Funding in Business Assignment Help
The team will prepare a comprehensive proposal based on an original concept. Ethically, you may not reuse a project prepared for a prior course. You will find funding for an innovation within an existing organization i.e. new product line, OR an entrepreneurial endeavor. You will present your plan to the CEO, CFO, CMO, and CIO of the company (which are comprised of the students and professor in this class).
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Funding in Business
Background of the research:
Funding is an essential requirement in any type of business. This is because without continuous funding, a business would not sustain in the market and would incur huge losses. To maintain sustainability, business leaders implement new strategies for managing the flow of fund through the organizational departments. Proper flow of funds comes in the form of investors, profits, self-investments, bank loans and so on. With the presence of adequate funds, it is possible to enhance the financial status of the business, increase the global market share and to develop strategies on 5 years growth plan. Proper strategies of financial growth are highly necessary and in this aspect, the focus needs to be given on keeping adequate funds as business savings. According to authors Begenau & Salomao (2018), proper financing throughout the business cycle ensures that the organization achieve its business goals and also maintains its profit growth throughout. On the other hand, authors Robinson & Sensoy (2016) highlighted the necessity of continuous cash flow in the private organizations as a part of gaining and maintaining competitive advantages in the market. Many business leaders or others aim to buy SMEs or some existing companies in order to manage them from their own hands. In this process, they often find it challenging to avail the options of additional funds that are required to maintain the business for longer period of time or to bring in the changes to enhance the market position. To explain this requirement, author Staer (2017) indicated the importance of investors as the key stakeholders to help the business leaders to gather the additional funds that are required for the business. Authors Roma, Petruzzeeli & Perrone (2017) analyzed that the business leaders need to find innovative methods to attract the investors and to help the business maintain its financial growth throughout. That is with the increase of competitions in the industries, it is difficult to attract the investors and to mitigate this problem, by bringing in innovation in the financial planning, and it is possible to attract them as well as manage the additional funding for the business.
Business leaders often struggle to manage the additional funding for the business due to lack of innovation which can differentiate the business from others and for lack of innovative strategies which can help in ensuring sustainable financial growth of the business.
Aim and objectives of this research:
The aim of this research is to identify the innovative strategies which can help the business leaders to solve the financial problems of their organizations and to ensure that the global market share and financial status are increased with proper flow of funds.
The objectives of this research are:
• To identify the problems for achieving additional funds for the business
• To identify the problems which lead to financial problems in a business
• To understand the role of innovation for enhancing the financial growth of a business
• To identify the innovative strategies which can help in solving the financial problems and ensure financial stability of a business
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The research questions are as following:
• What are the problems that arise for achieving additional funds for the business?
• What are the problems which lead to financial problems in a business?
• What is the role of innovation for enhancing the financial growth of a business?
• What are the innovative strategies that can help in solving the financial problems and ensure financial stability of a business?
Significance of the research:
This research will help to understand the role of proper funding in the business and the impact that proper funding can provide on growth of financial status, increase global market share and 5 years growth plan of a business. In this research, relevant information of the business organizations will be used for identifying the findings and this will help the business leaders of the SMEs to develop suitable strategies for the financial growth of their business. This research will also focus on identifying and assessing the innovative strategies which these business leaders can implement to ensure effective financial growth and status for a long period of time. The change initiatives will be based on the improvement that the businesses can achieve in their financial aspects.
Justification of the research:
This research will be justified with the help of relevant primary and secondary data which will be based on the funding requirements of the business. The primary data will be collected from business leaders of 7 SMEs and the secondary data will be collected from relevant articles, journals and websites. Different data will be provided which will be collected from the secondary resources and will be based on the objectives of this research. The perspectives of the business leaders will be analyzed in the process of indentifying their problems and the solutions that they would require to mitigate their problems.
Rationale of the research:
Issues of the research:
The main issue that will be given priority is the problems of funding in the SMEs and the problems that the business leaders face on achieving additional funds for ensuring sustainability of the business. Lack of innovation in the financial strategy of the business is a major problem for which the business leaders of SMEs face challenges to ensure growth of financial status (Galloway et al., 2017). Moreover due to lack of proper cash flow, they face problems to implement strategies on 5 years growth plan. Many of the business leaders lack the vision on implementing innovations in the business which can attract the investors and to ensure continuous financial growths. Change initiative is highly necessary to ensure that the existing financial planning is modified and made accustomed with the modern business models. In this regard, it is highly necessary to make use of the modern technologies and make financial planning on investing on technologies to ensure that the overall business cost is reduced significantly. With the help of modern equipments and technologies, it is possible to reduce the cost of employing a large number of human resources and the manual works required for the business operations (Akter et al., 2016). Moreover, by hiring remote workers, it is also possible to reduce the business cost which can help in ensuring that high profit rate is maintained in the business. In the aspect of attracting the investors, innovative products or services which are different from that of the customers can ensure in attracting them as they would be highly interested to achieve the profits that these innovations can provide to them. In the SMEs, lack of these visions result in ineffective financial growths which is a major problem.
Reasons for these issues:
One of the main reasons for these issues is that the business leaders of most of SMEs lack the proper vision or critical thinking skill to bring in innovation in their business strategies (Drever et al., 2015). With the lack of proper funds, they tend to struggle and give focus on arranging the funds rather than focusing on bringing in changes which can help in attracting the investors and the customers. They also possess the fear of unknown and so as their employees and management. This makes them fall behind their competitors in the market. The strategies that are made are mostly based on current situations. The lack of short term and long terms goals increase the challenges to collect the funds and to manage those effectively for proper financial growth of the business. Most of these business leaders also lack proper financial accountants who can help them to manage the financial aspects of the business effectively. This is the main reason why innovation is highly important to be implemented and the changes that can bring in the necessary financial growths in the organizations.
Points to be discussed:
In this research, these issues and the solutions will be discussed in broader perspectives with the help of primary and secondary data. These data will be further analyzed to derive the findings. The research objectives will be followed and the data that will be collected and analyzed will be based on those. This research will identify the innovations and the change initiatives that will be required to mitigate the problems of funds and will analyze on how these business leaders can play effective roles and responsibilities to ensure sustainable financial growth and stability of the business.
This chapter provided a proposal on the research based on importance of innovative financial strategies as a part of brining in financial stability and growth of the business. The background of the research discussed on the issues that will be highlighted in the research and this was followed by the problem statement. The research aim, objectives and questions have been provided through which the research will be completed. The next sections highlighted the significance and justification of the research and lastly the rationale of this research has been provided as well in which the issues of this research and their reasons have been analyzed.
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