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The Green Platter: salad bar restaurant at Mill Road, London - Essay Example

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The Green Platter: Salad Bar Restaurant at Mill road, London A Business Plan and a New Perspective Student ID: Course: Professor: Word Count: 3,268 Table of Contents Introduction The Green Platter is a hypothetical salad bar restaurant that is planned to be established at Mill road, London…
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Download file to see previous pages To minimize any such risk, a careful planning and proper use of funds will be the key to get success. Business plans are needed to secure finances and a set of goals and strategies will definitely confirm the business operations to move smoothly (Burke, Fraser, & Greene, 2010).Although a business plan may not guarantee a successful formula but it does highlights a very important relationship between a planned business and its financial performance (Bracker, Keats, & Pearson, 1988). In addition to it, a business plan is very essential for an investor to sense the profitability and invest money in to it or a business plan may be considered as the first major step to reach the ultimate goal of any businessman and that is earn profit from his business and establish a brand. The proposed paper will examine the restaurant market and the need to create a business plan for a restaurant. Mill road will be the right choice for its location, as this will be the first restaurant in the area to be focusing on choicest salads and light lunch for its customers. The paper will include the most important topics covered in any business plan; they are executive summary, firm’s description, target market, competition, sales and marketing plan, operations, future goals, and finally the financial statements (Barrow, Barrow, & Brown, 2009). Principle Idea The purpose of this methodology is to develop a business plan for The Green Platter restaurant at Mill road, London. According to a report 9 out 10 restaurants fail in their first year of operations (“Sydney”) The peculiar problem with any restaurant owner is to determine the methods to minimize risks of failure. The two main causes for any business to fail is lack of good planning and inadequate funding (Parsa et al., 2005). Review Many new restaurants are started in the United Kingdome and United States every year and it is estimated that 50% of them shut down (Small Business Association, 2011) while some mentioning that 90% of restaurants closed (Riesco, 2011). It happens mainly due to poor planning and inadequacy of funds (Castrogiovanni, Justis, &Julian, 1993). What is the use of a Business Plan Bracker, Keats, and Pearson (1988) examined that almost 400,000 firms fall short every year. Almost 96,000 small companies were closed in the year 2010 (Small Business Association, 2011).This might be because of the recession that followed and affected the food and hospitality industry. According to Bracker & Pearson 65 percent companies fail during their first five years of operations. (Bracker & Pearson, 1986). Business plans are written documents that deals with the current as well as the future strategic goals and plans of the business (Honig & Karlsson, 2004). In some of the books a strong connection is projected between business plans and the performance of the business (Ackelsberg & Arlow, 1985); (Schwenk & Shrader, 1993). On the other hand some studies have concluded that there is no benefit to companies even if they have a business plan (Robinson & Pearce, 1983. How ever even if investing a in a small business; a smart business plan is always required by the investor. Advantages of a Business Plan Although there are many benefits that come along with a written business plan, but to examine the traditional benefits, one may consider three categories to determine its ...Download file to see next pagesRead More
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