Business Strategies - Savannah Singapore Hotel - Example

Opportunity business plan for: Savannah Singapore hotel Prepared by: Institutional affiliation: Presented to: Date: For: Table of Contents Opportunity business plan for: 1 Executive summary 3 1 BUSINESS DESCRIPTION 5 1.1 Introduction 5 1.2 Commitment statement 5 1.3 Service Description 6 1.4 Industry Analysis 7 1.5 Players in the industry 8 1.6 Trends 8 2 MARKETING PLAN 10 2.1 Market Analysis 10 2.1.1 Size and age of the market 10 2.1.2 Growth potential of the target market 10 2.1.3 Characteristics of the target market 11 2.2 Market trends 11 2.3 Competitors’ profile 12 2.4 Our competitive advantage 13 2.4.1 Benefits to clients 14 3 Marketing strategy 14 3.1 Introduction 14 3.2 Target market 14 3.3 Product differentiation and positioning 15 3.4 Advertising and communication 16 3.5 Pricing 16 4 Management, Staffing and ownership 17 4.1 Ownership 17 4.2 Board of directors 17 4.3 Organizational structure 17 4.4 Staffing 18 4.4.1 Training and development 19 4.5 Management and Control Systems 19 4.5.1 Misconduct 19 4.5.2 Financial records 19 4.5.3 Quality control 20 4.6 Operations 20 5 Financial projections 21 5.1 Key assumptions 21 5.1.1 Sources of Finance at start-up stage 21 5.1.2 Income sources 21 5.1.3 Major expenses 22 5.1.4 Staff numbers 22 5.2 Profit and loss 23 5.3 Balance sheet 24 5.4 Cash flow 25 6 Appendices 26 References 27 Executive summary This business plan is prepared to assess the opportunity of starting a hotel business in Singapore by the name of Savannah Singapore Hotel. The hotel will be a boutique themed upscale hotel operating in Singapore. It will be a premium rate hotel offering high quality differentiated service in the market targeting high spenders in Singapore tourism industry. The hotel shall be wildlife themed with colours and designs depicting beautiful wildlife from all over the world and more so from Asia where a majority of tourists in Singapore come from. Our service will be our selling point as we believe guests usually don’t get value for money by the current service offered by boutique hotels in the sector. High quality service and beautifully designed and furnished rooms and augmented services will give us a competitive advantage against competitors in the sector. The tourism sector is set to receive 15 million visitors for 2013 from 14.4 million in 2012 as recorded by the Singapore tourism board. The board states that there is an increased demand for rooms in the hotel sector especially from Japanese and Chinese visitors who want upscale rooms and services during their stay in Singapore. With projected total receipts in the industry of $ 25 billion in 2013, the industry is lucrative and offers growth potential and a reason to invest in. Due to the level of competition in the industry, we expect to break even in our second year of operations as the business gets popular and receives higher ratings. In the third year we expect the business to have started making profits to cater for its expenses and start repaying the investments by its owners and debt finance. This is acceptable of a new business in the hotel industry. 1 BUSINESS DESCRIPTION 1.1 Introduction Savannah Singapore will be owned by a Private Company investing in the hotel industry. Savannah will aim at providing high quality hotel service, good food, and comfort to our guests and unique classy, experience through our boutique themed hotel in Singapore. Savannah Singapore will seek to integrate a range of services and features at the hotel to ensure clients derive value from their money and above all they appreciate the quality of service and the unique features in the hotel all provided to make them enjoy their stay at the hotel. 1.2 Commitment statement Our Mission is to offer luxury, convenience and memorable unique experience to our guests, all at an affordable price. This will be achieved through beautiful wildlife themed hotel design; professional service delivery and high quality tasty meals prepared by highly trained and experienced chefs on major world cuisines. Our vision is to be the leading boutique themed hotel in Singapore in terms of service delivery and customer satisfaction. Objectives The savannah will be a hotel designed and positioned as a premier hotel of choice for visitors and holiday makers in Singapore. Delivery of high quality service to our clients and unique wildlife inspired artistic experience will be our primary concern in establishing the savannah. The specific objectives that we hope will help us achieve this desire are; To offer high quality and personalized service to our clients through professional training of our staff on the leading global practice on hospitality service delivery. To provide a unique yet exciting and memorable experience to our guests at our beautifully designed hotel rooms and interiors inspired by wildlife theme. To offer convenience and luxury for holiday makers, tourists and business people in Singapore by providing an enabling well suited experience for every guests at our conveniently located hotel. 1.3 Service Description Savannah Singapore will be offering high quality hotel service as expected of an upscale hotel in Singapore. Apart from the service, the product packaging such as themed hotel interiors and luxury features will complement the quality of service offered to the guests. The specific products on offer will include; Rooms and room service; savannah will provide uniquely designed wildlife themed rooms for our guests at affordable rates. The features will reflect class and convenience as a key product feature offered by savannah. The rooms will be complete with WI-FI technology, Flat Screen TVs. Children units for family guests, satellite TV, Jacuzzi at the top floor. A tree top house to offer panoramic view of the city and its environs, a bar and restaurants will also be available for the rooms’ occupants. To top it all savannah will offer excellent personalized room service to all our guests. Food and beverages; the hotel will endeavor to prepare local and international tantalizing cuisines for our guests. To achieve this, well trained and experienced chefs will be hired and maintained by the hotel. A restaurant themed with wildlife features will be a key highlight of the hotel. This services and related products are informed by the needs of visitors into the Singapore market. We have designed the services to answer to the unspoken needs of guests in a bid to differentiate our services in the market. The service is unique since it combines the serene features of a life in the wild and city life to achieve a uniquely designed world life themed boutique hotel that has all the modern convenience features such as internet connectivity and classy features such as crime showers and glass tiles in rooms. This will ensure that our guests enjoy the unique and memorable experience and at the same time get access to convenience advantages such as international calls phone booths, internet connectivity and cable television. The hotel is also located near major attractions in Singapore such as china town and Singapore flyer. These packages will definitely deliver value for money to our guests. 1.4 Industry Analysis This industry is characterized by: Heightened government support in the industry considering tourism is a major foreign exchange earner for Singapore totaling receptions of $23 billion for 2012 alone. 14.5 million International arrivals were recorded in 2012. Increased visitor numbers from Asia as the economies in the region thrive. High demand for hotel rooms from increasing visitors into the country International visitors’ arrival increased consistently since 2008 although in a slow pace Increased development of attraction sites by private developers and governmental bodies to boost tourism revenue Strong demand for upscale and luxury hotel room from Japanese and Chinese travelers. Japanesse arrivals recorded a 13% growth rate in the year 2012 as compared to 2011 numbers. Shopping and holidaying are the main reasons for travelling into Singapore but business and professionally related arrivals come third according to data from the Singapore Tourism Board. 1.5 Players in the industry The major stake holders in this industry are: The government through various sectors such as transport and immigration functions. The government again through the Singapore tourism board The hotel and restaurant owners in Singapore Travel agents and holiday organizers Attraction sites management and proprietors 1.6 Trends Tourism sector is a vital contributor of gross domestic product in Singapore. On the year 2012 the industry brought in $24 billion in direct receipts which represents 75 of the GDP at $318 billion. This means the government views the sector as an important revenue generator and supports it accordingly. Singapore receives visitors from various destinations across the world. Europe and America have long been the major sources of visitors for Singapore. However in the past one decade, Asia has slowly become a huge source of visitors for Singapore hospitality sector (Singapore Tourism Board, 2013). In 2012 75% of international arrivals recorded came from Asia. Japanese arrivals into Singapore were recorded at 554, 000 which was 17% improvement as compared to 2011 (Singapore Tourism Board, 2012). Chinese arrivals stood at 1.5 million. China is the second biggest source of arrivals after Indonesia. The Asian countries such as India, South Korea, Malaysia and Philippines are coming in strong to boost arrivals from the Asian market. Visitor days while in Singapore according to the tourism board average at 3.5 days. The hotels revenue has been increasing steadily recording 2.6 billion in 2012 which was 25% growth in room revenue. It is expected that the trend is to continue into 2013 (Singapore Tourism Board, 2013). Some of the major attractions for tourist include; Sentosa, Integrated Resorts, Orchard Road, China Town, Singapore Flyer, Singapore Zoological Gardens and Little India. Holiday and business are the main purpose for many visitors into Singapore. 70 % of visitors cited the two as the major reasons why they are in Singapore presenting an opportunity for the hotel industry as 63% of those polled listed hotel as their preferred type of accommodation while in Singapore. 61 % of the visitors are usually on their second visit according to the 2012 report meaning hotels with excellent service stand a chance of repeat business with the clients if they enjoyed their stay (Singapore Tourism Board, 2012). Fashion and consumer technology items top the preferred shopping items in 58% of the visitors and as such locating in areas where the items can be accessed is great leverage for hotel businesses. Receipts from accommodation stood at $4390 million representing 19% of total receipts which means accommodation was the top gainer of receipts from visitors. As the demand fro rooms increase, hotels have been coming up in Singapore really fast. In 2012 there were 328 gazetted hotels as compared to 304 in 2011. This means competition in the industry is getting strong and businesses need to differentiate their services and product packaging (Singapore Tourism Board, 2013). 2 MARKETING PLAN 2.1 Market Analysis 2.1.1 Size and age of the market Savannah Singapore will seek to serve a diversified market in the Singaporean hotel market. The market recorded 14 million visitors in the year 2012. 63% of these preferred to stay at hotels and they comprise the market base. Savannah Singapore is intending to narrow its market to serve the ages of 25 to 45. This age group makes up 65% of the visitors in Singapore. By targeting this group we are in extension targeting the ayes of 14 and below ho are children mostly with their parents within this age bracket. The target market will therefore be over 80% of the visitors in Singapore at any given time. While it is true that savannah will not capture the entire market as its impractical, casting the net wider means the company has increased its probability of success in the market and the only thing left is to differentiate service and product packaging to gain a competitive edge. 2.1.2 Growth potential of the target market There has been a sustained growth of visitors in Singapore over the years mainly from Asia. The total number of visitors expected in Singapore in the year 2013 is 14.5 million visitors up from 14 million in 2012. This means the market is showing prospects of growth. As the Asian economies continue growing due to increased productivity and trade with developed nations, the consumer power of populations in Japan, Indonesia, china , Vietnam, Korea and the rest is going to rise. The implication will be an increased number of visitors in Singapore as long as the attractions remain relevant and well publicized internationally. This will increase demand for hotel rooms in Singapore and as such the business will be established in a sector that is very promising. 2.1.3 Characteristics of the target market The ages of our target market as mentioned earlier will be between 25 and 45 years and in extension children below the age of 14 years who may be in the company of their parents. However mostly the target market is coming in companionship of their spouses for holidays and vacations. Business travelers also make up a large chunk of visitors. These means tat the target market is mostly looking for a luxurious, comfortable experience in a hotel designed to offer the best services for them and designed uniquely to offer value for their money. The target market is also very interested in attraction sites such as Singapore flyer, Sentosa, china town and integrated resorts. The target market is also very much interested in shopping for clothing and consumer electronics. These characteristics mean they would prefer a hotel that just delivers what the target market is looking for and also conveniently located to ensure the target market has easy access to shopping areas and parks. Savannah delivers all this value to the guests making it well positioned to compete successfully in the market. 2.2 Market trends The Singapore hotel market is on a growth trajectory, there is a steady rise ink the number of visitors into the country for business, shopping and tourists attraction thereby driving the demand for rooms in the country. Visitors from Indonesia, Japan and china top the ranking of visitor sources for Singapore. Japan recorded a 17% increase of its visitors for the year 2012 to 554, 000 (Singapore Tourism Board, 2013). The Japanese visitors and Chinese visitors as well all totaling 2 million visitors have a very high buyer power due to sustained growth of their respective economies. The visitors have a taste for upscale hotels especially the boutique themed hotels meaning the demand for boutique hotels is on the rise. Hotel accommodation recorded $4390 million representing 19% of total receipts from visitors in Singapore. Asia is slowly becoming an important market for attractions and lifestyle in Singapore and as such government is supporting efforts to market Singapore as a destination in the region to boost visitor numbers in the country (Winter, Teo, & Chang, 2008). Boutique hotels are particularly becoming very popular due to the personalized high quality they provide and the convenience associated with features in the hotels. Singapore tourism board predicts $23 billion in receipts from tourism receipts, 20 percent of which shall be received by hotel operators (Singapore Tourism Board, 2013). 2.3 Competitors’ profile The hotel industry in Singapore has over 51, 000 rooms in 2012 according to data from the Singapore tourism board. The hotels number stands at 338 in the same year. This was 3.8% growth from 2011 which had 304 hotels, an increase by 5.1% from 2010 (Singapore Tourism Board, 2013). The steady growth means competition is growing fast in the industry but the tourism board sates demand for hotel rooms far outstrips available supply. Some of the competitors in the industry include; The new majestic hotel Located in the china town, the majestic has 30 rooms designed from an old shop house. The interior is retro-inspired from the lobby to the guests’ rooms. The theme is artistic with a vintage and contemporary design features. It is a short walk to cafes and restaurants in the city. The location can be noisy and the food quality has been rated average (i-escape, 2013). Wanderlust Located in a street in little India, the hotel features a French restaurant, a quirky design full of colourful themes with different colours for different rooms. The hotel has 29 rooms and the service rating is superb. The street overlooking the hotel is noisy and the multicolour design is too eccentric and lacking a defined style (i-escape, 2013). Hotel 1929 Located in Chinatown, this hotel has 32 rooms beautifully designed from three 1920s shop houses. The hotel rooms are small but beautifully designed to offer convenience and value to guests. The rooms in the front side may be too busy according to reviews by…..,.,. The rooms too are very small and the bathroom is located inside the rooms just separated by a glass compartment, meaning the whole set up may seem clumsy to some people. The breakfast quality is also rated as below par (i-escape, 2013). 2.4 Our competitive advantage We plan to look for an apartment within Chinatown that is a little noisy or not noisy at all. This will ensure our guests enjoy nice and serene environment unlike it is the situation with the locations of our competitors. Our rooms will also be designed using mild but beautiful colours using the wildlife theme where we will feature beautiful wild animals such as zebras, pandas, elephants and more to ensure the colours and the theme is not too eccentric in the eyes of the guests. Our breakfast will also be of high quality prepared by world class experienced chefs. These factors we believe shall give us a competitive advantage over our competitors. 2.4.1 Benefits to clients Apart from the company deriving profitability and success in this venture, guests will also enjoy a quality service from our hotel delivered by well trained staff in global best practices in the hospitality industry. The consumers will receive this at affordable prices which we will peg at below the price of our main competitors in the market but we will not compromise on quality. The consumers will also enjoy beautifully designed and well spaced rooms during their stay in the hotel. In essence then the savannah will deliver value for money to our clients when we begin to operate. 3 Marketing strategy 3.1 Introduction The hotel industry in Singapore is very competitive and as such a marketing strategy is important in helping the company achieve its goals. The key to succeeding in the market is by differentiating the service and giving clients value for their money. Considering a majority of visitors are on a repeat tour of Singapore, we can be able to get loyal clients through quality service and giving clients value for money. 3.2 Target market Our marketing strategy is intended for the target market outlined pin this document which will be guests between the ages of 25 and 45 who have a taste for better things. This group prefers to stay in hotels that offer personalized high quality service as opposed to economy standard services. They like being recognized as individuals with certain preferences and are willing to pay for whatever suits their personal desires. This group mostly comprises of couples out to have a good time and so they like staying in lovely hotels with serene quiet environment where they can enjoy the features and have a nice memorable time. We believe as a boutique hotel we have all the group is looking for and it is not a hard to please group since we understand their needs and we can fulfill them. 3.3 Product differentiation and positioning We shall differentiate our product in the market as a premier boutique hotel offering highly personalized service by ensuring that there is one highly trained staff to serve at most two guests. This will mean the guests will feel valued by the management and their needs will be well catered for in a special way. We shall have wildlife themed interiors with light colours not likely to appear eccentric to the eyes of the guests. The beautiful and colourful interiors will be appealing to our guests and be a unique feature we will be associated with. We shall locate the hotel in a serene street near Chinatown to ensure not much noise gets into the hotel to inconvenience our guests. Our rooms will be spacious so that they don’t appear clumsy and accommodate clients who love spacious hotel rooms. With these features we believe some of the first clients we are likely to land are individuals and couples coming to Singapore to tour sites such as Sentosa, Chinatown and also to do shopping. This group is mostly between the ages of 25 and 35. They are people who like trying out new things and our idea may be appealing to them. 3.4 Advertising and communication Advertising and marketing our products will be very essential especially in the initial stages to increase the people’s awareness of our existence. We shall market our hotel as a premier boutique hotel in Singapore offering high quality personalized service in television advertising, travel magazines, travel sites, partner with travel agents to market our hotel. We shall also utilize online advertising platform such as Google ads to increase our visibility in the Singaporean hospitality industry. We shall also partner with the Singapore tourism board to do promotions; this will increase our accreditation as a recognized hotel by the state thereby boosting our rating. We shall also use tour website as source of communication on what we are offering as a hotel. We shall engage search engine optimization experts to ensure our site comes top of the hotel searches in Singapore. Our online presence shall also be felt through social media (facebook and twitter), this platform increases brand visibility and can also be used to market the hotel and respond to client questions. Our help desk shall be sensitized on the need to handle clients in a way that they will feel appreciated b the hotel. In particular, our help desk shall at all times be required to ensure any matter of concern to a client does not take more than a day to resolve. We shall take all the effort to ensure our staffs acquire interpersonal communication skills to handle clients appropriately. 3.5 Pricing Competition is very stiff in the market and as such pricing has to consider the strong competition in the hotel sector. It is also important to note that the target market we have decided to major in may be tempted to attach inferior quality to lower prices. In this regard then, low prices may not be a strategy to acquire clients in the market competitive pricing whereby the prices shall be a bit low and offer much more than the competitors will be a preferred strategy to us. The price shall however consider the cost of staff expenses and overheads. Our meals at the restaurant will be another revenue stream priced according to the cost of operations and input. A mark up of 50% on the cost may represent a god profit to start with before the hotel becomes more popular. 4 Management, Staffing and ownership 4.1 Ownership Savannah Singapore shall be a private company owned wholly by the founding members of the company. They shall contribute part of the initial capital and own shares according to the initial capital contribution or as otherwise agreed through legal documentation. 4.2 Board of directors The board of directors shall constitute of the six partners (shareholders). It is this board that will appoint the manager and make other decisions relating to the business in terms of staffing and overall business development. 4.3 Organizational structure 4.4 Staffing We shall embark on hiring a team of 20 general staff members and 4 senior management members. This team will be a highly effective team chosen on the basis of merit and experience. We as a company shall ensure fairness in the recruitment and selection process but above all we shall set high standards in our staffing process since our staff members shall be entrusted in delivering quality impeccable service to our guests which shall be our selling point. In the people we hire we shall be looking for the following skills among others; Interpersonal communication ability Team work ability Hotel management basics Ability to speak at least one foreign language spoken by majority of visitors in Singapore Customer relations 4.4.1 Training and development We shall after every two years get our staff into a training and development program at different hospitality development centers around the world to ensure they have adequate knowledge and are aware of the global best practices as regards the hospitality industry. The rivalry in the industry is set to rise judging from the number of hotels being opened every year. It is therefore important to ensure our staff is well trained and equipped with relevant knowledge to compete effectively with the other players in the sector. 4.5 Management and Control Systems 4.5.1 Misconduct It is important to note that our main selling point will be the quality of service we offer to our guests. It is also generally accepted that service quality is determined at the delivery point and poor quality impact is not easy to rectify. In this regard then, any staff member who violates the procedures, rules and regulations of the business as pertaining to staff conduct shall either be warned or be sacked and paid his dues calculated upon the days he/she has worked. The decision to either warn or sack supervisors and lower staff shall rest with the manager depending on the magnitude of the violation. The decision to discipline the manager in the event of him/ her violating the business’ ethics shall be taken by the shareholders who are the board of directors. 4.5.2 Financial records All records of finances will be prepared and maintained by the finance director and kept in the organization’s office. The finance director will issue receipts of any money received by the business or vouchers of any payments made by the business and copies of such receipts kept. The finance director shall prepare a monthly balance sheet as well as quarterly and yearly balance sheets and other appropriate financial statements as required of such a business by the law. 4.5.3 Quality control We shall endeavor to provide quality service to our guests. To achieve this, the business shall continuously review the service delivery in the hotel to ensure there is continuous improvement of the business to reflect the best standards of service as perceived by guests and international reviewers. We shall welcome services of independent consultancy firms to review the quality of service delivery and general features of the hotel every year to ensure we continuously improve on their recommendations. 4.6 Operations We shall operate from our hotel building which will have five floors; a ground floor and four other floors. The ground floor shall constitute the lobby and administration offices, the first floor shall constitute a bar and a restaurant. The rest will be guest rooms (20), beautifully designed and themed to give an aura of class and luxury for our guests. The restaurant and the restaurant services shall be contracted to a catering firm with experience and technical capability to deliver services that are up to our standards and requirements. The bar shall be run by our hotel management. Ours is a service business and as such does not need a lot of equipment to produce but rather efficient and effective human resource. The main costs involved then will be: general overheads such as electricity, water and telephone bills; salaries to management and staff. 5 Financial projections 5.1 Key assumptions 5.1.1 Sources of Finance at start-up stage i. Owners Equity Each of the proprietors will contribute S$ 250,000.00 totaling to S$ 1,500,000.00 towards the capital of the enterprise. This means the founders will each have equal shares into the ownership of the company. ii. Loan The enterprise will acquire a long term loan of S$ 1,017,000.00 that is to be repaid after 5 years. The loan will top up the deficit left by the founders’ equity. A short term loan will be acquired for the first year of operation to finance working capital depending on the business needs. 5.1.2 Income sources We shall generate revenue through room charges, food and beverages sales, and laundry services. We shall also outsource restaurant services but we shall ensure high standards of food served. The company contracted shall pay for the contract which shall be renewed after every two years. This will be another source of income. These are the revenue sources identified at the start up stage of our business but other sources of revenue may be identified as the hotel begins operations. 5.1.3 Major expenses Staff remuneration Taxation & Land rates Electricity, water, telephone and data expenses Fueling of service vehicles Depreciation of furniture, fittings and the building 5.1.4 Staff numbers We shall maintain a staff body of 20 members since our hotel rooms are few (20). The number can be increased if need be. The salaries will be different depending on the responsibilities and rank in the company. However the company will hope to maintain a total wage bill of S$ 60,000 per month. 5.2 Profit and loss SAVANNAH SINGAPORE HOTEL Trading and profit and Loss Account For the 3 consecutive years ending 31st October Respectively Year 1 Year 2 Year 3 SGD. SGD SGD Gross Profit 290,000.00 690,000.00 1,985,000.00 Less: Expenses Transport 10,000.00 18,000.00 35,000.00 Electricity & water 18,000.00 20,500.00 24,500.00 Internet Charges 14,400.00 17,500.00 21,000.00 Interest on Loan 20,000.00 20,000.00 797,000.00 Registration/licenses 15,000.00 5,000.00 5,000.00 Repair & maintenance - 3,000.00 4,000.00 Telephone 2,500.00 5,000.00 8,000.00 Advertising 25,000.00 33,000.00 43,500.00 Salaries 720,000.00 721,000.00 724,000.00 Total Expenses 824,500.00 843,000.00 1,681,500.00 Profit before Tax (534,500.00) (153,000.00) 323,500.00 Tax - - 100,400.00 Net Profit (534,500.00) (153,000.00) 223,100.00 5.3 Balance sheet SAVANNAH SINGAPORE HOTEL Balance Sheet for the 3 Consecutive Years Ending 31st October Year 1 Year 2 Year 3 SGD SGD SGD Fixed Assets Building 1,500,000.00 1,500,000.00 1,450,000.00 Equipment 250,000.00 250,000.00 220,000.00 Furniture &Fittings 450,000.00 435,000.00 420,000.00 Business Van 250,000.00 240,000.00 230,000.00 Total fixed assets 2,450,000.00 2,425,000.00 2,320,000.00 Long term liability Bank loan (plus Interest) 1,017,000.00 897,000.00 777,000.00 Short term loan Short term bank loan 467,500.00 - Capital Owners Equity 1,500,000.00 1,375,000.00 1,320,000.00 Earning (534,500.00) (153,000.00) 223,100.00 Total liabilities 2,450,000.00 2,425,000.00 2,320,000.00 and Capital 5.4 Cash flow SAVANNAH SINGAPORE HOTEL CASH FLOW ANALYSIS FOR THE YEAR ENDING 31ST OCTOBER, 2014   NOV2013 DEC JAN 2014 FEB MAR APR MAY JUN JUL AUG SEP OCT Bal b/f                         Cash receipts                         Sales 25,000 30,000 20,000 25,000 25,000 27,000 22,000 20,000 20,000 20,000 40,000 40,000                           Total 25,000 30,000 20,000 25,000 25,000 27,000 22,000 20,000 20,000 20,000 40,000 40,000                           Electricity 400 400 400 400 400 400 400 400 400 400 400 400 Transport 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 Water 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 1,200 Licenses 15000                       Telephone 500 500 500 500 500 500 500 500 500 500 500 500 Miscellaneous 500 500 500 500 500 500 500 500 500 500 500 500 Advertising 20000                       salary 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000                           TOTAL 100,600 65,600 65,600 65,600 65,600 65,600 65,600 65,600 65,600 65,600 65,600 65,600                           Bal. c/f (75,600) (35,600) (45,600) (40,600) (40,600) (38,600) (43,600) (45,600) (45,600) (45,600) (25,600) (25,600) 6 Appendices Sales Forecast Year 1 Year 2 Year 3 Income S$ S$ S$ Room receipts 200,000.00 550,000.00 1,815,000.00 Restaurant contract fee 90,000.00 140,000.00 170,000.00 Total 290,000.00 690,000.00 1,985,000.00 Milestones References Bohm, A. (2009). The Swot Analysis. GRIN Verlag. Briggs, S. (2001). Successful Tourism Marketing: A Practical Handbook. Kogan Page Publishers. Brotherton, B. (1999). Towards a definitive view of the nature of hospitality and hospitality management. International Journal of Contemporary Hospitality Management , 11 (4), 165-173. Derammelaere, S. (2008). Writing a Convincing Business Plan. Barron's Educational Series. Hillson, D. (2003). Effective Opportunity Management for Projects: Exploiting Positive Risk. CRC Press. i-escape. (2013). Boutique Hotels in Singapore | Small Hip and Luxury Hotels | i-escape.com. Retrieved September 5, 2013, from i-escape: http://www.i-escape.com/singapore/boutique-hotels Kabtamu, T. (2013). Customer Satisfaction: Towards Hotel Service Quality. LAP Lambert Academic Printing. Lewis, K., & Weber, P. (2011). Entrepreneurship and small business: An Asia Pacific Perspective. John wiley and Sons. Low, S., & McCrohan, D. (2012). Lonely Planet Singapore. Lonely Planet. McKeever, M. (2012). How to Write a Business Plan. Nolo. McLaney, E. (2009). Business Finance: Theory and Practice. Prentice Hall/Financial Times. Mobilereference. (2007). Travel Singapore: Illustrated Travel Guide, Phrasebook, and Maps. Singapore: Mobilereference. Pinson, L. (2008). Anatomy of a Business Plan: The Step-by-step Guide to Building Your Business and Securing Your Company's Future. AKA Associated. Rigby, G. (2009). Sales and marketing for entrepreneurs. Harriman house Limited. Seitz, n., & Ellison, M. (2005). Capital Budgeting and Long-Term Financing Decisions. Thomson/South-Western. Singapore Tourism Board. (2012). Annual Report on tourism Statistics. Singapore: Department of statistics: Singapore Tourism Board. Singapore Tourism Board. (2013). Singapore Tourism Sector Performance For 2012. Singapore: Department of statistics: Singapore Tourism Board. Stevens, R. (2012). Market Opportunity Analysis: Text and Cases. Routledge. Stokes, D., Wilson, N., & Mador, M. (2010). Entrepreneurship. Cengage Learning EMEA. Strydom, J. (2001). Introduction to Travel and Tourism Marketing. Juta and Company Ltd. Winter, T., Teo, P., & Chang, T. (2008). Asia on Tour: Exploring the rise of Asian tourism. Routledge. Read More