Opening a Restaurant - SWOT Analysis, Success Factor, Strategic Objectives, Performance Measurement - Example

Assessment 1 Table of Contents Introduction 2 Business Background 2 Vision Statement 2 Mission Statement 3 Organizational Values 3 Competitors 4 SWOT Analysis 4 Key Success Factor 5 Strategic Plan 5 Strategic Objectives 5 Future Strategies 6 Performance Measurement 7 Time Line 8 Due Diligence 8 Conclusion 9 Introduction Businesses have to look into different directions and have to develop a plan which will help to address the different goals and steps that the business will be taking to accomplish the future goals of the business. This will help to develop better strategies and ensure development of business objectives. This report looks to present the vision and mission statement along with the different values and strategies that Studio67 is looking to follow so that their business becomes successful. This will also look into the competitors and will help to develop strategies which can be used by the business to develop their opportunity of delivering better performance in the future. Business Background Studio67 will open a restaurant by this name and will look towards offering organic food which is healthier compared to the other food that is served in the restaurant. This will act as a differentiating factor and will determine the manner in which the business will be able to develop its business. The business is building a new idea of providing customers with food which is non greasy and non oily so that customers don’t have to deal with the risk of obesity. Since, customer focus towards health has increased it thereby provides an opportunity through which the business will be able to catch on it and ensure a mechanism which helps to satisfy the customers to a very high extent. Vision Statement Provide food to customers which are delicious but have little or no iol content so that people even suffering from obesity can dine in the restaurant and will also provide an opportunity for others to be fit. Mission Statement Studio67 will provide quality food and standard ambience which looks towards matching the quality of food served by the top restaurant by ensuring that the food is non greasy. Organizational Values Studio67 has also looked towards identifying the different organizational values based on which the business will be able to work on the required direction and ensure better development of the business. The company is dedicated towards having a work force which represents the culture of the country and looks towards ensuring that the quality of food that is served is of high quality. Along with it the company has looked towards identifying its value as one which looks towards being helpful and satisfying the customers wants by having the required resources which will ensure maximum satisfaction. This thereby helps to identify the value as Ensuring that the business remains ethical in all their dealings and looks towards ensuring that they remain genuine and bring the actual matter in front of the customers Ensuring that the business continues to work on the same fundamentals where they look towards providing quality food to its customers which is non oily and provides the customer the correct value of money. This will require that the business looks towards taking decisions which is fair and correct Competitors Studio67 faces stiff competition as the restaurant industry is slowly moving towards saturation. Most of the restaurants look towards offering customers a comfortable ambience, quality food and service. This makes the differentiation factors between the different players to be very little. In addition to it all the different players in the market are looking towards developing a niche market for its services by differentiating itself which will require that the business focuses on acting in such a manner that the customers become loyal and will have to look tor something different in their services so that more and more customers are satisfied. Thus, the degree of competition is very high and the degree of differentiation is very low. SWOT Analysis Studio67 has also looked towards analyzing both the internal and external factors. This includes a situational analysis of the external and internal factors which has helped them to identify the different areas which provides an opportunity of growth. This has helped Studio67 to be able to find out the different directions which when worked on will help to improve their performance and will ensure better results. The SWOT analysis thereby is as   Helpful Harmful Internal Strength Weakness Looking to fight obesity Increasing competition from similar provider Trained 7 experienced Chef High Cost of training staff Quality Service External Opportunities Threats Increasing concern towards obesity Similar service offered by other players Growing population Increasing regulations from food department Increasing disposable income Key Success Factor Studio67 has to look towards understanding the key success factor which determine whether the business is successful or not and will help to gauge the efficiency and growth of the business in different terms. The most critical factor which will determine the success of the business is the ability of the restaurant to retain customers. This will act as a major point in determining whether the restaurant is able to provide quality services to its customers. This will require that the restaurant looks at developing a Balance Score Card which looks towards noting the level of satisfaction and the different factors which helps to determine whether the customers are satisfied or not. This will act as a major point which will determine whether the business has been able to perform satisfactorily and is able to ensure contribution from all the different areas. Strategic Plan Studio67 has developed a strategic plan where the management looks at finding out a method which will help them to accomplish its strategic objective. The strategic plan includes the objectives, the method in which the performance will be monitored and the future action plan which will help Studio67 to accomplish its goals. The strategic plan thereby looks to work on the different areas and looks towards covering a range of area so that the restaurant is able to facilitate a process through which better services can be delivered and the business is able to work in a determined pattern. Strategic Objectives Studio67 based on the manner in which they want to work have looked towards identifying the strategic objectives which they want to achieve. Based on that Studio67 has looked towards allocating their resources so that the business is able to achieve its objective and ensure that the overall vision of the business is achieved. The strategic objective for Studio67 is To ensure that the profits of the business increases by at least 7.5% Having quality in their servings which matches top class food but also ensuring that the servings are oil free and fit for consumption also for people suffering from obesity Hiring the best quality talent so that customer satisfaction can be enhanced and ensuring that the restaurant has the required workforce which will enable them to deliver their business on the stated model Future Strategies Studio67 has looked towards finding out the future strategies which will help them to ensure that they are able to work in the desired direction and is as Ensuring that the restaurant hires the best staff and employee who are able to provide quality service and ensure maximum satisfaction. Since Studio67 works in the service sector so ensuring quality service is an important determinant as it will help to ensure loyal customers for a longer period of time Look towards aggressive marketing strategy where the business looks towards spreading awareness about the services being offered and make people understand the differentiation is services which they have in comparison to the other service provider in the industry Being ethical and ensuring that they deliver what they say by ensuring transparency and providing the stakeholders will actual material facts. This will help to multiply the satisfaction level of employees and will act as a measure through which better services are provided. Performance Measurement Studio67 has to ensure that the performance is monitored at regular intervals so that the variations can be notified. This will require that the management looks towards matching the performance with the actual standard so that important steps can be taken which will help to identify the manner in which the business is performing. This will also reduce the chances of leakages and frauds and will ensure strict supervision. This will enable the restaurant to work on its stated objectives and will look towards ensuring that the business is able to work on the different parameters through which the business will be able to gain maximum efficiency and will be able to ensure that the business is able to conduct its affairs as per the business requirements and are able to match their requirements. This will require that the performance is measured and checked against various alternatives so that the best one can be identified and the business based on it will be able to ensure that they are on track towards achieving the objectives of the business. Using a parameter where the performance of the employees and the restaurant on a whole is evaluated based on a balance score card appraoch which looks towards identifying the manner in which the satisfaction of the customers have an influence on the overall working of the employees. This parameter will help to understand the different dynamics based on which the performance of an employee is evaluated. Time Line Studio67 has looked towards developing a timeline which will play a crucial role in determining the manner in which the restaurant is able to deliver its performances. The different department based on the requirements of the business has to take the necessary steps to ensure that the work is completed within the stated time and the business is able to gain long term efficiency. The time line is as Task Execution Period 1st Month 2nd Month 3rd Month 4th Month 5th Month 6th Month Choosing Location √ Legal Formalities √ √ Hiring of Staff √ √ √ Advertising √ √ √ Opening of Studio67 √ Being able to work on the time line will also ensure that the different departments are able to work on the budget and based on it will be able to divide the entire budget which will help to gain operational efficiency and will help the business to be able to successfully manage the resources and gain effectiveness Due Diligence Studio67 has to ensure that all the legal formalities are entered into and the terms and conditions are all checked before entering into a contract as one entered it is legal. This will require that Studio67 completes the due diligence and looks into every aspect of the contract and legal requirements so that the business is able to ensure transparency and abide by the rules that have been prescribed. Conclusion The report thereby present a business plan for Studio67 which looks at evaluating different alternatives where the aim is to ensure the vision and mission statement and based on it develop goals that the business wants to achieve. The report also shows the manner in which Studio67 looks towards using the different resources and developing a strategic plan so that the overall goals are properly measured and a strategy is found which will help them to grow. This will finally transform into ensuring that the due diligence is met and the business is able to deliver on the standards that have been determined. Assessment 2 Table of Contents Introduction 11 Development of Strategic Plan 11 Implementation of Strategic Plan 12 Conclusion 12 Introduction Success of any business plan is largely dependent on the manner the business is able to use its resources and find strategies through which the business will be able to get positive results. This requires that the business looks towards working on the different areas and strengthening their overall performance. This paper thereby looks to present the manner in which the strategic plan was developed within the team and the different factors that played a role in implementing it. This thereby presents both the development and implementation phase which will help to understand the manner in which the business is able to manage its resources and conduct its business Development of Strategic Plan The team looked towards setting down and developing a plan which would ensure that Studio67 would be able to achieve its objectives. The team looked towards discussing on the different topic and looked towards identifying the best potential which would help the business to implement better process and achieve the determined objectives. To ensure it the team discussed different issues where it looked towards identifying the manner in which the goals would be achieved. This identified the following Look towards differentiating its services by offering something extra to its customers and looking towards providing quality food which is oil free Working on the same basic principles as other restaurant in the industry and looking to develop their business model based on it Looking towards having theme restaurant so that the business is able to manage its resources and ensure that they work on a different line After analyzing the various alternatives the group decided that the team will look towards following the first issue as they will look towards ensuring that they develop a niche market. The team ensured that the plan was noted in simple words and each and every member were provided a copy of the same so that the restaurant will be able to maintain efficiency and ensure potential for future growth. The team also discussed the financial aspects and other aspects related to marketing, operational and human resource so that the restaurant would be able to have the required resources which will thereby ensure that the business is able to manage the resources effectively. This will also ensure that the business looks at working on the different fundamentals through which efficiency can be gained. Along with it the team also looked towards identifying the strengths, weakness, opportunities and threats and looked towards finding a method which would ensure that the goals would be achieved in the most effective manner. The overall development of the business looked towards ensuring that the method looks towards developing a methodology through which the overall plan can be properly implemented and will thereby help to improve the overall strategy for the business. Implementation of Strategic Plan The team member looked towards managing the project in such a manner that there was involvement of each member. The team on the first instance divided the work between all the group members based on the presence and liking for the group members. The team members looked towards having a meeting where the team discussed the entire project in depth. This helped the team member to understand the strengths and weakness of each member. This thereby enabled the team to divide the entire work Special care and attention was made to ensure that regular meetings were held where the team member discussed the topic and the progress in depth. This ensured that the progress of the team member was brought forward. Further, the team members also looked towards helping each other at each point. This ensured that the doubts and problems were solved at the earliest. This thereby helped the team to work on the smaller aspects of the project and ensure proper time management and participation for the completion of the project The team members through the brainstorming session were able to come to a conclusion regarding the project. The team in the meeting looked towards developing a methodology where the different topics were discussed at length so that both the positives and negatives were discussed. This helped the group to find out the best project and the manner in which it will yield effectiveness and ensure that the project is completed on time. The brainstorming session ensured that the group was able to discuss on different points and this helped the team to finalize the project which will be most beneficial for us. It also helped to ensure that the implementation process was sound. Conclusion The paper thereby presents the different strategies that were used during the planning and implementation phase so that the objectives can be achieved and ensured that there was better coordination which resulted in achieving the desired objectives for which the business was done. Assessment 3 1. List 4 benefits of strategic planning The benefits of strategic planning are Focus is put on achieving the result in the most desirable manner by ensuring that the resources are used in the most efficient manner Helps to increase awareness among the employees which ensures that the business is able to undergo changes easily Helps to find out the opportunities and threats that the business faces Helps to ensure better control over the problems that the business is facing 2. What code of practice relates to your chosen industry? The Work Place Health & Safety Occupation practice is legislation is relevant to the industry as it is important that the management at all times look towards ensuring that the employees are protected against any harm and appropriate steps should be taken to ensure that the chances of an employee getting hurt is reduced. Along with it special care and emphasis should be given to ensure that the injured and treated in the best possible manner and appropriate medication is provided so that the health of the employee improves and the organization is able to perform its duties and requirements towards the employees 3. What is the difference between a Mission Statement and a Vision Statement? The difference between the mission and vision statement of the company is that the mission statement focuses on the present situation and changes with time. Vision statement on the other hand is fixed and looks towards forecasting the long term objectives of the business which the business looks to attain. The mission statement is also a part of a vision statement as businesses who are able to deliver on the mission statement set by the business can achieve their vision statement through it. This thereby helps to understand the fact that the mission statement looks towards highlighting the reason for the existence of the business whereas the vision statement focuses on what the business looks towards achieving over a longer period of time and makes the business to use its resources and efforts in such a manner that through the mission statement the business is able to accomplish its vision. 4. What are the features of an effective vision statement? (List 4) Some of the features of a vision statement are as A vision statement should be motivating and should make the employees clearly understand the direction they will have to take to achieve the goals of the organization The vision statement should state a purpose clearly so that the employees and other reading the statement are clearly able to identify the manner in which the business looks towards working in the future and will also help to understand and improve clarity which will ensure that the goals of the business is achieved in a better manner The vision statement should be able to forecast the future and should clearly bring forward the different things that the business wants to achieve and should throw light on the fact that the company wants to be such an organization in the future The vision statement should be inspiring as the statement should be able to create a picture in the mind of the customer. This will help to improve a sense of excitement and provoke emotions so that the resources can be used in a better manner and ensure effective completion of the goals 5. What specialist services could you utilise when developing a strategic plan? (List 4) The specialist services which will be utilized while developing a strategic plan is as Engage the services of a consultant who specializes in capital consultancy so that important relevant information relating to the field can be obtained Engage the services of an accountant who specializes in performas so that important relevant information relating to the field can be obtained Engage the services of a researcher who specializes in market research so that important relevant information relating to the field can be obtained Engage the services of a human resource consultancy who specializes in recruitment and selection so that important relevant information relating to the field can be obtained Engage the services of a attorney who specializes in legal matters so that important relevant information relating to the field can be obtained 6. What is a PEST Analysis? PEST analysis is an analysis of the macro environmental factors and looks towards identifying the manner in which the environmental factors have an effect on the working of the business. PEST stands for “Political, Economic, Social, and Technological analysis” and loots towards evaluating the different environmental factors. Analysis of this factors helps to understand the manner the environment influences the working of a particular industry and is true for all the players performing in the industry. This analysis thereby works on the macro environmental factors and helps to understand the manner in which the external factors have an influence in decision making and the manner in which the performance of the business gets altered due to changes being witnessed in the environmental working style. 7. Provide 5 examples of each of the 4 PEST factors Political Factors Change in policy related to FDI Change in government resulting in new policies Inflation which reduces the purchasing power Changes in the tax structure Economical Increase in the purchasing power due to increase in wages Increase in export due to bad weather conditions being prevalent in the outside world which has affected production Increase in population causes a demand for a particular product to rise Change in consumer taste and preference has increased the demand for a particular product or services Social Acceptance of products which is produced in different countries Change in religion customs making certain products which were undesirable to be desirable Change in the outlook of the society and accepting products which would otherwise not have been Increase in the population looking towards quality products Technological Use of technology to ease the production process Using RFID technology to ensure better pricing Using JIT to ensure proper pricing especially in case of airlines Use of technology to manage the supply chain and ensuring proper delivery of goods and services at the appropriate time 8. Describe the following principles Equal Opportunity: The Equal opportunity states that each and every person irrespective of caste, creed, sex and culture should be provided with an opportunity which is equal and same for all. This requires that the management should be flexible and ensure that all people within the organization is given the correct adequate opportunity. This will make the team comprise of different people with different background which will make it necessary that the management is able to ensure cultural integration so that the business can be managed in an effective manner. Along with it the involvement of the management will involve and special care has to be taken to ensure that no employees is secluded or treated in a manner which is unfair or unjust. Thus, it will require that the process of people management develops further and the entire workforce is controlled in a manner that provides maximum benefit and opportunity of growth for the business. Ethical Principle: Ethics have an important role to play in the manner the business is working. A business which is ethical is able to ensure that they are able to work according to the corporate governance norm which will ensure that the business looks towards the wellbeing of many. Being ethical will also ensure that the decision taken by the business is correct and looks towards ensuring that the decisions are not biased. This will also ensure that the business to gain extra profits doesn’t indulge into unethical ways and ensures that there is transparency in the manner the conduct their business. This will ensure that the business is able to maintain the required standards and are able to deliver quality perfomances which remains correct and ethical since so wrong ways or unlawful methods have been adopted to get the task that was assigned to the person. This will help the business to ensure that the brand image is not affected and the business takes decisions which are correct and doesn’t aim at ignoring the aspect of the business to remain ethical Code of Practices: This is the prescribed rules and laws which the employees should follow so that they are able to follow a pattern which will help to upkeep the corporate responsibility and will ensure that the business is able to manage transparency and conduct the business is the most desirable manner Privacy Law Victoria: The privacy law states that the state has to look towards ensuring that the information which has material relevance and is available to the person should be protected and steps should be taken to ensure that the personal and privacy of a person is not breached. This law requires that appropriate steps to protect the interest of the private parties is developed Occupational Health & Safety: It is a cross disciplinary subject which looks towards protecting the safety, health and welfare of people to ensure that they are able to foster a healthy work environment which aims at providing the employees with an healthy environment to be able to deliver better services and will be able to ensure safety of the employees. This also aims at having an environment where the employees are taken care of and ensuring that they are able to work in a conducive environment free from any fear of injuries or harm. Employer Rights & Responsibilities: It highlights the different rights and responsibilities that the employer has both towards the society and the employees. It also look towards bringing forward the right of the employer if something goes wrong or goes against the employer. This looks towards ensuring that a balance is attained where both the rights of the employer and the employees is protected so that the business is able to perform in an efficient manner Anti Discrimination: It states that all employees have to be treated equally and should be treated at par with all irrespective of age, sex, creed, color, gender, religious, and political party. It requires that no discrimination should be made against any one as all people are equal and should be treated equally by ensuring that all people are provided appropriate opportunity. This will ensure harmony and will make all people to work together as a unit which will help in accomplishing the work in a better manner as it will look towards better efficiency and achieving the goals in a better manner. 9. Define 3 real benefits of planning? The benefits of planning are It helps to clearly present the objectives that are to be attained. This helps the people working in that direction to develop a clear cut picture and is able to ensure that the resources are used in the direction through which the objectives will be attained in the best possible manner It helps in proper risk assessment having a clear direction helps to evaluate the different risk for the business and based on it proper strategy to deal with the risk can be made It helps to allocate the resources in a manner that will ensure that the organization is able to gain efficiency. Planning will help the business to be able to decide the resources that will required to achieve the objectives and allocating them in a proper manner will ensure that the business is able to garner maximum efficiency Read More