Business plan for a restaurant Essay Example | Topics and Well Written Essays - 1750 words

Business plan for a restaurant - Essay Example The business should get to meet its financial targets and be aware of its financial position. The business should aspire to meet its social responsibility by running profitably, ethically and in accordance to the legislations and regulations (LLC 2010, p. 67). Goals The restaurants goals shall get tied to its mission and vision statements. The goals should be SMART; specific, measurable, realistic, achievable, and timely (Hatten 2011, p.88). The restaurant’s goals shall allow the business to plan and understand its point of success. The goals shall not become fixed as they will get updated with time as the business proceeds. The restaurant team should aim to achieve the business goals and assist to ensure they are met for the eventual success of the business (LLC 2010, p. 77). The restaurant’s goals shall be to provide impeccable and irresistible service by showing graciousness, warmth, efficiency, knowledge, integrity and professionalism. The restaurant also aims to im prove the quality of life of the local community around the Waterloo station and beyond by conducting donations and fundraisers (Walker 2007, p. 75). Location The Waterloo station serves as a superb location for a restaurant business. The completion of the construction of a retail balcony at the station for retail and catering outlets, the station provides a fantastic location opportunity for a restaurant business (Walker 2007, p.116). The station provides a great strength for the potential business due to its strategic positioning, which serves a large number of passengers. For the restaurant to become successful, it will require a customer base, and this will be partly covered by its location at Waterloo (LLC 2010, p. 97). At Waterloo station, the restaurant will get located...Its location on the first floor of the station also ensures that it is easily visible and accessible to potential customers The business other strength will lie in its pricing. The restaurant plans on offering prices for its services that are slightly lower to its competitors present at the station (Patti 2004, p.44). The other strength lies in the fact that the restaurant shall focus on Italian cuisine. This cuisine is popular and caters for a variety of meals that will attract a wide customer base. Weaknesses Since the establishment will get located at the first floor, there is a slight chance that customers might shun it. Some customers want a quiet place to have their meals and this cannot be promised at the first floor where the movement is relatively high to the second floor. Opportunities The business opportunity lies on the completion of the construction of the retail balcony at the Waterloo station. This makes the restaurant among the first establishments to grasp the retail spaces offered. The other opportunity lies in the restaurant’s menu. The restaurant’s plans on offering diabetic, vegan, and low fat diets makes it standout with the few restaurants offering such services at the station Threats The restaurant faces stiff competition from older restaurant establishments at the station. Some establishments have already developed a devoted customer base, and it will be difficult to lure such customers away