business 2.1 : growing a business

What is internal growth?

when a business grow organically and gradually through innovation and attracting new customers

What is external growth?

when a business grows inorganically through joining with or taking over another business

What is innovation and how can it help a business grow?

new production methods/new ideas - attracts new customers

What is R&D and how can it help a business grow?

research and development - investments can be made

What is technology and how can it help a business grow?

e-commerce - cheaper in long term, less staff required

advantages of growing internally?

business can return company culture/higher production = benefit from economies of scale + lower costs/ cheaper than merger/known buis model

disadvantages of growing internally?

risk in taking employees + opening new stores/ long period beteen investment + its return/ growth limited