Gabri Lounge & Restaurant Business Strategies - Example

Business plan Name Date Course Executive Summary Gabri lounge & restaurant business plan is for a business that intends to invest $ 385,000 for its start up in New Jersey. Fresin fries business plan is for a business that will be based in Singapore and it intends to sell fries as its main product. The business plan for Gabri lounge & restaurant has several strengths which includes comprehensive market information, detailed description of the services and detailed financial information. Its weakness however involves the technological plan, balanced analysis and customer issues. On the other hand, the strength of Fresin fries includes consumer issues, extensive research and technological aspects. It weakness is however on the product description, analysis of external forces and pricing strategy. Both businesses plans can be improved through the provision of detailed descriptions of various aspects of business. Both business plans do not have detailed information in some sections. Several challenges were encountered during the comparison process and they include understanding the financial issues, business analysis and critical analysis. However, the challenges were solved through detailed research. The main lesson learnt is that writing a business requires and lot of information and hence the need to carry out a lot of research. A lot of competencies are also required when preparing a business plan. Business skills as well as marketing skills are required when preparing the business plan. Knowledge regarding accounting and finance are also required during the process of preparing a business plan. Business Plan Introduction Gabri Lounge & restaurant business plan is for the purposes of establishing a restaurant with an American Swedish Menu of Asian Influence. It will be located in Long Branch New Jersey which is swarm and friendly and hence encouraging the development of the business. The restaurant will also use different menus for the purposes of attracting different customers. The restaurant and lounge intends to open 7 days a week with special themes being offered at night and special menu at lunch time. The business intends to hire experienced and qualified personnel in order to meet its goals and objectives. The combined cost of sales will be 33% and the restaurant intends to make a profit of 67% (Gabri Lounge & restaurant, 2014). The start up expenditure of the business will be $ 385,000 and it forecasts total revenue of $ 1,085,465 within two years. The business will acquire a loan of $ 200,000 and an own capital of $ 60,000. A total 0f $125,000 will be sought from investors. The main financial objective of the business is to acquire a 12% return on investment to investors for two years and 15% for the next three years. Fresin Fries business plan is for the purposes of establishing a restaurant that is locally owned with an international franchise. The business will specialize in cooking fast food that is convenient for the customers. According to the business plan, retail outlets will be established in crowded malls in Singapore. The main objective of the business is to conquer the market in Singapore. The targeted customers of the restaurant will be the youth who are between the ages of 18 and 35 (Fresin Fries, 2014). The business will be opened on a daily basis in order to meet the demands of the customers. The start up capital for the company will be $118,800. Alcoholic drinks will not be sold but Italian soda will instead be sold to the customers to complement the fries. The business plan also relies on data from research in the industry including the information of the potential competitors. The business plan also outlines the challenges that are likely to face the marketing entry strategy that it intends to use in order to conquer the market. The sales figures indicate that the business will be making a profit of about $200,000 every year. The sales forecast also indicates that the business will serve about 1.5 million customers every year. Strong components of each business plan Gabri lounge & restaurant The business plan provides clear information with regards to the market and the competition. The market analysis provides information with regards to the expected number if potential customers. Market segmentation has also been carried out for the purpose of identifying the different group of customers. Detailed information of three main competitors has been provided in the business plan. This also includes the strengths and weaknesses of the competitors. The business plan also provides detailed information regarding the products and services that are required for the purposes of meeting the aims and objectives that have been outlined. This makes it easy to understand the how the business will be financed and operated. The business plan provides the sources of finance for different operations and the details with regards to how the resources are supposed to benefit the business. The products of the company have been clearly described. This involves different menus for lunch, dinner and super has been clearly highlighted in the business plan. All the meals that will be cooked at restaurant have also been highlighted. The prices for each of the meal that will be cooked at the restaurant have been highlighted and hence providing important information with regards to the products of the restaurant. Fresin Fries A lot of attention has been attributed to the consumers. This is an indication that the business will be sensitive to the needs of the customers. On the other hand, the business plan gives clear details of the customers that it targets. Segmentation has been done for the purposes of addressing the needs of the customers. The business plan also highlights the actions that the company is supposed to take in order to meet the needs of the customers. The business plan is well thought and it has evidence of extensive research. This makes the business plan quite unique and thorough. The ability to carry out extensive research is important in ensuring that the business will be able to respond to different challenges. The research involves the customer issues as well as competition in the market. The buying pattern of the customers has been highlighted in the business plan which is also an evidence of extensive research. The business plan also describes in details the technological plan that is required for the purposes of enabling the business to achieve its goals and objectives. The technological aspect in the business plan addresses the issues of online marketing and communication with the customers. Weakest components of each business plan Gabri lounge & restaurant The technological plan has not been described well in the business plan and hence a weakness. The failure of the business plan to describe the technological concepts in details has a negative impact on the implementation process. This is considering that technology currently plays an important role in term of enhancing the operations of businesses (Scarborough, 2011). A balanced analysis is also lacking in some parts of the business plan which is a weakness. The balanced analysis is usually composed of strengths and weaknesses of different aspects of the business. The lack of a clear SWOT analysis to identify the strengths as well as weaknesses that exists in the market has negative impacts on the business plan. The business plan mainly concentrates on the strengths that the business will have in the market. However, only a few weaknesses have been identified and hence the lack of a balanced analysis. The attention to the customers has not been widely focused in the business plan. The business plan mainly focuses on the aspects that the business intends to deliver. The failure of the business plan to describe in details the customer issues may affect its implementation. Fresin Fries The description of the product in the business plan is not good and hence exposing the business plan to a weakness. This also has a negative impact on the ability of understanding the product that will be sold to the customers and hence affecting its acceptability rate. The failure of describing the product in details also affects the understanding of the products of the company. The description of the pricing strategy of the company is also poor. This has a negative impact on some concepts of the financial plan of the company. The failure of the business to clearly highlight the pricing strategy may also impact negatively on the implementation process. On the other hand, the financial projection of the business may be affected by the lack of a clear pricing strategy. The business plan does not highlight the relationship between the external factors and the internal resources. This is usually important for the purposes of determining the ability of the business to address the challenges that may be encountered due to the external forces. The weaknesses in a business plan may impact negatively on the business during the implementation process. How the business plans could have been improved Gabri lounge & restaurant business plan can be improved by adding more technical details to some of the aspects of the business plan. More details should be incorporated in the technological section in order to create an understanding on how the company will intend to use technology its operations. The provision of detailed description in other aspects of the business plan is also required for the purposes of ensuring that it is easy to understand. A comprehensive SWOT And PESTLE analysis should also be included in the business plan for the purposes of making it better. The inclusion of the analysis will play an essential role in improving the business plan. This will ensure that it provides more information with regards to the balanced analysis. Adding the SWOT analysis and PEST analysis to the business plan will also provide more information with regards to the external and internal factors that can affect the resources of the business. The focus on the customers should also be highlighted in the business plan. This is for the purposes of ensuring that the business strategies are in line with the requirements of the customers. Fresin Fries business plan should include a more detailed description of its products. It should add more information regarding how the products will be beneficial to the customers and how it intends to meet the needs of the customers by supplying its products to them. A description of how the business will ensure that the product is attractive to the customers should also be provided. This is aimed at ensuring that the business plan can be easily understood. A pricing strategy that the business intends to use should also be included. This should also include the actual process of the products of the company. The actual prices of the products of the company will also be useful in ensuring that the levels of accuracy in terms of the financial plans are enhanced. A five forces analysis should also be introduced in the business plan. This is for the purposes of ensuring that the information regarding the external environment is provided. The five forces analysis is also important in terms of ensuring that information regarding the competitive nature of the market is fully understood. It will also ensure that the appropriate strategies are included in the business plan. Challenges faced Several challenges were encountered during the analysis of the business plan. The main challenge was understanding the financial projection of both business plans. This is due to the complicated nature of the financial tables and statements. However, this challenge was solved by carrying out more research on the accounting principles. A challenge was also encountered in terms of analyzing the characteristics of the business plan. This is because a good business plan must have various characteristics. Both businesses plan were also good and it was difficult to identify the weaknesses. However, a critical analysis was carried out on the business plans which led to the identification of their strengths and weaknesses. On the other hand, intensive research had to be carried out in order to determine the characteristics of a good business plan. The characteristics were then compared to each of the business plan and hence determining their strengths and weaknesses. Challenges were also encountered in terms of determining whether the business plan was realistic and reflected the business situation. This challenge was also solved through a thorough analysis of the business plans. Most of the challenges were solved after reading the business plan several times. Lessons learnt about business planning Vital lessons have been learnt about business planning after comparing the two business plans. A business plan should not be constrained by strategies with regards to a certain business. It should however be based on an idea, purpose and focus. This is for the purposes of ensuring that the idea is translated into business. The business plan should be simple and easy to understand for the purposes of ensuring that the implementation process is simplified. A simple business plan can be implemented easily and it can also be understood well by the investors incase the business will require funding from the investors. It is also important for a business plan to be realistic for the purposes of ensuring that it can be implemented. A realistic business plan will ensure that all the possibilities, strengths and weaknesses are analyzed in the business plan (Blackwell, 2011). Intensive research is also required when preparing a business plan. It is important to carry out market research in order to identify the competitors another market forces that may affect the business. Intensive research is important in ensuring that the information contained in the business plan is accurate and hence facilitating the planning process. The last lesson learnt is that a considerable amount of attention should be focused on the consumers who are the main targets of the business. Considering the needs of the customers plays an essential role in the planning process. Competencies demonstrated During the process of carrying out the comparison, a lot of competencies were required. An analytical skill is one of the competencies that were required during the process. This was mainly for the purposes of carrying out the process of analyzing the business plans. Competencies in the business concepts were also required during the analysis. This was important for the purposes of creating an understanding of the business terms and issues in the business plan. The business skills were also useful in ensuring that a proper analysis is carried out with an understanding of business processes. Competencies in accounting were also required during the analysis. This is because the business plans had financial plans that also required some analysis. The understanding of the financial statements was important in terms of determining how realistic the business plan is. Competencies in marketing were also required during the process of analyzing the business plan. This is because and understanding of the marketing concepts was required in order to determine the relevance of the internal and external forces that influences a business. Competencies are thus required in order to understand or write a business plan. Conclusion In conclusion, it is evident that both business plans have strengths and weaknesses despite being good business plans. The business plan for Gabri lounge and restaurant has strengths in terms of its description of products. However, the business plan has weaknesses in terms of explaining some of the concepts. It is also evident that Fresin fries also have some strengths and weaknesses. The main strength of the business plan is on the inclusion of the customer issues. However, it has weaknesses in term of describing the products of the company. It is evident that both business plans requires some improvements in order to ensure that it is relevant. The process of analyzing the business plan is also full of challenges and it is evident that a lot of competencies are required. A lot of accuracies are required during the analysis in order to obtain the correct information regarding the business plan. It is also evident that the business plan has several components that need to be considered during the analysis process. It is also evident that various lessons were learnt during the process of carrying out the analysis of the business plan. It is also evident that a business plan has to be easy to understand for the purposes of ensuring that it is easily implemented. References Fresin Fries. (2014). Fat food restaurant business plan. Retrieved on 27 August 2014 from, . Gabri Lounge & restaurant. (2014). Fine dining restaurant business plan. Retrieved on 27 August 2014 from, . Scarborough, N. M. (2011). Business Plan Pro, Entrepreneurship: Starting and Operating a Small Business, and Effective Small... Prentice Hall. Blackwell, E. (2011). How to Prepare a Business Plan: Create Your Strategy; Forecast Your Finances; Produce That Persuasive Plan. Kogan Page Publishers. Read More