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How to Develop Growth Strategies for Businesses - Case Study Example

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This paper “How to Develop Growth Strategies for Businesses» is based on the case study of Planning for Growth and will provide information about opening a new restaurant in terms of growth strategy, business form, and organizational structure, and social responsibilities of a new restaurant…
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How to Develop Growth Strategies for Businesses
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Download file to see previous pages After having full knowledge about all these we have to develop strategies about taking advantage of existing customers. For this Kelly should not leave her established business and attract existing and loyal customers to her new restaurant by giving them some sort of incentives in terms of discounts and one dish offered. Better promotion policies should be used for the attraction of new customers. More focus should be on the quality of food items that the restaurant will offer. Talented and efficient employees are the asset of any organization but organizations also have the responsibility to develop the best working environment to take full advantage from these employees. The use of new technology is also required for the best quality and efficiency.
2. Business Form
Kelly should start her new business as a limited liability company (LLC). Most of the costs for Sole proprietorship and sole LLC are the same but one fee is required (Anaejionu, 2012). When filing a certificate of formation for an LLC which is done through the secretary of state and its fee is not more than 300 dollars.
There are many reasons to advice Kelly to run her restaurant as sole LLC. First of all, LLC provides limited liability if there are losses in business then creditors are limited to the assets of the business and they can not claim against personal assets of the owner.
Through sole LLC Kelly will be able to issue new shares of stock to new owners in order to raise funds to grow business. But in the sole proprietorship, she is limited to take loans only from banks. ...Download file to see next pagesRead More
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