Planning for Growth Technology

This report gives a brief overview of selected business, competitive advantage for business, opportunities for business, Ansoff growth matrix, sources of the finance and recommendation.

LO 1

P1 considerations for evaluating growth opportunities

In order to analyses growth opportunities of business, Pestle analyses model is being used by new firms.

Political factor: As restaurant industry is growing well and there is high opportunity to get success in market. Government is supporting this sector and continuously providing support to business. Free trade agreements and visa policies are helpful in attracting ne buyers that help business to gain success in market.

Economic factor: Fat duck restaurant can get opportunity because there is high employment rate in the county hence capacity of people is also high hence people spend money to get restaurant services hence enterprise has opportunity to gain success in market.

Technological factor: This is another major element that shows opportunity to business. In the recent time fat duck restaurant will use advance technologies such as POS machines that will help in keeping records properly and providing immediate services to wide range of consumers of restaurant hence it will enhance opportunity to grow well in market.

Social factor: This is the factor that has high influence over business performance, people of country like to go restaurant hence enterprise will offer food to the consumers as per the taste of consumers that will enhance opportunity for Fat duck restaurant to grow well in market.

The fat duck restaurant is basically the renowned and well-known restaurant being established in the year 1995 and have its headquarter in Berkshire, England. It is run by the popular chef Heston Blumentahl. This is considered as one of the most liked restaurant in England and thus having a small business, this restaurant houses more than 32 staff which has increased from past few years. This restaurant initially gained first Michelin star in the year 1999 but with its high degree of consistency, it gained three Michelin stars in the year 2004 which made it one of the fastest growing restaurant in UK. This restaurant is basically known for fourteen-course menu which features a wide range of dishes like nitro-scrambled egg, bacon ice-cream, Alice in Wonderland etc.

The most renowned and remarkable thing which has made this restaurant popular among people of UK is mock turtle soup which is made up in such a way that it gives the look of fob watch (Dierwechter, 2017). This dish has ultimately become one of the major contributor in revenue as well as profit of this restaurant. The Fat Duck restaurant is considered as one of the highly growing business which despite its small business have grown to a high extent from past few years. Talking of the capacity, restaurant has seating capacity of around 40 and have fourteen tables. Order assignment help from our experts! 

Coming on the quality as well as services of the restaurant, it provides a high quality services to its customers by having a great treasure of trained staff and chef. The Fat duck restaurant have a large proportion of the chefs which are highly skilled as well as trained and thus complies to the ethics and food standards by providing healthier and fresh meals to the customers. This main aspect which has helped this restaurant to become widely known restaurant in UK is their ability of experimentation. Most of the items in menu of this restaurant is mainly developed through experimentation like egg as well as bacon ice-cream which came after the investigation of the flavour encapsulation. Not only its dishes have won hearts of most people in UK, but the beverages which are being served by this restaurant has become one of the major catalyst in growth of restaurant. The various kinds of beverages being served by the restaurant help people to become nostalgic and make a deep connection with their childhood memories. This restaurant besides this has a separate lab where various equipment like centrifuge are being placed for making the chocolate wine (Frenchman, 2017).

Apart from the beverages and dishes, this restaurant is also known for its great sweet dishes and desserts like Sardine, Black forest etc. Alongside, the dishes are served are highly innovative like Sounds of Sea which is the widely known dish of this restaurant. This is basically the plate of the seafood with seafood foam. Talking of the events, this restaurant is considered as the ideal place for hosting a large number of business and social events like conferences, marriage, birthday parties, social gatherings etc.

Competitive advantage for business

The Fat duck is one of the well known restaurant in UK which is widely known for its great quality as well as service. This restaurant even though having little diversification has gained a competitive advantage to its best. Although, it is a small business but the restaurant has gained popularity in UK from past few years which has helped them to gain competitive advantage.

Quality

Quality is one of the main aspect which has helped restaurant to attain competitive advantage and thus have helped them in establishing the position in market. The organizations like many restaurants are known for their great quality in terms of the food being served to customers, services offered to customers, staff etc. (Albert, 2017). This has become one the most important basis for restaurant which can help the restaurant in achieving competitive advantage. Thus, restaurant can achieve a great aspect of quality by improving its services as well as technology and this will help to improve performance in market. By providing the top class quality to the customers as well as suppliers, The Fat Duck restaurant will be able to capture a high market share and this will allow them to enter the new market.

Staff

Staff is one of the most important aspect of each and every organization whether big or small which directly contributes towards the success of organization. When the staff as well as employees of even a small organization are highly skilled then their skills as well as ability help the organization to achieve competitive advantage (Angotti, 2018). The Fat duck restaurant can provide effective training to staff which will help them to achieve competitive advantage and thus will help them in future to diversify their business in wider geographies. This trained staff will eventually help the restaurant in entering new market and achieve competitive advantage. The competent as well as highly trained staff will help the organization to achieve competitive advantage and will help to take the brand message to wider audience. This will eventually help the organization to enter the new market.

Service

A customer always looks for the organization who have the potential to fulfil all their needs and demands and thus rely on the organization which provides a great service to them. Thus, service forms an integral part of any organization which helps them to achieve the competitive advantage. When the business offers a great and high quality services to customers then it leaves a positive impression on minds and hearts of customers. Thus, providing a high quality service will help this restaurant to achieve competitive advantage. By offering great quality services in terms of technological advancement, reduction of queue time etc. will help this restaurant to eventually establish position in market (Bagheri, and et.al., 2018). By providing the high class services to the customers, restaurant can establish its position in market and increase is brand recognition. This will also help the restaurant to enter new markets like Denmark, Netherlands etc.

Opportunities for business

There are wide range of opportunities which are being available to The Fat duck which will help them in future to diversify their business and thus develop in wider geographies. In order to exploit these opportunities, restaurant needs to continuously look for the market trends along with the customer's trends which will help them to capture a great market share. Need Assignment Samples?Talk to our Experts!

Technological advancement

Since the advent of advanced technology, people have now become technology-oriented and thus looks for technology and innovation in each and every aspect (Daniels, 2017). This will be a great opportunity for restaurant which will help them to become a market leader. For example- restaurant can incorporate technology like Kitchen display screen which will help customers to know the time of their order processing. Besides this, the restaurant can install guest kiosk where customers can order their food by sitting at their seat and thus this will reduce queue time. This is one of the biggest opportunity which is available to restaurant which they should seize.

Innovation

This is the another opportunity which is available to restaurant and thus will help this restaurant to achieve competitive advantage as well as enlarge customer base. Each and every customer looks for innovation in every product as well as service and thus like to depend on those organizations which brings continuously brings innovation. This is one of the biggest opportunity that can be availed by restaurant and will help them to capture a great market share. Even though being a small business, restaurant can increase its investment in innovation and thus this will help them to eventually gain an edge over their competitors (Dierwechter, 2017).

Health is wealth

Nowadays, a large number of people have become health conscious and thus looks for food which is healthier and organic as it will protect them from various diseases. This increasing awareness of people for their health and greater demand for healthier food has been a widespread opportunity for this restaurant. The Fat duck restaurant should shift its focus from fatty processed food to healthier options. This opportunity will eventually help them to attain competitive advantage. Thus, this restaurant has the chance to define health in more defied terms (Frenchman, 2017).

P2 Ansoff growth matrix

Ansoff matrix is basically the framework which helps the organizations to analyse their capabilities as well as strategies which will help them in their growth as well as development.

Market penetration

In this strategy, organization mainly uses already existing products as well as services within the existing market. In short, this strategy of the Ansoff matrix mainly addresses that organization endeavours to increase their overall market share by taking their products as well as services within existing markets where it has already made its presence. This can be achieved by The Fat Duck restaurant by selling high number of products as well as services to the established customers or through looking for new customers in existing market. Besides this, restaurant can achieve market penetration by decreasing overall price as well as increasing promotion as well as distribution support (Heydari and Sullivan, 2018). The fat duck restaurant can face moderate risk here as if restaurant will advertise the existing products without making innovation in it and will serve to existing customers then customers might switch to other competitors in search of innovation.In order to mitigate this risk, restaurant can bring innovation within their products and services like increasing menu options, bringing innovation in dishes etc. and can serve to the customers.

Market development

This is the another strategy of Ansoff matrix in which organization mainly expand within new geographies as well as segments by making use of the already established as well as existing offerings. Basically, in this strategy organization mainly enters the new market by seeking help of their existing products and thus expand within wider geographies. This strategy is mostly effective as well as successful when the firm owns the proprietary technology which can leverage within new markets. The Fat duck can make use of market development and expand within new markets like for example Denmark, South Africa, Netherlands etc by taking their products in new segments of customers and thus fulfilling their needs as well as demands. Besides this, restaurant can enter the foreign markets like South Africa, Netherlands etc. by collaborating with large organizations (Huang and van Weesep, 2019). The Fat duck restaurant might face high risk here as most of the people due to its low brand awareness are unaware of its presence thus when restaurant will enter new market with existing product then there might be chances that it faces difficulty in establishing its position due to low brand recognition.For reducing the degree of this risk, restaurant can first conduct a thorough market research in order to know what are the market trends, customer needs and then enter the market.

Product development

In this strategy, organization mainly generally develops the new product as well as services and then serve the needs as well as demands of the existing market. In this, firms mainly create new products or bring some innovation within their existing market and thus advertises within the market in which it has its business and have gained competitive advantage. The Fat Duck restaurant can develop their products its menu and services for example it can rebuild its menu with innovative dishes and hence apply this strategy by investing heavily within R&D department for developing new products. Besides this, restaurant can acquire the rights of the products of their competitors for innovating the products. (Kamoji, Koshti and Peter, 2019). In this, The Fat Duck restaurant may face low risk as when restaurant will provide different products to existing market then the product might become successful due to the awareness of the loyal customers towards its products.

Diversification

This is one of the most remarkable as well as significant strategy which is used by the organizations in which firms mainly enters the new market along with new product. Unlike other strategies, in this organization develops new products and take these products to the new and different market. This is considered as the riskiest strategy of Ansoff matrix as in this product as well as market both are new and different. The major advantage of this strategy is that it helps the organization to establish their business in new market and diversify their overall brand message. The Fat duck restaurant can diversify their business as well as firm by seeking the help of related diversification. In this, restaurant can establish the new products and services like Kitchen Kiosk within the same product line and can advertise in new markets (Kinossian, 2018). The restaurant might face high risk by using this strategy. When restaurant will enter the new market with new products then due to low brand recognition and awareness it might not survive the cut-throat competition. For mitigating the risk, restaurant can conduct a well-through research on the market in which the restaurant is planning to enter for recognizing the competitors. Besides this, restaurant can analyze that what are needs of customers and what innovation they want.

The most appropriate as well as advantageous strategy which will help The Fat Duck restaurant to establish their position in market and gain competitive advantage is product development. As in this strategy, organization mainly establishes the new products and take them to the existing markets thus this will help restaurant to gain competitive advantage in the market. The Fat Duck restaurant can bring new products as well as services like technological advancements, innovation in menu etc. through the use of advanced technology and innovation and can serve them to the established market (Lê and et.al., 2016). The main reason behind using product development as their organizational strategy is that when restaurant will bring new products then it will be able to attract more and more customers of existing market and this will eventually increase their profit ratio. Besides this, the amount of risk which prevails in this strategy is moderate as firm is already aware of market as well as customer needs thus there are chances that new product might become successful. Fat Duck restaurant needs to use diversification strategy that would be better for the firm in entering into new market with new products. By this way it will be able to attrct new consumers that would raise its profitability to great extent.

LO 2

P3 Sources of finance

Bank loans

This is one of the most widely known as well as used source of finance which is being used by the small as well as large organizations for ensuring smooth operations of their business. The Fat Duck restaurant can use this as their source of finance for their long as well as short-term objectives and goals.

Advantage

The main advantage of bank loan which will be beneficial for Fat Duck restaurant is that they generally have low rates of interests and thus is cheaper. Besides this, another advantage of this source of finance is that it is highly flexible (Levesque, Bell and Calhoun, 2017). For example- when The Fat Duck restaurant will receive the loan from banks then they will not be bounded by any law addressing how they have to spend their money and how much. This is the greatest advantage of bank loans which will help Fat Duck to achieve competitive advantage.

Disadvantage

On the other hand, major disadvantage of bank loans is that it is generally becomes complicated for the organizations especially small businesses to qualify for the loans. Banks generally analyses the financial information of organization before providing fund or loans therefore when the organizations does not have sound financial position then the loan is rejected. Being, a small business, this source of finance will be difficult for fat duck to avail.

Business angels

Business angles are basically the independent individuals as well as entity who mainly provides the capital for development of the business. The Fat Duck restaurant can seek the help of business angels for the growth as well as development of their business.

Advantage

The major advantage of this source of the finance is that it has a great funding range (Levy, 2016). The angel investors mainly invest a great amount of capital in small and start-up business around £2 million which can help these businesses to conduct most of their operations.

Disadvantage

The major disadvantage of business angel is that it's generally requires high time as well as expense to search for the most suitable as well as potent business angels. The restaurant will have to invest a great time for searching the angles who are highly transparent and who can invest a great amount. Business angel will help Fat Duck restaurant by providing high capital and fund for their various purposes like diversification, innovation etc.

Bank overdraft

Bank overdraft is predominately the extension of the credit from lending institution which is being granted when the account ultimately reaches zero. This is considered as the most reliable as well as effective source of the funding for small business which helps them to conduct their operations even when account has no balance.

Advantage

The major advantage of bank overdraft is that it requires no paperwork as well as formality which are requited in ace of the personal loans. For the small needs of financing, firms can directly withdraw the required amount directly from account. Another advantage is that it helps to keep the good track record of small businesses. When the amount is not repaid within given period then cheque does not bounce and this helps to keep a good record of small organizations.

Disadvantage

Major disadvantage of Bank overdraft is that it generally as high rates of interest. In comparison to other sources, bank overdraft cost high interest which might pose problem for The Fat Duck restaurant (Liang and et.al.,2018). Bank overdraft will allow the restaurant to have a great track record and will help them to maintain sound financial position. Besides this, it will help restaurant to conduct their operations smoothly by continuously withdrawing the money for a period of time even when account reaches zero.

The most effective source of finance which The Fat Duck restaurant can seek for the growth of their business as well as development is bank loans. The main rationale behind choosing bank loan is that it will help The Fat Duck to take loans as well as borrow funds at much lower interest rate. This is one of the biggest advantage of bank loan which will help restaurant to carry out various operations like diversification, product development etc. Due to low interest rates, restaurant can easily take the loans and borrow huge fund for its activities. Besides this, there will be no boundation on The Fat duck restaurant as how to spend their money. They can easily invest their money as much as they want and where they find suitable (MacLachlan and et.al., 2017).

Recommendation

Being a small business, The Fat Duck restaurant should analyze various options as well as opportunities which will help them to develop and grow their business in future and will also help to achieve the competitive advantage.

Defining brand

Brand plays and important role with each and every organization where big or small and thus defining it in the most imperative way is highly essential for growth as well as development. Without defining the brand as well as taking brand message to wider audience, a business cannot strive to achieve success. The Fat Duck restaurant before making changes in any aspect of its business should define its brand to the wider audience in most effective way. The restaurant should align their brand to their core values and should take recreate its brand in the most influential way which will attract the customers and will help to understand that what the brand is saying (Albert, 2017).

Increasing quality

Quality is what makes a business. The organizations no matter big or small should initially analyze the quality of services as well as products which it is offering to the customers because quality is the prime thing which helps business to survive in cut-throat competition. Thus, The Fat duck restaurant should continuously strive for improving its quality in term of products, services, staff, technology etc. This will eventually help them to go beyond the expectations of customers (Angotti, 2018).

Motivating staff

The use of the best practice for employees as well as worker is generally considered as one of the most effective strategy which helps small as well as large businesses to gain an edge over their competitors. The best practices like rewards, appreciation ultimately help to motivate the staff and their commitment towards work increases. Therefore, the fat duck restaurant should continuously find ways and practices for motivating and encouraging its staff like through recognition, rewards etc. This will help them to deliver best services to the customers and develop great relation with them (Bagheri, and et.al., 2018).

Innovation and creativity is what they need

Having a great congruence with the level of technology as well as monitoring the innovation is what a business needs for making its organization successful in market. Innovation has a crucial role to play in overall performance of business and thus enhances it. The Fat duck restaurant should turn back to their products and should bring required innovation and technological advancement within them in order to diversify its business in wider geographies (Daniels, 2017).

LO 3

P4 Business plan

Introduction

The Fat Duck is situated in Bray which is approximately 25 miles away from London. The restaurant began their operations in 1995. the success ratio of restaurant is more than good as it comes under one of the five restaurants in UK who has been awarded with 3 stars of Michelin. The restaurant has the capacity to serve around 100 people with 42 diners and for that they have one chef per diner. The restaurant developed their menu by experimenting with many things such as the egg and bacon ice cream. Apart from this to get a meal in this restaurant one has to make a reservation 2 months prior to the date. The restaurant is operated and owned by the head chef Heston Blumenthal. At the time of commencement, there were only two people who managed the operations of the restaurant. At that time, the food served was similar to the style of French Bistro which included steak and chips etc. Then after some time he tried out new styles of cooking and using new methods while preparing the food which made the restaurant a successful venture (Parker, 2017).

Industry Overview

This industry is concerned with the production and sale of food. This industry works as a network between farmers and businesses who supply the food and provide the materials according to the demand in the market. Food industry serves people with supplies of food which is available in multi cuisine and according to the consumption pattern of people. This industry covers and serves everyone. It deals in variety of sectors such as fruits and vegetables, meats, seafood, beverages, cereals, dairy and confectionery. Nature of the products and its characteristics depends on the area in which the restaurant is serving the food. All the factors such as climate, culture and religion of an area is evaluated. These factors help the restaurant to evaluate that which type of cuisine will be preferred by the people and what dishes will be accepted by them. In order to prepare different cuisines different types of ingredients are required which are manufactured by different countries and through the channel of distribution it is available at any place. This industry includes many aspects such as agriculture, marketing, wholesale and distribution, retail, education, research and development, financial services and processing of food. The size of this industry is approximately over £1 trillion on annual basis which employs around 16 million people. The worldwide sales of this industry is more than £ 3. (Angotti, 2018).

Executive summary

The mission and vision of the Fat Duck restaurant is to become the reputed market leader by providing new and innovative products to the customers and working towards the interest of stakeholders. The major strength of The Fat duck restaurant is their high retention rate while their main weakness is low investment in R&D and innovation. Thus, the restaurant has the opportunity to increase their investment in R&D and shift their focus on innovation. The Fat Duck restaurant mainly segments their customers on the basis of demography and uses price positioning where the prices are generally kept high because of quality services. This company is planning for growth for which they are developing their products and planning to serve healthier food options to their restaurant guests. (Perveen and et.al., 2017).

Mission

Mission of Fat duck restaurant is to become one of the highly reputed as well as suitable restaurant across the world through providing the new and innovative products as well as services and thus giving back to the community (Piro, 2016).

Vision

Vision of Fat duck restaurant is to make their presence memorable as well as comprehensive by continuously making innovation in the products and services and bringing technology in each and every aspect. To become the market leader and acquire the large market share by providing high quality services and making contribution towards the environment.

Objectives

• To increase the overall profitability of organization in the upcoming year of 2020.
• To increase the market share by 20% in the forthcoming year 2021.
• To diversify the business by serving healthier food dishes to their restaurant guests.
• To increase the level of quality of products and services in next 2 months.
• To gain an edge over the competitors in next 6 months.

SWOT analysis

SWOT analysis is basically the framework which allows the organizations to analyses their current position within market and thus design new strategies for gaining competitive advantage.

Strength

The major strength of Fat Duck restaurant is that they have a great retention ratio of their employees. Currently the restaurant has more than 42 staff and thus have a great retention rate. Besides this, another strength is their highly skilled as well as trained staff which provide quality services to customers (Stein, 2018).

Weaknesses

The major weakness which has dominated the fat duck restaurant is their low investment in R&D and less scope for innovation. Being a small business, the restaurant lacks behind in terms of innovation and has not innovated its products to great extent. Another weakness is Fat duck restaurant is their low revenue and profit ratio. Due to less number of outlets, restaurant faces the problem of revenue and cash flow.

Opportunities

The major opportunity which is being available to the fat duck restaurant is the increasing use of social media by people. Fat Duck restaurant can seek the help of various social media sites for taking their brand message to wider audience. Besides this, the growing awareness of people for healthy food products is another opportunity available to restaurant. Fat Duck can shift their focus to healthier meals and drinks in their restaurant for customers (Swan and et.al.,2018).

Threat

The most important threat which might hinder the operations as well as position of Fat Duck restaurant in market is the growing competition. Its major competitors like Ptarmigan restaurant, hotel Marriott, hotel Hilton, Oblix have a great presence in market and captures great market share thus this will give a tough and fierce competition to Fat duck (Tian, 2016).

Segmentation, targeting and positioning

Segmentation

Segmentation is basically the process of dividing larger market into smaller ones to fulfil need of every segment. Fat duck restaurant mainly segments its customers on the basis of demography. Fat Duck restaurant mainly focuses on the age group of the people and thus mostly attracts the youth and people between age of 25 to 40 who are highly technology oriented.

Targeting

Targeting is predominately the process of selecting the major target market where all the marketing activities will be concentrated. The Fat duck restaurant uses concentrated marketing where they generally target the niche market. Restaurant basically advertises its products to specific segment of market.

Positioning

Positioning is primarily the perception of consumers towards the brand or the products. Fat duck restaurant mainly uses price positioning where the price of the products are generally kept high due to world-class services.

KPI

KPI stands for key performance indicator which helps the restaurant to measure their performance. KPI helps the Fat Duck to know that how they can meet the objectives of their business. It helps the restaurant to meet their expected results by evaluating the ways which can make progress. By enabling KPI restaurant takes decisions which are smart which helps them to increase their sales. Each and every department of restaurant will take the help of different indicator which is suitable to them and measure their targets on the basis of that. Before implementing KPI they first take research to find out which method will be suitable for them. KPI helps the restaurant and gives them insight according to the current performance of the company. There are many types of KPI such as sales metrics, marketing metrics, digital marketing and social media metrics these are the KPI's which can help the restaurant to achieve growth in the market by measuring the performance through all the available mediums. Restaurants need to categorize the indicators on the basis of quantitative and qualitative indicator.

Quantitative indicator is not concerned with interpretations, personal feelings as it is measured on numerical basis (Wu, 2018). On the other hand, qualitative indicator is affected by opinion, taste and preferences and personal feelings as it is measured on the value of the product or service offered. There are many points of measurement such as input, output, mechanism, activity, control and time. Apart from this there are other measures to monitor the performance of the business such as dashboards there are many types of dashboards which the restaurant uses in order to depict the performance of an enterprise. Dashboards helps the restaurant to convert the analysis of data into insight which helps them to connect with the external services in a faster and in accurate manner.

These factors help the restaurant to gain competitive advantage over others in the market. It is important that the Fat Duck knows that they are using the right measures for monitoring their performance because if they are not then this method will incur a lot of cost for the restaurant without giving them the expected outcome. In order to use the right method of KPI they first need to align their objectives with their goals and objectives then they must measure that if or not they are attainable. Restaurant needs to make sure that their team is working in the same direction and on which they can rely on. If these measures are taken before implementing KPI then the business will achieve growth in the market (Albert, 2017).

Financial Planning -

For the various growth opportunities as well as expansion, nearly 3.2$ will be required by the restaurant. The fat duck restaurant will follow the product development strategy for its growth as well as development. As it can be seen from the financial information that sales of the restaurant has shown a great consistencies in the following months and the trajectory has shown a great increase in the sales. Besides this, where on one hand net cash flow has increased in the first two months, the n decreased and finally the cash flow was highly consistent and showed a great increase. Thus, Sainsbury should use product development in order to grow where they should develop new products as well as services and should promote in the existing market which has shown a high increase in sales.

The fat duck restaurant will collect the fund from the short term overdraft. This is basically the facility which is being provided by the financial institutions for short period of time. The fat duck restaurant will utilize this facility in order to obtain the short-term credit for short period of time.

HR requirements

As the restaurant is mainly planning for expanding into new geographies thus there will be high HR requirements. Firstly, there will be need of more human resources within the restaurant in order to manage the operations of restaurant. Secondly, the human resources will require advanced technology in order to accomplish various functions like workforce planning, recruitment, training etc. don't worry get marketing assignment help from UK's leading assignment helpers.

CONCLUSION

It has been summarized that there are various factors as well as basis of the competitive advantage which helps the organization to achieve an edge over their competitors. Organizations can achieve the competitive advantage by increasing its quality, incorporating technology in products etc. Besides this, there are various opportunities which are available to small business for growth as well as development like technological advancement, providing effective training to staff and employees etc. In order to evaluate various growth option which will enable them to grow their business, small businesses mainly use Ansoff matrix which provide various strategies to them among which they can select the best one which will help to enlarge customer base. Besides this, there are various sources of the finance which is available to small businesses like bank loans, overdraft etc. which helps them to conduct their operations smoothly and effectively. For the effective decision-making as well as for devising strategies for future growth, organizations seek the help of business plan which helps them to evaluate their current position in market.

Read more - Human Resource : Value and Contribution to Organisational Success

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