Human Resource Management: A Contemporary Approach - Essay Example

INNOVATION REPORT Strategy. According to a survey by the BBC more and more Chinese study in the UK. Birmingham, the largest city here has a large share of this influx. There is no Chinese restaurant around and thus there is a tremendous need for the creation of an upscale restaurant to provide for the Chinese students their native cuisine and also for the other students in Chinese food liking.Chenjun ma will be a Chinese restaurant based in the proximity of the University of Birmingham. It intends to feel the need of a good Chinese restaurant to provide tasty Chinesecuisine. Itwill dish up an array of entrée so as to match the growing customer base. The restaurant will serve a dual purpose by providing a family dining experience as well as provide an environment for cultivating friendships and even dating. Students can even study together. The restaurant will have a Chinese theme in its decorations and its cutlery. The initial establishment will be in this chosen vicinity with an endeavor to franchise this initial venture in other locations in the future. The décor will follow a Chinese styling with deep blue, brick colors, coupled with paper lanterns, wooden bowls and Chinese paintings. The unique features of this restaurant is that it is about more than great food but also seeks to create that family dining experience one longs for when in school. The restaurant will provide a lure for the interested general public regardless of age or appetite as it will provide a good social environment. The mission of the restaurant is to exceed the expectations of the customers for providing a wonderful atmosphere for all sensory perceptions. The food served to the customers will appease their taste, smell, touch, hearing and even sight. The restaurant’s role will be to provide healthy and tasty dishes. The business will require a business license and a Birmingham health inspection. There are no anticipated issues in obtaining these. Legal assistance will be a onetime activity when setting the operation up. This will be associated with the preparation of contracts and the registration of the business. Theobjectives of the restaurant are to reach profitability by the second year and therefore will be to produce net profit by 7.5 % on sales by the end of the third year. In addition it aims to reduce the operational costs from the first year to the subsequent year. It can be rightly assumed that with the current location, the growing target market and unique concept – that it will produce sizable returns.The growth is expected to be exponential in the next three years with proper advertising and good sales. The initial milestones of the operation will be the startup expenses in opening the establishment buying the furniture, drinks, cutlery and the grand opening event. Operations. The menu will be different each day as we alter it on a daily basis to give students a variety. The chef will serve different dishes every day and reinvent the “sushi” experience for individuals and to take out customers by selling high quality products at good looking prices. The restaurant will provide industry-benchmark customer service. Thepersonnel will be trained to give exceptional customer service and they will be galvanized to make decisions center on the business philosophies. The food will be served for lunch and dinner. The portions will be large and the contentment incomparable. Some tables will be reserved for customers desiring to see the chef prepare the food though the main kitchen serves the whole restaurant or to have a larger table. The restaurant will hire part-time students and train them as required. The training will be performed by the management or by the qualified staff who are already familiar with the set procedures. To an extent, outsourcing of training will occur in specific areas like customer service or conflict management. The regular hours of operation will 10 am to 10 pm seven days a week since no breakfast is served. Hours may be extended when the number of students is overwhelming. The expected days of closure will be on some holidays and when campus breaks since the main target is the students. Payments will be made upfront and card will be given to the enlisted individuals for the services. However cash will be accepted from individuals that don’t eat there on a daily basis. The customer service policies will be created by the management so as to maintain high quality standards. Other daily operations will be put in to effect to ensure the accountability of personneland that operations are smoothly running. There will be spreadsheets to record daily sales and expenses. Finances. The restaurant’s first annual budget will be £3200.The restaurant will contain a 100 seats and the space which will be a house near the campus will be leased at £1000 per month. The chef who will be employed per impressive credentials will be paid £2000, and expenses incurred on promotion will be £1600 per month. The décor inclusive of the cutlery, tables, seats and other furniture will be an approximate £1000. No personal assets will be contributed to the operation. A line of credit in the amount totaling to £1000 will be financed from a local financial institution. This line of credit is to be accessed to cover unanticipated deficits in working capital required for the venture. The interest on this will be paid on as used basis. Most of the initial capital will be from contributions from the proprietor of the venture. The amount required in the line of credit will be reflected in the cash flow projections based on the expected flow of operation in the first annual turnover. An inventory ranging from £2500 will be carried; this turnover is high because there is a high need for fresh produce and meats. The values presented here are based on industry operating surveys and cost quotes from the suppliers. The restaurant will utilize suppliers of existing restaurants in the perimeter with the potential for offering volume discounts and hence future savings on supplies and inventory. There is however no amount for potential discounts budgeted. The restaurant will choose its suppliers according to their terms of payment conducive to the restaurant’s operation. The key strengths of the restaurant will be its ability to balance the costs and streamline its assets with a narrow employee base. Purchases will be done according to the chef’s recommendations. The projected revenue generated from the sales on a monthly basis is based on industry statistics but since the restaurant is the only one in this vicinity, with a conservative estimate of a full house service at both meal times of about 300 customers per day who pay £250 per month will project an estimate of £75000. This will cover the monthly operations costs and also give considerable returns to the investment. Future economic trends will however influence the trend of operation costs and sales returns. Marketing. Intends to use a several strategies that will ease access to targeted customers. The marketing strategy will be centered on the theme of the restaurant and the Mechanismsused will ensure maximum visibility of the business. A local campaign will be implemented with the restaurant’s targeted market through the use of flyers and to distribute the leaflets in the university and accommodation, to stick posters in the student union of Universityto promote articles and reviews about the restaurant, its menu, its hours of operation and its pricing. The signature line of the Chinese dishes will be getting people to talk about us. Coupons will be issued to students dining together “as a family” so as to foster immediate sales. Visible signage will be propped to attract people in a distance. It is precedent that word of mouth will be an essential tool for attracting local traffic. Advertisements on the CSSA website of Birmingham will be posted.There will be direct advertising focused towards promoting the website who will generate online-referrals through inviting their pals to the Chinese restaurant and to the website. The website will also be promoted through word of mouth from the growing local customers. Direct advertising will comprise of Facebook ads, Google ads and other targeted ads. The website will ask people for decisions to plan events and to connect groups with each other. Having connections with many people in the area gives me an excellent feel of this venture’s main customers. The restaurant’s launch will be characterized by a beautiful event of live music, free food and drinks. The experience will let people know of the prices of the array given to the customers. After the launch, there will be advertisement on the newspaper and the website offering promotional incentives to customers. The restaurant will give a two part product strategy to lure customers. These are family dining experience and —quality food, quality service, elegant ambience, fair prices and setting for a pleasurable aura. In grounds of competition, fast foods may pose a major threat since people in a hurry and lesser prices may be more appealing. The restaurant may also lose customers since we personal y change the menu ourselves and therefore don’t give our customers options. The other restaurants are further from the school and hence make it inconvenient for the students to access them. Furthermore their prices are high as they charge an estimated price of £15 while ours is less than £5 per meal. In addition the restaurant will offer a repertoire of ethnic recipes that the other restaurants will not match up to. Our main competitive edge however will be the delicacies offered- the chef and the general feel of the environment. Personal development. The restaurant will provide an opportunity to put my skills in to use. I will be responsible for overall management and policy decision makings. The environment will challenge my innovativeness in dealing with challenges as they present themselves. My skills in evaluating the venture’s SWOT will develop my experience both as an entrepreneur and a manager as I get to manage people, inventories and daily operations of the business. The restaurant will give me a chance to gain a good understanding of the restaurant industry. In essence I will gain valuable experience in coming up with and operating a successful venture. My weaknesses will also present themselves and this depiction will entail that I improve on the relevant areas to increase my competencies in the needed areas as it is clear that starting a business needs discipline, strategy and well thought out objectives. Time management is very crucial and hence I will need to account for passing any liabilities I pose. The venture will help me improve my knowledge, skills and my entrepreneurial abilities. Identity awareness will be clearly revealed as I operate the business and my talents will be developed. The business venture will also facilitate employability and further more since the venture focuses on the human capital, the quality of life will be improved. To have a business venture of good repute with regards to personal development, formal training will be an important requisite hence my learned skills in class will help a great deal. I will however need to hire a supervisor with the appropriate competencies to man over the operation when am not around and who will assist in the management of the restaurant. The supervisor will be required to have finance and accounting credentials for apt managing of inventory. The financial control skills will be an indispensable tool in keeping the restaurant on course and consistently profitable. To enhance the success of the venture, strict financial controls should be created coupled with a high grade of cleanliness to provide non-greasy foods with an interesting twist. Most importantly, the success of the business will depend on the product and hence the chef will be liable for the back end quality production of the restaurant.We want to produce a fair profit for the proprietor and a rewarding working environment for the employees. The most essential aim is to bring forth financial success and this is very achievable with the high quality standards of this operation. Bibliography Bardwell. J & Claydon, T. (2010) Human Resource Management: A Contemporary Approach. Sixth Edition. London: FT Prentice Hall. Bartels, J. (2009) personal development series. Washington. BBC Inc. Berenson, M. L., and David M. L. (1999).Basic Business Statistics: Concepts and Applications. Upper Saddle River, N.J: Prentice-Hall. Bloisi, W. (2007) an Introduction to Human Resource Management, London: McGraw-Hill Bratton, J. (2010) Work and financial management. Second Edition. Basingstoke: Palgrave Macmillan. Caottrell, S. (2008) the Study Skills; business plan. 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