Business plan for the Proposed AfroCare Restaurant in Allerton, Liverpool - Essay Example

? Business plan for the Proposed AfroCare Restaurant in Allerton, Liverpool Table of Contents Table of Contents 2 Executive Summary 3 The business and its Management 4 Vision 4 Mission 4 Objectives 5 Activities 6 Product and Services 7 Market and Competition 9 Customer Analysis and Unique Selling Points 11 Competitive Business Strategy 12 Pricing Policy 12 Advertisement and promotional Plan 13 Market Share Projection 14 Operations 14 Staffing Requirements 14 Quality Control, Business Processes and Best Practice 15 Forecast and Financial Data 16 References 17 Executive Summary The name of the proposed Afro-Caribbean Restaurant shall be AfroCare Restaurant. It will be based in the Allerton borough approximately 4.8 kilometres from the city centre of Liverpool. AfroCare Restaurant will specialize in the preparation of Afro-Caribbean dishes including breakfast, lunch and dinner. Ideally, this business envisions a large market with mixed customer base incorporating mainly the British Afro-Caribbean community residing in the suburbs of Liverpool and its environs including the Hunt Cross and Calderstones Park. On the other hand AfroCare Restaurant will also incorporate a wide range of fast foods and customized drinks at affordable prices suitable for the vast majority of college students living around Allerton. While the business is set to roll out by the end of this year 2012, it looks forward to capture a market share of about 60% by the close of Year 1. The projection is based on the fact that there are no restaurants in Allerton which have specialized in Afro-Caribbean dishes (Whilser and Derry, 2011). However, it is prominently argued that the few that prepare Afro-Caribbean foods have recorded remarkable increase in customers and thus an improved attributable revenue performance. In terms of capacity, AfroCare Restaurant will be established in a spacious facility along the Allerton Road with an optimal sitting capacity of 200 heads. At full occupancy, the restaurant projects sales revenue of about ?9,000 per day. This translates to an AfroCare annual return of ?3.24 million. If the business therefore realizes at least 60% customer base, it will manage an annual revenue performance of ?1,944,000 at the end of Year 1. To that end, the proponent of this venture has set aside a starting capital of ?300,000 with an estimated reinvestment rate of 10% on the cost of capital (Taylor and Brown, 2003). Thus, AfroCare Restaurant envisions the attainment of a full capacity by the second quarter of Year 2. The business and its Management Proper management is one of the core elements of every business especially when competition as a factor to consider. Guided by a realistic vision and SMART objective, the management of any enterprise defines the overall stricter and operational dynamics of the business as reiterated by (Toren and Adam, 2011). AfroCare Restaurant will basically be a sole proprietorship company with limited liability. As such, the manger will reserve exclusive authority of the operations of the business while taking into account the possibility of outsourced expertise in Food and Beverage Management in line with common practice in the modern world (Boone and Kurtz, D. (2010). With that in mind, AfroCare Restaurant endeavours to set an exceptional and unmatched standard in the provision of Afro-Caribbean dishes beyond the expectations of our customers. Therefore, its operations and service delivery shall always be inclined toward achieving the following vision and objectives. Vision Primarily, a vision refers to the main goal that an organization seeks to achieve over a predetermined period of time. Whereas the vision governs the operational efforts of an enterprise, it keeps the business in focus at all times as postulated by (Liebig, 1994; Walters, 2011) The vision of AfroCare Restaurant is to be the best service provider of Afro-Caribbean foods across Liverpool and beyond. Mission According to Shane (2003), a mission refers to the basic philosophy on which the daily activities of an organization are based. With that in mind, economic theorists argue that every new venture should always have a strong mission statement to anchor its pursuit of the outlined vision (Covello and Hazelgren, 2006). To that end, AfroCare Restaurant undertakes to reach out to every clientele needs with outstanding catering services overtly inclined to modern Afro-Caribbean lifestyle and diet. As such, the restaurant is committed to deliver professionally prepared delicacies that will surpass the best expectations of varied class of customers. Objectives In line with the arguments postulated by Stokes and Wilson (2011), objectives define the roadmap through which an organization plans to achieve its mission and vision. In that light, organizational leaders suggest that every entrepreneur should have both long-term and short-term objectives to streamline the day-to-day operations of the business (Paley, 2006; Landstrom, 2005). Taking such fundamental dogmas into practical consideration, the proposed AfroCare Restaurant has singled out three short terms objectives and three long-term objectives. These will help the business establish itself, gain competitive advantage and set the momentum for profitable revenue performance. For the reason, the short term objectives of AfroCare Restaurant are as follows; a) To provide high-quality foods and beverages to the surrounding population in a clean and comfortable environment. b) To establish a reliable workforce of hoteliers whose passion is driven by the need to satisfy customer expectations, make them happy and win their loyalty. c) To set a track record of positive profitability index through the year. On the other hand, AfroCare Restaurant takes the challenge to create a stable operational culture that will assure sustainable growth of the enterprise. The entire management and workforce of the proposed AfroCare Restaurant will work closely with the customers to create a lasting brand across Liverpool and the Europe at large as advised by Walker (2007) and Schmude (2007). Therefore the long-term objectives of AfroCare Restaurant are as under; a) To set a reliable cash flow with a prorated revenue of doubling annual returns by Year 3. b) To capture a sustainable market share of 75% by the end of second quarter of Year 3. c) To establish a strong and exclusive brand identity as the best Afro-Caribbean restaurant in Europe by the end of Year 5. Activities The hospitality and leisure industry is quite dynamic (Brown, 2003). As such, AfroCare Restaurant is ready to institute all practicable measures to ensure that the business survives every stage of its development. Similarly, the management has taken into consideration to conduct rigorous survey to gather sufficient statistical facts synonymous with the hotel and restaurant performance trends in the UK as well as other destinations overseas. In light of the prevailing data, the time is ripe and AfroCare Restaurant is geared to kick off its operations soonest possible. These will revolve around the following activities. Conduct a strategic market and customer analysis before June 2012. Carry out baseline interviews in Allerton and Liverpool to solicit the views and expectations of the target market. Visit relevant licensing and quality control agencies to familiarise with the required standards and regulations governing restaurant business operations in Liverpool. Select the most suitable location within Allerton on which to establish the business. So far, the proponent of this venture has identified the junction around Allerton-Hunt Cross since it is strategically placed for both resident and on-transit customers. Acquire rented premises at the identified location and furnish it with adequate equipment and accessories that depict the theme of Afro-Caribbean orientation. Having set everything in place, AfroCare Restaurant will recruit and train a team of 20 workers including cooks, waiters and cleaners. Majority of these waiters will be drawn from the local community comprising part-time college students while others will be outsourced from existing restaurants with experience in serving Afro-Caribbean related dishes. The technical crew shall comprise a cateress with varied experience in Afro-Caribbean foods and beverages, a competent supervisor, supplies & procurement officer and public relations female officer as recommended by Ninemeier and Hayes (2006). Through dedicated works of our public relations officer, AfroCare Restaurant will solicit after-service feedback from customers and review the concerns in the weekly meetings. Other urgent issues will be addressed expeditiously and logistical concerns forwarded to the administration for appropriated action. The concept would keep the venture at par with customer experiences and varied expectations. Moreover, it will lay a foundational platform of operational ethics as well as cohesive approach to human resource management (Allan (2007). At the end of it all, AfroCare Restaurant hopes to develop a strong culture of service the customers with royal delight toward attaining the envisioned brand identity. In the event that a mishap occur, the aggrieve client will be given full refund accompanied by substitute meal and managerial apology. Katz and Shepherd (2003) ascertain that such approach will always reduce tension, restore customer confidence and win loyal preference of majority customers. It will also improve the relationship with all classes of our clients to make them believe that indeed AfroCare Restaurant uphold their interest at heart. This is the best way to market the unique excellence of AfroCare Restaurant in line with the winning marketing ideologies presented by Alonzo (2007) and Lynn (2009). Product and Services Before starting any form of a business, the investor must clearly determine what services or products the proposed venture will be dealing in. It is only then that one may embark on developing a workable implementation plan as affirmed by Pinson, L. (2008). Through the product or service line, an organization can thence set forth the rationale of meeting the desired goals and objectives as in the case of AfroCare Restaurant (Houston, 2005). As the name suggest, the proposed restaurant undertakes to prepare, serve and distribute an array of Afro-Caribbean delicacies. Accordingly, the restaurant shall specialize in the preparation of foods and beverages of high nutritional value, low health risks and outstanding palatable qualities so as to copy the expected hospitality performance (Whilser and Derry, 2011). Besides, AfroCare Restaurant shall take into account special needs of at risk groups such as the elderly, nursing or expectant women as well as children with high nutritional needs as recommended by Butler (2004). In line with the sales objective, AfroCare Restaurant will also prepare and serve other assorted dishes of tailor-made fast foods that would suit the lifestyle of surrounding college students or on-transit customers. Furthermore, AfroCare Restaurant endeavours to provide convenient packages for take-away deliveries or family eat-outs. The plan will expand the target market and hence increase our revenue potential in line with the predictions of PricehousewaterCoopers (2011). With respect to competition, AfroCare Restaurant products and services will incorporate a great deal of nutritional components for healthy living. On the same note, our services shall be delivered within five minutes after an order is placed so that the restaurant can save the customer’s precious time and cope with increasing customer traffic. This would apply at all times especially during breakfast and lunch hours (US National Restaurant Association, 2009). Similarly, AfroCare Restaurant plan to host a free dinner every last Friday of the month. The occasion will be graced with Afro-Caribbean funfair live tunes from prominence Afro-Caribbean artists. Drucker (2006) believes that the idea appeals to customers’ preferential psychology in favour of our restaurant especially when most of them would have received their end-month salaries. In addition, the practice with create a unique tradition of community reunion among local natives and foreign visitors as confirmed by Viardot (2004). If well implemented, this will form part of AfroCare Restaurant’s unique selling point and a distinctive promotional tool. Product life cycle Unless otherwise demanded, all AfroCare Restaurant products will be freshly obtained from local vendors or other importing suppliers. The restaurant will prepare foods and beverages only enough to serve daily projections. Any leftovers will be kept under suitable conditions to preserve their freshness and nutritional value as recommended by Kotler and Armstrong (2010). AfroCare Restaurant will also stock other preconditioned products with long-shelf life so as to cut down the cost of refrigeration. Where possible, the restaurant will invest in cost reduction for late night visitors and discounted rates for customers who clear their plates. Through such mechanisms, AfroCare Restaurant will motivate customers to eat to their full, reach out to night-shift workers and inspire a culture of ordering what one can finish. The idea is to encourage healthy eating habits with an indirect element of avoiding unnecessary wastage (Redshaw, 2011). Market and Competition AfroCare Restaurant will be new addition to restaurants on Allerton Road owing to the fact that Allerton residents are highly hopeful for a unique and affordable place to eat and drink traditionally inclined foods. According to Katz and Shepherd (2003) Liverpool local authority have expressed concerns in the recent past that investors have neglected the needs for Afro-Caribbean communities in the area especially with regard to the hotel industry. That announcement is a clear indication that Liverpool holds a great potential for rapid growth of an Afro-Caribbean food joint as noted by Kotler and Armstrong (2010). Another important indication to the availability of a robust market is illustrated in the exceptional performance of the Hotel UK Mama. The hotels is said to have an almost time-time full occupancy with visitors from all corners of the city (Whilser and Derry, 2011). Other joints have also tried to copy the idea of offering traditional dishes but to no avail due to lack of specialties in the pre-empted pursuit. All these events and records point to the act that Afro-Caribbean restaurant business and a ready market in Liverpool. In terms of people and target customers, Allerton is one of the most popular areas in Liverpool for students and post graduates to live. This segment is the main clientele in the evenings, usually having a glass of wine or two before heading into the city centre. In additions, the colleges around Allerton also have a considerable population of international student from Afro-Caribbean origin most of whom would prefer their native food that AfroCare is set to offer at student-friendly prices. During the day however, more locals and business men are known to take advantage of the lunch menu in unique restaurants around the town, this is according to TRI, Hospitality Consulting, 2011). Considering the current economic situation in UK, many restaurants in Liverpool offer a selection of menus including brunch, lunch, and afternoon-beverage at reasonable costs. In addition, evening menus for both students and local customers are also affordable especially in Allerton. However, these cafeterias known to provide some wine and drinks as part of the readily available menu. The prices range between ?5 and ?15 for homemade soup of the day and a roll, but the menu could do with sprucing up since the menus are fairly unoriginal and lacks any kind of defined style or taste. Local residents however feel that a few Allerton restaurants are nice and really pleasant, but they are definitely missing something. Most of their foods are generic and does not really have anything special to pull frequent visitors off the cold streets of Liverpool. To that end, AfroCare Restaurant stands a big chance to benefit from the seemingly enthusiastic market (Jacksack, 1998). Customer Analysis and Unique Selling Points As earlier mentioned, there are no specific restaurants in Allerton that serve Afro-Caribbean dishes. The only major competitor is the Hotel UK Mama situated within the hubs of Liverpool as observed by Covello and Hazelgren (2006). While the UK Mama was once featured in the BBC as one of the best Afro-Caribbean destination in the UK, it has developed a brand for the high class thereby locking out the middle and low income earners including students of Allerton (Stokes and Wilson, 2011). As a result, Allerton remains a largely unexplored market for Afro-Caribbean restaurant business. Upon successful implementation, AfroCare Restaurant will prevail on the following unique selling points. First and foremost, the AfroCare will avail scrumptious Afro-Caribbean cuisines with natural flavours and fresh ingredients to suit all tastes. Secondly, it will prioritize the creations and sustenance of a homely atmosphere with friendly and welcoming catering staff (Helfert, 2001). AfroCare Restaurant will also grace every mealtime with Afro-Caribbean style entertainment funfair as therapeutic complement to the exciting nutritionally superior menu. As if not enough, AfroCare will see to it that each plate is washed down by a glass of sweet fine wine supplied at half the market price. This will remain the tradition of AfroCare with a final free bite every last Friday of the month in a well planned tailor-made dinner. To that juncture, the management believes that AfroCare will establish competitive culture of excellence in customised service deliver with a transformational experience beyond the scale of its competitors (Clarke, 2010). Competitive Business Strategy According to the ongoing research, AfroCare Restaurant has already identified a number of channels to secure daily supplies and periodic procurements (Schmude, 2007). To begin with, it is worthwhile to bear in mind that the business has set apart substantial amount of capital enough to take care of all operational costs for at least six months. 38 percent of the capital will go into direct acquisition of Afro-Caribbean supplies especially from Wanis Afro-Caribbean Foods Specialist. Out of the remaining proportion, 30% will cover operational expenses while the remaining 32% will be apportioned for advertisement and contingent expenses. Pricing Policy Prevailing information shows that Afro-Caribbean dishes are slightly more expensive as compared to the locally available fast foods around Allerton. According to the operational details obtained for UK Mama, an average plate of Afro-Caribbean cuisine goes for ?20 inclusive of salad and soup. On the other hand, wine prices range from as low as ?18 to ?60 depending on the brand (Restaurant Guide, 2012). Other ordinary restaurants at in Liverpool operate between ?15 and ?40 per plate for lunch and dinner respectively. Such include San Carlo, Red Hot World Buffet, Bella Italia and the Cafe Rouge among others (TRI Hospitality Consulting, 2011). It means therefore that most foods joints and hotels have set their prices within a similar rage. However, the case is slightly different in Allerton barely 4.8km from the city centre of Liverpool. In Allerton, an average plate of soup and burger goes for as low as ?3.25 and wines are sold at an average price of ?10 a glass. Most restaurants there are locally designed to suite the nature of the surrounding population and lifestyle of majority student driven clientele. Nothing is particularly special in Allerton restaurant business despite the fact that it is one of the most frequented boroughs of Liverpool (Whilser and Derry 2011). With all these factors in mind, AfroCare Restaurant will depend on the market forces of supply and demand with considerable consistency in retail pricing. As such, the staring price levels will range between ?5 and ?15 per average plate of Afro-Caribbean delicacy. Beverages will go from ?2.25 to ?7 with possible 20% discount for regular clients. Technically, these prices are set to benefit majority residents together with college students and local business persons. Advertisement and promotional Plan AfroCare will use the readily available media to deliver its advertisement messages across Allerton and Liverpool. In particular, the restaurant will print and distribute customized brochures and posters in the surrounding colleges, business malls, parks and along the railway stations in Liverpool. It will also station an agent at the famous Liverpool John Lennon Airport who will also liaise with travel agent in Manchester, Birmingham and Knowsley. As the business pick and towards the end of Year 1 in operation, AfroCare will roll out a massive exhibition at Calderstones Park to promote its services and other benefits associated with Afro-Caribbean foods offered the premises. Moreover, the business plans to phase out posters as it upgrade on use of audiovisual media including the use of local newspapers, magazines, radio and TV to reach to every family in Allerton, Liverpool, the UK and the world if possible (Wenzel, 2012). Aside from these major plans, AfroCare will post its services in social online links including Facebook, Twitter and YouTube. It will also develop an interactive website through which individuals and families both locally and overseas can learn about AfroCare Restaurant. These will help AfroCare capture a wide range of customers far and beyond the confines of Allerton. As ascertained by Rainsford and Bangs (2000), it will also lay the foundation of our envisioned channels of distribution including onsite service, take- away order, home deliveries and outdoor catering services. Market Share Projection Whereas the sitting capacity of AfroCare Restaurant has been determined at 200 held, the restaurant has projected to capture 50% of the Afro-Caribbean foods market by the end of Year 1. This is because Hotel UK Mama is the only major threat in the planned sector. Through the second and third quarters of Year 2, the business projects additional 15% of the market to close the year at 65% of the total market share owing to its elite ambiance, pocket friendly dishes and exceptional eat-out experience at every mealtime (Fleisher and Bensoussan, 2007). Practically, AfroCare is projecting to have an average 250 customers per each breakfast, lunch and dinner with a cumulative daily average of 800 clients across Year 1. In Year 2 and 3, the business with have picked up to a stable positioning by which it expects to register a daily average of 1000 visitors (Cooper and Nakanishi 1988). By the end of Year 3, AfroCare targets a daily average of about 1200 customer. At that point, expansion shall be inevitable more so that AfroCare will have become known in the whole of UK. Hopefully, the restaurant will upscale by Year 4 from budget category to a 3-star hotel with a sitting capacity of 400 heads and 35 beds. Operations Staffing Requirements In the first year of operation, AfroCare will need a team of 20 service-room employees recruited from the local community comprising part-time college students pursuing relevant courses in hospitality and tourism management. They will include waiters, cashiers, and front-office assistants. The rest will be outsourced from existing restaurants with experience in cooking and serving Afro-Caribbean related dishes (Fishman, 2010). The technical crew shall comprise a cateress with varied experience in Afro-Caribbean foods, a competent supervisor, supplies & procurement officer and public relations female officer. Quality Control, Business Processes and Best Practice First and foremost, all AfroCare Restaurant workers shall be required to undergo medical screening for communicable diseases. Each of them must have a valid medical certificate, and any episodes of sickness will be reported promptly to the chief supervisor. Chapman (2006), suggest that all employees should be courteous, respectful and decent at all times. They should also uphold admirable communication skills and high sensitivity to gender, race, age as well as socio-cultural orientation of every customer. Secondly, all food items will be secured from accredited suppliers. The cateress will always be on the ground to ensure that every element of HACCP is observed to ascertain that the food is clean, safe, and palatable and fit for human consumption (Fallek and Kris 2003). To that end, AfroCare will take measures to send new food items and menus to the quality control laboratory in Liverpool for necessary test in line with the legal requirements for commercial food production. Where a customer report any form of reaction attributable to the food taken at our premises, AfroCare will initiate immediate investigation procedures in conjunction with relevant food and drug control agencies so as to arrest the problem in time. Otherwise, AfroCare is fully committed to observe and adhere to international standards governing the production and distribution of food items for human consumption as require by UK law (Redshaw, 2011). To that end, all meat products will be secured from ethically approved suppliers and all our imported meat products shall have the Halal authentication mark for the sake of Muslim customers. In terms of daily business operations, all employees will report to work by 6.00am after which the supervisor will assign each of them specific area of duty each day. By 6.30 breakfast shall be ready and a proportion of the team will thereafter embark on preparation of lunch. At each mealtime, there will be at least 4 junior supervisors manning the service-floor and coordinating service delivery in line with the 5-minute timeline per order. It will also be a matter of tradition to have dinner ready by quarter to 4pm. Business closes at 10pm after thorough cleaning in preparation for the following day. With these procedures in mind, AfroCare endeavours to inculcate a strong system of quality control and sustainable workflow towards attaining the highest standards of best practice (Allan, 2007). Forecast and Financial Data In brief, this section relates to a well-thought structure of sales forecasting with a workable profit and account (Brown, 2003). It also provides a detailed account of cash flow forecast, breakeven analysis, sensitivity analysis and the underlying assumptions. Through these tools, AfroCare is ready to set a footing in the restaurant business venture in Allerton. In Year 1, AfroCare sales forecasted is estimated to hit the ?1.9million mark. This is expected to double by the end of Year 2 to close with at least ?3.5million. It is also important to bear in mind that the firm would incur a lot of expenses and liabilities in Year 1 in its efforts to get established (Clarke, 2010). Thus, the net profit in Year 1 may be quite low. However, AfroCare sales team will take all practicable measures to ensure that the business is well marketed throughout Liverpool and beyond. 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