IDD 1203

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Asian Business School *

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Business

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Nov 24, 2024

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Uploaded by ChancellorQuail1879

BUSINESS PLAN REPORT 1

Table of Contents Executive Summary ......................................................................................................................... 3 Business Background ....................................................................................................................... 3 Factors evaluating for the growth of the business ........................................................................ 3 Context of business environment ................................................................................................. 4 Business and market analysis .......................................................................................................... 5 Market analysis ............................................................................................................................ 5 Management Team ....................................................................................................................... 5 Expansion strategy ....................................................................................................................... 6 Action Plan ...................................................................................................................................... 6 Overview of the strategies ............................................................................................................ 7 Developing a financial plan ......................................................................................................... 7 Conclusion ....................................................................................................................................... 9 Reference List ................................................................................................................................ 11 2

Executive Summary Due to intense rivalry, it is challenging for new enterprises to succeed in an oversaturated market. Any company that wants to flourish in the marketplace must have a thorough strategic plan and operating procedures that spell out how it will grow and maintain its competitiveness in its market and industry (Abiodun and Kolade, 2020). The Gleneagles Townhouse is required to submit a report that includes educational data and a business plan outlining how it intends to handle the market environment, particularly with regard to competitiveness and finances. In order to complete the responsibilities, a formal report must be written outlining how the company will deal with its rivals and enter the market. A business plan is also required to forecast the resources, particularly how the company will be financed and expand (Namugenyi et al. 2019). The task can be broken into four components in order to cover the two tasks. We'll talk about how small and medium-sized firms can take advantage of growth possibilities, expand, and keep growing in the first portion of this report. The vector matrix will be used to show the prospective growth of Gleneagles Townhouse. This section covers the numerous funding options available, along with their advantages and disadvantages, that the business can employ to effectively manage its finances for growth and expansion. The third component examines the projected financial accounts to determine whether its expansion is feasible. There are a variety of completely legitimate causes that can be cited for a business shutdown. Business Background Factors evaluating for the growth of the business The company has the ability to create new items. The strategy must be put into practice, which requires research, creativity, and cutting-edge technology (Fabeil et al. 2020). The company use this tactic to provide its clients something special. Due to the plethora of identical products on the market, companies frequently try to outcompete their rivals by employing similar alternatives or more sophisticated goods. In contrast to other eateries in the vicinity, the Gleneagles Townhouse has unveiled a new breakfast menu. Customers will be drawn to new, unique products, increasing the market share of the company. SMEs, or Small and Medium Enterprises, are often used terms. Businesses with limited resources that nonetheless battle to sustain the market have growth as their primary objective. All 3

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new firms have a goal of expanding and a plan for doing so. Businesses with fewer than 250 employees are covered by SME classes. Their whole earnings are also not more than 43 million British pounds (Alves et al. 2020). Companies must have fewer than 250 employees, a yearly balance sheet below 43 million GBP, and a low annual turnover below 50 million GBP in order to qualify as a SME. SMS are essential to a nation's economic development; thus, it is important to safeguard and promote them so they can expand and function for the good of the whole nation. By marketing a single item, businesses can attract more customers to their location. Pricing that is low and accessible is used to convince people to buy a single item (Akmaeva et al. 2020). The cost leaders are the widely used, in-demand items or services that are frequently sought for more than others in the market. The one product, according to the plan, grows market share by stimulating demand for other products. In addition to offering travellers some reasonably priced lodging options, Gleneagles Townhouse sells breakfast packages in the UK. The company decides to offer the best products and services to its consumers in order to give them the most value for their money (Tien et al. 2019). Gleneagles Townhouse wants to provide its customers with outstanding service and goods in exchange for their money by making them feel valued and rewarded. Context of business environment For SMEs to be successful, it is essential to comprehend and analyse their external environment. The safety of expanding and new companies in the tourism and hospitality sectors is guaranteed by a stable administration (Park and Mithas, 2020). Due to the dynamic nature of the tourism sector, Gleneagles Townhouse will benefit from flourishing financial performance and rapid growth. To incorporate social and cultural changes into daily operations, the firm must have this information. The Gleneagles Townhouse employs technology of digital marketing via social media platforms in order to draw more tourists from the UK and beyond. One Gleneagles Townhouse has been required to respect the environment and follow the regulations for proper garbage disposal. By harmonising the legally permissible formalities and means of conducting business, such as hygiene rules and food laws, it aims to comply with all pertinent federal, state, and municipal laws for a seamless operation (Ahmad and Ahmad, 2019). 4

Business and market analysis Market analysis Due to the numerous sources of finance available to small business owners, funding their operations is a very difficult task (Edwards, 2021). If given the funding, a small to medium-sized enterprise (SME) like Gleneagles Townhouse may grow swiftly into a major corporation. The UK government has created a strategy and plan to help SMEs obtain finance and realise their expansion and development objectives. The Gleneagles Townhouse is able to seek funding from a range of sources to launch and expand its operations. The majority of SME owners start their businesses with their own savings in the hopes that they will quickly expand and yield returns. Owners would therefore be expected to maintain their own revenue and perhaps even recruit more people in the future. Loans are granted to entrepreneurs to help them launch and expand their enterprises after deposits are gathered (Ziyadin et al. 2020). One of the most well-known enterprises that is financed through deposits is Gleneagles Townhouse. Banks are a better option for SME because they encourage loan taking and loan repayment at reasonable rates. The company is raising money for its venture through a digital platform. The money is given by friends and well-wishers. The organisation should clearly describe its business plans and the possible advantages to society and the general public. Management Team The capacity of a manager to plan and direct the work of a team is known as team management. In order to manage a project, define goals, foster a productive culture, and keep everyone on track and productive, managers and teams frequently collaborate (Postavaru et al. 2019). They also employ project planning tools. Each person needs the following qualities to succeed in management:  They know exactly what they are responsible for.  We place a high value on teamwork and organisational objectives.  Regular check-ins by managers and supervisors are advised. 5

The finest managers set an example, exhibit a healthy work-life balance, and reflect on the difficulties they are facing and how they will overcome them in addition to listening to and acting upon employee feedback (Zamfiroiu and Pinzaru, 2021). Managers and team leaders must make sure workers feel valued at work because employee happiness is crucial to any company's success. When employees feel appreciated and well-managed, employee loyalty levels might grow, which in turn can raise customer satisfaction. As a result, a company's market value and financial performance may improve (Albukhitan, 2020). Expansion strategy The Gleneagles Townhouse has a focus on future expansion. The action plan looks like this: Growth in revenue is directly impacted by business expansion. Sales have to rise for a business to expand. Therefore, their store has to draw in more customers (Malik, 2019). They want to increase sales and expand their business by giving customers the best value for their money. A backup finance option is required in cases where the organisation needs more cash as a result of an error in calculation. The group may have already secured a bank loan to start the business (Moktadir et al. 2020). The bank offers support and donations throughout the solvency process. To avoid further bankruptcies, the company must be able to retain its integrity from the beginning. There should be no more than 20 employees, and it is crucial to guarantee that the staff is qualified (Rozak et al. 2021). The development of the business depends on the workers. A seasoned store manager can also perform well. They won't go bankrupt because of this, which will maintain their financial stability. Action Plan To succeed, all SME firms need to have a clearly defined plan. The Gleneagles Townhouse was required to create the following business plan in order to be successful as a new SME in the UK (Haseeb et al. 2019). Here are some financial projects and short- and long-term ambitions. A new little business called The Gleneagles Townhouse offers tourists special dining packages in addition to reasonable hotel rates. The market and industry are quite competitive, so a good business strategy is necessary. The company's goal is to satisfy clients and close a hole in the untapped tourism industry in order to make money. In the travel and hospitality markets and 6

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industries, the company is dedicated to offering its customers top-notch hotel and tourism services. Overview of the strategies Offering high-quality services and goods that delight customers and cultivating devoted staff members who will provide clients genuine value for their money are the keys to entry and keeping market dominance (Shams et al. 2021). Because the brand strives to create a sought- after brand, customers from the UK and overseas will be drawn to it. The Gleneagles Townhouse aims to provide its clients a dedication to excellence and genuine value for money. The fundamental assumption is that customers' expectations for high-quality services are migrating towards those areas of the market where there are still unmet needs. As a result of capturing a larger portion of the market, the company will ensure that the business complies with these requirements and will increase its market share more quickly (Chebo and Kute, 2019). Developing a financial plan Gleneagles Townhouse wants to grow gradually but more quickly than anticipated to accomplish its growth goals throughout the course of the anticipated period (Klofsten et al. 2019). To ensure that money is used wisely and efficiently to spur growth, the financial section of the company upholds three basic values: transparency, honesty, and integrity. 19% will go towards brand marketing initiatives and new market entry. The rate of debt financing will depend on future investment intentions. Profit & Loss Account 7

In the profit & loss statement, it has been observed that the operating cost in the year 2022 has been increased than 2021. Also, the sales in 2022 have been raised from previous year and due to this, in 2022 the company has earned profit. On the other hand, in 2021, the company was in loss and the increase in sales have helped the company to convert their losses into profit. Balance Sheet 8

In the above-mentioned balance sheet, it has been observed that in the year 2021, the company was in negative position and after that, in the year 2022 the company got the positive position in the market. The condition of the company has improved in the market and also the company has earned good amount of profit during their business. Conclusion The research and the plan state that business owners must consider the essential elements while starting and expanding a SME like Gleneagles Townhouse. Launching and expanding a firm 9

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requires having a solid grasp of market factors, a comprehension of the growth and development process, and a plan. The outline business plan must include specific strategies and goals in order to guarantee business success and expansion. It is crucial to be knowledgeable about current industry trends, as well as local and global culture and cutting-edge technology. The paper includes comprehensive answers and strategies to assist you in overcoming obstacles and creating profitable business endeavours. 10

Reference List Journals Abiodun, E.A. and Kolade, O.G., 2020. Marketing strategies impact on organizational performance. International journal of scientific & technology research, 9(1), pp.1758-1762. Ahmad, I. and Ahmad, S.B., 2019. The mediation effect of strategic planning on the relationship between business skills and firm’s performance: Evidence from medium enterprises in Punjab, Pakistan. Opción: Revista de Ciencias Humanas y Sociales, (24), pp.746-778. Akmaeva, R., Arykbaev, R., Epifanova, N. and Glinchevskiy, E., 2020. Influence of digitalization upon formation of corporate strategy and new business models of modern organizations. In SHS Web of Conferences (Vol. 89, p. 03003). EDP Sciences. Albukhitan, S., 2020. Developing digital transformation strategy for manufacturing. Procedia computer science, 170, pp.664-671. Alves, J.C., Lok, T.C., Luo, Y. and Hao, W., 2020. Crisis management for small business during the COVID-19 outbreak: Survival, resilience and renewal strategies of firms in Macau. Chebo, A.K. and Kute, I.M., 2019. A Strategic process and small venture growth: The moderating role of environmental scanning and owner-CEO. Journal of Small Business Strategy, 29(3), pp.60-77. Edwards, M.G., 2021. The growth paradox, sustainable development, and business strategy. Business Strategy and the Environment, 30(7), pp.3079-3094. Fabeil, N.F., Pazim, K.H. and Langgat, J., 2020. The impact of Covid-19 pandemic crisis on micro-enterprises: Entrepreneurs’ perspective on business continuity and recovery strategy. Journal of Economics and Business, 3(2). Haseeb, M., Hussain, H.I., Kot, S., Androniceanu, A. and Jermsittiparsert, K., 2019. Role of social and technological challenges in achieving a sustainable competitive advantage and sustainable business performance. Sustainability, 11(14), p.3811. 11

Klofsten, M., Fayolle, A., Guerrero, M., Mian, S., Urbano, D. and Wright, M., 2019. The entrepreneurial university as driver for economic growth and social change-Key strategic challenges. Technological Forecasting and Social Change, 141, pp.149-158. Malik, A., 2019. Creating competitive advantage through source basic capital strategic humanity in the industrial age 4.0. International Research Journal of Advanced Engineering and Science, 4(1), pp.209-215. Moktadir, M.A., Kumar, A., Ali, S.M., Paul, S.K., Sultana, R. and Rezaei, J., 2020. Critical success factors for a circular economy: Implications for business strategy and the environment. Business strategy and the environment, 29(8), pp.3611-3635. Namugenyi, C., Nimmagadda, S.L. and Reiners, T., 2019. Design of a SWOT analysis model and its evaluation in diverse digital business ecosystem contexts. Procedia Computer Science, 159, pp.1145-1154. Park, Y. and Mithas, S., 2020. Organized Complexity of Digital Business Strategy: A Configurational Perspective. MIS quarterly, 44(1). Postavaru, N., Draghici, G., Filip, C., Mohammed, A.R. and Mohammed, S.M., 2019. Business management strategies for business development. Organization of the territory and planning of construction works. Ovidius University Annals of Constanta-Series Civil Engineering, 21(1), pp.45-50. Rozak, H.A., Adhiatma, A., Fachrunnisa, O. and Rahayu, T., 2021. Social media engagement, organizational agility and digitalization strategic plan to improve SMEs’ performance. IEEE Transactions on Engineering Management. Shams, R., Vrontis, D., Belyaeva, Z., Ferraris, A. and Czinkota, M.R., 2021. Strategic agility in international business: A conceptual framework for “agile” multinationals. Journal of International Management, 27(1), p.100737. Tien, N.H., Phu, P.P. and Chi, D.T.P., 2019. The role of international marketing in international business strategy. International journal of research in marketing management and sales, 1(2), pp.134-138. 12

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Zamfiroiu, T.P. and Pinzaru, F., 2021. Advancing strategic management through sustainable finance. Management dynamics in the knowledge economy, 9(2), pp.279-291. Ziyadin, S., Suieubayeva, S. and Utegenova, A., 2020. Digital transformation in business. In Digital Age: Chances, Challenges and Future 7 (pp. 408-415). Springer International Publishing. 13

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