Planning the Future Strategy of Your Business.
Title: Planning the future strategy of your business.
Scenario
You are currently working for the Small Business Centre in Leicester and as part of your work experience you have been asked to research some cases studies of company expansions, you will then need to complete the following work, based on your research.
Task 1
Explain how four different expansion methods have been implemented in selected small organisations:
One: Organic growth
This the most common form of expansion of a SME, it comes from forward thinking and predicting what your customers needs such as value for money and quality of service or the product. With hard work and forward thinking business strategies that look at keeping the customer happy, buying and selling and managing marketing effectively, organic growth will happen naturally.
Millbrook’s Design and print have recently expand in there property size as their operations has expanded, this has happened through natural growth meaning that as their customer base as naturally grown they have added and upstairs design department to deal with new clients.
Two: Location Expansion
A SME may be making enough revenue or have new investment to open a shop or a second shop as they have gained a large customer base or even think that they will benefit by expanding their business to another city or region as there is a need for the business series or products. A business will benefit from this expansion as it will expose them to a lot more customers and also enhance profits as they are reaching a broader geographical customer base.
Web based business may need to move into a shop as they have a large stock amounts and also a way of expanding their selling possibilities.
A small photography company called View Finder has been trading in the local Leicester area for over 5 years and have built up a popular reputation within the region and have started to acquired business from out of the midlands, they have recently expanded by
Scenario
You are currently working for the Small Business Centre in Leicester and as part of your work experience you have been asked to research some cases studies of company expansions, you will then need to complete the following work, based on your research.
Task 1
Explain how four different expansion methods have been implemented in selected small organisations:
One: Organic growth
This the most common form of expansion of a SME, it comes from forward thinking and predicting what your customers needs such as value for money and quality of service or the product. With hard work and forward thinking business strategies that look at keeping the customer happy, buying and selling and managing marketing effectively, organic growth will happen naturally.
Millbrook’s Design and print have recently expand in there property size as their operations has expanded, this has happened through natural growth meaning that as their customer base as naturally grown they have added and upstairs design department to deal with new clients.
Two: Location Expansion
A SME may be making enough revenue or have new investment to open a shop or a second shop as they have gained a large customer base or even think that they will benefit by expanding their business to another city or region as there is a need for the business series or products. A business will benefit from this expansion as it will expose them to a lot more customers and also enhance profits as they are reaching a broader geographical customer base.
Web based business may need to move into a shop as they have a large stock amounts and also a way of expanding their selling possibilities.
A small photography company called View Finder has been trading in the local Leicester area for over 5 years and have built up a popular reputation within the region and have started to acquired business from out of the midlands, they have recently expanded by