BUSI4601 Detective Agency owned by Irene Chandler in Nottingham Case Study Answer

Introduction

Every company that wants to succeed must have a strategic plan for growth since it offers a detailed road map for accomplishing its mission and goals. It assists managers and company owners determine and prioritise the most critical development areas and resource allocation (Uzarski and Broome, 2019). The company will aim for identical objectives if it has a well-defined strategy and can improve teamwork and decision-making processes. It also enables companies to predict possible difficulties and proactively prepare for these. A strategic growth strategy, in general, aids companies in being focused, successful, and flexible in a market that is constantly transforming, which is essential for their continued success (Landau, 2022). The below figure illustrates the importance of a strategic plan for growth respecting short-term growth initiatives, operations and efficiency, long tern initiatives and strategic alternatives:

Figure 1: Importance of a strategic plan for growth

Source: (Pero, 2013)

Irene Chandler's Nottingham-based detective business has been selected as the case study for this report's discussions. Irene Chandler's detective agency requires a well-defined strategic expansion strategy to maintain staff motivation and excitement in their work. Irene is aware that without more demanding duties, Grace and Stewart could quit the company. She also understands that she could manage additional responsibilities if she had the motivation and ability to do so. Irene would be able to find new possibilities and strategies to grow her firm while motivating and retaining her current staff with the aid of a strategic growth plan. Irene was the most famous private detective in Nottingham. She was taking interesting cases for free if the clients could not afford and this gave her positive publicity. Her major aim to establish the business was to keep herself busy because her previous businesses were successful which led to her healthy income from stocks in some of the leading companies, rental incomes and wider investment portfolios. She was also famous for always providing premier detective work in Nottingham and Wider East Midlands. She was able to take more than five or six times the work especially is the case was interesting her. Based on her detective work agency Iren had the ability of always innovating and creating something new as she solved the problems.

Based on the selected case study, this report aims to create a thorough strategic growth strategy for Irene Chandler's Detective agency in Nottingham. The detailed plan presented in this report will cover essential topics like innovation and creativity, funding expansion, influential people leadership and management, operational policies and procedures, the entrepreneur's perspective, and identifying and mitigating potential risk factors.

Discussion

Innovation and Creativity

For successful growth of businesses organizations must always prefer to embrace technology and change. One of the challenges that Irene faced when it comes to innovation and creativity is that she was against the growing detective business which was a lucrative venture that could assist her grow. Irene was also having prior experience in startup and exit journey when it comes to her tech business and therefore could have used the same experiencing in building this business. Innovation and creativity if embraced through technology can enhance a profitable and steady state of business something that Irene desires in her detective agency. In addition, the current business model in her detective agency business is fitting her lifestyle as she is able to work on her detective work as a freelancer.

Any business looking to enter foreign markets must prioritise innovation and originality. Creating inventive and unique business plans will help Irene Chandler's detective service keep hold of critical employees and set itself apart from rivals. Irene could inspire her staff to develop concepts for difficult instances that fit their passions (Nambisan, Zahra and Luo, 2019). While Irene could be excited about new innovation one of her major weakness was that she was disorganized and misplaced most of her records and paper work. Irene can also use new tools and techniques to enhance her investigative work. she was also not willing to give up control of selecting cases and preferred using the current system which had been outclassed by technology. She can use modern tools like machine learning, big data, and artificial intelligence to increase the effectiveness and precision of her investigations. She will be able to provide her clients with quicker and more precise findings (Dutta, Lanvin and Wunsch-Vincent, 2019). Moreover, Irene can think of developing a franchise or brand that can be copied in several markets. She may achieve this by creating a standardised model for her detective business that is simple to modify for other needs (Nambisan, Zahra & Luo, 2019). She will be able to enter new markets more quickly and successfully.

Furthermore, innovative thinking and artistic expression are crucial for businesses looking to grow internationally (Fasnacht, 2018). Irene Chandler's detective agency may benefit from her expertise and insight by creating a brand or franchise that can be copied in several regions, implementing new services and technology, and collaborating with other businesses (Dutta, Lanvin and Wunsch-Vincent, 2019). By doing this, she will be able to expand her business's profitability and maintain her team members' long-term interests.

Funding growth

Funding expansion is essential for Irene Chandler's detective business to develop globally. To enter new markets, the industry must invest in technology, human resources, and marketing. Venture capitalists are one potential source of investment. Investors in early-stage companies with significant growth potential are known as venture capitalists. Investors would be drawn to an enterprise with a distinguishing feature like Irene's agency (Brunnermeier, James and Landau, 2019). Bank loans are yet another potential source of finance. Businesses with a solid financial and credit history are eligible for bank loans. Irene has been successfully operating a business, which would make it simpler for her to get a loan. However, bank loans have interest rates, so assessing the benefits and drawbacks is essential before choosing. Another potential source of funding is crowdsourcing (Vashishtha, 2022). People could be interested in investing in Irene's company since it offers a distinctive selling proposition. Crowdfunding would not only supply the required capital but would also raise awareness of the company. It is only possible to fund growth if organization employees are well motivated. From the case study it is evident that Grace is not interest in the her work any longer and this is affecting growth. Funding growth has something to do with training and motivating employees. For example, it is evident that Grace is not only interested her work but she is unable to keep business cash flow records in an organized way. This way the business is likely to miss on a lot of data. Embracing technology such that data and information about the business cash flow is well tracked is very important when it comes to funding growth. The same is being observed by another Irene’s employee Stewart. Stewart has the potential of being a good employer but has the challenge of less experience and training to be more responsible in the business. This has created a lot of risks in the business as there is likelihood of loss of important data.

Looking at the business performance over the last 12 months the following deductions have been made and presented in the table below;

It is evident that the demand for cases has been rising but Irene is not well organized and therefore loses most the cases because they are boring. This indicates that the business has no targets on the number of cases that should be solved. The number of declines are also so many raising concern on whether the business is concerned about providing their services to their clients.

The following image explains the funding growth options for the chosen organisations:

Figure 2: Funding growth options

(Source: Self-generated)

Furthermore, Irene can also think about forming a partnership with a well-known company on the global market. Businesses have the chance to share resources, knowledge, and risk through joint ventures. Irene would get access to the market by forming a joint venture with an existing company, which would be advantageous in the long term (Humphries, 2020). Irene Chandler's detective agency must develop its financial resources to penetrate foreign markets. Irene could think about turning to venture capitalists, bank loans, crowdsourcing, joint ventures, and other sources of money (Brunnermeier, James and Landau, 2019). The process and advantages of such funding growth options are discussed below:

Table 1: Funding Growth Options

Leadership and Management of People

Any firm that wants to succeed must have strong leadership and effective people management, especially if it plans to enter a foreign market. It is crucial to building a team at Irene Chandler's detective agency that is driven, organised, and committed to attaining the organisation's objectives. Irene makes very selective decisions as a leader who is driven by self-interest. However, she has to adopt a more strategic approach to picking lucrative cases in line with the company's long-term objectives if she wants to grow her business in the global market (Mwita and Tefurukwa, 2018). This entails assigning tasks to her team members in accordance with their talents and preferences. Grace, for instance, who is in charge of maintaining the firm's organisation, may assist in identifying successful situations.

Providing the team with direction and purpose is another essential component of leadership and management. Irene's detective service is now profitable yet steady (El-Farr and Hosseingholizadeh, 2019). However, Irene must clearly articulate the company's future to maintain her team's interest and motivation over the long run. This entails establishing challenging objectives and developing a strategy to attain them, such as growing the business beyond the Nottingham market or creating new detective pieces of equipment for the public, as she likes to create new tech. Recognising and appreciating team members' efforts is essential (El-Farr and Hosseingholizadeh, 2019). The Beeston Bikers, Irene's unofficial crew, are crucial in missions involving collecting evidence. A collaborative culture may be cultivated by recognising their efforts and including them in team meetings and decision-making procedures.

Furthermore, effective leadership and personnel management are crucial for the success of any company, especially one that plans to enter a foreign market. Irene can build a motivated and committed team that can support the growth and success of her detective agency by assigning tasks based on team members' strengths, encouraging innovation and problem-solving, communicating a clear vision and direction, as well as recognising team members' contributions (Mwita and Tefurukwa, 2018).

Table 2: Leadership and Management Aspect

Operations and Policies

The case study's detective agency employs a variety of operations and policies. Irene chooses cases for this business based on her interests and experience through a bespoke case selection approach. Irene is prepared to take on situations for nothing if the customer cannot pay since she thinks individuals disregard things given to them for free. The firm has flexible pricing procedures. Grace, Irene's administrative assistant, and Stewart, a rookie investigator, are part of her team. It can be difficult to collect payments, especially from larger companies who frequently pay over the agency's 30-day period for payment, leading to cash flow problems that Grace controls by staying away from suppliers (Nasser, 2023).

Irene Chandler in Nottingham may think about introducing specific processes and policies to expand or grow her detective firm. Irene might start by considering extending her business to other UK cities (Verde, 2023). She can use "PESTLE analysis" to gather information about the place market. To distinguish her firm and attract more customers, she can consider specialising in specific investigative tasks, especially cybersecurity, background checks, or corporate investigations (Barry, 2022). Irene may invest in new employees, training, and the internet, such as data analytics programs, to promote this expansion, enhance her research, and deliver higher value for those she serves. Irene may, however, make her payment terms better by giving her customers awards or discounts for making early payments and can implement an "Early Payment Incentive Policy". Irene might also impose burdensome payment regulations to guarantee her agency gets money on time, such as levying late fees (Barry, 2022). This will facilitate cash flow and reduce time wasted hunting down unpaid clients. In order to keep her team in the long run, Irene might also give them greater responsibilities and offer them opportunities for training and growth (Thaper, 2022).

Overall, Irene Chandler will be able to expand her detective business, set herself apart from the competition, and keep her personnel happy with these procedures and policies. Irene can raise her earnings, lessen her burden, and give her clients more for their money by extending her services, enhancing payment conditions, and incorporating her employees in case selection and administration.

Entrepreneur's Personal Dimension

The case study indicates that the entrepreneur's "motivation, economic circumstance, leadership, management of teams, and development perspective are her dimensions. Irene Chandler is a private investigator who pursues her interests. She chooses cases that intrigue her, regardless of whether the clients are unable to pay, and engages in investigative work as a way to keep herself busy and mentally active. Irene has financial independence and earns a respectable yearly income from her investments in reputable firms and from leasing many commercial properties. She has the means to provide all her clients with free investigative work, but she does not think most customers would appreciate it. Irene offers top-notch detective services, which are reflected in her price, and she is the most well-known private investigator in Nottingham and the greater East Midlands (Cuesta et al., 2018). Since she performs the research herself, she rejects many more instances than she accepts and wants to maintain control over the selection of work.

Grace, Irene's personal assistant, is in charge of keeping track of contracts, payments, and licenses and handling tax payments. Stewart, an unofficial "trainee detective," is successful when he follows directions but still needs a lot of training before he can effectively handle his caseload (Hachana, Berries and Ftiti, 2022). Irene occasionally seeks assistance from other unofficial team members, such as Mary, a freelance writer, as well as the Beeston Bikers, a gang of bikers that carry packages throughout Nottingham. Irene is happy to keep the detective agency in a prosperous but stable position. Nevertheless, she is aware of the fact that without more complex jobs, her staff, notably Grace and Stewart, would abandon the company. Irene is pondering solutions to keep her team motivated and engaged in light of this possible issue for the company.

Risk factors

Irene Chandler is the most well-known private investigator in Nottingham and the greater East Midlands; therefore, her detective service is now thriving and in plentiful supply. However, if the firm wishes to expand into other UK cities, it must consider the external factors affecting the business. As "PESTLE analysis" might affect a company's activities and development potential in a specific market, the corporation should utilise it for this cause. They could discover, for example, that an area has a strong need for their products and services because of a substantial crime rate. Nonetheless, they might also encounter legal or regulatory difficulties affecting their business activities (Pathak, 2021). Irene Chandler's detective agency may develop a focused and successful development plan to increase business in other UK locations by being aware of these elements. However, certain risks may be associated with using PESTLE analysis for Irene Chandler's detective service in Nottingham to increase sales in UK cities. Insufficient or inaccurate data might result in wrong conclusions and unproductive solutions (Okes, 2019). Over-reliance on the outcomes might leave out crucial elements that the framework missed. Because not every firm or sector can use the PESTLE analysis, alternative analytical frameworks or criteria may be disregarded. Strategies run the danger of fast becoming outmoded if the evolving corporate environment is not taken into account (Indeed official, 2022). Members of the team as well as other stakeholders, may become confused or resistant as a result of poor communication and execution of outcomes. The following image explains the emerging risk factors:

Figure 3: Emerging risk factors

(Source: Self-generated)

The corporation is putting into place an "Early Payment Incentive Policy" to encourage customers to make payments early in the form of discounts or prizes. For Irene Chandler's detective agency in Nottingham, there may be particular risk considerations associated with implementing a payment plan incentive program to enhance the terms of payment. One of the key hazards is the potential for revenue loss as a result of giving discounts or prizes for paying early, which might not be long-term financially feasible (National Water Commission, 2016). Another danger is that customers can take benefit of the advantages without purchasing on time, which might cause more payment delays and harm the corporation's cash flow. Finally, the policy could not be appropriate for all customers or sectors, which would restrict its efficacy and perhaps result in company loss.

Risk factors analysis

a. PESTLE Analysis

Table 3: PESTLE Analysis for the company in the UK market

b. Early Payment Incentive Policy

Table 4: Early Payment Incentive Policy

Conclusion

In conclusion, this report offers a thorough strategic expansion strategy for the Nottingham detective service founded by Irene Chandler. The plan is intended to increase the business's growth and competitiveness through new and creative methods, additional money, competent management and leadership, efficient operational rules and processes, and an entrepreneur's perspective. In order to attain the intended outcomes, the research suggests using PASTEL analysis, an early-payment incentive scheme, social media and technologies for marketing, talent administration tactics, and flexible work norms. The report also identifies possible risks that might have an impact on the strategy's implementation and provides a plan to minimise such risks. Overall, the organisation's management may use this report as a helpful tool to achieve sustainable expansion and achievement.

Implementation plan

Irene Chandler would need to carefully plan and carry out the expansion of her detective firm into a global market to be successful. Consider the implementation strategy timeline below:

Implementation strategy

Table 6: Implementation factors affecting business

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