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- a) Analyze key considerations for evaluating growth opportunities such as competitive advantage, new products & services, innovation, etc. and justify these considerations within an organizational context (p1)
- b) Evaluate the opportunities for growth by applying Ansoff’s growth vector matrix (market penetration, product/service development, market development, unrelated diversification) (p2) 6
Assess the potential sources of funding available (i.e. bank loans, crowdfunding, peer to peer lending, angel and venture finance) to businesses and discuss the benefits and drawbacks of each source. (P3)
Using the example of a small business of your choice; design a business plan for growth that includes financial information and strategic objectives for scaling up a business (P4)
As a small business owner, assess exit (i.e. selling or floating the business, valuing the company) or succession options for a small business explaining the benefits and drawbacks of each option (P5)
According to the European Commission (2017), SMEs are those businesses that are starting a business and/or are small and medium-sized companies. These businesses have generally less than 250 staff and their average revenues are about 50 million pounds. The average balance sheet cannot expect 43 million pounds in a year. This assignment is divided into four main tasks. Different key considerations are analyzed for evaluating the growth opportunities in the first task. Then, several sources of funding are assessed in the second task. After that, a business plan for growth is designed in the third task. In this section, the business mission, vision, aims, and objectives are designed along with the marketing budgets. Then, effective marketing strategies are developed for the proposed business. In the last section, several exit procedures and opportunities are discussed.
The chosen company for this assignment is Ades. Ades is well known and small and medium-sized wholesale grocery super shop in South East London. Ades creates quality African and Caribbean drinks/foods which are affordable as well as accessible to the customers in UK, London, and EU. It increases its range of quality products including foods and drinks and sells these products with competitive prices to continue its business in the wider marketplace (Ades, 2018). Ades sells different items such as grocery items, food, vegetables, poultry, fish and ethnic foods, health and beauty products, baby products and provides catering services. As Ades (2018) notes, the aim of this enterprise is to create quality foods and drinks which are affordable as well as accessible to the customers in London. However, this enterprise is controlled by a loyal team with wide experience in the food sector and has managed a better reputation in the supermarket sector for many years.
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a) Analyze key considerations for evaluating growth opportunities (P1)
The term “Competitive advantage” is the circumstance that takes the company in a favorable business position. If an owner can develop a competitive advantage for the small business, he/she will be capable to trade the products and services profitably and easily (Tutor2u, 2018). However, a good competitive advantage means that the business is likely to thrive and is capable to grow. Competitive advantage is so significant for the owners of small businesses. A small business has some features and from those features, anyone can be turned into a competitive advantage. These features include product, business, competition, and customers. While it comes to embrace new and digital technologies, small businesses face several opportunities and challenges (Tutor2u, 2018). However, small businesses have a chance to take protests on their competitors by being more agile in the implementation of new solutions………………….