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Small and medium-sized enterprises (SMEs) are the type of companies that operate up to a certain limit in terms of income, liabilities, assets, and personnel. Small and medium-sized businesses are ones that employ fewer people or generate less money than other types of businesses. By offering incentives, advantageous tax breaks, and improved financing facilities, the government additionally aids in boosting SMEs. In SMEs, the upper limit for staff is often maximum 250 (Muriithi, 2017). These SMEs could be from any industry; they developed fresh, cutting-edge concepts that need less labour, money, etc. SMEs play a crucial role in the growth of an economy because they help to create more jobs and boost the GDP of that economy (RidwanMaksumet. al. 2020). The report will give in-depth details about development, growth, investment sources, and a number of other aspects that affect SMEs' ability to expand. For better comprehension, the report is presented in two sections.
The report's first section discusses the important factors to take into account when assessing the growth prospects for SMEs. On the other hand, the second section of the report emphasizes the thorough business strategy for accomplishing goals and exit strategies along with their effects on the company. Report is taking into consideration a UK-based SME Captify Company for a thorough explanation to achieve the research objectives.The SME taken into account for this report is highly non provider of consumer search data is an IT business called Captify. It is a London, UK-based digital media company with a focus on search retargeting. It was established in 2011. The Porter's Five Forces Model, the Ansoff Matrix, and other techniques are suggested for use in defining core competences. Theundertaken models in the report will assist the organization in understanding its strengths, factors influencing its development, the many opportunities at its disposal, various competitive advantages, and threats.
Part 1 Investing in the Future
Evaluating growth opportunities for SMEs
SMEs contribute significantly to the value added to the nation's economy by providing a variety of advantages. By introducing innovation into the society sectors, delivering high-quality goods, creating job opportunities, raising people's standards of living, and guiding the nation in the direction of progress and development (Abosedeet. al. 2016). Small and medium-sized businesses are essential to the economy. The bulk of businesses in the UK are small to medium sized enterprises (SMEs), which can range from local businesses to massive global corporations. 5.7 million SMEs were recognized by Parliament as representing the 99% of enterprises in the UK in 2018. (Berisha and Pula, 2015). 96% of UK enterprises are micro businesses that are defined as those entities with less than nine employees.SMEs are the moral backbone of the nation. They promote development, create employment opportunities, and aid in the investigation of various cutting-edge markets.Through a variety of channels, Captify's innovative technology aids in identifying the counselors’ intentions. On-site search, voice search, and in-app search are all features of this technology. The case company's major goal is to enhance and develop the client experience by offering a variety of facilities.The company currently employs up to 250 people and holds about 9% of the global market. More than 700 notable businesses from around the world collaborate with Captify (Capitfy, 2022). Captify offers product teams and professionals, which significantly aid in laying out the direction of search in the future. A large variety of clients identified online are exposed by Captify's intelligence framework. According to the UK government, small firms are the source of roughly 70% of information breaches. Small enterprises are the only targets of cyber attacks. The major flaw of Captify is that it does not prioritize investing in high-security systems, which puts the company at a very high risk. The company can concentrate on its prospects and strengths to get past these problems.
Competitive advantage for the business
The various things a business can do is to create, develop, promote, deliver, and support its product and also gain a competitive advantage. Based on recent research on competitiveness and strategy in small and medium-sized businesses, an idea-based model for competitive advantages in small organizations is created (SMEs). The change agent (entrepreneurs), who must have the necessary interpersonal skills to create both internal and external networks of experienced contacts, is one of the components of the model. Smaller businesses gain from being able to react to market developments faster than their larger competitors, and employees should be willing to learn new abilities, and managers should hire and reward staff to faster the growth of innovative ideas. The incremental product changes that SMEs use to gain a competitive edge are based on suggestions they have received from consumers, rivals, and suppliers. The majority of SMEs must have organizational flexibility to gain a competitive advantage.To make strategic decisions and create an effective plan for the future, Porter thought it was essential to comprehend both the competitive dynamics and the industry structure. Five elements are identified by Porter's model as influencing industry competition.
Porter 5 Forces
Businesses that use the Five Forces can forecast changes in the competitive landscape, affect the evolution of industry structure, and aid in the identification of superior strategic positions within an industry. One of the best macro tool for business analytics is Porter's Five Forces. It examines the entire sector, whereas a SWOT analysis is more focused on details about a single business. Understanding competitive dynamics and their underlying causes uncovers the foundations and offers a framework to anticipate and affect competition profitability over time, according to Porter, who made this claim in a Harvard Business Review essay. The structural of their sector should be a competitive concern for strategists (Bruijl and Gerard, 2018).
Competitive opposition
This task force evaluates the degree of market competition in Captify. This force looks at how each party can compete in the market. When there are only a few companies selling a good or service and the market is expanding, competition is fierce. Additionally, customers can quickly switch to alternative, low-cost options. High rivalry may result from price and advertising wars, which could be detrimental to a company's bottom line.
The bargaining power of suppliers
The supplier's ability to raise prices is assessed by this force. This can consequently affect a company's profitability. Additionally, this group assesses the availability of raw material and other resource suppliers (Aithal, 2016). The business supplier’s power increases with the number of sources. Businesses benefit more from having several suppliers and learn more about finding vendors and B2B partners.
Bargaining power of the consumer
This group investigates the influence and impact of consumers on pricing and product quality. Consumers have more clout when there are fewer sellers than when there are many. But switching is simple for them. On the other hand, customers' purchasing power decreases when they purchase little amounts of a product or when a seller's product differs greatly from that of its rivals.
New competitors pose a serious threat.
This group takes into account how simple or difficult it is for competitors to enter the market. A business has a higher likelihood of losing market share when a new competitor enters the market than when it already has. Some of the barriers to entrance are absolute cost advantages, access, scale, and strong brand identification.
The potential for product and service substitution
This task force investigates how simple it is for customers to migrate from one brand to a rival's. This investigates how the competitors' costs and standards stack up against those of the company under investigation (Pervanet. al. 2017). It also determines how much money their rivals make, which will aid them in determining whether they can reduce their prices.
Additionally, knowing how much money competitors of Captify will make enable the company to decide whether or not to cut expenditures. The threat posed by substitutes is primarily shown by switching costs and consumers' openness to change. Learn how to carry out a competitive analysis to keep one step ahead of the opposition. If it is possible to determine the cost of items, this method can be utilized by the captifyto the fullest degree for the competition advantages
The opportunities available to the business
SWOT Analayses
A SWOT analysis examines both internal and external aspects, such as what's going on within and outside of the business (Kurniawanet. al. 2020). Some of these elements will be under control for understanding the opportunities of SMEs. The cleverest course of action, though, can aid in resolving any circumstance. Once the company has examined, identified, and documented these elements, Captify will grow stronger by knowing the opportunities and threats. Captify’s SWOT analysis is discussed as follows:
Strength - Captify has product teams and semantics experts, which effectively contribute to shaping the future of search. An extensive spectrum of customer intent across the web is unlocked by Captify's intelligence system. Captify an efficient data management solution guarantees information security and permits access to pertinent data.
Weakness - One of the foundational technologies employed by Captify is information security. Careless personnel, poor data storage, and cybercrimes are all potential causes of security breaches. Therefore, relying on such information is inappropriate, which is the company's largest drawback. Due of its complexity and high expense, cloud computing provides the majority of Captify's security.
Opportunities - Dealing with cloud computing technology will present the organization with its greatest opportunity for cost-cutting. A more secure network security system might also be developed by the business, which would help it further attract customers.
Threats - The organization is aware of how network hacking can bring down a certain company. This specific instance involves misrepresenting information provided by the business. Network security may be impacted by stolen intellectual property from an enterprise. Once the company's data has been compromised, in particular the ideas, designs, and products of the company. New designs and products cannot be created or implemented by the Captify. As a result, the organization will suffer a revenue loss and may by business performance will be ruined in the market.
Assessment of the options for growth with Ansoff’s growth vector matrix
The term "market" in the Ansoff framework is a general one which is related to small and medium enterprises considering the demographics of the target market. The Matrix enables Captify to compare the relative attractiveness of growth strategies that utilize current services and markets to those that utilizes entirely new ones (Loredana, 2016).
Figure2: Ansoff Matrix
Market penetration: Is the idea of boosting existing product sales in the market. Captify can adopt the method in order to increase the demand of the services provided by the company.
Market development: Focuses on introducing current products to new markets. The strategies for marketing like segmentation for target marketing will help in overall development and positioning of the services of Captify.
Product Development: The emphasis of this section is on the introduction of new products to an established market. The case company can work on development of new IT services according to the demands in the market which will subsequently increases the valuation of the company.
Diversification: The notion of entering a new market with entirely new products is known as diversification.Captify can also work on targeting different areas of consumer by intruding new IT services which are specifically required by certain area for the promotion of the company globally.
PESTEL analysis
A prominent strategic technique for assessing the business environment in which a company works is PESTEL analysis. The six aspects in this analysis—political, economic, legal, social, technological, environmental, and legal are those that have an impact on a company's growth (Matovic, 2020). Managers in the organization use this framework to examine their risk management and growth initiatives. The following is a PESTEL analysis for Captify:
Political Factor: political considerations are the problems or aspects of the business that the government's rules and regulations have on. Political factors in the case of Captify mostly have the impact of giving the government the authority to shut down the business in the event of information leakage, which is a very risky task for the business. Additionally, there are laws that could outlaw certain websites and television programmers.
Economical factors: The UK's expanding economy supports all SMEs, which is a fantastic opportunity for the business to expand. The UK government provides SMEs that can meet customers' needs with a variety of perks (Alkhoraif, et. al 2019). Captify strives to innovate and enhance the client experience, which also contributes to the development of consumer trust. The intelligence system in Captify offers a broad selection of clients selected via the online network, all of which present business chances for growth.
Social considerations - social factors investigate the moral, demographic, and cultural facets that additionally influence the demand for SMEs. Captify is an IT company, and its cutting-edge technology for making informed decisions is what makes it intelligent and influential in society. The risk of receiving bad press is the main element that has an impact on the business. From the perspective of the customer, social factors that are detrimental to society must be managed.
Technological factor: The capability of an IT company makes it necessary to maintain updated technology because the consumer expects everything to be in line with trends and technology. As a result, technological considerations have the greatest impact (Pan, et. al.2019). Given that the business handles a vast volume of information, the security policies must also be current.
Environmental factor: These include the ecological and environmental elements that have significant effects on SMEs, including as location, weather, climate change, and waste management (Bouazzaet. al. 2015). People are now much more aware of the effects of climate change and feel safer about living in a healthy environment. The business should concentrate on utilizing radiation-free, ecologically pleasant cyber networks.
Legal considerations: These considerations include all laws and regulations, whether they have a favorable or unfavorable effect on SMEs. A business like Captify deals with sensitive information, thus it must abide by all regulatory restrictions in order to safeguard that information. Additionally, the business offers proprietary services, resources, and a website that call for legal actions such patents and copyrights.
Source of funding that the Captify issuing
Captify has raised a total of $14.4M in funding over 3 rounds. Their latest funding was raised on Mar 7, 2018 from a Non-equity Assistance round. Captify is funded by 3 investors. Future Fifty and Smedvig Capital are the most recent investors.
Figure 3: Captify financial figures
Revenue (FY, 2018)
£32.2M
Gross profit (FY, 2018)
£15.6M
Net income (FY, 2018)
£669.2K
Cash (FY, 2018)
£2.0M
EBIT (FY, 2018)
£356.6K
Source of funding SMEs can prefer
In countries like the UK where manufacturing has been losing ground as a share of overall economic activity, the SME sector will keep expanding. It is likely to keep expanding since economies of scale in the service industry are often less significant than in manufacturing (Tambunan, 2019).
With the sources of funding described below, it is therefore simpler for SMEs like Captify in the service sector to prosper and survive:
Factoring and discounting of invoices
These two financing options enable a business to borrow money in exchange for the security and payment of unpaid debts. This short-term financing is typically more expensive than an overdraft. One benefit of these sources of funding is that when a SME expands, its outstanding receivables will increase. The amount of money Captify can borrow from their factor, or invoice discounting, will similarly expand as their company's outstanding receivables increase (Moeuf, et. al2018). One of the few financing solutions that expand with the firm is factoring, along with invoice discounting.
Leasing
Leasing assets rather than purchasing them can help SME's save money. For tangible assets like vehicles, machinery, and the like, leasing is not an option.Captify can use leasing as a source of funding for the advancement in technology and services.
Bank lending
If the loan may be secured by sizable assets like land or buildings, certain banks may give an overdraft in addition to making long-term loans. Because they are more cautious than banks, SMEs frequently face greater difficulties. It makes sense considering how many bad loans can come from one defaulted loan. Captify eventually need financing wind up using short-term funding, like an overdraft, to pay for medium-term and possibly longer-term assets. When there is an inadequate maturity difference between the assets and the liabilities, this is sometimes referred to as a "maturity gap." The owner-manager of Captify will frequently be required to provide personal guarantees to banks, which means that company must put his personal fortune at risk in order to finance the business.
Entrepreneur capitalist
Oftentimes, venture capitalist firms are divisions of larger corporations with substantial financial reserves available for investment. Subsidiaries of venture capital firms are a high-risk and possibly lucrative part of an investor's investment portfolio. There will be branches of venture capitalists in several banks. Captify can only access venture capital funding if they have Only SMEs with ideas that potentially produce substantial returns for venture capitalists are eligible for venture capital funding (NaraddaGamage, et. al2020). Many SMEs who are running ordinary businesses might not have access to venture capitalist funding. Long-term investments are not something that venture capitalists are interested in. Any proposition Captify receive must therefore show them how to "exit" their investment or release their worth after a set amount of time. This can be accomplished by either selling the business or expanding it to the point where it qualifies for stock market listing.
Listing
An SME may become a listed company and raise money more easily if it had a stock exchange listing. Captify must expand to the point where listing is feasible before raising the money for investments in technologies.
Supplying the network with money
Finance that tracks the value of the items as they move through the supply chain is known as supply chain financing (SCF). SCF is not that old, because it promotes cooperation between buyers, sellers, and all tiers of the supply chain, it differs from conventional working capital financing techniques like factoring or providing settlement discounts. Buyers and sellers were constantly in rivalry with one another. While the buyer desired extended credit, the seller desired prompt payment. When the buyer has greater credit than the seller, SCF works well.
Recommendation for the best source of funding
Before looking for finance, the case company should create a business plan that details how the money will be used. Small business expansion frequently necessitates capital (Phong, et. al2019). Captify can receive money from a variety of sources, although it is advised that the case company select between a bank loan and venture capital for the following reasons:
Banking lending
Applying for a credit card can be quicker than receiving a bank loan or line of credit. To convince the bank of its case, the corporation must demonstrate its ability to pay back loans. The bank demands a business strategy and financial forecast. "Understandably the bank needs know they're going to get paid back," is advised. Banks provide a variety of loans, including those provided by the Small Business Administration. Some loans demand collateral as insurance against default which is easier for the company like Captify.
Venture funding
Similar to angel investors, venture capitalists want equity in the company in exchange for funding. Mutual funds and venture capital funds both combine the money of numerous investors. Captifythat invest in venture capital have a background in business and will be involved in the operation of the company (Manigart and Sapienza, 2017). This source of funding will swap substantial amounts of funds for some equity and control.The ideal method to use to raise money to grow the Captify Company will be determined by venture funding.
Developing a business plan
A business growth plan describes how the company will grow by utilizing diverse strategies, methods, and concepts to create scale across all business areas (Shpak, et.al,2020). This is a plan for corporate growth. It aids in establishing the existing position and developing and putting into practice a strategy for market expansion. Probably when starting a business the steps should be followed for developing a business plan:
Step 1:Deciding the strategies of the business and in order to make strategies the company should asked some basic questions for the better planning and development of business.
It is what is wanted for the business to have big goals and clear thinking? Would like to reach a specific sales goal? Does company want to be named the best local business?
It will act as a base to support the company's launch and maintenance in the face of challenges (McKeever, 2018).
Step 2: Evaluating the companyto assess the capabilities of the company.Conduct a SWOT analysis to determine strengths and weaknesses. This will make it easier to choose the finest markets. The vision should be consistent with these threat and opportunities available for the company in the target market. Additionally, examining the weak areas for determining change to achieve company’s goals.
Step 3: Determiningthe Target MarketWithout an understanding of the audience, success in any industry is impossible. Plans for business development are created to assist in determining the appropriate audience and understanding these trends.
Step 4. Competitive market of the companyIt is an excellent tool to examine how the company stacks up against competitors. Examine their pricing practices, their marketing initiatives, and what has worked for them in the past (Mariotti, S. and Glackin, 2016). The business can then determine the best course of action for going forward all around the globe for making the position in the eyes of customers.
Step 5: Setting priorities - Commence setting priorities in light of the evaluation from the strategic planning and the outcome of those in the short and long term period. A company can address all of its issues by outlining every remedy. Although it can seem impossible, this brainstorming session might aid in finding the best answer to the issue.
Step 6: financial planning - When it comes to financial planning, specific goal formulation is simpler since numbers make it easier to conceive goals and measure progress. A financial planning generally includes
Reduce operational expenses by $300,000 by the beginning of the following fiscal quarter.
Profit margins should be increased by 10% in the current financial year.
Within the following 12 months, reserve working capital should be increased by fifty percent.
Over the following three fiscal quarters, revenue must increase by at least 2 percent every quarter.
P4 Step 7: scaling up the business -the effective strategic objectives to be consider in scaling up the business are as follows:
Costs of Starting a Business
Costs that will Continue to Accrue
Analysis of the Competition
Revenue Predictions
Sustainability
Earnings Increase as a Result of Growth
Obtaining a Profit on an Investment
Profit Margins Are Important
Step 7: After creating a plan, it is important to set dates. For instance, if starting a marketing effort, make sure it gets off the ground and starts producing results by a certain date. Only by setting smaller goals SMEs can attain mission. These objectives will aid in preparing the team for success and serving as a reminder of what is anticipated.
Step 8: Assessment of work many businesses skip this crucial stage of the procedure to finished their plans and are prepared to gauge their success.This can maintain tabs on the results can keep track of everything done and watch the results. It will be simpler to assess it a year from now and determine what worked and what did not to change the strategies and planning accordingly for the future success.
Part 2: Different options SMEs can exit the business and their implications
Developing an existing plan for SMEs
An exit strategy for a business is a strategy for quitting. Most people assume that this entails getting ready to sell the company. A well-planned departure strategy will boost the sale price and guarantee that the company can thrives (MasuthaandRogerson, 2015). The term "succession plans” also applies on SMEs through planning and developing an existing plan.
List every business-related event: It is necessary to write a "how-to" manual for business so that anyone may assume the lead. Observe each step, including administrative ones. Company can record each step for every task and simultaneously create job descriptions for each employee which helps in designing templates for jobs that repeat frequently in business.
Selling the firm: under this exit option, the company's owner transfers ownership of the business to a different person or group. When a business goes bankrupt and the owner wants to hold onto some shares to engage in future profits, these can be very helpful as an exit option by selling the business.
Obtain a business valuation manual: An estimate can be obtained by an expert opinion. The company can look for a local broker or request a recommendation from an accountant. If company is predicting a lower price than what was anticipated, owner/founder might postpone their exit of company. Company’s owner should spend some time creating value for the business, instead.
Recommendation on a suitable exit plan
Nobody will acquire the business if it can't thrive. Company should give staff the skills and power they need to succeed by reducing engagement. Reduce interaction with consumers and clients and can work on delegating important choices by reducing working days and increase the training days for future success. Significant choices worked laboriously to bring business to where it is now. It could be intimidating to consider quitting. The small business owners frequently solve the doubts and issues by frequently interacting with them employees and taking feedbacks from outsiders. The business valuation manual is recommended for Captify which might help company to get interest by obtaining a benchmark valuation. It will also aid in forming sensible expectations and future positioning in the market.
The company should focus on selecting the most suitable existing plan so that the business is not affected. The case company has a very good market position and brand value, which will make it easy for the owner of the company to sell business it is recommended that the company should opt for a merger with another company as the best option. This strategy will not affect the company's reputation and position in the market.
Conclusion
There is a significant chance for small and medium-sized businesses to thrive and grow in their nation. This report is made up of two parts, each covering a separate subject. The first portion of the paper uses the Ansoff matrix, Porter 5 forces, SWOT analyses and PESTEL analyses to develop an understanding about the growth opportunities of SMEs. The methods of fundraising and the top funding sources chosen by small and medium-sized firms were also addressed in the first part of the report. The execution of a business plan for a SME company is a focus area for the research objectives. CaptifyCompany is regarded as a case company for supporting the report. At the end, the report discussesa development of an exit plan in the second part, through strategies for small enterprises along with therecommendation for SMEs exits plan.
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