Nadine Restaurant Business Strategies - Example

INSERT YOUR BUSINESS LOGO] [Your Name] [Your Title] Nadine Restaurant The Downing Street, main road in inner west, Brisbane ABN:005 749 986 Nadine Restaurant Business Plan Prepared: [Date prepared] Contents Contents 2 Business Plan Summary 3 The Business 3 1.0Business Decision 4 2.0Business Description 6 2.1 Overview of Business 6 2.2 Mission 6 2.3 Vision 7 2.4 Values 7 2.5 Objectives 7 3.0Marketing 9 3.1 Target Market 9 5.0Legal 12 6.0Resources 13 7.0Productivity and Performance Targets 14 8.0Additional Considerations 15 Business Plan Summary The Business Business name:The name of the business is Nadine Restaurant Business structure:this business is a sole trader. It has one owner; the owner hires employees to help in running the restaurant. ABN: the registered Australia business number is 005 749 986. ACN:this business does not have registered Australian company number, this is because it is not a company but a sole trader and hence it has only Australia business number. Business location:this business is situated on the Downing Street, main road in inner west, Brisbane. Date established:the business started trading on august 2009, five years ago. Business owner(s):the business is a sole proprietorship; it is owned by Jane Smith. She is the only owner but hires employees to help her run the restaurant. Relevant owner experience:I choose this business because of my experience in the catering and hospitality industry, having studied catering in college, I ventured in gaining experience by working in various restaurants in Brisbane. I worked for six years in Brisbane as a chef, during this time; I gained valuable experience in the hospitality and food industry. It is time now that I feel I need to own my own restaurant business. Products/services: the business provides food stuffs where customers come and eat and also take away services. Customers buy food stuffs as take away. Food stuffs are the main products that this business sells. 1.0 Business Decision Business 1 Business 2 Business Type: Restaurant Repairs service whitegoods Code: SW1011 TQR1087 URL: In the references In the references Strengths: Specialising in cheap, quick meals Good relationship with vendors Menu prices slightly below market prices Due diligence in serving customers Comprehensive understanding of the local market Offering specific specialties Understanding of the local market Unmatched superior quality services to customers Availability of quality equipments Weaknesses: Lack of brand awareness Lack of enough marketing budget Lack of space for expansion Lack of trained personnel Opportunities: Retaining one time customers Loyalty program that offers discount to encourage customers to come back Huge potential for growth Increasing demand for our products and services Addition of Asian cuisine Increasing whitegoods Growing local market Venturing in small goods Threats: Low cost of switching Presence of low cost substitute products and services presence of established companies presence of fierce competition 2.0 Business Description 2.1 Overview of Business Nadine Restaurant is close to entering its sixth year of operations. The restaurant has been performing relatively average in the past five years. This presents me with an opportunity to acquire the business and turn it round to start performance excellently. Marketing will be critical in the success in improving profitability and in transforming the business. Nadine Restaurant offers an extensive offering of delicacies. The current market need is to offer families, individuals as well as take out customers’ fresh, attractive, creative dishes, salads, pastas and desserts. This restaurant will use fresh vegetables and premium cheeses and meet. Between the two businesses, I chose Nadine Restaurant because it presents the best opportunity for growth; the business is very promising in profitability and expansion. Moreover, I possess valuable information about the marketand I know a great deal about the common attributes of the most prized and how to make loyal customers. I will leverage this information to better understand the customers served in Nadine Restaurant, their specific needs as well as how the restaurant can better communicate with them. These are the reasons for choosing Nadine Restaurant over the repairs service whitegoods. The business has great potential for increasing profitability, although it is profitable, the profitability can be increased through efficiency and offering of more types of products to customers (Ashcroft 2010). 2.2 Mission Nadine Restaurant mission is to provide customers with quality and finest meals and dining experience. We will ensure that each customer and guest receives the utmost support, professional, prompt, courteous and friendly services. I will maintain clean, well maintained and comfortable premises for customers and staff. I will provide at fair price, well prepared and nutritional meals – using high quality ingredients. This business will ensure that customers and staff are treated with dignity and respect they deserve. We will make it our culture to thank every customer we serve for giving us an opportunity to serve them. Our services will exceed customer expectations. 2.3 Vision To be the Australia’s best quick serve restaurant. Being the best means offering cleanliness, outstanding service and value in order tomake every customer to enjoy the service. To improve the health of our customers 2.4 Values Cleanliness Professionalism Godliness Quality integrity The values and quality will secure our success. We will live by the values and take pride in in serving our customers. 2.5 Objectives Short term objectives To maintain a steady and positive growth each month To generate $50,000 in sales every month To attract new customers and turn them in to loyal and long term customers. To realize a growth strategy of opening one new restaurant every year Long term objectives To have a double digit growth starting from the third year To reduce the operational costs by 10 per cent every year To decrease the variable costs related to food production by 7 per cent every year To open associate restaurants in Brisbane suburbs every year as part of expansion programme To provide high quality meals and services To make this restaurant the better option family restaurant Create an atmosphere where every staff can work as a team member with clear targets, goals and high standards that profits everyone. 3.0 Marketing 3.1 Target Market The target market is segmented in to three populations Individuals: these comprise of persons coming to dive in Nadine Restaurant by themselves. This segment represents the biggest market. Many of the customers are from this segment. This restaurant will ensure that it services individual customers with professionalism and cleanliness. To motivate them to come back and make this restaurant their preferred restaurant, we will give loyalty cards known as N-card. The customers will be given one point for every five dollars spent in Nadine Restaurant. The customers will then be able to redeem the points and have free meals. Moreover, customers will be offered discounts. These customers are aged between 25 and 55 years. They make up 67 per cent of the total sales. Age is not necessarily a defining factor for these customers as all of them enjoy dining at the restaurant. This segment is mostly defined by income, it represents working persons with relatively stable income (Bryant et al., 2009). Families: this represents the group of people, group of nuclear relatives or friends dining together. This segment is a major boost to this business. Families come to dine mostly on weekends. They spend a considerable amount of time in the restaurant as they do not only come to dine but also to relax and breathe a fresh air as well. To encourage more families to come and dine in Nadine Restaurant, the business will offer special type of meals prepared for families (English, 2006). They will not be priced like the others; this will encourage more families to come. In addition, the business will create a special place for families where they can talk, relax and get entertained as they dine. This segment represents families with stable income and with middle social status. Take out: this segment represent the persons that prefer to eat Nadine’s food in their home or at a different place other than at Nadine Restaurant. Customers in this segment are characterised with high working rate, higher income and working for long hours. They barely have time to dine in the restaurant. It also represents persons with young families and hence at the age between 20 and 35 years (Craig & Douglas, 2005). 3.2 Product Product/Service Description Price Meals Services The restaurant will offer various kinds of meals such as homemade pasta, cheeses, top shelf meats and organic vegetables. The products will be developed in order to enhance preservation. Every product will be aesthetically pleasing. Customer service will be the priority. The staffs will ensure that customers are served to their satisfaction and that they have the most pleasant dining experience at Nadine Restaurant. The staffs will go through an extensive training program; the owner will hire persons with experience. By offering superior meals coupled with superior services, Nadine Restaurant will excel above the competition (Barringer 2009) The meals will be charged differently according to the cost of production. The prices will be fair and reflect value 3.3 Price Nadine Restaurant pricing scheme will be the product cost is 46% of the total retail price. 3.4 Promotion This business will use banner ads. In addition, the business will use inserts in the register guard combined with public relations campaign of informational articles and reviews in the register guards. These will be an effective means to promote the business. Promotion Strategy Description Timeframe Banner ads Inserts in register guards Displaying the business name and products, this will be hanged in different places in Brisbane. This will involve writing reviews and articles in the register guards about the business and its offering as well as why customers should dine in Nadine Restaurant (Changchien & Lin, 2005). This will run for six months This will be continuous, it will run every year. It will develop as the business grows and expands. 5.0 Legal Legal Consideration Description Competition and Consumer Act 2010 This law protects the consumers of our product from exploitation, sale of harmful products, sale of illegal products and licensing. GST This will be levied on the supplies by the restaurant at a rate of 10 per cent. PAYG This affects the employees working for business; it will be pay as you go. Company Tax This will not be applicable because this is not a company but a sole proprietorship business. Trade Practices Act This law prohibits large businesses using their market position and power for anti-competitive purposes. This law does not affect this business since it is a small business. It will apply if Nadine Restaurant becomes a large business (Iacobucci& Churchill 2009). Trade Agreements/ INCOTERMS / Warsaw Convention / WTO Determinations These laws will not affect Nadine Restaurant; this is because the business is not trading internationally. 6.0 Resources 6.1 Human Resources Position Name Description Source Jane Smith Managing the business Controlling operations Approving purchases and supplies for the business Assigning roles and responsibilities to the staffs She is the owner of the business Three employees Serving customers Preparing meals Ensuring that customers are served and attended to appropriately Providing good customer service Taking and delivering orders Answering questions regarding the menu Processing payment Cleaning dining area and tables setting tables Will be sourced from corporate staffing agencies in Brisbane 6.2 Physical Resource Requirements Equipment Purchase date Purchase price Running cost Dell computer 20/01/2015 $5,000 $200 a month Count Financial management software 20/01/2015 $2,500 $100 a month PaloAlo POS Software 20/01/2015 $1800 $50 a month 6.3 Financial Resources I need $20,000 to start this business. I have $11,000 savings which I will use as part of capital to start the business. I will not seek loans from banks or any other financial institution or from the government.I will get the remaining $9,000 from my uncle who promised to give me as donation. This will be a big boost in this business, I will not be required to repay any capital nor pay interest. This will help me to concentrate on increasing the profitability of the business as well as growing it (Gilligan & Wilson, 2009). 7.0 Productivity and Performance Targets KRA KPI Objective Finances Profitability To ensure that the business makes at least $10,000 profit every month Growth To ensure that the business registers growth of 7% every year for the first three years Sales to ensure increase in sales and 10% per cent of income from returning customers Quality Quality costs To ensure that the costs are justifiable and of the required quality Inspection To always inspect supplies to check for quality compliance Good count Percentage of total products produced out of supplies purchased Management Motivation To ensure that staffs are always motivated returning customers To turn one time customers to loyal customers Expansion Opening at least one store every year 8.0 Additional Considerations 8.1 Matrix of Communication Stakeholder Communication Type Information Timeframe Manager Email Thanking customer for giving us opportunity to serve them. Requesting customers to come back again For new customers and one time customers. Once every month Government Verbal communication through official letters Email Requesting for licenses and renewal of the same Once a year Bank Email Official letters Requesting for financing Once every two years 8.2 Staff Improvement Plan staff Performance recommendation Action Harry Catherine Amy 8.3Review and Monitoring Mechanisms Monitoring Method Description Responsibility Timeframe Ratios To indicate if the business is performing as per the targets and industry average Manager At end of the year Profit targets and ratios To evaluate if the business has made the profit target as set Manager Monthly and yearly Analysing To get an understanding of the business’ financial stability and overall health Manager Yearly References Ashcroft, L, 2010, marketing strategies for visibility: Journal of Librarianship and Information Science. Barringer, B, R, 2009, preparing effective business plans: an entrepreneurial approach: Upper Saddle River. Bryant, C. A., McCormack Brown, K. R., McDermott, R. J., Debate, R. D., Alfonso, M. L., Baldwin, J. A., & Phillips, L, M, 2009, community-based prevention marketing: a new framework for health promotion interventions, emerging theories in health promotion practice and research, 331-356. Changchien, S, & Lin, M, C, 2005, design and implementation of a case-based reasoning system for marketing plans: Expert systems with applications, 28(1), 43-53. Craig, C. S., & Douglas, S, P, 2005, International marketing research, Chichester: John Wiley & Sons. English, J, 2006, How to organise & operate a small business in Australia: Allen & Unwin. Gilligan, C, & Wilson, R, M, 2009, strategic marketing planning: Routledge. Iacobucci, D, & Churchill, G, 2009, marketing research: methodological foundations, Cengage Learning. URL for the Nadine Restaurant business http://www.sbx.com.au/record_detail.php?code=SW1011 URL for the Repairs Service Whitegoods business http://www.sbx.com.au/record_detail.php?code=TQR1087 Read More