves two primary purpose that includes with the help of this
organisation can effectively able to accomplish their objectives in cohesive vision. It acts as a
route map with the help of which organisation can effectively analyse their marketing
manufacturing, sales designs in order to improve their business efficiency. With the help of this
strategic tool organisation can effectively able to specify the business idea which can lead them
towards achievement of short term and long term goals in a well defined manner. Business plan
include purpose Vision and Mission of organisation with the help of which organisation can
effectively able to review their assumptions and track their process in order to take advantage of
new development methods. With the help of this organisation can effectively able to perform
their roles and responsibilities that stimulates organisation productivity and profitability towards
growth perspectives. Further with the help of this organisation can grow their sustainable profit
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and evaluate their business health with the help of which they can effectively able to summarise
their financial as well as operational objectives in existing and future manner.
Overview of the company: State Board assembly services situated in south east England
UK Organisation was established in the year 1983 and offer their services in Electrical and
electric manufacturing industry. Company provide number of services in communication and
broadcast, Industrial and instrumentation, Aerospace and defence and more with the help of their
best quality of services company effectively serve their customers with best this lead them
towards increasing customers loyalty towards company and further increased their growth
prospectus (Schetke, Haase and Kötter, 2012). Along with this with the help of numerous
strategy and strategic Alliance measures company is looking towards serve more number of
customers in order to highly increased organisation revenue rates.
Products and services of company: Company effectively provide the services in in many
industrial segments that include communication and broadcast medical Industrial and
instrumental Aerospace and defence transport and more. With the help of their services company
established their position in a markets place and further take measure of strategies in order to
increase the service areas with the help of their products and services. Company effectively offer
immense level of satisfaction to their customers that stimulate organisation towards more growth
prospectors.
Mission and vision: Speedboard assembly services provide their services in best
effective manner with a mission statement which is to effectively influence customer interest
towards company by providing them best quality of services .With the help of this organisation is
tend towards gaining maximum revenue. Vision statement of organisation is to effectively offer
best quality services so that increase growth opportunities of company. Further organisation is
looking towards to create more number of clients in order to provide the services at large stage.
With the help of mission and vision statement organisation stimulates Their employees towards
effective achievement of company main course with the help of which further development of
organisations stimulates in best effective manner.
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Situational market analysis: In this it is essential for Speedboard Assembly Services
manager to effectively evaluate market and other situational analysis as to improve business
strategic edge (Barbour and Deakin, 2012). In addition with this it further stimulate organisation
towards best effective growth aspects and lead organisation towards more opportunities.
Strengths Opportunities
 Speedboard Assembly Services ave
develop healthy relationship with their
respective customers and provide
quality service and developed their
product efficiency.
 Many companies provide services with
the help of advance technology
Speedboard Assembly Services ave
develop healthy relationship with their
respective customers and provide
quality service and developed
theirproducts and services of clients
with maximum number of customers
(Beatley, 2014).
 Organisation may increase their profit
and market share by doing business
activities beyond the boundaries.
 Speedboard Assembly Services can
also increase its number of clients by
approaching other fields of industry
such as schools, hospitals, colleges etc.
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