Advertising Budget

Categories: Advertising Entrepreneurship Food

Essay, Pages 3 (730 words)

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Introduction

In annual report regarding the world’s most brilliant entrepreneurs, Entrepreneur Magazine highlight that they are able to generate millions of dollars revenue in relatively short period. Thanks to the advancement and the attractiveness of digital media that help entrepreneur to speed up the business growth. They also admit that the adoption of information technology helps their ventures to generate revenue, minimize costs, and retain customers effectively and efficiently.

According to a research in 2000 that conducted by the U.S.’s National Restaurant Association’s 2000 Restaurant Industry Forecast, the faster growing segment in the industry is social caterers that their sales record $3.6 billion in 2000 or represents a 5.7-percent increase from the previous year (Fulbright 2008).

One factor that influences the growth of sales in restaurant business is lifestyle.

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It becomes a new trend since it possesses obvious benefits as consumers prefer counting on a restaurant than providing all food and beverage service for their party for simplicity. This situation adds the significance of establishing a new restaurant.

Mission Statement

To promote multiculturalism through the experience of fine food and service of different cultures
To provide a dining atmosphere that gives a unique cultural experience
To make every customer feel welcome upon their arrival, experience superior service and quality meal while they dine and feel satisfied when they leave

The mission statement is composed as the result of the target market determination where it reflects the target market are those who values the multicultural food and beverage from various culture all over the world.

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While striving to be unique with our full menu complement, we also want to ensure that the fundamentals of a good restaurant are in place. These include excellent service from our staff; meal and beverage of the best quality and an experience that is unique to only our restaurant.

Financial Plan

One aspect in a business plan that requires special attention is the preparation for financial plan. In the financial plan, the main discussion is about the elaboration of projected income to finance a company’s operation.

By definition, financial projection is an important part of business planning process that helps business to prepare the company’s annual budgeting and to plan long-term achievements and business appraisals (PlanWare, 2006)

Basically, in any financial forecast, the basic rule is simply examining the simple equation (S-C = P) in which Sales (S) minus Costs (C) equals Profit (P). In addition, financial forecast also assists a firm in obtaining following actions:

Determination of sales forecasts and budgets (operational and capital expenditure)
Figuring out achievable financing requirements
Discovery of financial consequences including the alternative financing, marketing or operational strategies (PlanWare, 2006)

Prior to the elaboration of financial statement of a restaurant, we should first determine the financial assumptions so that in the formulation of financial projection there is not misled part. Here are some financial assumptions made for a restaurant

In the early 2009, the first restaurant outlet is opened in which the fund is provided by stakeholders’ cash and paid for through IPO and results in goodwill;
70% of customers is considered to be loyal customers, resulting in the continual revenue achievement
In the second and third year, the company already opened another restaurant outlet, which doubling the restaurant’s turnover.

In the financial projection, we find that the restaurant start making money when the number of customers reaches above 200 guests daily.

Human Resource Management

Concerning the organization structure of a restaurant, figure 1 shows the projected formation for restaurant business with some adjustment in the organization structure to provide better performance in delivering customer experience to customers.

The suggested organization structure as shown in the figure 1 is the most suitable structure for a restaurant proposed in this business plan since the company has already filled some strategic position although there are some positions that are overlapped on to another.

Bibliography

Canada Business. (2005). Plan Your Advertising Budget. Retrieved March 22, 2009 from http://www.cbsc.org/servlet/ContentServer?pagename=CBSC_FE%2Fdisplay&lang=en&cid=1081945276393&c=GuideFactSheet

Hatch, M. J. (1997). Organization Theory. Oxford

Kotler Philip and Gary Amstrong. (2006). Principles of Marketing. Prentice Hall

PlanWare. (2006). White Paper - Preparing Financial Projections. Retrieved March 22, 2009 from http://www.planware.org/finance.htm

Robbins, S. (1987). Organization Theory: Structure, Design, and Applications. Prentice-Hall

Shugan, Steven M. (2004). The Impact of Advancing Technology on Marketing and Academic Research. Retrieved March 22, 2009 from http://bear.cba.ufl.edu/centers/MKS/marketing%20science/ed2304.pdf.