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Small and medium-sized enterprises (SMEs) are companies that have assets, revenues, and several workers below a convinced entrance. These companies play a significant role in the economy, employ huge numbers of candidates, and help to shape innovation. The case company’s authorized share capital is 45 thousand and its paid-up capital is 2387400. The main competitors of the Sky Holiday Cottages are Vrbo, Expedia, FlipKey, and many other companies (Razak, et. al. 2018).
The firm offers over 21,000 holiday cottage homes all through the country, the company offers cozy cottages for 2 to 19 or larger properties for sleeping. The company's impact on the environment and people is as important as shareholder profit. The second part of the report states, a focus area for an implementation of a business plan for small and medium enterprise firms (Maksum, et. al. 2020). And in the last part of the description includes two topics which are existing methods for small and medium businesses and directions for SMEs when the company exits. For sustaining the report, Skyes Holiday Cottage Company is considered a case company. This report will give information connected to growth, development, source of speculation, and some other factors that are necessary to be engaged in apprehension while developing for augmentation.
PART 1: INVESTING IN THE FUTURE
1. The key concern for evaluating growth opportunities
Small and medium enterprises are adding up value to the country’s generating employment, and leading the country toward development and growth. Because of this reason, the country needs to support small and medium businesses in growth (Higgins, et. al 2019). In the UK around large number of SMEs are producing 70% of the jobs and due to this reason, the government supports these businesses.
1.1 Competitive advantage:
Competitive advantage as a foundation for growth: Small and medium businesses exploit different sources of competitive advantage foremost to sustainable growth. Quality is innermost when it comes to creating competitiveness. The lasting success of a company is determined by the level of consumer satisfaction. The company works out resources and utility budgets to ensure that they do not overspend. The company offers the best properties in the market and also considers the competitor's pricing strategy to gain a competitive advantage. The company wanted to develop the business and turn it into a household name so it knew that it needed to change its business strategy (Hagiu and Wright, 2020). The availability of resources is a key determinant of the growth of SMEs. The growth stems from the timely utilization of opportunity presented by the situation. Managing relations with consumers plays a vital business success factor. The customer relationships organization refers to practices and processes employed to rule interactions with customers. A corporate strategy helps the company to realize organizational goals.
Porter’s Generic Strategy:
The leaders and managers of Sykes Holiday Cottage can use Porter’s five forces to expand a strategic location in the hospitality and tourism industry but can also travel around profitable opportunities in the whole tourism sector. Sykes Holiday Cottage can handle the threats of new entrants through innovative new services and products that bring customers a reason to buy their rental house for trips at affordable prices. The firm can also build economies of scale by lowering the costs per unit. The firm can handle the bargaining power of the suppliers by building efficient customer services and providing a clean and beautiful ambiance to its customers. Skyes Holiday Cottage constructing a large purchaser base which can reduce the bargaining power of buyers and will provide them streamlined production and sales process.
The firm by being service-oriented rather than focusing on products and by understanding the core needs of consumers can gain the advantage of substitute products and services (Bruijl and Gerard, 2018). The company should build a sustainable differentiation and scale so that it can tackle the intense rivalry among competitors in the tourism and hospitality industry.
PESTLE analysis:
Skyes Holiday Cottage plays a great role in shaping the UK’s economy. This medium-sized firm offers jobs for citizens who rent their homes and rooms to visitors. But every nation and nation has its regulations and rules for housing: the need for licenses, permits, and taxation depends on different locations and areas. The company is also facing some regulatory and legal issues in the UK. Many people who rent their homes in different locations do not follow country housing laws. The tax rates are changing regularly in different nations, the firm must cope with these political issues to work efficiently. The case company is a good example of a shared economy that combines consumption where individuals share their property with those who need it for a short period.
It has exposed itself as an established entrant to the hotel industry. Cheaper prices are a good opportunity for the business against its competitor’s cottages, hotels, and motels. Skyes Holiday Cottage blends societies and different cultures from different parts of the world. People from different cities and countries come for vacation, the company provides beautiful cottages for rent to those people for some days. Technology is associated with communities around the globe, which is an important factor for all companies to take into account. Skyes Holiday Cottage is using efficient technology to connect people all around the globe. Visitors can install the application and use the website for booking cottages. Without technology, the company cannot perform its basic procedures like cancellation, booking, payment verification systems, and many other activities (Christodoulou. and Cullinane, 2019). The tourism and hospitality industry has a positive impact on the environment. Their shared wealth business is based on operating the existing property and traveling in an eco-friendly and green environment.
1.2 New products and services
Mckinsey matrix:
The McKinsey 7’s framework is a planned tool that helps businesses and managers measure their performance. Skyes Holiday Cottage focuses on the 7 elements recognized in the model to make sure that its performance level is consistently maintained, and enhanced for the offerings (Wehrle, et. al. 2022). The first one is a strategy that helps the association conduct actions, manage presentations, and work out different strategies that are associated with the business tactic. SMART Goals are set with small as well as long-term deadlines by the business strategy. The second is structure; the firm has a flatter managerial hierarchy that is held up by a progressive and learning organization. With minor professional levels in between and additional admittance to the administration and leadership, the workers experience more confidence and security and also have peak entrance to information. Skyes Holiday Cottage has a distinct and well-demarcate structure position to make certain that the industry operation is managed efficiently and there should be no conflicts (Cox, et. al. 2018). The core principles at the company are distinct and communicated to promote a supportive and creative organizational structure that will permit workers to execute optimally and improve their organizational commitment. The company has a participative management style which enables it to engage and involve its staff in the decision-making process and managerial decisions. The company has a sufficient number of employees working across its international operations. Workers for different positions and job roles are hired within as well as outwards depending on the necessity and skill and talent level required. The company has a praiseworthy workforce, with efficient skills, talent, and capacities. All staff are recruited based on their merit and qualifications.
1.3 Growth options:
Ansoff’s growth vector matrix
Skyes Holiday Cottage Ansoff matrix is an advertising plan that helps the worldwide kindness facility company to establish its product and services and market plan. The matrix demonstrates 4 different plan options available for firms. These consist of product development, market infiltration, market development, and diversification. Market saturation involves the exchange of existing products to the existing market. The experience and accommodation marketplace uses a marketplace penetration strategy widely. The company's exceptional customer service and marketing strategy play an important role in engaging the market penetration by Skyes Holiday Cottage. Product expansion strategy is linked with developing a new product to sell its existing market. It is one of the main expansion strategies for international rental and experience platforms (Clarissia, 2019). Especially, starting as a short-term accommodation, the company has increased results in its product and facility portfolio consisting of adventures, experiences, and restaurant services. A market development map refers to the discovery of a new market for existing products (Surya, et. al. 2021).
The international experiences and rental platform forcefully engage in market development. Diversification can be explained as increasing new products to put up for sale in new markets. Entering the industry as a money-making or cost-effective lodging supplier for cost-conscious travelers, the company has diversified its commerce to also serve up the top market segment with particular contributions such as mansions, villas, and castles.
1.4 Collaboration:
With lots of other lodgings rental companies still feeling the financial touch of the pandemic, many provisional lettings groups is aiming for a probable merger and acquisition. M&A activity usually enlarges as businesses look to boost revenue, increase purchasing power, streamline operations, and reduce costs (Zahoor and Al-Tabbaa, 2020). With Sykes Holiday Cottages receiving strong shore-up from private equity firms, it will likely see more acquisitions in the future as it looks to expand and develop its operations.
2. Sources of Fund
2.1 Explain the meaning of investment decision-making, focusing on the terms of the Payback Period and Net Present Value (NPV).
The impact of an investment result on SME firms has a huge collusion on the analysis of investment decisions that will cause the company to be in a problem or insolvent situation. Therefore, it is vital to analyze the financial assumption decisions of SME projects. These project speculation decisions must choose a suitable process for the description of their investment decisions (Ahmad and Atniesha, 2018). Net present value is the distinction between the current value of a company’s potential cash inflow and the present worth of future cash outflow.
It is a means of bearing in mind the time value of money. If the net asset value is optimistic the handover that the plan returns on investment is greater than the reduction rate, the venture map is feasible. The payoff phase refers to indicating the time necessary to recover the early investment, usually in years. It represents the years essential for investment, and the shorter the reimbursement period, the better the program.
2.2, 2.3 Meaning of Sources of Funding and why are they necessary SME? Sources that SMEs can choose explain the advantages and limitations of each one.
According to the dimension of the firm and the marketplace value of the company the organization has different supporting fund sources. Different types of financial support sources that are obtainable for SMEs are mentioned below such as:
Bank loan: This is the most practical and widely used source of capital. This finance source is used by both large companies and SMEs. Through this approach, SMEs can acquire financing from banks in exchange for the company paying a specified interest rate in addition to the resources (Sabki, et. al. 2019). The advantage of this strategy is that it allows for a rapid and efficient endowment process, which can assist the organization in obtaining the required funds for funding. The disadvantage of this finance is that occasionally the interest rate is high, which reduces the company's profit.
Crowdfunding: is a successful funding strategy that businesses are using. The company can use a variety of crowd-funding platforms in this manner, and thousands of people contribute small amounts toward the overall capital the business needs. Utilizing this kind of cash requires the firm to engage in a variety of activities, thus it is not a simple task. Additionally, if the production is unsuccessful, this will have a negative long-term impact on the corporation's overall market worth (Adair and Berguiga, 2020).
Friends and family: In this case, associates or family members of a SME invest in the business. Although this is a simple procedure, the business occasionally has trouble
Funding from venture capitalists: Venture capitalists invest in businesses to draw attention to their investments. Venture capitalists will only invest in a company and provide cash if they believe that the new project of the corporation has a significant potential for growth. SMEs all around the world use this as one of the most popular and practical payment options.
Angel Investor: Rich people invest in the company and provide it with money to expand its operations using the angel investor funding approach. Since the angel shareholder is investing equity in the company, this sort of financial support is less risky.
Government support: They provide cash for SMEs to expand as they increase wealth by creating jobs and contributing to the country's economic progress. In this approach, the government provides the business with whatever loans, real estate, food products, or other help that it deems necessary. However, it can be difficult for SMEs to be accepted or eligible for this kind of funding approach.
Peer-to-peer lending: is Comparable to a bank loan involving investors making financial contributions to the business. The fact that this strategy has a lower interest rate than bank loans is one of its advantages. Practices are quick and simple for the corporation to apply in addition to the financial help.
2.4 Selecting the best source of funding
When a company wants to boost and increase production, it must concentrate on using a reliable source of funding. The company has access to a variety of financial support options, but it is crucial to pick the best one. For the instance company, obtaining a bank loan may be a successful finance strategy. Skyes Holiday Cottage is managing better sales and also has a strong market reputation. This assists them in generating bigger earnings and profits, and if the business were to grow, they would also be able to more readily attract customers. The business would find it convenient to repay the debt. A bank loan would be a suitable approach. But the company must concentrate on obtaining a loan from a bank that can do so at cheap interest rates; otherwise, this will affect the corporation's overall productivity and profitability. In addition to those angel investors, there are other effective ways for the business to raise money. Investors can easily invest in the company for increased sales and growth potential.
3. A Business Plan
3.1 Executive summary:
Skyes Holiday Cottage is a vacation home service contribution firm. The objectives and aims are marketing strategy, pricing strategy, market segmentation strategy, and quite a few other significant factors are discussed to achieve the objectives of this report.
3.2 Business details:
The firm is the UK's foremost sovereign holiday cottage leasing or rental agency with more than 29 years of experience in the business. The company has a mission to deliver the best alternative to the holiday home and unravel service to their customer and property owners (Tipu, 2018). The Sykes Holiday Cottages vision is to help travellers make experiences and memories, and make staycation simple for clients with quality accommodation and the best customer service. The case company is working constantly to achieve the target of increasing the profit by 10% in 2022.
SMART Objectives: The SMART objectives are specific, measurable, achievable, relevant, Time time-bound which helps an organization to achieve its target.
Figure 1:
3.3 Industry and market analysis:
The international travel market remains positive that 2022 will be the year that the travel and tourism industry will recover after almost a couple of years of disruption. After almost 2 years in lockdown. Many travelers from around the globe are ready to take more vacation trips this year (Fitriasari, 2020). Traveling at present seems like a requirement instead of a lavishness, there will be rising demand for holiday rentals, not only across the nation but all over the world. This helped increase Skyes Holiday Cottage's market share. Skyes Holiday Cottage's targeting, segmentation, and positioning consist of a place of resulting performance that splits consumers into different groups and identifies a precise group to be targeted. The international accommodation corporation uses a multi-segment type of positioning to aim for more than 1 segment with diverse provision packages (McKeever, 2018). The company also uses preventative positioning and introduces forces for a market segment that has small revenue with the expectation that the revenue will boost the opportunity.
3.4 Customers and value proportion:
Target market segment Sky Cottage's target market is the particular division of all hotel clientele that demanding possessions try to get corporation from. This may be business travelers for a tavern close to the airport and family on holiday for resorts. A target market allows a hotel to focus its advertising and sales efforts.
A value proposal in advertising is a brief declaration of the benefit that a business is distributing to a customer who buys its product and service. It serves as a statement of intention, both within the firm and in the market. It should be communicated to consumers directly, through the firm’s website and marketing or advertising materials.
3.5 Market strategy
Product: the company is a foremost website that helps consumers and users in the booking of hostels, hotels, and other types of lodging or housing. For travelers, they offer the effortlessness of verdict the perfect rental house such as homestays, hotel rooms, hostel beds, etc., and provide the best travel experiences to visitors.
Price: the company does not incriminate anything for its services provided by customers directly. In its place, it charges a provision charge on each condition irrespective of the inventory kind or whether it is a solitary from or the host which is at the end borne by the travelers.
Place: Skyes Holiday Cottage provides admittance to accommodation and experience in the UK and Ireland through its web portal. It can be accessed through all digital platforms and thus has a well-built international reach.
Promotion: the firm's marketing approach is to constrain growth using online promotion, society connection, digital marketing, referral marketing, and local partnerships (Nikbin, et. al. 2021). The company is promoted through a mix of marketing channels.
3.6 Operations plan:
The company should consider the cost of running the business in huge areas, as this will be the area that makes or breaks the company’s success in the holiday cottage and hostel industry. The minimum standard that customers expect from a property is cleanliness. The company should hire an effective clean-up team that will meet visitors' expectations. The company provides clean utilities and resources which is a vital part of providing a positive experience for visitors. The company for managing its finances can hire external financial advisers who can make sure that the company’s finances lead in the right direction (Jukova, et. al. 2019). Managing a holiday cottage property can be a tough task and it can become more difficult to manage a holiday home remotely.
3.7 The management team and company structure:
Skyes Holiday Cottage team consists of well-qualified, highly experienced human resource professionals who have worked across a range of business-to-customer and business-to-business sectors. The company is familiar with functioning in organizations of all sizes from international corporations to start-up businesses. The company is working with entrepreneurial teams in high-growth businesses and focusing on value creation and has a strong desire to use skills and expertise to grow customers all across the globe. The company by working in partnership firms can build effective teams, create structured organizations, and improve profitability.
3.8 Resources:
Sykes Holiday Cottages are UK is an independent holiday cottage rental group, representing over 5000 cottages in the Ireland and UK. All of their cottages are inspected and have been known and recommended to customers by a trip advisor from the past years.
Staff acknowledgment: the company invests in employees with some forbearing parental leave, paid time off, etc. Working with the right people, guidelines, and t oversight increases output and motivates employees. The organization also reviews daily to make sure employee acknowledgment is a daily occurrence. It is critical to ensure worker engagement by employing a robust employee recognition program that pays dividends frequently.
3.9 Financial:
The company needs to be answerable for financial results, from tenancy; average room rate, and inventory management to operating cost. Auditable surroundings should be created to trace, track, and reconcile differences where essential. With an effectual hotel bookkeeping solution in place, managers will be able to recognize altering market circumstances and invent steps to explain such changes.
3.10 financial projections
Figure 2: Income statement of Skyes holiday cottage
Figure 3: balance sheet of Skyes Holiday Cottage
Figure 4: cash flow of Skyes holiday cottage
3.11 Risk plan:
A risk-managing strategy works to defend the business from external, internal, strategic, and operational risks. While most of the risk can monetarily affect the business, this type of situation refers especially to cash flow. Strategy risks are those a firm voluntarily assumes in the direction of generating greater returns. Hazard risks are often the first to come to mind which include common threats such as legal liability, property risk, and workers' compensation. To avoid these kinds of risks the firm can increase the prospectus of business achievement by helping to set up for the unexpected or uncertainties. It saves a lot of time and guides the company in decision-making as it gives a framework for determining which production opportunities to pursue and which to avoid.
Part 2
4. Define exit and succession strategies for businesses
4.1 The main ways an owner-manager might exit the business.
If the manager or proprietor of the firm is not reaching the usual benefit from the business there are probability of closing up the business. In these circumstances, the company needs to have a proper exit plan. Other than that there can be diverse factors of the outer surroundings that can generate issues for the firm to close their operations.
4.2 The key reasons for business failure (external and internal) and how business failure might be prevented-explain
The risk is unsure and there can be a situation where the business is required to shut the corporation for this reason a successful exit approach is significant. If the firm has an exit strategy in progress then it will help them in dipping the probable fatalities to be faced by the firm throughout the conclusion. In universal conditions, the exit strategy is referred to as the strategy that is being formed by the industrialist for business the business to an additional investor or company or ending the business (Anderson, et. al. 2020).
4.3 Exit routes or succession planning options for your chosen SME explaining the benefits and drawbacks of each option.
For restraining the losses it is significant for the owner or manager of the corporation to choose the best suitable exit strategy. Different exit strategies can be used by Skyes Holiday Cottages such as merger and acquisition, selling a business, voluntary winding up, and compulsory winding.
The first and most effective one is the merger and acquisition exit strategy which is used by businesses. In this method, if the owner wants to leave, they can either sell the business to another entrepreneur or merge it with another business. There are many advantages and drawbacks connected to each technique. This exit plan has the advantage of assisting the investor in transferring the price, terms, and all of the property to the new company that is purchasing or merging. This strategy enables the businessman to completely leave the organization since he is no longer an employee. On the other side, this strategy's drawbacks include a lengthy practice period that requires more time. Additionally, it is an inconvenient procedure because it necessitates adhering to various rules and regulations.
The second option the company has is a selling business exit strategy; in this, the business entity is sold by the entrepreneur to a different person or company. If the company is operating profitably and effectively, this plan will be used. Typically, when a company is sold, the buyer takes on the role of management, a subsidiary, or some of the staff. It evolved into a free market where anyone could purchase the company. Regarding this, there are no precise guidelines or customs. The owner can also hold an investor in the business if it is being sold to the employee or the decision-making only, as this will enable them to make money. This form of exit strategy can provide the firm's investor with the highest possible return, which can bring in more money for the owner. On the other hand, the company's reputation would suffer if the new owner is unsuccessful in running the business. There is occasionally a chance that the owner will have to sell the company for a cheap price, which would affect them negatively.
The next exit strategy the case company can use is voluntary winding up where the company can focus on exchanging all assets and liabilities of the firm to make the currency out of it. In this scheme, the firm becomes bankrupt and is not capable of discharging the liability. The returns of using this exit strategy are that it would facilitate the firm in an orderly method for winding up the company. This world helps the corporation in getting the utmost price for their resources and pay off the credit. The cons of using this strategy include the entire employee and supplier can lose their jobs. another exit strategy used by investors is the compulsory winding of a business by selling all its assets, as it becomes compulsory for the company as mandated by the court (Pinkovetskaia, et. al. 2020). If the corporation has high debt and is not capable of reimbursing them, in this condition the court may enquire them to trade their possessions and sell the corporation. This is an efficient plan as it reduces the creditor’s stress on the corporation. All along with this, it is an organized approach that will help the firm in winding up the industry in a suitable way. If the firm exists, this technique can affect the marketplace representation of the business.
4.4 Clear justification
The company should choose an appropriate exit plan for its business operations so that it won't hurt the company. When deciding on an appropriate exit strategy for the company, the various elements relating to the market value and circumstances of the firm must be taken into account. With a strong position and market share in the nation, Skyes Holiday Cottage is rapidly expanding its clients. If the business's owner wishes to sell the company, they must concentrate on choosing the appropriate approach. A merger or acquisition could be used by the corporation as an exit strategy depending on the state of the market for its products (Brueller, et. al. 2018). Rather than concluding Instead of liquidating the corporation, the owner should merge it with another company. This will enable the case company to depart the company successfully without suffering losses in terms of money and reputation. Along with this, the new company will also be able to benefit from the company's strong brand recognition and effective market positioning, both of which will aid in boosting sales and profit.
Conclusion
The detailed plan for the expansion of SMEs has been concluded in the study previously mentioned. To help the example company find the optimum potential for expansion and growth, the study has mentioned updated theories, concepts, and models such as Porter's Five Forces, Pestle Analysis, Ansoff Matrix, and Porter Generic Model. This report has incorporated two detached parts: The first part concludes with information associated with the business plan and growth opportunities for SMEs. In the second part, the information will highlight the exit plan for the firm. For an appropriate explanation and understanding of the concepts, a case firm considered The report discusses the medium enterprise Skyes Holiday Cottage which is the UK's foremost independent holiday rental agency with over 29 years of knowledge in the business.
Recommendation
According to the aforementioned report, the company needs to concentrate on the examination of all the many aspects associated with the external as well as internal business settings while choosing the finest enlargement opportunity. The competitive advantage aspects that must be considered by the business when deciding on the optimal development potential are also addressed in the research. Additionally, the firm must choose more wisely on the source of financial support and an appropriate exit strategy.
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