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The Planning for growth deals with the strategic plan for the concerned business in order to achieve its business goals. Planning for growth is very necessary within the respective business as it provides a proper overview of the business performance. In addition to this, it also helps in prioritizing the important areas for the growth of their business. Additionally, it also deals with making the goals clear for the respective company as well as it establishing accountability. The respective report is based on the social enterprise company, which is Just-ice. The concerned study is based on analyzing the growth opportunities of the business just-ice because it is a small social enterprise company. In addition to this, the report also focuses on the important key areas by using the analytical framework. Additionally, the concerned study also consists of a proper business plan for the Just-ice company, which includes the financial information as well as objectives of the strategy.
Discussion
1. Evaluation of growth opportunities of Just-ice business with justification
There are many growth opportunities for the respective company of Just-ice in order to develop their business properly in the market. As the Just-ice is a new social enterprise company, it needs many innovative strategic planning with respect to growing its business properly. In addition to this the growth of the respective company, helps the company to increase its profit margin as well as it also helps to spread its business in different places (Mesa and Holt, 2021). There are many growth strategies such as market penetration, market segmentation, product expansion, market development as well as diversification in their products. The market penetration is very helpful for the respective company it deals with the measurement of their services as well as products used by their customers so that they have a note about their popular products among its customers. In addition to this, the market penetration also keeps a check on its customer's purchases rather than the competitor's products.
2. Evaluation of the opportunities for growth by applying Ansoff’s growth vector matrix
Just-ice is a coffee shop company in the UK and this company trying to expand its business which helps the company to improve its model of business. This coffee shop needs a new marketing strategy adopted to develop its business in the UK. This process helps the company to improve its business process.
Figure 1: Growth opportunities for business
(Source: Self-developed)
It has four steps to improve its marketing strategy that helps the company to develop its business in terms of increasing its visibility to the customers.
Market penetration
It helps the Just-ice company to develop their sales rate in the UK markets and helps them to identify their marketing issues. As suggested by Harrison (2021), it helps the company to improve marketing share by increasing the sales of their products in terms of the price decreasing or discounts on their prices, partnerships, or collaboration with other companies. It can assist them in observing their competitor's strategy to improve their business process that helps the company to develop their strategy to beat their competitors on the global scale.
Product development
This step is a little risky step to perform in the marketplace. It helps them to develop their business model by introducing the new product in the markets. It can create some opportunities for the company to grab the market's most sales however it is possible to take some losses. As cited by von Schönfeld and Ferreira (2021), this helps the company to improve its business process. Just-ice can plan to introduce their new products according to their customer's needs or demands that help the company to improve its business process.
Market development
In this process, they can shift their products from one market to another market which helps them improve their sales rate in these new markets. It can help them to find the new usage of this new product that helps them to maintain their responsibility.
Diversification
It is the riskiest step of all four steps because in these steps they will launch their unproven or testify products in the new markets that can help or affects their business process. It is also possible that Just-ice Company does not understand their new product. For this reason, they will introduce their products according to their customers demand and also they can take the feedback to their customers to improve their business process.
The expansion of the products of the respective business of Just-ice is very important to grow their business by the adoption of a marketing strategy of expansion. The product expansion deals with selling their products such as different flavors of ice creams in the new market in respect to serve various needs of the customers (Wada, 2019). The product expansion is very important for the concerned company of Just-ice because the respective company may find out their targeted audiences and open their business where their base of customers is good. In addition to this, it also increases its profit margin and helps the business to understand the market as well as to understand the demands of its customers (Prabhu, 2019). The growth opportunity of diversification in their products plays a very important role because the concerned business needs to know the demands of its customers and make their products according to that. For example, as the Just-ice makes different flavors of ice cream they need to know which ice cream flavor is mostly liked by its customers and make it according to that. Due to this, the respective company is able to increase its profit margin and capture the market.
3. Discussion of the options for growth, evaluation, and mitigation
Option for Growth
In order to increase the growth of Just-ice in the UK markets, they need to make their branding or promotion that helps them to improve their business process. As opined by Ikram et al. (2021), for the growth of the company, they will improve some attributes of the company such as turnover, market share, profits, sales, and staff numbers. These attributes improvement or development helps the company to establish their markets in the UK and also help the company to beat their competitors.
Evaluation
In order to analyze the issues of Just-ice, they will identify the issues of their business. For this reason, they can use the SWOT analysis to develop their business process.
Strength
? Just-ice Company has a high service culture to develop its image in the markets.
? Customers focused strategy or customer satisfaction strategy is the strength of the company.
? The quality of the products and services provided by their companies is strength of this business.
Weakness
? "Fewer markets data" is a weakness of the company.
? Estimation of profit and investment level is the most difficult task for the company.
Opportunity
? Developing customer relationships is can attract customers that help the company to improve its business process.
? Adopting some new technology or cultures to develop the business strategy
Threats
? Just-ice can face some difficulties to maintain its cash flow because in this business every day does not give them the same amount as much as they can earn on their weekend's
? Supplier's price raising is a major threat in this business.
Table 1: SWOT analysis to evaluate the option for the growth of the business
(Source: Self-developed)
Mitigation
In order to mitigate their issues, they will improve their business process. In order to overcome the weakness of less data collection, they can use the new technology to develop their business process. As suggested by Puchol-Salort et al. (2021), for maintaining the cash flow can they give a discount on the weekdays or when they cannot earn as much as they can earn on other days In order, to reduce the risks of suppliers' prices raising they can make some agreements with the suppliers for mitigating these risks.
4. Analyzing the potential sources of funding for Just-ice and discussing the benefits and drawbacks of each source
Analyzing the potential sources of funding
The source of funding can be possible in many ways such as they can take a loan from the banks, helping or providing the funding from their friends that helps the company to improve their business process.
Banks
The banks have a special division that helps the company to provide the loans to develop a small business process that helps the company to improve their business process of Just-ice in UK. In order to get the loans with some interest rate they will fulfill some criteria that help the company to improve their business process. It can also help them to give some loan structures for expanding their business process with the help of banks.
Private equity firms
Private equality is capital equity that can be not listed on any type of stock exchange. This process helps the company to improve its business process. In this process, Just-ice can increase or raise its funds according to the needs or demands of its customers which helps the SMEs to improve their business processes. As opined by Zuddas (2021), their investors or shareholders provide them with the funds and in return, they need some equity in the company. It helps this company to increase their budgets and also helps to expand their business with the help of their collaborative company.
Benefits
They can be benefitted from the help of this type of sourcing in this field that can assist to match their targets or achieve the goals that help them to improve their business process. They can be benefitted from their loan structures and the banking that helps them to maintain their targets or achieve their goals in returns they take some interests. As cited by Pappis et al. (2021), the Just-ice can pay this whole loan on a month-wise or a weekly wise or yearly basis helps them to improve their business process. It also helps them to manage their mental pressure due to the loans. Property equity firms help the company to improve their business process by providing them with their contacts and their skilled employees for developing or expanding their business. This type of funding helps the Just-ice company with its expertise that helps the company to improve its business process.
Drawbacks
The banks have some criteria for giving the loans that take some time to get the loans or amount or invest for their company. These attributes can affect their business process because in business always timing is a very important thing. For this reason, they can lose some of their opportunity to expand their business. As suggested by Brown (2021), the private equity firms, this company can face some issues such as at the time of expansion business they can face some decision-making issues in their companies. They can also create some difficulties at the time of launching their new product that helps the company to develop their business strategy.
5. Make a business plan for the growth or development of Just ice
In order to establish a successful business, Just-ice has to maintain its financial plan or financial operations that help the company to develop its business process.
The financial plan of Just-ice
Just-ice can improve their financial process to develop their business strategy to improve their process. In order to establish the financial plan, they will maintain four steps such as “Create a strategic plan”, “Create financial projections”, “Plan for contingencies”, and “Monitor and compare goals”.
Create a strategic plan
They will make some strategies to improve their business process that helps the just-ice to develop the business process and identify their issues for the financial planning of their business. They do not much think about the numbers or requirements they have always think about their target or goal for achieving that makes their employees motivated to their work or jobs. They always will think about their expansion of the business by increasing their equipment and resources that help the company capture the markets.
Create financial projections
In these steps, they will think about their expanse or list of their expanse for expanding the business that helps them to develop tier business process. They will arrange their funds with the help of their shareholders or their bank's loans or other ways of developing their business process. They also will create a range or estimation for developing their pricing models that help the company with their auditing systems.
Plan for contingencies
They will always maintain trying to maintain their cash flow statements which help the company to build a plan to avoid the situation of their loss-making process. As suggested by Trouillet and Jay (2021), it means at the time of their unexpected turn or their business losses. At this time they will sell some assets to maintain the balance of their business which helps the company to maintain its sustainability for their company.
Monitor and compare goals
They will modify their business process for increasing their sales rate to monitor the cash flows and incoming projections that help them to maintain their sustainability in their business. They will always check their business ratio for developing their plan to increase their sales rate. It helps them to modify the plans for expanding tier business or solve their issues related to their sales rate.
The strategic objective is to develop the business
Improve its sales rate and also expand its business in the UK markets
Increasing revenue and profitability structures.
Develop their management systems by adding some new employees.
6. Detailed business plan for growth and setting out strategic objectives
Just-ice needs to improve its business process such as its marketing strategy for developing its business strategy. They can adopt some new marketing strategies such as STP marketing to improve their business process which helps the business to increase their customer rate.
Segmentation
This can helps the company to divide the segments to invest their money or find the targeting markets to improve their business process which helps Just-ice company to improve their business process. It can help to divide the four segments such as geographic segments, demographic segments, and behavioral and psychographic segments. As cited by Closa (2021), these four segments help them to improve their target markets to identify their rates of sales to develop their sales rate.
Target
This step helps the company to develop their investments according to the results of their segment process. It means they can choose the right places for investing that help the company improve its models of business. It helps the Just-ice company to develop its marketing strategy in terms of the size of the markets, and profitability of the markets. These attributes help the company develop its marketing strategy.
Positioning
This process helps the company to identify its place in the markets in terms of self-image. As suggested by Gross et al. (2021), it helps the company to develop their business by modifying their business process that helps the company to improve their business process. In order to improve their position, they can solve their customers' problems with great benefits that help the company to maintain tier responsibility.
These three steps or STP strategy improve their sales for attracting their customers by giving them some discount that helps the Just-ice to maintain its cash flow and also helps them to improve their business process. This process also helps them to identify their issues for achieving their goals or target in terms of sales rate and developing the revenue models.
Importance of business plan
It helps the company to develop its expansion process by establishing the milestones or targets that help the company to develop its business process.
It helps to understand their competition in the UK markets which helps the company to develop their business process.
A business plan is important for knowing their customer's behaviors or responses to their products ( Omotayo et al., 2022).
It helps the company to maintain its targets with the help of its new marketing strategy or solving its issues or problems.
It helps to develop the revenue models and profitability structures of the company.
It helps to attract their shareholders to develop their business process.
It also helps to maintain the decorum of the employees which helps the company to maintain the balance of their teams or their management systems.
7. Assess exit or succession options for the SMEs explaining the benefits and drawbacks of each option
Benefits
The exit process of a small industry or Just-ice is the easy task that motivates the new employees to join.
This process can be a quick closing process depending on the assets sales of the company that helps the company to develop the business of Just-ice.
Through this process, their employees can maintain their lifestyles for the cash flow process of their company.
A long terms purchase help their employees to give the incentives for motivating their employees that help the company to develop their business process (Xue, 2021).
Selling the related company of their business can assist this related company to run the business and also reduce the risks to their employee's jobs losing.
At the time of maintaining good stability or generating enough revenue, this company can attract a buyer that helps to increase the price of this business (Zhang, 2021).
The purchasing business model can pay more money for their company.
Drawbacks
They can only make money by selling the assets of their company which helps the company to improve its business process.
Whether they have some creditors they will pay first this person before generating the investments.
The sales value and potential growth make some small model that helps the Just-ice to develop its business process.
At the time of funds withdrawal, the tax dedication can happen that affects their capital money or savings (Paccoud et al. 2021).
Due to the discount or giving offers, they cannot make dome profit to sale their products.
Estimation price of their whole business plan is a very complicated problem that helps the company to improve their business process.
8. Evaluate the exit or succession options
Figure 2: Exit strategy to a small company
(Source: Patriotsoftware.com, 2022)
Merger
It is the process of combining the two combining into one industry that helps the company to increase its business value that helps to improve its position in the United Kingdom's markets. For merging this business the company has to choose one owner or one higher authority to do their work that helps the just-ice to improve their business process. It has five kinds of merging.
Horizontal
It means they can merge the business with the same industry
Vertical
Two businesses are the part of the same supply chain management
Products expansion
The business products sell together for increasing the sales rate of customers.
Conglomerate
Two different industries can merge into one business
Market extension
Both the businesses sell the same products with the same almost same quality however its comparison happens in different markets.
Acquisition
It means one company can acquire another company with the acquisition strategy that helps the company to improve its response models. It helps the selling company to get their price as per their needs or demands that helps Just-ice to improve their business process or strategy. This selling business can get the maximum price because of the branding name of the company. As suggested by Lv et al. (2021), the acquisition has two types’ hostile and friendly that help to understand this process. Friendly means the purchasing company can acquire the bigger stakes of the company and hostile means the total control or total acquisition of the company.
Selling the company to someone of their relatives
In this process, the company owners wanted to give life with the other opener's hand that helps owners to include their business process. It helps to hand over the business to their family, friends, colleagues, and other family members.
IPO (Initial public offering)
It means the first time selling or offers to the public that helps to get reposed to their customers that also helps them to maintain their name of the company. It helps the Just-ice to understand the IPO process to handle their worst situation.
Liquidation
It is the process of selling the business with the help of the liquidation process. It means selling the total business however the price of the company goes to the creditors and investors of the company. It is the strategy there is no need for the negotiations or merging of the business.
Recommendation
Just-ice is a coffee shop company that is trying to develop its business strategy. For this reason, they have to improve the marketing strategy that helps them to improve their business process. They also need to improve their financial operations which help the company to improve their business process in the UK markets. In order to solve their financial problems, they need to develop their teams by adding new employees to their teams that help the company to raise their investment funds.
Conclusion
This study concludes the planning for the growth of Just-ice Company that helps the company to improve its business process. This study talks about the opportunities for growth by applying Ansoff’s vector metrics that help to understand the growth and development of the company. It also talks about the potential funding and its benefits and drawbacks for this company. This study also concludes the importance of the business plan that helps Just-ice to identify their issues of the business. This study also discussed the exit process and its advantages and drawbacks to the company.
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