Products And Services Offered By Home Style Restaurant

Business Vision

Discuss about the Products and Services Home Style Restaurant.

• To be the famous and premiere home style restaurant. To provide quality food at reasonable prices.

Our mission is to give a different and relaxing dining feel-similar to dinning at home. Restaurant will be give menu list including quality food variety at reasonable prices. Restaurant will provide quality of foods and fast services to our customers. Treating each and every customer with nobility and respect- just like they have come to own home.

Restaurant offers a wide variety of Indian, Chinese and Italian dishes. Restaurant wants to focus on selling a quality product and service to its customer. Restaurant also offers complimentary Italian soda to its customers. For promoting the restaurant, we will offer the discounts and offers on opening day (Markovic, Manderson, and Team, 2017).

Company will be located at the prime area so that majority of the customer can reach there. The restaurant will provide a variety of food from Indian to Italian. The restaurant will be open for 7 days a week from11 A.M. to 12P.M. Home like restaurant will be a sole proprietorship form of business. The daily schedules will be written by the manager. The daily routine will be written in order that will allow manager to increase or decrease the labour hours according to the expected sales in order to have a control over labour cost (Lee, Hallak and Sardeshmukh, 2016).

Proper planning and rotational techniques will be planned in manner to obtain the high authentication in the working. Also the quality assurance of the products will be check by the manager itself. Restaurant uses the resources of the society so it is the responsibility of business to provide a good quality product and service to the society (Epstein and Buhovac, 2014). The check over the high urge should also be check and measures will be taken to fulfil the requirements during the peak season and business hours.

Operations:

Manager will be responsible for the ordering, receiving and support the inventory to match up the demands of the restaurant. Ordering grocery will be done for the weekly basis so to preserve the freshness. Orders and supplies will be ordered less often, according to a decided plan, schedule and storage capacity. Upon arrival of guest, guest will be welcomed by the manager or server and asked them to have their seats.

Restaurant is owned by the 4 members who will be in partnership form of business. The most of the expenses are in furniture and machineries of a business. Some amount is taken by bank loan and rest will be contributed by the owners of the restaurant.

Business Mission

Strength:

The restaurant is situated at the prime location so customers can access easily. Due to the small size of the restaurant, the quality provided to the customer is quiet good as compared to the large corporate competitors (Helms and Nixon, 2010). The staffing process of restaurant is done by the manager and owner so the restaurant will have the quality employees. The USP (Unique Selling Price) of the restaurant is to provide home like meals in reasonable prices and provide comfortable home like setting. Restaurant is serving the specific type of food from Indian food style to Italian food.

Weaknesses:

The weakness of any organisation or restaurants is that the recruiting and retaining the quality employees. Weakness also includes the poor training given to the staff members. The restaurant is dependent on the personal service provided by their staff members to their customer. Staff member is the only one who attends the customers and explains the culinary personnel how you want food to be prepared and presented. Another weakness that restaurant face include problem of not getting continuous supplies from the suppliers, it will result into menu items not being available when demanded by customers.

Opportunities:

 Opportunity for a restaurant can be coordinating with the external environment so that they can follow up with the market trends. Analysing the culture of the location or area in which the business is operating. Like home restaurant also adopts the culture following in the area and become the first mover advantage in the market. In the market of Australia, the food lovers are present are there who want to try different types of food. It makes it simple for grabbing the more customers at their restaurant. Knowing the customer preferences, patterns and behaviours will work as an opportunity for the restaurant to satisfy them better (Spender, 2014).  

Threat:

Competing restaurants located nearby to the restaurants will be work as a threat to the business. If any restaurant is opened selling the similar kind of food or have similar kind of dinning and ambience that will be a great threat for our restaurant. Another threat for a restaurant business will be raising price of certain food items. Restaurant is dealing in seafood dishes also and some negative impact shrink the market, a threat will exist when prices are increased or may be business find new suppliers. When government introduces new rules and policies in the environment it also works as a threats if it is not in accordance to the business.

Products and services

Restaurants business is built of complex tasks which includes selling, preparing, purchasing and storing food. The performance of the restaurant depends on the information system which coordinated and communicated everything from scheduling personnel to customer service.

The license requirement of the restaurant depends on the size and location of the business. Firstly owner has to take the permission from the local authorities of Australia. Home like restaurant will also take the intellectual property rights so that no one can copy their design and decor, menu, names and recipes.

 A milestone of restaurant firstly includes the profitability model of the business. Profitability of the restaurant depends on how clients values product and service offered by the restaurant. Check whether the restaurant delivers the values at right cost or not.
Sales 

In regard to sales of restaurant, it has been assumed that sales of Italian food will be highest and selling of Indian and Chinese food will be less as compared to Italian food. It has been assumed that the overall sales revenues will be increasing at the rate of 10% in first year and then accelerate at the rate of 20% in 2nd year and then 30%from 3rd year onwards. Cost of goods sold has been assumed to be 60% in the initial years and then it has been considered to go down to 55% due to economies of scale.

Maintaining customer retention means giving more to customers than what he expects from the restaurant. Home like restaurant will manage its customer by using the CRM (Customer Relationship Management) software. This software helps to records the small details of the customers like birthdays, contact details and anniversaries etc. Sending customers their birthday and anniversaries greetings and the customers will remember our restaurant when deciding a place to celebrate a happy occasion. CRM is considered to be the best when it comes to the customer retention and management (Trainor, Andzulis, Rapp and Agnihotri, 2014).

Another way of managing a customer is taking the feedback from the customer about restaurant service and foods as they are most honest source to know the reality. Feedback helps to know the flaws and gives us an opportunity to correct the mistakes. Restaurant is also using the online marketing to update the customers about the restaurant’s events.

In home like restaurant, calculating the cost is an important task, since the gain on each and every dish will be different and in starting years of business the cost of items in menu card too. Restaurant can take the advantage of credit terms given by our sellers and can update menu to take extra benefit of peak season in producing local food items.

Organisation Structure

The business can be expand and explore by using the online social media. Social media platform will also cost low for the business and promotes the restaurant online. Home like restaurant will also offer contests to spread the word about the restaurant (Effing and Spil, 2016). In this online or offline contests are preferred. In this restaurant physical space, ambience and food will be discussed on social media. If the offline performance in restaurant is done in a right way then there will be chances of flourishing online market also.  Restaurant also invites the local food bloggers and influencers so that they share the content related to the food and restaurant (Tavitiyaman and Zhang, 2011)

 Home Like Restaurant intends to serve to the bulk of adults in Australia. Restaurant has chosen this group because this age is considered to build a brand image. This group is more flexible in budget and have more than a price relationship. Restaurant wants to keep lunch price as low as possible to remain in the competition but also to provide excitement offers to the customer.
Market competition Influence of Five forces 

1. Bargaining power of buyers:

Bargaining power of buyer should be taken into account of the restaurant analysis. This element deals with the influence of demands of consumers. In home like restaurant, customers can shift his demands from one restaurant to other restaurant. High level of substitutes is available to the consumer in restaurant’s business. HLR should try to develop strategies and policies to increase customer stability. If the bargaining power of the buyer is high in the market then it will affect adversely to the restaurant as they have many options and substitutes available in the market (Porter, 2011).

1. Bargaining power of suppliers:

Suppliers of materials also influence the restaurant business. If the number of sellers is high in the market then the negotiating power of the sellers will be low. Low bargaining power of the supplier is an extra advantage given to the business.

1. Close substitutes of a product:

Home like restaurant has opened with the different concept and theme. Normally restaurants and eateries are quite capable of selling the same types of foods as sold by fast food chains and other restaurants but the comfort and convenience given to the customers.

1. Rivalry of competitors:

Home like restaurant faces a tough competition as the market has already has many players.

The US restaurant industry includes more than 480000 restaurants with average annual earnings of $500 billion. Major companies include McDonalds, KFC, and Pizza Hut. The industry is very large to explore, as the 50 largest companies hold just 20 per cent of the market share. Also the restaurants compete with the home cooking. If there is high competitive rivalry among competitors then it will affect the business adversely (Hubbard, Rice and Galvin, 2014).

1. Threat of new entrants:

Threats are those external factors that can hamper the performance of restaurant. Generally restaurants do not have control over these factors. Home like restaurant is a new opening in the market so there will no threat of new entrants. The only threat home like restaurant have to face is high competition in the market.
Financial forecasts 

References:

Epstein, M.J. and Buhovac, A.R., (2014). Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers.

Spender, J.C.,( 2014). Business strategy: Managing uncertainty, opportunity, and enterprise. OUP Oxford.

Helms, M.M. and Nixon, J., (2010). Exploring SWOT analysis–where are we now? A review of academic research from the last decade. Journal of strategy and management, 3(3), pp.215-251.

Hubbard, G., Rice, J. and Galvin, P.,( 2014). Strategic management. Pearson Australia.

Blackwell, E., (2011). How to Prepare a Business Plan: Create Your Strategy; Forecast Your Finances; Produce That Persuasive Plan. Kogan Page Publishers.

Tavitiyaman, P., Qu, H. and Zhang, H.Q., (2011). The impact of industry force factors on resource competitive strategies and hotel performance. International Journal of Hospitality Management, 30(3), pp.648-657.

Porter, M.E., (2011). Competitive advantage of nations: creating and sustaining superior performance (Vol. 2). Simon and Schuster.

Trainor, K.J., Andzulis, J.M., Rapp, A. and Agnihotri, R., (2014). Social media technology usage and customer relationship performance: A capabilities-based examination of social CRM. Journal of Business Research, 67(6), pp.1201-1208.

Effing, R. and Spil, T.A., (2016). The social strategy cone: Towards a framework for evaluating social media strategies. International journal of information management, 36(1), pp.1-8.

Australian Government, (2016). Submission to the Productivity Commission Inquiry into Australia’s Intellectual Property Arrangements. [online]. Available at: https://www.pc.gov.au/__data/assets/pdf_file/0006/194469/sub023-intellectual-property.pdf [ACCESSED ON 6^thapril 2018]    

Lee, C., Hallak, R. and Sardeshmukh, S.R., (2016). Innovation, entrepreneurship, and restaurant performance: A higher-order structural model. Tourism Management, 53, pp.215-228.

Markovic, M., Manderson, L. and Team, V., (2017). Cultural Competence in Health: Understanding the Food Choices of Older Ukrainian Australians. In Culture, Migration, and Health Communication in a Global Context (pp. 87-104). Routledge.

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