Individual Business Plan

  • Category:
    Business
  • Document type:
    Assignment
  • Level:
    Undergraduate
  • Page:
    4
  • Words:
    2995

6Business Plan

Business plan

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Executive Summary

The business plan can also be defined as a statement which is formal and has the goals, how to attain these goals and the plans to achieve. The plan also has the strategies set in order to realize the goals of the business and also to ensure that these goals are realized within the set time frame. Our business has greatly benefited from the fact that our rivals are still struggling to coup up with the new technology. In any given market it is evident that there are risks that a business faces. The limited partner has less to contribute to the management of the business. In the restaurant, labor is required in order to offer high quality of services and also ensure that the services are timely and convenient. One of the ways our employees are motivated through are; promotion, our employees are given job promotions as a way motivating them. One at the weakness is that our staffs at times are forced to work more hours in order to cater for the customers who increase with seasons. The long hour working of our staffs may bring about unplanned expenditures, as we have to pay our workers for overtime allowances.

Table of Contents

2Executive Summary

4Business plan

4Introduction

4Market Feasibility

6Technical Feasibility

7Human Resource Feasibility

9Financial Feasibility

11Conclusion

12References

Business plan

Introduction

A business plan is a document that describes the future or any given business. The business plan will have also an outline of the activities that the business wishes to perform within a given time frame and the way to go about it. The plan also has the strategies set in order to realize the goals of the business and also to ensure that these goals are realized within the set time frame. The business plan can also be defined as a statement which is formal and has the goals, how to attain these goals and the plans to achieve. The plan mainly targets at the perception of the customers, the clients, and also the community at large.

The plan may be internal or also external. In the external business plans, most of the target is the stakeholders and mostly the financial stakeholders who help in the funding of the business. The stakeholders are either profit or non-profit stakeholders. In profit, stakeholders include customers and the investors. The non-profit entities are the donors and non-profit services. The internal business plan targets the intermediate business goals. These internal goals mainly aim at the accomplishment of the external goals. These plans include; restructuring of the financing system, production of new business products, and introduction of the new IT system in the business. This business plan helps the owner of the business to know the intended ways of running the business.

Market Feasibility

In our restaurant which is situated Melbourne; one of the biggest cities in Australia has been in a position to gain popularity in this city. The restaurant has been offering services to the residents and to the foreigners who visit our country, especially during the summer seasons. We have our services advertised along the highways, in the daily newspapers; we also advertise our services through the television programs. Our target market is the tourists in the region, the official staff who operate in most of the busy offices situated in this city, there also two airports which are situated at the far end of the city. We also target the airport passengers as they travel in large numbers either into the country or out of the country.

The large number of our customers that we target enables us to have a large market. In the market target also, we include the senior government officials who regularly visit this city as they hold their meetings. We offer them rooms to hold their meetings and also ensure there is a conducive environment for their stay. During the weekends also there are many wedding ceremonies taking place in the city. We ensure that we host these ceremonial activities within our compound. There are clear records in Melbourne of the increased number of restaurants.

We have, therefore, to ensure that we are in a position to compete with our rivals and maintain our rank as the best restaurant in the region and also improve the services we offer to our customers and to ensure that our customers are satisfied by our services to their level best. The government has set standards that all restaurants have to meet in order to be licensed. The government has also imposed a high taxation rate that has also discouraged new firms in the market. The standards that the government has put in place have also greatly contributed new restaurants joining in the industry. We have also started new branches in other cities in Australia such as Gold Coast, Sydney, and also Brisbane. Our restaurant is more advantaged over our competitors; we have well-skilled chefs, receptionists, and the cashiers.

We have also been in a position to adapt to the new technological changes. The rival restaurants have not managed to adapt to the new technology due to the high cost needed in the transformation process. Our business has greatly benefited from the fact that our rivals are still struggling to coup up with the new technology. We have also started online booking of our services. Our customer care services have increased their operating hours in order to cater for many customers who have been booking for our services. The online booking services have enabled us to gather many customers around the globe. Our services have been competing with the services of our rivals and we have been the best in the market.

Technical Feasibility

Our restaurant has developed new technology to handle our customers. We have developed an app that we ensure that our customers are in a position to book for our services in our restaurant online. This will ensure that our customers are served in the shortest time possible and conveniently. The customer care services will also ensure that they respond to the challenges that our customers are facing and try to guide the on how to acquire the services easily and within the shortest time frame. We have also developed an app that will ensure that online booking of transport services to the customers to our respective restaurants or even book our vehicles for ceremonial services.

Our drivers are well trained and experienced that we assure our customers of road safety. In any given market it is evident that there are risks that a business faces. In order for our business to minimize the risks experienced in the market and to reduce the tough competition in the market, we have set an agreement with Good Hopes Restaurant which has also a large market share and as many branches as our restaurant to join in a joint venture.

In the joint venture, we agreed that we will share our profit and also in case the rooms booked are all occupied we agreed to refer the extra to either of the partners. The restaurant is also equipped with a good number of suppliers. The suppliers have been supplying us with the best products that ensure that our customers acquire fresh meals. The large number our suppliers ensures that we offer our services at a cheaper price compared to our rivals. We ensure that our suppliers are also motivated by our services. We ensure that there is timely payment and also ensure that we do not incur suppliers debts. This will ensure that we do not discourage the suppliers from supplying their products to us. We also ensure that our staff maintains a close rapport with our suppliers as well as our customers.

Some of the technology we apply in the restaurants are tablet restaurant management, we managed to come up with an app that links us to our customers due to our tight schedules. We are in a position to provide the menu of our meals; the restaurant also provides a catalog in the app to ensure that the customers can refer our products by name. The other technological application in our restaurant in the installation of LED alert system; this system is very helpful in the restaurant. The kitchen at some point there are very loud noises and there is also the staff that experiences language barrier making communication difficult. This LED alert system is meant to alert the staff of tasks that are time-sensitive in nature. The restaurant has also enabled webcam-monitor. This monitor will ensure that the number or employees in the food preparation sector and also the system is in a position to determine the amount of soap used and also detect whether the stylizer was used in the washing of utensils and also detects clearly whether the workers were using hats and gloves while handling food.

Human Resource Feasibility

In the restaurant have a number of well-skilled personnel. The staff employed to serve in our restaurant must have at least a three working experience. The well-experienced staffs in our restaurant ensure that we offer high-quality services to our customers and to ensure that we are in a position to have more customers who show much interest to acquire our services (Russell, Atchison, and Brooks, 2008, p 61). The restaurant is operating under a limited partnership. This business structure is very helpful since it helps us to be in a position to detect our weaknesses I the business and our strengths. Identification of our strengths and business weaknesses will assist the restaurant management to trigger a new step in order either to maximize profit in case of business strengths or identify ways in which we can fight against the loss likely to occur within the business in case of the weaknesses (Barton, and Walker, 2006, p 72) .

The business is operated by general partners; however, the investors remain the limited partner who has a passive role in the management. The limited partner has less to contribute to the management of the business. In the restaurant, labor is required in order to offer high quality of services and also ensure that the services are timely and convenient. In our restaurant, our main source of labor is our employees (Sahlman, 2008, p 52). These employees are responsible in the actualizing our goals. These employees are deployed in the different department in the restaurant, there is personnel entrusted in the financial department, in the operation department and also in the department of marketing. The labor is also useful in the realization of our vision. Our vision is; ensure that we maintain the best rank in the region as the best restaurant (Karlsson, and Honig, 2009, p 21).

The employees have shown a great concern and added more effort in the progress of our restaurant. They have, therefore, contributed to the tangible success of our business. The employees, therefore, have to be motivated in order to maintain them and also ensure that they are not recruited by the rival restaurants. One of the ways our employees are motivated through are; promotion, our employees are given job promotions as a way motivating them. The employees who have shown a lot of progress in the running of the restaurant should be promoted and their salaries increased. The employees are also entitled to allowances and fair treatment while in the working condition. They are entitled to annual leaves.

The employees are also motivated by subsidizing their learning in the universities or colleges. The employees furthering their education in different fields ensure that we improve our management level and the operation skills. The employees are also entitled to training on a monthly basis (Mason, and Stark, 2004, pp 227-248). The training and outings are meant to ensure that our employees are in a position to coup up with the new technology employed in the modernized restaurant. The employees working for extra time will be paid for an overtime allowances. The employees will also be motivated to further their education since those with a high level of education will earn a higher wage compared to those with lower education levels. Interacting our employees with those from other firms allow them to exchange ideas and learn new skills that will boost our progress.

The restaurant has set several strategies in the accomplishment of the goals and their mission statement; provide our customers with the best services, most delicious beverages, and meals demonstrating the professionalism, the close rapport, the skills, and integrity to the work we do. Some of the strategies include; equipping the restaurant with new equipment, the modern equipment will ensure that we are in a position to offer our customers with the best services. The restaurant has also set a new strategy to ensure that the number of employees is increased. The number of employees who are well skilled and experienced should be employed in the restaurant in order to ensure that we are time conscious and convenient. We also strategize of increasing the target market (Pinson, 2008, p 70). The restaurant will continue to advertise its services to attract new customers and will have to allocate more funds for advertisement purpose.

Financial Feasibility

The restaurant has several funding agents. The local government has been offering cheap loans with a low-interest rate. The restaurant is also funded by two non-governmental organizations that aim at assisting the local business to progress. The restaurant has been taking loans from the bank to fund its operations. However, the restaurant also faces some financial risks, at times; the business faces bad debts which may lead to a heavy loss. Heavy taxation by the government has contributed to reduced profits which affect our suppliers and delayed wage payment to our employees. The restaurant requires one to have an investment in the equipment. The restaurant has set a budget for the research to be conducted over to ensure that the customers’ wills are achieved. The restaurant especially during the holidays they record huge profits (Chen, Yao, and Kotha, 2009, pp 31-33).

The restaurant has been the best over our region. The success of our restaurant is linked to the commitment of our employees and the investment laid in the restaurant. The government policies to support the local businesses have also contributed to the success of the business. Motivated employees are the source of our increased revenue over the years (Der Foo, Wong, and Ong, 2005, p 71). The competitive ability of our business has been associated with the joint venture with the Good Hope restaurant which has reduced the risks that the restaurant is likely to experience in the market. The restaurant has also several strengths that have enabled it to achieve some of its goals.

The first strength the business has is that it has well-skilled chefs. These chefs offer professional meals that also attract even new customers. The other strength is that we have many competing suppliers (Abrams, 2003, p 23). The suppliers supply their products to us at relatively low price. The favorable prices for the supplies enable us to set low prices for our services. The low prices of our products make our restaurant to attract many new customers and also we are in a position to retain our initial customers. We have several weaknesses in our business (Honig, and Karlsson, 2004, p 92).

Conclusion

One at the weakness is that our staffs at times are forced to work more hours in order to cater for the customers who increase with seasons. The long hour working of our staffs may bring about unplanned expenditures, as we have to pay our workers for overtime allowances. The restaurant also experiences a big debt to our suppliers. The big debt may affect the progress of our business. In case the suppliers fail to supply the commodities to us we are likely to experience a big loss. There are several opportunities that arise in the market. The first opportunity is that our rivals are not in a position to respond quickly to the technological changes in the industry. Our ability to respond to these technological changes makes us be an extra mile of the rest restaurants. We, therefore, attract many customers than our rivals who find it difficult to attract new customers as they retain the initial customers. The government setting standards to be met by the restaurants restricts new firms in the market and that reduces the competition in the market.

References

Abrams, R., 2003. The successful business plan: secrets & strategies. The Planning Shop.

Barton, M.R. and Walker, J.H., 2006. Building a business plan for DSpace, MIT libraries’ digital institutional repository. Journal of Digital Information, 4(2).

Chen, X.P., Yao, X. and Kotha, S., 2009. Entrepreneur passion and preparedness in business plan presentations: a persuasion analysis of venture capitalists’ funding decisions. Academy of Management Journal, 52(1),

Der Foo, M., Wong, P.K. and Ong, A., 2005. Do others think you have a viable business idea? Team diversity and judges’ evaluation of ideas in a business plan competition. Journal of Business Venturing, 2

Honig, B. and Karlsson, T., 2004. Institutional forces and the written business plan. Journal of Management, 30(1).

Karlsson, T. and Honig, B., 2009. Judging a business by its cover: An institutional perspective on new ventures and the business plan. Journal of Business Venturing, 24(1), pp.27-45.

Mason, C. and Stark, M., 2004. What do investors look for in a business plan? A comparison of the investment criteria of bankers, venture capitalists, and business angels. International Small Business Journal, 22(3), pp.227-248.

McKeever, M., 2014. How to write a business plan. Nolo.

Pinson, L., 2008. Anatomy of a business plan: the step-by-step guide to building your business and securing your company’s future. aka associates.

Russell, R., Atchison, M. and Brooks, R., 2008. Business plan competitions in tertiary institutions: encouraging entrepreneurship education. Journal of Higher Education Policy and Management, 30(2).

Sahlman, W.A., 2008. How to write a great business plan. Harvard Business Press.