A restaurant business plan will help you to maximise your chances of success in your business by ensuring that all aspects of business operations have been thoroughly planned and by providing a tool for major stakeholders to evaluate the viability of the venture.
RECIPE FOR SUCCESS INGREDIENT CARDS
Ingredient 1: Restaurant business plan
Question:
Why write a restaurant business plan?
Answer:
A restaurant business plan is like a road map. Where am I now? Where do I want to be in 18 months time? How am I going to get there? If you are intending to start a business you should plan from the beginning.
Essential elements of a restaurant business plan:
Executive Summary
An overview of all the information included in the Business Plan.
Business Management
A description of the business enterprise, its name, structure and the owner’s skills and expertise.
Operations Plan
A description of systems involved in the day-to-day running of the business:
How goods will be produced, who will perform what tasks, what procedures and policies will be implemented and how business performance will be monitored.
Marketing Plan
Details of the sales objectives and the marketing strategies used to achieve them.
What will be sold, at what price, to whom, from where and how it will be promoted.
Financial Plan
An evaluation of the enterprise’s potential to make a profit. Where the money is coming from, where it is going to, is the balance positive or negative and how much money is required for the business to operate at a profit.
Appendices
If from all this, you think a business plan is a very comprehensive document and that it takes a considerable length of time to prepare, you would be right! However, it is worthwhile spending this time as it may save a great deal more time, effort and money in the future.
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Fail to plan-plan to fail.
