Business Development Plan

Business Development Plan

TABLE OF CONTENTS
EXECUTIVE SUMMARY.............................................................................................................1
BUSINESS OVERVIEW ...............................................................................................................1
The vision....................................................................................................................................1
The mission.................................................................................................................................2
Core values..................................................................................................................................2
Business objectives.....................................................................................................................2
Product or service description.....................................................................................................3
Rationale for business idea..........................................................................................................3
Critical success factors ...............................................................................................................4
LITERATURE REVIEW ...............................................................................................................6
RESEARCH METHODOLOGY ..................................................................................................10
FINDINGS.....................................................................................................................................11
BUSINESS ENVIRONMENT ANALYSIS.................................................................................11
Pestle analysis...........................................................................................................................11
SWOT analysis.........................................................................................................................13
MARKETING STRATEGIES ......................................................................................................14
Focus for market segment.........................................................................................................14
Core Business segments............................................................................................................14
Market timing............................................................................................................................14
Market penetration....................................................................................................................14
Market development................................................................................................................15
Marketing mix...........................................................................................................................15
Segmentation, targeting and positioning (STP approach).............................................................17
Competitor analysis...................................................................................................................18
Risk assessment.........................................................................................................................20
MANAGEMENT ..........................................................................................................................22
Operational plan .......................................................................................................................23
Key resources ...........................................................................................................................24

FINANCIAL ANALYSIS ............................................................................................................25
Cost structure ...........................................................................................................................25
Start-up capital .........................................................................................................................26
Gross and Operating Margins...................................................................................................27
Profit Potential and Duration....................................................................................................27
Fixed and variable cost.............................................................................................................27
Break even analysis...................................................................................................................27
Time to break even....................................................................................................................30
Time to positive cash flow........................................................................................................30
Venture and working capital needs...........................................................................................31
CONCLUSION & RECOMMENDATIONS................................................................................31
REFERENCES..............................................................................................................................32

EXECUTIVE SUMMARY
The present business plan is based on coming up with the new business named as Bays Waterfall restaurant in London
introducing in busy location of the Bayswater, within which the market is having a concentration of the restaurants at all the levels in
order to serve all the market segments. The restaurant industry in the UK has been seen as growing strongly over the years but due the
increase in cost and poor demand of the consumer in respect to the UK's decision for leaving a European Union had reversed such
trend in the other half. The performance of an industry is been influenced by the trends in the consumer preferences because the
disposable income and the confidence of consumer has been declined in the year 2016-17 and the households resulted a increase in the
weekly expenditure on the restaurants. The study will be throwing a deeper insights towards the product and service description and
the cost volume analysis and strategies that the business will be adopting for the purpose of attaining a competitive edge against its
rivalry. Furthermore, financial projections will also be made for making the feasibility study that the business will generate sufficient
profits or not. Moreover, the report will be presenting marketing, operational and development plan that are the major elements of the
new business which leads the business towards achieving a growing success in the future and in increasing the market share with loyal
customer base.
BUSINESS OVERVIEW
The vision
Vision of Waterfall luxury restaurant is to attain growth by delivery quality food experience to consumers of different cuisines.
The vision of restaurant is based on hanging lifestyle and food preferences of people. The aim of fine dine will be on serving extra
ordinary luxurious and refreshing experience to gain people with different preferences.
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The mission
The mission of restaurant is to set luxurious environment of fine dine keeping in mind the concept of waterfall which will be
managed by focusing on the seating arrangement of restaurant. In this focus of fine die will be on privacy of guest and view of
waterfall. The restaurant will offer significantly different taste of dishes from Italy, Mexico, Afghan, Asia, Australia, Philippians and
Finland.
Core values
 Consistency in quality of services will be foremost priority of waterfall luxury restaurant. However, to main consistency of
services the managing staff of restaurant will brief guest about the different services and quality of food. This will be done to
create value of services and for serving food which will help in delivering value for money.
 Foremost priority of Waterfall restaurant will be customers and therefore will be involved in decision making like changes in
cuisines, price, quality, etc. This will help in deriving interest of potential guest and will aid in developing loyal customer base.
 Authenticity of restaurant will be another major focus of restaurant which aid in managing relationship with customers
(Hwang, Han and Kim, 2015). The authenticity standards of restaurant will be focused engaging staff of restaurant with
consumers, being honest on quality of food, test of the food quality on the basis of quality parameters.
 Group work in the restaurant play a crucial role and therefore Waterfall luxury restaurant will be focused on diving work of
staff in synchronised ay and will focus on continuous training and monitoring. This will be done to manage conflicts and maize
the risk of errors in consumer services.
Business objectives
 To attain competitive position in London against all restaurant business within 8 months.
 To increase sales of services by 5 % within 6 months
 To attain loyal customer base of at least 6 % within 1 year
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 To grow business sin London in with 3 years to increase availability of quality food and the concept of waterfall luxury fine
dine
Product or service description
The restaurant will be offering a multi cuisine dishes that includes Asian, Thai, Mexican, Italian etc with different flavours
served with unique presentation to the visitors. It will serve all types of salads, starters, beverages, drinks and main course with wide
variety and delicious taste served as the classical traditional cuisine with a flavour of different sauces. The services of the restaurant is
different in terms of its location as it will be serving the food to the visitor within the location or area where they can enjoy the
waterfall and could have a dinner. Services with regards to the payment facility will include accepting the payments through the use
of debit or the credit cards or an online payment form by making use of the payment app. The restaurant will not give online services
and provides for only in-store services where the guest or the visitors can experience the place and have their dinner and lunch with
soft music and waterfall. The restaurant will also involve photo booths for the guest at various points so that they could take good
pictures with their family and the friends that in turn creates memories. Bays waterfall will be serving the dishes to the guest that
contains a mix of Indian and Asian flavours and its menu will comprise of the dishes relating to different cuisine. Visiting the
restaurant guest could enjoy free WI-FI facility, transparent food preparation facility, DJ, Games, screening etc. so that visitors will be
enjoying all the things at one place and it induces them to visit the place on a frequent basis. It also provides natural and live dishes
that will be prepared instantly in terms of deserts, starters and Mock-tails. Such food and drink dishes are made up of the natural
ingredients with wide range of flavours that involves mint, fruit and dark chocolates.
Rationale for business idea
The fact behind choosing this business idea is to bring a unique experience for the customers by serving them food besides a
rainfall that is not been used by any other restaurants in London. In today's evolving world people prefer to go in a restaurant for
having a dinner with the family and the friends. People actually cook their foods on its own at the home but there are many of the
people specifically youth chooses to eat in the restaurant, particularly busy people. As such people do not have enough or sufficient
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time in cooking at the home, they mainly prefers to go outside and have their food. Moreover, at the time of special occasion or an
events there are many people who chooses in celebrating a place other than its home and desires to taste different kinds of the foods.
As Bays waterfall restaurant tend to be imaginative and creative when it comes to foods and waterfall experience that the business is
preparing for in comparison to other restaurant businesses in London.
Critical success factors
There are various factors that the restaurant needs to considers for attaining success in the near future or the future periods are as
follows-
Targeted marketing- For achieving success, Bays Waterfall restaurant has to make sure that its marketing strategies focuses on
its trade are, customer demographics and its buying behaviours. It needs to find several ways in measuring the success for each of the
marketing program.
Quality food- It is very important for the restaurant to focus on providing a quality food in order to ensure the good health and
safety of the guests. This in turn helps the restaurant in achieving success with well known brand value in the future periods or in long
term.
Quality services- The restaurant is said to be good as its lasts with the better customer interaction by greeting them and
offering them the best taste which meets their expectation (Chitty, D'Alessandro and Gray, 2019). By facilitating them an ease in the
services such as providing them Wi-Fi facility and the online payment services, company can attain success.
Flawless implementation- By doing all elements of an experience, it is expected from the restaurant in providing to the
customers and taking an action for providing a flawless services to the guests.
Customer data- Before opening a restaurant, it has to make a research on analysing its targeted customers that is information
relating to their demographic profile, their preferences and the needs. Thereafter, in accordance to the desire of a customer,
restaurants have to plan its strategies and setting the menu accordingly so that they will prefer to visit the restaurant on a quick basis.
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Customer feedback- It relates to encouraging the customers in facilitating the feedback at times they are been served and in
relation to the experiences that they feels regarding the services that are provided by the restaurant. This helps in attracting more
customers which leads to achievement of success in the future.
Realistic financial formula- Restaurant has to assess that its business will generate a sufficient revenues in meeting fixed cost
and a estimation of the profits after the variable cost are reduced (Alves, Fernandes and Raposo, 2016). By applying an investment
appraisal technique, it can analyze the feasibility and viability of the study which is very important for analyzing the success of the
company in the future periods.
Labour balanced as per demand- In order to open doors, a business requires evaluating basic labour needs as its cost reflects as
the fixed cost. The profits are often been squandered through the poor scheduling of the variable cost that represents an additional
labour which need to meet an anticipated demand and knowing the requirements of the labour in respect of hour and the schedule
accordingly.
Winning attitude- For gaining success, Bays Waterfall must seek for a winning attitude in terms of its staff by showing a
positive attitude towards the guest or the visitors.
Competitive advantage- It has to analyze competitor of the business who offers same kind of the services and the products to
the consumers. Bays waterfall restaurant need to check out its location, customer service, prices and significantly relating to its food
quality and menu. By identifying the creative and unique dishes that can be offered to the consumers where its competitor lacks like
better discounted prices, several cuisines with different flavours etc.
Employees- It has to be taken care by the restaurant for gaining success in the long run that highly reliable employees are hired for
running its business. In case its cooks, servers, bus-boys are not performing their job effectively then it would be charging a high cost
for the business. By setting higher standards for its employees is seen as critical factor for attaining success. By setting higher
standards for its employees are counted as the real people and not a commodity. By treating employees as a member of an
organization is very critical for retaining a best or large talent at the workplace.
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