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In this new era, technology has made new elements for the business as they help the company by manufacturing, selling with making intensive growth in a large manner.
Davison Canners will use multiple technologies in their food business to develop the financial structure in the business. The company will follow social networking sites to grow their customer base and increase the selling structure in the market. Technologies help the business by growing the revenue structure in the firm which develops the financial growth of the business. With the help of multiple sites Davison Canners is able to send their items globally, by which the revenue structure of the firm gradually increased. It creates value and operational cost in the business as it enhances the productivity and sales (Eliakis et al. 2020)
Technological growth in Communications
In the company Davison Canners, will start the use of new technologies like web conferencing, by which customers can order the product by video conferencing and get it delivered at home easily. Some technologies like emails, websites, instagram, and marketplace help the food business to communicate with the global customers. With the process of advertising the customer will attract the firm to purchase various products from home. It will be easier to communicate with the people globally by the help of multiple sites, which help to hire people from multiple apps and sources. Beside, in order to calculate the worker’s efficiency level in the firm, technology will help the firm by checking the percentage of efficiency, which will help to promotion in the firm.
Efficiency and Cost control
New technologies in the firm help the business to create the efficiency level of the labor as well as co workers. The work flow process in the Davison Canners will be evaluated by the new technologies like smart software and other sites. The robotic technology in the firm can handle the production section in food manufacturing. The auto generated inventory system can help the firm to increase the efficiency level and decrease the expenses in the business. By reducing the extreme time spent on the production system and projects, new technologies increase the revenue structure in the firm (Kato and Chiloane-Phetla, 2021).
Mobility in the business will help the Davison Canners to control the employers virtually. That can access the firm by mailing or any other video conferencing apps. By which the company can save their time and costs in future. Mobility creates remote working which helps the employers by doing their jobs from any location rather than the office. It reduces the traditional working process in the firm.
Decision making management information
Technology will help the Davison Canners by giving innovative solutions in the firm which create decision making in the business. The management information will use the process of data collecting which generates decision making in the business. In the firm Davison Canners, multiple leverage solutions can help the business by reducing the business risk in the firm. The automation software in the firm will remove the human errors and provide better insight and control of access in the firm (Naradda Gamage et al. 2020).
In the process of recruitment, the company Davison Canners will follow the structure of human resources and physical resources, which include multiple recruitment policies, staff profiler, discipline, staff development, description of the estate, environmental policies. As per section of The Equality Act 2010, “that prevents discrimination in the workplace and the recruitment process”.
Health and safety
In the process of health and safety, the company Davison Canners will follow the section of Health and Safety Act 1974 (Hse.gov.uk, 2022). On which the company can create the health safety orientation, emergency procedures, first aid in the workplace, and maintenance of the personal protective equipment in the workplace.
The process of the Restructuring will help the Davison Canners by classifying multiple sectors in the organization. Division can create soothing work in workplaces (Kim, et al. 2018).
The “gross profit” structure in the firm helps the company to measure the cost of goods sold in the firm and subtract all expenses which are related to the manufacturing cost.
The “net profit” is an indicator that the firm actually earns the amount in business after deducting all taxes and expenses in the business in a limited period of time.
“Profit margin” defines the actual profit earned by dividing the income of the revenue, that the firm earns the percentage of profit after sales.
“Sales turnover” is the difference between sales turnover and profit.
Turnover indicators the total sales in the business made by the firm in a limited period of time, on the other hand profit defines the measure of earnings in the business. Turnover can be net sales in the firm but profit is an indicator of actual earning in the4 business after deducting all expenses and taxes (Janji?, and Ra?enovi?, 2018).
Capital employed is an indicator of the total amount of capital which is used by the firm. It is measured by the asset used by the company. Capital employed in the firm includes working capital and fixed assets.
The importance of cash flow
The cash flow in the Davison Canners indicates the evaluation of the amount which leaves the business over a time period. The cash flow statement helps the firm by meeting the financial goals in the firm and financial obligations and planning’s for the future aspect (Wale-Oshinowo, et al. 2018).
Market share helps the Davison Canners to measure the preference for the product over the basic products. A huge market share defines the huge sales in the business.
Davison Canners can evaluate the high total sales to confirm the present net sales strategy which is working effectively in the firm.
Production indicates the whole conversion process in the business, while productivity is about the efficiency in the company.
Number of products:
The firm Davison Canners can produce 76000 products quarterly to get a marginal profit in the firm. Multiple types of product in the firm can create growth in the business.
In the business the company can give the better services to the line managers by enhancing the management with effective recruiting in the firm.
The company can earn enough profit to run the business but to compete with others; the business has to earn better profit.
Market trends in the business indicate the financial growth which include short term market, intermediate, long term market trend (Yemelyanov et al. 2020).
Consideration the cost of Technology and Human resource
Cost and technology may be regarded as an important aspect which is required for the implementation of the growth strategy in an effective manner. Advanced technology will need to be implemented within a cheap cost range with management of human resources which will help to promote development for the organization in an effective manner. The total cost which will be required for the technology implementation will be $50000.
The profit of the firm helps to measure the financial structure of the business; the sales turnover of the firm helps the business by evaluation of the selling structure in the firm. The capital employed of the firm helps to measure the working capital in the business. On the other hand, the market share helps the firm by target market and over time of trends. Total sales and total output of the firm help to measure the total net sales of the firm at the year ended and total output generates the company how much unit they have sold. On the other hand, the number of employees helps to measure the firm's efficiency level in the firm (Cole,. and Sokolyk 2018).
Lack of planning:
In the firm there is a lack of planning in the business to grow the financial structure. Davison Canners has not enough planning to grow their financial structure as the company can face loss in future. It creates poor communication in the firm, as well as unrealistic goals (Adam, and Alarifi, 2021).
Unrealistic and over-ambitious business plans:
If The Company Davison Canners can follow the unrealistic business plans then the firm cannot meet the future goals and objectives in the business.
If the company Davison Canners has poor management in their firm then the company will face loss in the future. On the other hand, poor management can create inefficient working levels in the firm and generate low budget capital in the firm. It can be effective to the employee turnover and as well as the company's profit structure.
Insufficient capital in the business can harm the investment flow and liquidity structure in the firm. Even the company cannot pay the bills of the firms. As a result the company will run in losses and close the firm.
Cash flow problems:
Cash flow problems generate the reduction of credit ratings in the firm and create a negative impact in the firm. Even the business can miss the opportunities of growing the revenue structure in the market.
Over expansion in the firm can create the reduction of profit margin of the b business as it creates the higher cost in the firm. The company Davison Canners can face extreme loss if the company can expand their business.
Failure to exploit technology:
There are multiple reasons for failure in the exploit of technology which indicate the por implementation, poor maintenance, over utilization, complexibility, as well as misleading in the firm.
Loss of key staff
Loss of key staff can harm the Davison Canners by which the profit and the cash flow can drain out and reduce the profit structure of the business.
Competitive market pressure:
Competitive market pressure can affect the company Davison Canner by undertaking the incentives of process of innovations. Therefore, the incentive level of the company depends on the new product of the firm.
Changes in consumer tastes and preferences
Changes in the customer taste and preference can harm the manufacturing department of the company Davison Canner. People these days are following new products, it can be problematic for the firm to generate new products every day.
An external constraint changes in the labor can create an extreme demand than the market.
A specialization in the firms can create the risk in the company by which the company can ruin their goodwill in all business aspects.
Business loans in the firm can help the business by meeting the working capital and growing structure. Hence, it helps to generate the cash flow during the important time period.
Angel investors in the firm help to start up the business by providing the capital and equity to the firm.
The component crowd funding helps the business by raising the capital in a fastest way. It helps to create the working capital structure in the company (Utomo, 2020).
Government grants help the business by providing capital to the administrative department of the company.
The trade sale of the firm helps to manage the withdrawal of the business and can collaborate with the larger projects.
Family succession is a long term legacy by which the firm can work with family members in the business. It defines the profit of the family business, planning for the future.
Management buy-out (internal)
A management buyout process is a transaction where the Davison Canner purchases the assets and the operations of the business. MBO helps the firm by generating profitability in the business.
Management buy-in (external)
A management buy-in helps the firm by generating better knowledge to the firm and estimate the growth structure of the business. Besides, the MBI also helps Davison Canner by generating the shareholder in the firm.
Stock market flotation
It helps to offer much more incentives to the employer of the firm which creates long term aims and goals in business. Even it provides reassurance to the customers and supplies.
Liquidation and cease trading
Liquidation in the company is very vital, if Davison Canner failed to pay the bills and debt in the firm, the liquidity flow helps the company to pay the expenses of the firm. It can help to generate the cash flow structure in the business.
Risk of failure can readily be faced by the enterprise with changes in the market condition in an effective manner. Effect of competitors on business is leading towards a tough competition for the firm to maintain profitability and sales position within the organization. Calibre Power Electronics is giving tough competition to Davison canners which are leading to effect in the position of the business. Competitive pricing strategies can be applied by the company in order to decrease the risk which will provide customer satisfaction. Expanding the business in a competitive market location can lead to putting the business at risk effectively. Beside this, economic, market and social trends can also lead to creating drastic risk for the company with rising loss for the firm on a high basis (Puig et al. 2018).
Risks can be raised in the market penetration for the company Davison Canner with following the sales growth strategy through unmaking production cost and lowering of industry prices in an effective manner.
Risk can be raised from the product development strategy within the enterprise consisting of puddings and deserts production. Therefore the growth of the organization can be readily affected by poor personal hygiene and contaminated equipment of the firm.
Social media market marketing plan strategy has been integrated by the company in which the firm can readily face the risk factors consisting of competitive exposure and lack of employee training.
Advance food product diversification strategy is being readily followed by the company in which the firm can readily face the risk factors consisting of cost of entry test and investment risk in an effective manner.
The owner of the enterprise consists of a wide range of exit routes consisting of the trade sale, management buy-out, management buy-in and stock market flotation in an effective manner. Beside this, it also includes the liquidation and cease trading with family succession in an effective manner (Lestari et al. 2020).
Adam, N.A. and Alarifi, G., 2021. Innovation practices for survival of small and medium enterprises (SMEs) in the COVID-19 times: the role of external support. Journal of innovation and entrepreneurship, 10(1), pp.1-22.
Cole, R.A. and Sokolyk, T., 2018. Debt financing, survival, and growth of start-up firms. Journal of Corporate Finance, 50, pp.609-625.
Eliakis, S., Kotsopoulos, D., Karagiannaki, A. and Pramatari, K., 2020. Survival and growth in innovative technology entrepreneurship: a mixed-methods investigation. Administrative Sciences, 10(3), p.39.
Janji?, I. and Ra?enovi?, T., 2019. The importance of managing innovation in modern enterprises. Ekonomika, 65(3), pp.45-54.
Kato, A.I. and Chiloane-Phetla, G.E., 2021. Government's impact on the venture capital market and small-medium enterprises' survival and growth in East Africa, evidence from Uganda. Journal of Contemporary Management, 18(2), pp.114-139.
Kim, M.K., Park, J.H. and Paik, J.H., 2018. Factors influencing innovation capability of small and medium-sized enterprises in Korean manufacturing sector: Facilitators, barriers and moderators. International Journal of Technology Management, 76(3-4), pp.214-235.
Lestari, D., Darma, D.C. and Muliadi, M., 2020. Fintech and micro, small and medium enterprises development: Special reference to Indonesia. Entrepreneurship Review, 1(1), pp.1-9.
Naradda Gamage, S.K., Ekanayake, E.M.S., Abeyrathne, G.A.K.N.J., Prasanna, R.P.I.R., Jayasundara, J.M.S.B. and Rajapakshe, P.S.K., 2020. A review of global challenges and survival strategies of small and medium enterprises (SMEs). Economies, 8(4), p.79.
Puig, F., Gonzalez-Loureiro, M. and Ghauri, P.N., 2018. Running faster and jumping higher? Survival and growth in international manufacturing new ventures. International Small Business Journal, 36(7), pp.829-850.
Utomo, H.S., 2020. The effect of Muslim religiosity and innovation capability on firm survival: A study on small enterprises during the Covid-19 pandemic. Iqtishadia, 13(2), pp.179-196.
Wale-Oshinowo, B.A., Lebura, S., Ibidunni, A.S. and Jevwegaga, H., 2018. Understanding survival strategies in micro and small enterprises in Nigeria: a brief review of the literature. Covenant Journal of Entrepreneurship, 1(3).
Yemelyanov, O., Petrushka, T., Symak, A., Trevoho, O., Turylo, A., Kurylo, O., Danchak, L., Symak, D. and Lesyk, L., 2020. Microcredits for sustainable development of small Ukrainian enterprises: Efficiency, accessibility, and government contribution. Sustainability, 12(15), p.6184.
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