|Strategic Planning Information|
Menu Driven Business Planning
A menu is the foundation of any restaurant; Guests will support or avoid a restaurant for its food. Starting with a preliminary menu is a simple and basic approach to restaurant development. Begin with a menu, and you are light years ahead in the restaurant development process. A menu will tell you and your Guest what you are trying to be as a business, and greatly enhance your chances for success.
I view a menu for content, image and pricing. Content (the actual items on the menu) will dictate service staffing needs, level of culinary experience and type of management required. Who will be doing the cooking, do they have experience in this type of food, and how much are you paying them?
Image is how the Guest will perceive the menu. Menu image helps define the targeted clientele and which other restaurants this operation would be competing with. Are the content and image of the menu appealing to your desired clientele? Pricing helps determine a potential restaurant's competitive placement. Is the pricing for the type of food offered competitive with other's in the market area, and does it permit the ability to manage a profitable food cost? Pricing sets the Guest's expectations in terms of food and service quality. This perception will, in turn, help define appropriate staffing levels. The budgeting process can now begin. Analysis of menu content, image and pricing will tell prospective restaurant operators whether their concept is appropriate for a certain market area.
With a preliminary menu in hand, a prospective operator can target a location that will be convenient and appropriate for their desired clientele. Once a site or facility is selected, sales volumes can be projected based on number of seats, menu pricing and the competitive business analysis. With projected sales volumes, how much an operator can spend to acquire, remodel or build a facility is determined. Leases and/or purchase agreements can now be negotiated.
With a clear menu, competitive analysis, sales forecast and development budget, financing can realistically be sought. A business plan can be derived which, if taken to potential investors will demonstrate what type of return they can anticipate on their investment.
Any restaurant business plan must begin with a menu. A proposed menu provides the basics for many questions that must be answered during the restaurant development process. It creates an image of the restaurant, identifies targeted clientele, and defines the proposed restaurant's competition. A preliminary menu allows a sound basis for business budgeting, tests potential profitability, and dictates the development dollars required for a facility. Most importantly, beginning the business planning process with a menu maintains the focus of ownership on the importance of food and the impact it has on the success of the restaurant.
Written by Monte Zwang of Steele Development Corporation, a consulting firm specializing in business development and financial strategies. You can reach Steele Development by calling 206.878.9666 or online at http://www.Steeledevelopment.com.
The Power of Strategic Thinking: Creating Meaningful Success
Too much goal setting and strategic planning can leave you feeling like you're working against the forces of nature; too little and you end up where you never intended to be-with a life or business that is bigger, smaller, or different than what you genuinely desire. Though getting you and your organization where you most want them to be at any given time can be hard work it can also be exhilarating. Is there a better way? Is it possible to minimize the stress and maximize the exhilaration while still accomplishing those things that are most important to you?
Abstract Thought; Business Strategies and Biological Systems
To stop a computer virus you must understand how it works, grows and what it's innate purpose is? What is its program, evolution and future vectors. The fastest way to expand a business or exploit a competitor on a sports team is to use the organizational patterns of nature like swarms, ants, and viruses. The human body is has a good defense mechanism against an organic virus, it is bigger with a strong immune system
Business Plan: Planning the Operations
Writing a business plan is no easy task, sure you can whip something together in a day or so, but without proper planning you are setting yourself up to fail. Many first time entrepreneurs have a bit of trouble writing a business plan, which will be acceptable to bankers and investors. One easy place to fall down on is the understanding of the daily operations of your chosen business model.
Shortening Product Life Cycle!
The current state of the available technology at the disposal of designer is the most limiting determinant to what is technically and economically feasible to develop, therefore research into metatechnology such as computer science, whereby interdisciplinary spin off provides advances that both directly increase capabilities, and affects other technologies to dramatically improve system performance, is a necessity, the implication being that despite many of the basic principles being relatively static, the technology used is essentially in a state of constant development.
Making a Decision to Outsource: Strategic Constraints
Many companies are reluctant to dive into outsourcing ocean because of various reasons of strategic nature. As far as strategic goals are touched upon, managers are concerned with the following issues:
A significant advantage of some business ideas is that the venture can break even at what seems to be an easily achievable volume. A technique for quantifying that volume, called break-even analysis, examines the interaction among fixed costs, variable costs, prices, and unit volume to determine that combination of elements in which revenues and total costs are equal.
Cost-cutting Essential to Maintaining Profits
Why cut costs now? Efforts are multiplying to cut costs wherever possible in order to achieve or preserve high profits. The resulting benefits for all of a company's employees should be obvious.
Changing Strategy Without Losing Your Customers - Three Vital Steps to Refining Your Strategy
American Eagle Outfitters and Wet Seal Stores have issued statements about company turnarounds needed to cut sales loses. This kind of story occurs far too often: a business disconnects from their customers because the company either wants to sell to a larger customer base or they want to upgrade to a more prestigious look.
Scheduling of Additional Auto Detailing or Mobile Car Wash Units
If you own a mobile car wash business or auto detailing business then you realize that when you are parked working you are making money and when you are stuck in traffic you are losing money. Sure you can say when you are in traffic people see you and write down the phone number, but you are not making money, that is potential future income, which is work you still must do in the future. Many auto detailers do not schedule properly and therefore get into trouble in that they attempt to expand before they have maximized their schedules.
Microsoft Great Plains Implementation: Healthcare/Hospital example ? overview for consultant
Microsoft Great Plains fits multiple services market niche and healthcare is not exemption. In the case of Healthcare/Hospital there is usually healthcare patient history tracking system in place and backoffice or accounting application should be integrated on the ongoing basis with the above mentioned system plus often Hospital or association is non-profit organization and non-for-profit accounting specifics should be taken into consideration.
Family and Friends Referrals Make the Best Franchisees
As a franchisor it is imperative that you seek, find and recruit the best franchisees to maintain a strong franchise system. Your current Franchisees are your very best sales people, sometimes without even knowing it. As a franchisee starts making more money, it will show. Soon they will be moving out of their apartment or home into a nicer area. They will be driving a nicer car. They will be frequenting nicer eating establishments. A female franchisee's husband will tell the guys at work in a bragging way how great his wife is doing and that he plans on quitting his job to help her. A male franchisee's wife will brag to her friends that she is planning a vacation of that they bought a new indoor four-person Jacuzzi. Her friends will entice their husbands and boyfriends to look into the franchise, franchise companies should encourage this scenario and spend more time and money on referrals than straight sales. Sure mass marketing works, but throwing spaghetti at the refrigerator until something sticks is not very becoming of a star rated franchise system. Many times people at the franchisee's old job will start talking, "Hey, did you hear about Skip?, He's really doing well with that new franchise thing he doing." "Yah! Have you seen his new Corvette."
What is Your MSP?
For many consumers and producers, MSP is an acronym for Manufacturer's Suggested Price. Today, I would like you to consider a different definition for these commonly used letters ?Marketing, Sales and Profitability.
Why You Need a Business Planning System NOT a Business Plan
When someone mentions business planning we have been conditioned to think about writing a business plan. There are hundreds of books and articles, tons of software, an army of consultants, and a multitude government programs to help you write a business plan. There are virtually no resources to help you set up what today's business environment really demands ? a continuous, ongoing planning system.
Top Ten Reasons To Create A One Page Business Plan
There is a story, about a business owner who wasn't doing very well. She had no business plan, but had heard, quite a bit, how creating one would help.
Rules to Setting Business Goals and Objectives: Why and How to be SMART
We all know that nothing runs without a plan, and a plan cannot run without having its objectives set.
Strategy Without Tactics is Futile
From time to time there seems to be a flurry of studies and surveys on effective communication in the workplace. As a communication specialist, I'm always eager to read these studies, but am often disappointed with what I see. That's because they all seem to be about communication strategy.
Parking Business, the Details on Increasing Lot Revenue
If you are in the parking business and own or manage parking lots you may want to think on some additional concepts to increase lot revenues. Whether you are looking to add value for your customers, expand your customer base, or simply increase your revenue, the addition of a car wash and/or detailing service to your parking facility may be the answer. There are many options available to you if you want to provide these services. You can contract with a local independent company in your area with a good reputation, co-market with a detail shop nearby who will service your lot, buy your own unit and run it in-house or purchase a franchise name and equipment from a national company.
Dayton, OH; Why your Company needs to expand there
In Ohio: besides the 3-Cs you should look at Akron, Dayton, Canton, Toledo, Youngstown and their suburbs. We have been serious studying these areas quite intensely for quite a while, here is what we found; Dayton OH, is looking up after the recent GM Plant received high ratings for productivity being able to beat the Domestic Averages for time to build cars and SUVs, it's SUV Plant was amongst the top performers in the Country for time to build at an average of 20.7 Hours, much better than the Ford Plants all expect F-150 and Taurus Models. Many new projects are happening in Dayton;
Business Results - Four Critical Success Factors
Business Plan Financial Projections: Stop Worrying About Being Right...
Business plan financial projections seem daunting because they are so uncertain. This very uncertainty, however, is what makes preparing them easy because you can't possibly be right. You can't predict the future. None of us can. All you can be is competent in the way you prepare your business plan projections.
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