Planning for growth is required by which business can attain desired objectives with much ease. Present report deals with Exotic Coffee Shop which will start its new business by providing coffee to customers in Marylebone location in London. Business plan is outlined with main considerations and growth opportunities are assessed. Furthermore, sources of finance wit advantages and disadvantages are discussed. Succession points are highlighted by explaining benefits, drawbacks etc. Hence, it can be said that through various sources, Exotic Coffee Shop will be able to generate profits and new business venture will be successful.
P1 Analyzing key considerations for growth opportunities and justifying within firm's context
Every firm starts its business operations with the view to provide effective services and goods to customers and garner profits. This is the main objective of organization so as to earn profits and increase market share by satisfying consumers in realistic manner. It also applies to an SME which operates business at smaller level and employees are nearer to 250 only. In this scenario, it is required that SME should perform well so that it may be able to satisfy consumers and build its market standing in effective way. Exotic Coffee Shop which is a new start-up will operate coffee shop in UK to increase satisfaction level of customers and garner profits in the best possible manner. In relation to this, key considerations for growth opportunities of firm and justification is listed below-
New products and services
Organization is required to provide better products and services so that customers may be satisfied in effectual manner. It is particular important for Exotic Coffee Shop as it will have to impart quality coffee and related items in order to build its market standing and eventually enhancing customer satisfaction up to a high extent (Cocks, 2017). The services and items needs to be expanded and certain innovative products are required so that portfolio can be strengthened. This will lead to expansion of services and satisfaction of customers may be enlarged quite effectually.
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The competencies are part of business and organization need to start its operations by effectively enhancing customer satisfaction to great heights. It is required that strategies of rivals present in the market should be perfectly analyzed so that company may be able to frame well-mannered strategies in order to outreach competitors and build market by maximizing customers. Hence, competitors are required to analyzed by Exotic Coffee Shop so that new ingredients and flavors may be made and coffee can be provided to customers by enhancing satisfaction level.
The innovation is required so that organization can be able to enhance products and services up to a high extent. Furthermore, since business will start its operations in the Marylebone city in UK. It is essentially needed that organization may effectively able to satisfy customers. For accomplishing this, Exotic Coffee Shop will open game zone in the shop so that people who come with their families and friends can enjoy the same along with coffee. Moreover, allied services will be given such as fusion of food items by which organization can effectively attain customers who love fusion of different continents (Gallagher and et.al., 2016). This will automatically enhance customer loyalty towards coffee shop as they will be provided with products and services which would be entirely different from other rivals.
It can be said that Exotic Coffee Shop would effectively enhance its product portfolio as innovation is needed so that new customers may be attracted of all ages and location of Marylebone will also help to enlarge and lure more of the coffee drinkers.
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M1 Growth methods for SME
There are various growth methods which can be used by business in order to attain growth in the best possible manner. Standoff's matrix is required to be used by the business so that well-mannered strategies can be implemented and better growth may be attained.
P2 Assessing growth opportunities by using Ans off & squalls growth vector matrix
Growth of organization is required to be attained so that business may be able to enhance its development in effective manner. The Ans off & squalls growth vector matrix is useful as it helps to formulate strategies so that business may be able to stand in the market with well-structured strategies so as to beat rivals in the best possible manner. It is essentially required in order to attain benefits by enhancement in overall growth.