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Planning for Growth Essay


Introduction

Kelly has established a successful business in a period of five years. This is a clear indication that she has some of the best entrepreneurial skills and abilities. As well, Kelly has unique entrepreneurial goals thus making it easier for her to achieve most of her targeted goals.

With such skills and dreams, Kelly plans to expand her business and develop a competitive enterprise. This discussion explains some of the critical issues for Kelly to consider as she looks forward to expand her small business.

Growth Strategy

The case study explains how Kelly has managed to establish a successful business. She has been selling foods and sandwiches to her customers for the last five years. Now it is the time for Kelly to expand her business. That being the case, it is necessary for Kelly to have the best strategy for her new business (Bovee & Thill, 2012).

The first step is to “understand” the current position of the business and identify the anticipated goals. The step will help Kelly outline her targeted goals and personal expectations. The second step is to “analyze” the existing gaps. The entrepreneur will have to investigate the experiences of her employees and customers. The third step is “planning”.

This step will help Kelly sensitize her employees about the targeted business growth (Bovee & Thill, 2012). As well, Kelly should create a business plan during this step. The fourth step is “executing” the targeted growth strategy. This step will monitor and address issues such as governance, leadership, and implementation.

The fifth step is “testing and optimizing”. After implementing the new growth strategy, Kelly should revisit her ideas and examine the progress of her business. This approach will make it easier for Kelly to organize and prioritize her business growth strategy.

Business Form

As presented in the case study, Kelly has the opportunity to have a new business venture. The new space is approximately 10 miles away from her current location. That being the case, Kelly should consider the best “business form” in order to make her strategy successful (Bovee & Thill, 2012). Kelly’s long-term dream is to develop a lucrative enterprise and compete successfully in the region.

She is also looking forward to widen her services and skills. With such goals, the best form of a business is a sole proprietorship. Kelly’s current expansion strategy is limited to a small restaurant space. The entrepreneur should do her business alone. This is the best approach towards a profitable business. For the past five years, Kelly has been satisfied with her achievements.

Her “trailer-concession business” has succeeded despite the existing challenges. The above strategy explains how Kelly can establish a successful sole proprietorship business. The only alternative for Kelly is to form a “partnership” business.

However, a partnership business will not support her current expansion goals. The new location is close to her food suppliers and a shopping mall. This is a clear indication that her new business will be successful.

Financial Assistance

In the short-term, the entrepreneur wants to grow her business into a lucrative enterprise. The new enterprise will market a variety of services and food products thus increasing its “competitive edge” in the targeted region. It will be impossible for Kelly to realize her short-term goals without investing a lot of money.

Some of the possible sources of finance include “bank loans, venture capitalists, grants, family and friends, and personal savings” (Gitman & McDaniel, 2008). These options will make it easier for Kelly to pursue her business goals. It is agreeable that Kelly has some savings from her current business. At the same time, she can borrow money from her friends and relatives.

The approach will make it easier for her to pursue her goals without getting a loan. As well, it is notable that Kelly will achieve her short-term goals with such kind of financial assistance. After getting the starting capital, Kelly will be able to grow her small business into a lucrative enterprise. This will make it easier for Kelly to increase her competitiveness in the region.

Organizational Structure and Staffing Needs

The other important thing for Kelly to consider is that of “management”. It is notable that Kelly’s staffing needs will change after expanding her business. After expanding the business, Kelly should use a flat organizational structure. This organizational structure is relevant for a small business. Kelly should employ less than 20 employees.

This will ensure the business has a few levels of leadership and management. After implementing the organizational structure, Kelly should embrace the concept of “teamwork”. She will be required to create several teams depending on the number of departments in the restaurant.

She will also be required to train, mentor, and orient her employees The business will have several departments in order to make decision-making easier (Gitman & McDaniel, 2008). After training the staff, it will be easier to provide the best services and support to the customers.

It is also notable that a flat organizational structure eliminates bureaucracy. The approach makes it possible to form cohesive teams. This is the best approach towards a successful business strategy. That being the case, Kelly should adopt a flat hierarchy. The hierarchy will help her train, mentor, organize, and orient her employees in a proper manner.

Customers and Promotion

Kelly plans to relocate her business and improve her current operations. The first thing to consider is how she can provide quality food products and sandwiches to her current customers. After relocating, Kelly should consider the best strategies to address the needs of her customers.

She can achieve this goal by purchasing a vehicle. The vehicle will be used to deliver sandwiches and foods to the existing customers. This is one way of increasing sales and making her business successful. As well, Kelly will be required to use a new “promotional strategy” in order to attract more customers to her new business.

The first strategy is to use marketing personnel to attract more people to her business (Gitman & McDaniel, 2008). She can also use “billboards” and “television channels” to advertise her business. The other important approach is the use of social media. More people are today using the social media to market their services and products.

Kelly can use Twitter and Facebook to inform more people about her new food products and services. The entrepreneur can use other online methods such as email alerts. This kind of promotion mix will play a major towards attracting more customers to her new business.

Ethical Issues and Social Responsibility

Most of the successful businesses today embrace the concept of social responsibility. Such businesses also promote the best ethical practices in order to emerge successful. After relocating her business, Kelly should consider the best strategies to retain her current employees. This is the best way to promote the best ethical practices. As well, the business should retain its current customers as described above.

Kelly should also continue marketing healthy products to her new customers. After relocating, Kelly should support the communities in order to promote a socially responsible business. Kelly will also be required to create an ethical business that addresses the needs of her stakeholders and communities.

The business practices should be “environmentally-friendly” and sustainable (Henn, 2009). The enterprise can support different activities such as “tree planting practices”. Kelly can also address most of the social problems affecting the community. This is the best approach towards establishing an “ethically” responsible business. The approach will eventually make her enterprise successful.

Concluding Summary

It is notable from the above discussion that Kelly has the potential to establish a successful enterprise. After working for five years, Kelly has managed to establish a successful business. That being the case, Kelly should pursue her dreams further and establish a sole proprietorship business. The strategy will help Kelly manage and coordinate all the functions of her business.

As well, Kelly can get adequate financial support from her relatives and friends. After expanding her business, Kelly will have to consider the best strategies to retain her current customers and address the ethical issues that might affect her enterprise. The strategy will make Kelly’s business successful and eventually realize her goals.

Reference List

Bovee, C. & Thill, J. (2012). Business in Action. New Jersey: Prentice Hall.

Gitman, L. & McDaniel, C. (2008). The Future of Business: The Essentials. Cengage: Cengage Learning.

Henn, S. (2009). Business Ethics: A Case Study Approach. New York: John Wiley and Sons.

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IvyPanda. (2019, April 23). Planning for Growth. Retrieved from https://ivypanda.com/essays/planning-for-growth-essay/

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"Planning for Growth." IvyPanda, 23 Apr. 2019, ivypanda.com/essays/planning-for-growth-essay/.

1. IvyPanda. "Planning for Growth." April 23, 2019. https://ivypanda.com/essays/planning-for-growth-essay/.


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IvyPanda. "Planning for Growth." April 23, 2019. https://ivypanda.com/essays/planning-for-growth-essay/.

References

IvyPanda. 2019. "Planning for Growth." April 23, 2019. https://ivypanda.com/essays/planning-for-growth-essay/.

References

IvyPanda. (2019) 'Planning for Growth'. 23 April.

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