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Business planning

Extracts from this document...

Introduction

AVCE Business Studies Unit 6 Business planning Task 1 Contents page Company summary My product Business aims Business objectives Mission statement Keys to success Marketing plan Production and resources requirement Financial plan Evaluation of the plan Business summary Type of organisation: Sole trader Business name: Keemto Business address: Homerton High Street. London. Nature of business and market area: the business will produce and sell Nigerian food. Start date of trading: the business will start trading in the medium of 2006 depending on how quickly the business is set up Personnel: the businessperson will be Adeoye Adeola (myself) who has brought up the business idea and is also investing her personnel money into the business. Company summary I am going to produce a business plan for an enterprise that I am setting up. The enterprise is going to be a restaurant, which is privately owned by me, which is known as Sole trader. My enterprise is going to be in secondary and tertiary sector because I will be making and serving foods to my customers. The plan is going to involve analysing and developing an understanding of the market in which my business will operate the resource requirements of producing and marketing my product and a financial plan for my product or service. The plan will include details on my business's objectives, proposed operations, resource requirements and the financial forecasts. My business planning will involve researching and collecting information, evaluating and analysing information and then presenting the relevant findings in a format, which can be used to improve my decision-making. My business legal status can be organised by its name, which is Keemto restaurant. The long-term goal of Keemto restaurant is to become the best choice of Nigerian restaurant in London. I plan to be more than a great restaurant, create an environment of pampered luxury that surpasses the standard fare for other Nigerian restaurant. ...read more.

Middle

This will help me to work out the delivery dates for pre-booked items. The building in which the equipment is housed is also a consideration because of noise levels and safety issues. The design of the production unit will be carefully organised to avoid too much wasteful movement between functions. For me to acquire equipment, a number of critical decisions will have to be made. I'll have to decide whether to acquire the equipment now or buy them or lease them. Other factors that will affect my choice of decision will be the supplier I chose. This will be determined by quality, payment terms, technical back up and after sales service. The equipment I'll need includes a wide range of items including telephones, vehicles, cooker, microwave, dishwasher, cutlery, tables, chairs, pots, fryers, fridge, freezer, cups and plates. Equipments Price Cooker �1505 Microwave �329 Dishwasher �629 44 pieces of Cutleries �100 1 Tables and 4 chairs �289 (�5780 for 20 tables and 80 chairs) Pots �500 Fryers �279 Fridge �1000 Freezer �500 Cups �100 Plates �150 Vehicles �6000 Telephones and fax machine �100 1 Aprons �13.50 (135 for 10) Blender �152 Labour requirement: the two principal positions needed to operate Keemto are the manager and the cook. I'll be the one to take these responsibilities and employ some staffs, which are as follows with their wages. Staffs Wages 2 Full time cook 600 6 Waiters/waitresses 1,200 1 Kitchen porter 200 Total labour cost 2000 Stage of production: I'll need to make decisions about how to divide up the stages in the production cycle. A small easy to produce food will require only a few stages whereas a highly complex item will need many more stages. It will also depend upon the number of functions one machine can complete. This will help me to set up a well-controlled operation, cook a steady flow of finished foods, reduce wastage and maintain specified quality standards to meet my customer requirements. ...read more.

Conclusion

while other sites had irrelevant information. One major positive aspect of my business is that there is very little money tied up in stock. In my financial plan I said I would need a �15000 loan to get started. This is because some businesses needed large amounts of start up cash to start trading. If I were to reconstruct my plan then I would go about it in a similar fashion, but make a few changes. For instance I would research my market much more intensively which will allow me to produce a much more detailed plan. What is more is that I may discover new things about my business, which may encourage or even discourage me from going ahead with my plan. I would also concentrate much more on promotion. And draw a budget for the promotion activities. This is because in my plan I did not look at promotion in too much detail. Therefore next time I would concentrate more on the layout of posters/flyers/leaflets/questionnaires. Finally I would consider researching a lot more about my area where I am going to trade. This is because I have looked at East London in detail but have not researched Hackney in great detail. Overall I believe that my business plan is good enough to obtain loan from a bank. This is because my market research showed me that there is a gap in the market and a good chance of my business succeeding. As mentioned before I do not need a large amount of capital so once again this should make my business proposition to the bank even stronger. The fact that I have not a built up credit rating with the bank may affect my chances of getting a loan. Nevertheless, I can emphasise the fact that my businesses unique and demand levels are high. Finally I believe that I can go on to succeed with my business and possibly expand in the future. Alternatively if my market is declining then I may diversify into another market. ?? ?? ?? ?? 1 ...read more.

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