Brenden Dannaher - Developing a Business Plan

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Brenden Dannaher - Developing a Business Plan

Quote:Developing a Business Plan
Written and Produced By Brenden Dannaher

Description:

lan Martin operates an existing successful catering
for corporate functions business. An opportunity
has arisen to take over a restaurant that is
currently under performing. Whilst the two types of
businesses are related, the catering business is
more operations focused than a service based
restaurant. Before commencing, a business plan
needs to be completed. The four elements of a
business plan are outlined - the executive summary
and the operations, marketing and financial plans.

Setting the mission, establishing goals and
objectives and conducting breakeven and SWOT
analysis are essential tasks. The mission outlines
what the business is trying to achieve and it works
best if stakeholders can identify with it. Goals need
to be achievable and measurable. Conducting
breakeven and SWOT analysis enables a realistic
picture of the likely success or failure of an
undertaking.

Marketing involves identifying who the customer is
and how to communicate with them. The target
market’s perception of value needs to be gauged in
order to set the most appropriate price for the
product or service .

lan Martin has developed an operations manual for
the restaurant that outlines systems and
procedures that are to be performed. This is very
detailed and subject to constant review and
improvement.

The financial plan sets goals for revenue, expenses
and profitability and is monitored closely. Projected
profit and loss, balance sheet and cash flow for the
first year have been projected. Benchmark figures
for costs such as advertising and staff are
established and any variances from these
monitored closely.The business plan is dynamic
and subject to regular review in light of internal
and external factors.

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