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Business Plan for Eatery Dine Out

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BSBMGT617 Develop and implement a business plan 




Task 1.1 – Develop business plan 
Did the student satisfactorily:
Analyse the businesses vision, mission values and objectives 

Align strategies and activities to meet objectives and aims 

Review the market requirements and develop a customer profile which includes their needs 

Identify financial, human and physical resource requirements 

Develop strategies to ensure a skilled future workforce (through planned training, development and recruitment strategies) 

Develop appropriate key performance indicators and targets 

Successfully complete all required areas of the business plan 

Plan and organisation information 

Learning Outcomes 

BSBMGT617 - Develop and implement a business plan

  • Develop business plan
  • Monitor performance 
  • Respond to performance data 
Presentations: 
  • BSBMGT617 Presentation
Readings:
  • BSBMGT617 Learning Guide 
Websites: 
  • Australian Government: Business, 2016, ‘Develop your business plan’, retrieved from: 
https://www.business.gov.au/info/plan-and-start/develop-your-business-plans 

  • Australian Government: Business, 2016, ‘Start up costing of your business’, retrieved from: 
https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/writing-a-business-plan/start-up-costing-of-your-business 

Theory Assessments

Instructions

The activities and questions in this Theory Workbook require short answers either in point form or short paragraphs. Please use your own words to answer the questions and avoid directly copying your responses from your learning resources. You must attempt all activities.   

You will need access to the following resources:

  • BSBMGT617 Learning Guide and Presentation

Assessment Activity 1

Refer to your Learning Guide and complete the following: 

  1. When developing a Business Plan, what are two (2) types of workplace documents could you review and evaluate? Describe them. 
Business Document Description 





  1. Write a brief vision for a chosen company, then list appropriate objectives to work towards to achieve your vision. 


Company: 
Vision:  
Objectives:  



Using the same company example you created for Task 1.2, list the objectives and then develop the key performance indicators to measure the performance. 


ObjectivesKey Performance Indicators 






Make a list of the internal and external stakeholders for a chosen company. You must list at least five (5) for each. 

Company: 
Internal External 



In your own words, describe the processes involved to develop a business plan. You may draw this in the form of a flow chart or diagram. 



Practical Assessments

Instructions 

The tasks in this Practical Workbook require you to research, analyse, plan and interpret information to demonstrate your ability to apply the skills in the unit. You are permitted to work collaboratively in small groups with your peers to complete each task, however, you must document your own responses. You must attempt all activities.   

You will need access to the following resources: 

  • BSBMGT617 Learning Guide
  • Business Plan template (word) 
  • Start-up Costing template (excel) 
  • Australian Government: Business, 2016, ‘Start up costing of your business’, retrieved from: 

https://www.business.gov.au/info/plan-and-start/develop-your-business-plans/writing-a-business-plan/start-up-costing-of-your-business 

  • Australian Government: Business, 2016, ‘Develop your business plan’, retrieved from: 

https://www.business.gov.au/info/plan-and-start/develop-your-business-plans 

Task 1 Develop a business plan 

1.1 Develop a ‘Business Plan’ for a chosen new small business. This business can be for an industry of your choice. You must use the template provided and complete all sections of the plan. 

Your Business Plan will be assessed for your ability to: 

  • Analyse the businesses vision, mission values and objectives 
  • Align strategies and activities to meet objectives and aims 
  • Review the market requirements and develop a customer profile which includes their needs 
  • Identify financial, human and physical resource requirements 
  • Develop strategies to ensure a skilled future workforce (through planned training, development and recruitment strategies) 
  • Develop appropriate key performance indicators and targets 
  • Successfully complete all required areas of the business plan 
  • Plan and organisation information 


Imagine that you have started your business and began to implement your plan. Complete the following: 

1.2 You have recruited the key stakeholders. List and describe four (4) consultation and communication strategies you would use to implement the Business Plan / Action Plan. 

StrategyDescription 









1.3 You are 6 months into your plan and you are reviewing the team’s performance. You notice that the key performance indicators you created for the Action Plan are not realistic to the operations and performance of the business. Explain three (3) strategies you would implement to ensure the business keeps performing well in line with the business strategies. 

StrategyDescription 






 

1.4 List and describe a suitable reporting strategy for each area of your business operations. 

Area of Operations
E.g. marketing, management 
Person Responsible 

Reporting strategy 
(describe the reporting mechanisms you will put in place and how often the report needs to be submitted)  













1.5 What do your performance reports need to align with? Explain your response. 

 


1.6 You have noticed that some of the team members are consistently under-performing. Develop a coaching plan to help get them back on track with their targets and performance. 

Task 2 Present business plan 

2.1 Plan and deliver a presentation (5 – 10 minutes) that summarises your completed Business Plan. You must complete the presentation in class with your peers. Your mentor will assess your performance. 

Your presentation will be assessed for the following: 

  • A clear presentation of your Business Plan and implementation strategies 
  • An explanation of how you will monitor and evaluate the performance of the implementation of the plan, including: 
  • Evaluation of financial performance 
  • Evaluation of marketing strategies 
  • Evaluation of sales 
  • Evaluation of continuous improvement strategies 
  • Evaluation of operations (including business structure, management, governance, staffing etc.)  

Answer

BUSINESS PLAN

COMPANY NAME: EATERY DINE-OUT 

Task 1: Business plan development

1.1 Business plan for Eatery Dine-out

Businesses Plan Summary

Business name: Eatery Dine-out
Business structure:

 Company
Business premises: The business space is occupied by owner and 1300 sq.ft. area is acquired for this. The restaurant will be situated in Sydney, Australia. The restaurant will be situated just behind local hospital of this city. The retail traffic is up in this area and Eatery Dine-out can grab the competitive advantage of this factor.
Date established:

 15 August, 2019
Business owner(s):

 John Ponting
Relevant owner experience:


Serving 34 years in hospitality industry and led my previous organization in performance enhancement. Nevertheless, under my leadership my previous organizations have grabbed several prizes.
Products/services:


Delicious foods and beverages will be prepared in Eatery Dine-out. However, demand is anticipated high for the products as healthy & tasty products will be served by this organization.
Licences, permits, qualifications:

 Trading license, Business permit and MBA required for this start-up business


The Future

Vision

Becoming a leading restaurant inside Sydney is the prime vision of this company.


Mission

The mission of Eatery Dine-out is an intensification of customer base by offering premium quality products and services.

Values

  • The company needs to maintain hygiene of customers alongside taste
  • The company has to maintain a good relationship with clients through effective communication
  • Eatery Dine-out requires to maintain business transparency and has to avoid legal breaches
  • Providing premium quality service is essential for brand image development of restaurant


Aim

The organization aims to provide healthy and tasty products to its potential customers, spread around Sydney.


Objectives

ObjectivesActivities 
To grab the apex market position in SydneyIt is mandatory to deliver premium quality product and services to the customers. Similarly, maintaining effective communication is mandatory for this organization.
To expand business successfullyThis objective can be fulfilled by elevating the revenue of the organization
To intensify customer baseWell-behaved staffs recruitment is necessary for customer intensification. Additionally, exclusive product along with premium quality service is necessary


Strategies alignment to objectives and aims

Market strategies 

In order to fulfill the objectives, a concrete strategic plan needs to be implemented. Eatery Dine-out will target three main markets, which includes:

  • Working people during daytime seeking for good food
  • Businesses seeking for phone-in lunch for their business meetings
  • Families and young people seeking online food orders and takeaways and family dinner 

Promotional strategy 

Eatery Dine-out will use social media advertising for their promotion along with the use of flyers or the local businesses, billboards, and mailers as a means of promotion of the brand to expand their business. As social media are widely used by people from different age groups approaching them through a wider channel will be beneficial for Eatery Dine-out towards increasing customer base (Burns & Dewhurst, 2016). The promotion will seek people’s attention towards Eatery Dine-out to have superior eating. 

Positioning strategy 

The business market for Eatery Dine-out will be the business segment in Sydney. The customers can enjoy the foods for 17 hours with access facility for taking away orders and online orders to high market position. Customers can use different payment methods for payment, such as Google Pay, Debit card, checks, and cash. Customers will enjoy the unique menu with delicious taste and quick delivery of food items. 

Pricing strategy 

The pricing strategy ofEatery Dine-out will be focused on healthy and high-quality foods with having a unique quick flair, where customers can be able to accept high charges than the other stores in the areas (Seethamraju, 2015). However, discount vouchers will be provided on online orders and card payments. 

Market requirements and customer profile

Market requirements, for the food and beverage business demand for healthier and better taste foods, which can provide customer satisfaction (McKeever, 2016). Additionally, food requirements are high in quality with affordable price and variations. One of the potential market trends is an increase of consuming healthier food, which is realized by Eatery Dine-out, where some of the population will demand organic foods and beverages. Therefore, Eatery Dine-out will approach the suppliers of organic growers for having an advantage in the market. As customers seek healthy and fast foods with an appeal of aesthetic taste in a convenient and comfortable atmosphere, thus Eatery Dine-out will approach the aspects of customer satisfaction in their strategy and services (Seethamraju, 2015). 

Sales strategy 

Eatery Dine-out will need to have faster peak times of services. Repeat business will be the sales strategy for Eatery Dine-out, where sales strategies such as special menu, roaster menus along with discount cards will be approached. A home delivery design will be approached by Eatery Dine-out for faster food delivery at home within 1 hour of order. 

Customer profile 

Name: Rick Jones
Age: 26
Description: A young professional seeking for some healthier and delicious mouth-watering foods. 
Motivated by: Unique tastes, spice and healthier choice of ingredients that make the adequate healthy nutrients 
Preferred marketing Channel: Facebook, Instagram, Online food apps 


Finances

Financial requirement

The Eatery Dine-out approaches the initial investment of AUD 21,000 from the owner along with a loan plan of 6 years of AUD 31,000 with reference to an interest free loan of AUD11,000, 11-month. As the Eatery Dine-out will be new in the market, thus the profitability will be adjusted with the normal range with addition of additional expenses of unitemization. Thus, it will provide unforeseen expenses which will come. A variance between the Eatery Dine-out and industry standards will be there, as a vast numbers of entities exist in the industry [Refer to Excel Sheet]. 

Identify financial, human and physical resource requirements

Production process

A multi-tire production procedure will be followed in this business where the manufacturing of products will also be involved. Apart from this, suppliers for raw materials, business investors, efficient managers and leaders, chefs from renowned organizations and potential clients will be engaged with this company production process.


Suppliers

The suppliers will supply different drinks, vegetables, and flesh to the firm. Small and effective supplier group will be maintained in this business. Likewise, periodic meetings will be organized with the suppliers to grab knowledge regarding their demands. 


Human and physical resource requirement

For the human resource, high-quality skilled chefs including the workers and housekeeping and the manager need to be here to run the business operations (Brustbauer, 2016). 

Plant and equipment

Equipment Purchase datePurchase priceRunning cost
Computer 20/02/2019$1200$100/month
Kitchen equipment23/02/2019$290$29
CCTV29/03/2019$600$75
Air condition08/04/2019$225$15


Organization chart

Organization chart

Develop strategies to ensure a skilled future workforce

Recruitment & Training

Job titleName Expected staff turnoverSkills or strengths
CEOJohn PontingNoneQualification and field knowledge
MDJonathon McMarey1 YearManagement degree and employee management skills
Marketing managerRobert Lee1 YearMarketing degree and industrial experience
Relationship managementBrown Henry1 yearA degree of relationship management and effective communication skills.


Recruitment options

The staff recruitment process will be conducted through the interview and practical knowledge evaluation process. Recruitment advertisement will be furnished in local newspapers and news media. Similarly, social media will be used for the recruitment options and on-job training will be offered to the staffs after their selection (Wolf & Floyd, 2017). Likewise, training sessions will be organized based on the staff requirement.


Training programs

Position Required skillsTraining options
EmployeeProper knowledge of customer handling and cooking of foods. Notwithstanding, service quality of employees will be monitored during the training classes.Both online and offline training will be scheduled
Managers Effective employee management knowledge is mandatory. Additionally, customers and other stakeholders need to be managed through the effective intervention skills of managers.Online training will be scheduled
CEOBusiness analytical ability is mandatory for the CEO and due to this reason, it is mandatory to gather knowledge regarding the business procedure of other rivals. Training will be scheduled through market analysis.


Develop appropriate key performance indicators and targets

Key resultsKPIsWeight of KPIsTarget Actual Score Final score
Recruitment Recruitment of employee requires minimum time allocation with effective selection5Participants of organizationThrough the effective employee selection, Eatery Dine-out can enhance its revenue and earnings510
Performance Increase in Sales 6Employees Through the performance elevation strategy and quality, Eatery Dine-out will improve the operations of the company and business will be developed thereby713
Training of employees Skill development in food cooking and providing variations in food choices through fusion8Chefs of Eatery Dine-outThe training sessions will enrich the knowledge of staffs regarding food processing and business goals can be met thereby with gaining a large customer base715
Customer retentionIncrease in revenue generation 6Employees Employee turnover can be considered as indication factor whereby employee retention of the company can be evaluated 511
Customer satisfactionCustomer feedback8Customers Analyzing the customer feedbacks, Eatery Dine-out can meet the customer desires. Hence, the restaurant can grab the attention of potential clients in this manner and business can be progressed thereby.816


Plan and organization information

Risk management

Risk Likelihood Impact Strategy 
Health and safetyHighlyHigh In order to maintain the health and safety standards, Eatery Dine-out requires involving H&S policies within company
Data breachLikely High The data breach issues likely to happen in this organization as Eatery Dine-out has to deal with plenty of clients. Hence, to reduce the impact of this factor, the organization has to improve the inventory management of the firm (Cummings & Heck, 2015).
Legal breachLikely Medium Maintaining business legislation of Australia, the company can mitigate the challenge of legal breach


Legal Consideration


In terms of legal consideration for Eatery Dine-out, Food standards by FSANZ need to be followed along with other food safety procedures. Trademark, patent and business registration will be done.


Operations

Production Process 


For the production process of end products of food, chefs and assistant chefs will be involved in the food processing of the orders. Additionally, a head chef will be involved to guide the garnishing and food processing to the junior staffs (De Bruecker et al. 2015). A manager will be involved in the order invoices and overall management and cash management of the restaurant.




Suppliers 



The main suppliers will be organic growers of raw food materials, such as vegetables and meats. Communicating with them can enhance trust and build the relationship stronger.


Inventory

Inventory itemUnit priceQuantity in stockTotal cost
Flour $6/kg9$54
Egg $2/12 pieces60$10
Tomatoes $5/kg6$30
Pasta $9/box25$225


Technology

Business management technologies are mandatory for the sustained development of this restaurant. Company website will be designed to inform the clients and PoS (point-of-sale) machines will be installed for cashless transactions. Nevertheless, accounting software will be implemented inside the restaurant for the finance management (Lee, Hallak & Sardeshmukh, 2016). However, off-the-shelf purposes will not be focused through this software. Approximately $250 is estimated for each of the technologies.

Trading hours

Eatery Dine-out will follow the Australian business structure to fix the trading hour of this organization. However, the restaurant will be opened at 9oclock in the morning and conduct the operations till 7:30 PM. As per the market trend, it can be estimated that after 4oclock in the afternoon, maximum customer pressure will arise. For winter, this profitable time may vary within 3oclock and 3:30 PM. In order to cope up with these changes, the company will arrange amusement and gaming sessions for its potential customers (Lam & Harker, 2015).


Communication channels

Communication channelDescription 
PhoneAlongside cellular phones, landline connections will be used
Fax Fax services will be used for external communication
Email An email will be sent to stakeholders for solving different issues and the change requirements 
Internet connection and social mediaInternet connection will help in the promotional activities of Eatery Dine-out and social media can elevate the acquaintance of this restaurant.


Payment types accepted

This organization will maintain cash transactions as well as cashless transactions to develop the business (Johnson & Van de Ven, 2017).


Warranties & refunds

The company will not maintain warranty policies as the foods and beverages will be consumed in the restaurant. However, for home delivery of products, the warranty will be maintained and in case of rotten products, the company will refund the money after investigating the evidence.


Memberships & affiliations

This organization will belong to the hospitality industry. Nevertheless, affiliations will be grabbed from the Food Standards Australia New Zealand


Quality and continuousImprovement Plan

In order to maintain the quality of products and services, Eatery Dine-out will employ TQM (Total Quality Management) software inside the organization. Apart from this, effective monitoring of regular business materials and services will adhere to the business plan (Miles et al. 2016). In a similar vein, customer feedback portal will be launched by the restaurant and analyzing this feedbacks, quality, and standard of business will be ensured by the company. Nevertheless, in order to maintain the product safety standards, training will be provided to the employees and managers of this organization by following the standards, set out by Foods Standards Australia New Zealand (Bocconcelliet al. 2018).


SWOT Analysis

Strength
Location of business
Organic healthy foods 
Weakness 
Stiff competition 
Changing Market demand
Opportunities 
Business location can enhance the customer number of restaurant
Organic food products can grab the attention of health-conscious people of Australia
Threats 
The dominance of existing rivals 


Business action plan

MilestoneKPIPerson responsibleDate of expected completion
Offering satisfactory customer services and productsFeedback of clients is required and positive feedback is required for this purpose.Management and staffs21/07/2019
Improved health and safety frameworkHealth and safety standards can be attained by improving the infrastructure of restaurantManagement 20/02/2019
Employee trainingFood preferences of clients can denote the training effectiveness of customers. In a similar vein, customer retention can be considered as a key indicator of communication training effectiveness.Leaders and managers24/06/2019


1.2 Consultation and communication plan for stakeholder management

StrategyDescription
Informal type communication (For employees of the restaurants)In this regards codes of communication will be followed accordingly with face to face approach.
Formal communication (For suppliers)For this purpose, email and product bills will be considered as a way of formal communication.
Direct feedback of the product from customers (Informal)In this case, direct feedback will be collected from the customers using a market survey.
Formal communication with government agenciesDirect notice and email through communication will be considered here (Seethamraju, 2015).


1.3 Performance elevation strategies

StrategyDescription
Review the reason of failureThis will help to realize the issues behind the failure.
Develop effective action planning by considering the deliverables of this business planThis will help to make the planning realistic.
Finally, assess the performance level of team members as well as their skills to allocate them a proper taskThis will help to make the team effective.


1.4 Reporting strategy

Area of operationPerson responsibleReporting strategy
Management Managers Email and telecommunications
Marketing Managers Social media, emails, phone calls
Food manufacturing Chefs Phone calls


1.5 Performance report alignment

The performance report of company needs to align with the standards, which have been fixed by Food Standards Australia New Zealand. Nevertheless, business anticipated performance need to be met by the employees to cope up with the changing business environment (Burns & Dewhurst, 2016).


1.6 Coaching plan development

Coaching plan
Manager nameRobert Lee and Brown Henry
Team membersStaffs of Eatery Dine-out
Date of plan23/05/2019
Issue 1Lack of knowledge regarding customer handling
Issue 2Inferior quality of food products


Task 2: Present Business plan

2.1 Presentation of business planning [Refer to PPT]

2.2 Business improvements using peers feedback

Business plan evaluation
Question:
a. What do you think about the effectiveness of this business plan?
b. What else needs to be incorporated for good promotional strategies of this Eatery Dine-out?
Continuous improvement:
It can be observed from the feedbacks that quality improvement is most important for business development. Alongside social media promotion, CSR (corporate social responsibility) activities can enhance the promotion of this restaurant.
Eatery Dine-out can enhance the effectiveness of this business plan by incorporating charitable programmes within organization. Furthermore, charitable programmes can contribute to its promotional development strategies.


Customer Testimonials