Business Plan
- Business Decision
2.0 Business Description
The business selected is business 1. This restaurant offers Italian cuisine, which includes pizzas, seafood, and homemade pastas just to mention a few. This will make the business favorable for breakfast, lunch, dinner, as well as organized functions. It will also offer an excellent wine list to customers. The restaurant has both inside and outside seating space that can be able to seat 84 and 200+ people respectively. The business will mainly target family groups as well as other groups that are interested in trying out new cuisines. The restaurant will be opened 7 days a week in order to cater to all customer needs at all times. It will also use online and offline advertising methods to reach more customers. Furthermore, it will offer delivery services to customers who desire to have their food delivered to their homes. Lastly, the business will have a staff of 15 employees with 11 being permanently employed and 4 working on a casual basis.
Business mission: To provide the best Italian cuisine to customers
Business vision: To ensure that customers have an excellent environment to enjoy meals inspired by the Italian cuisine
Values statement: The business will ensure that its customers receive the best quality of service in terms of the service offered by employee, the menu provided, time spent waiting for ordered meals, and the quality of food served.
3.0 Marketing Activities
The target population for this restaurant is families and other groups interested in experiencing Italian cuisine first hand. The main reason is that the restaurant has enough seating space for large groups. As stated earlier, the restaurant has both inside and outside seating space that can be able to seat 84 and 200+ people respectively. This makes it ideal for groups.
In order to reach the ideal customer a number of advertising methods will be utilized. Negotiations should be done in order to minimize the advertising expense. Carefully selected mediums are chosen to advertise so that the ideal customers are accessed. The advertising methods will include buying advertising space on the local newspaper, local television channels, and brochures as well as online marketing. The advertisement placed on different medium used should include both the location and price of food offered.
The local television advertising about the restaurant will be able to deliver the message to a wide community. The local television channel is seen in houses, clinics, fast food joints, bars, and homes so a large number of the public is getting aware with the fact that there is a restaurant offering Italian cuisine. The local daily newspaper will be able to reach the right audience easily as many people around the restaurant purchase newspapers. The brochures will be distributed alongside with pamphlets across town. Online marketing will involve using tools such as social media, websites, and online advertisements in order to be able to reach customers. This is a very effective form of marketing as many individuals have access to the internet.
In order to marketing to be successful, it is important to take into account the different aspects that affect and influence marketing in general. The 4Ps theory classifies different aspects of marketing in order to provide an in depth analysis of marketing and markets. The 4Ps include product, price, promotion, and place.
- Product is defined as the element that satisfies the wants and needs of the customer. Product includes both goods and services bought by a consumer. This is the most important part of the marketing since it forms the basis of marketing. The ability of a product to satisfy the needs of consumers is essential in marketing. The restaurant will provide customers with high quality products.
- Price refers to the amount that the customer has to pay for the product. It is important to consider the price since it determines the value of the product as well as the revenue that the owner of product will gain from it. The price offered by the restaurant will be reasonable in order to attract customers.
- Promotion refers to all methods that are used to provide information about the product to consumers. This involves the use of advertising and public relations to reach out to consumers.
- Place refers to the distribution of a product. Distribution refers to the delivery of a product to a region where it is convenient for the consumer to purchase the product. It is important to ensure that a consumer can easily access a product that they desire.
4.0 Finances
Completed in Ms. Excel
- Legal
The restaurant will need to apply for a liquor licence in order to be able to sell wine and other alcoholic drinks. The business also needs to understand that it needs to keep accurate and up to date accounting for legal and tax purposes. The restaurant must also need to consider the different tax registrations that it needs to make. These include TFN, ABN, GST, and PAYG. The restaurant needs to understand the type of records that should be kept for tax and legal purposes.
- Human Resources
The business will have a staff of 15 employees with 11 permanently employed and 4 working on a casual basis. This will be composed of one executive chef, two sous chefs, an expeditor, a line cook, a caller and five servers.
- Productivity and performance Targets
The three Key Performance Indicators (KPIs) to be used in the restaurant are finances, quality and management.
- Finances
Restaurant must record an increase in profits by 10% in the first year of operation. This can be attributed to the fact that an increase in quality coupled with excellent management will help in ensuring that the restaurant’s finances improve.
- Quality
The food served and services offered must be of the highest quality in the market. This will help to ensure that customer satisfaction is high. In turn, this will help in creating customer loyalty. After the first six months of operation, a survey will be carried out on the quality of services offered and food served. It is expected that the restaurant will receive
- Management
Three management indicators will be monitored. These are:
- The running of the restaurant as well as the kitchen – It is expected that the restaurant and kitchen will be run efficiently with minimal costs and expenses
- Employee management and satisfaction – Employees will be required to work in 6 hours shifts every day. It is expected that employee satisfaction will be high at all times.
- Delivery management – It is expected that outside deliveries will always be on time
- Additional Questions
Different communication media will be used for communication between all relevant parties. This will include weekly emails, memos, and verbal communication.
An employee recruitment firm will be used to find the right talent to work at the restaurant.
Key Performance Indicators (KPIs) will be used to monitor the progress of the business. In addition, internal control mechanisms aimed at increasing employee productivity will be installed in order to ensure that the restaurant runs smoothly.
The software required for this business will include a point of sale system for making food sales, an inventory system that will be used for controlling inventory and a human resource system that will be sued for managing employees.
Financial information will be disseminated once a year during an annual general meeting attended by all stakeholders.
Key Performance Indicators (KPIs) developed will be used to monitor the progress of the business.
- Implementation
Reference List
Abrams, R. M. 2003. The successful business plan: Secrets & strategies. Palo Alto, Calif: The Planning Shop.
Covello, J. A., & Hazelgren, B. J. 2006. The complete book of business plans: Simple steps to writing powerful business plans. Naperville, Ill: Sourcebooks.
McKeever, M. P.2012. How to write a business plan. Berkeley, CA: Nolo.
