Strategic Plan
A bunch of aspiring chefs will aim to open up a fast food organisation in the streets of London. The business will provide all type of fast food and drinks that customers can eat while on their way to any type of journey. The business will be based on partnership type as 3 people are engaged in setting up the business. By being a businessperson, the aim is to make the business a success so that it can provide employment opportunities with the required skills as well as satisfy the customers.
Strategic Plan
USP
The USP of the organisation is to cook and deliver the food items to the customers at a quicker time and provide special gift-wraps that are available for occasional purposes such as Christmas.
Competitive advantages
Ambat et al. (2017) is of the opinion that competitive advantage can help in establishing a particular business in a market. The competitive advantage for the food delivery organisation is that it is available at a cheaper rate in the market and provides quick delivery of food within 30 minutes
Marketing Plan
4 P’s of marketing:
The marketing elements can help in determining the strategies that need to be adopted (Armstrong et al. 2015). In this case, the 4P’s of marketing will be compared with the performance of the competitors. The prices will be kept comparatively low. However, the products and services will not be compromised due to low price. Instead, the promotion will be done with assistance from word- of- mouth and flyers. The place will be initially in the surrounding areas of UK and later spread globally
Budget
|
Sources of Capital |
|
|
Owners’ Investment (name & % ownership) |
|
|
Your name & % ownership |
$ 6,000,000 |
|
Other Investor |
25,000 |
|
Other Investor |
2,500 |
|
Other Investor |
– |
|
Total Investment |
$ 6,027,500 |
|
Bank Loans |
|
|
Bank 1 |
$ 2,500 |
|
Bank 2 |
2,500 |
|
Bank 3 |
– |
|
Bank 4 |
– |
|
Total Bank Loans |
$ 5,000 |
|
Other Loans |
|
|
Source 1 |
$ 65,000 |
|
Source 2 |
25,000 |
|
Total Other Loans |
$ 90,000 |
Operational Plan
Operational plan involves structuring the strategies and competencies that a company requires for attaining success (Lidstone and MacLennan 2017). The number of employees of the company will be limited to 2- 4. The division will be made as such that two people will cook and the other two will deliver the food. The number of employees will be increased later on depending on the necessity. At the same time, cost and budget will be kept reasonable to capture the market and avoid additional expense.
Finance Plan
|
Summary Statement |
|
|
Sources of Capital |
|
|
Owners’ and Other Investments |
$ 6,027,500 |
|
Bank Loans |
5,000 |
|
Other Loans |
90,000 |
|
Total Source of Funds |
$ 6,122,500 |
|
Startup Expenses |
|
|
Bldgs / Real Estate |
$ 135,000 |
|
Leasehold Improvements |
12,000 |
|
Capital Equipment |
174,000 |
|
Location / Admin Expenses |
5,000 |
|
Opening Inventory |
– |
|
Advertising / Promo Expenses |
45,750 |
|
Other Expenses |
50,000 |
|
Total Startup Expenses |
$ 12,666,750 |
Budget with cash flow
|
|
Year 1 |
Year 2 |
Year 3 |
|
|
Operating activities |
||||
|
Net income |
$0 |
$0 |
$0 |
|
|
Depreciation |
$64,200 |
$65,484 |
$66,768 |
|
|
Accounts receivable |
$0 |
$0 |
$0 |
|
|
Inventories |
$0 |
$0 |
$0 |
|
|
Accounts payable |
$0 |
$0 |
$0 |
|
|
Amortization |
10,000 |
10,000 |
$10,000 |
|
|
Other liabilities |
5,000 |
5,000 |
$5,000 |
|
|
Other operating cash flow items |
0 |
0 |
$0 |
|
|
Total operating activities |
$79,200 |
$80,484 |
$81,768 |
|
|
Investing activities |
||||
|
Capital expenditures |
$0 |
$0 |
$0 |
|
|
Acquisition of business |
0 |
0 |
0 |
|
|
Sale of fixed assets |
$0 |
$0 |
$0 |
|
|
Other investing cash flow items |
0 |
0 |
0 |
|
|
Total investing activities |
$0 |
$0 |
$0 |
|
|
Financing activities |
||||
|
Long-term debt/financing |
($95,000) |
$0 |
$0 |
|
|
Preferred stock |
0 |
0 |
0 |
|
|
Total cash dividends paid |
5,000 |
5,000 |
5,000 |
|
|
Common stock |
0 |
0 |
0 |
|
|
Other financing cash flow items |
0 |
0 |
0 |
|
|
Total financing activities |
($90,000) |
$5,000 |
$5,000 |
|
|
Cumulative cash flow |
($10,800) |
$85,484 |
$86,768 |
|
|
Beginning cash balance |
$0 |
($10,800) |
$74,684 |
|
|
Ending cash balance |
($10,800) |
$74,684 |
$161,452 |
Conclusion
Based on the analysis of the business plan it can be said that the business may suffer financial loss in its first year, however, with the growth in the market it can continue to thrive and become a household name in the UK. Maintaining the business properly require proper management skills that need to be implemented so that the business engages in keeping the customers satisfied as well as the customers.
Part II Satisfaction and dissatisfaction
I am particularly satisfied with the purpose of the assignment as it was well described and had provided valuable points for future use. At the same time, I have managed to formulate the budget clearly and portrayed the picture of the business in a detailed manner. However, one of the dissatisfactions that I faced as that there was a clear understanding of the topic while it was being presented. Failure of identify a specific target audience was another reason for my dissatisfaction. In addition, there was lack of valid information and the strategies related to marketing were not defined clearly. Despite this, the audience attending the presentation could relate with the concept in a proper manner.
USP
Personal strength and weakness
One of the strengths that I had was I managed to remain fluent throughout the assignment. I had not been nervous may be because the project had been completed on time without any problems. However, there were certain limitations that I need to work on so that future presentations can be provided without any issues. I need to increase my vocabulary so that I can use more terminologies during the presentation. I also need to make considerable research about the concepts that I am presenting so that more details can be provided. Despite completing the project within the limited period, I need to ensure that collaboration and bonding with the team is made.
Strategies used during the final presentation
In order to improve my weakness I started reading books that provided me with detailed information about the manner in which I can present my thoughts in the future. I started using a dictionary to improve my vocabulary. I tried to capitalise on my strength by taking part in debated and convincing the team members to continue helping me during my presentation. Such strategies helped me during my final presentation so that I can remain confident while delivering the topic.
Feedbacks received:
Audience: The feedback received from the audiences was mostly positive as the people attending the presentation had a thorough knowledge about the topic. Questions were asked which helped me to understand that the audiences were interested in the topic presented to them.
Lecturers: The lecturers on the other hand, were critical and countered every statement that I had made. This was the time that I had realised my limitations and the manner in which I need to improve my vocabulary and presentation skills.
Fellow students: My team members provided me support throughout the presentation. My seniors in the team had supported me by showing faith in me about being able to communicate with the audience. Although there were less interaction between the team members and me, it did not hinder the success of the presentation.
Impact of the feedback
The impact of the feedback received from the audience, lecturers and the fellow students provided me with the perspective of understanding my strengths and weakness. I need to ensure that I have the proper knowledge about the topic and I get to implement it during my presentation. I had understood the areas that I had lacked as my fellow team members brought this to my attention. I was not aware of the lack of skills I had in trying to solve problems instantly. I managed to understand that particular problem and tried to rectify my errors. I even understood my strengths as I had received positive reviews from the audiences for my presentation. This provided me with an opportunity to gain confidence about my communication skills and the manner in which I can use it for my strength towards gaining the trust of the people with whom I communicate.
Role of fear of making mistakes
The fear of making mistakes hampers my creativity. I become reluctant to try out new techniques or apply new skills that I learned as failure of it need to be reprimanded. I fear of losing the trust of my team members if I am unable to meet the expectations that they have on me. This threatens my ability to provide in-depth analysis of a topic that I am curious to know. Apart from this, I fear that the lecturers may not appreciate my presentation if I try to involve enough creativity in terms of transition of the slides or colour combination. Therefore, I have to limit my knowledge to a small canvas without opportunities for expansion.
Recommendation
The first change I would like to make is that I would become a proper team member. I would support my team members and ensure that I gain enough knowledge about the topic that I am preparing. I need to be more focused and concentrate using terminologies that can help me to provide good and effective presentation in the future.
Ambat, L.M.C., Cabagnot, T.R., Flores, D.J.C. and Tiong, R.C.F., 2017, November. A Study on Designing a Marketing Plan for a Start-Up Business in the Philippines. In Ascendens Asia Journal of Multidisciplinary Research Conference Proceedings (Vol. 1, No. 2).
Armstrong, G., Kotler, P., Harker, M. and Brennan, R., 2015. Marketing: an introduction. Pearson Education.
Lidstone, J. and MacLennan, J., 2017. Marketing planning for the pharmaceutical industry. Routledge.
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Pride, W. and Ferrell, O.C., 2015. Marketing 2016. Boston, MA: Cengage Learning.
Yeo, V.C.S., Goh, S.K. and Rezaei, S., 2017. Consumer experiences, attitude and behavioral intention toward online food delivery (OFD) services. Journal of Retailing and Consumer Services, 35, pp.150-162.
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