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  • Hey, Boss what are some advantages to owning a business?
  • Benefits of a growing business
  • As a business grows it gains two major advantages large firms have more influence over market price and they're big enough to be price setters.
  • Then what are economies of scale?
  •  Economies of scale
  • Economies of scale are a major source of competitive advantage for large firms.
  • Methods of expansion
  • Then what are the methods of expansion?
  • They are ways businesses can grow and there are two internal and external!
  • So what's internal growth?
  •  Internal growth
  • The business grows by hiring more staff and equipment to increase its output.
  • Then what's external growth?
  •  External Growth
  • External growth is when a business merges with or takes over another organisation to increase production.
  • One last question what are some disadvantages?
  • Disadvantages of Expanding
  • O.k Small businesses can be at a cost disadvantage compared to their larger rivals enjoying economies of scale and small firms cannot compete with their larger rivals, they have to compete on service or quality
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