Business Plan Fast Food Chain Assignment Sample

Business Plan Fast Food Chain

Introduction - Business Plan Fast Food Chain

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Business Rationale

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The fast-food chain business sells different kinds of fast food and beverages. The major items in their product range are pizza, hamburger, fried chicken, pie etc. These fast food options would be provided to the people who need good food options while travelling by train. It is a part of the fast-food chain and has a strong brand image established in the high-street food market throughout the country. They are enthusiastic about meeting consumer demands. The organisation would enter the local fast food market by installing shops or kiosks in the stations within the next 6 months. It is a part of their experiment, whose success or failure would lead to the actual consideration to expand.

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Key Factors

• The spending and buying behaviour of customers has changed a lot in the recent decade, especially since the COVID-19 pandemic.
• People have become more cautious about food ingredients being used in their food items, and the concern for quality is heightened.
• The regular lives of travellers have become faster than before, leading to the need for on-the-go options for everything.

Benefits

• The company would receive an increase in awareness about the business among the target consumers.
• The overall revenue of the business would increase by 30% due to sales increase.

Cost

• The initial cost for the experiment of installing the food kiosks would be about £10,000 for the first month, followed by a recurring cost of £6,000.

Impact

• Travellers need convenient options for every item today; this food kiosk would address their demand for convenient fast food options.

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Income growth

The result from the project is predicted in an estimated growth in net revenue of the business by 25%.

Recognition

The expansion in the local market through railway stations would bring the business to the notice of more people, and an estimation of 40% more target consumers would know about the business

Appreciation

Due to quality and healthy fast food options being available in stations, all the commuters and other travellers would appreciate the brand.

Sustainability

The organisation is cautious about health consciousness among consumers, and would thus focus on providing delicious items made of the most possible quality ingredients.

Company growth

The recognition of the brand among the consumers as a sustainably concerned, the consumer-focused brand is projected to develop the existence of the business in the market.

Project Objectives

Objectives are vital because they translate visions into measurable goals. Employees know exactly what is expected of them and when (Ul Musawir et al, 2017).

Every company requires principles. Objectives guide the company’s efforts toward the owners’ aims and ambitions.

When employees know what is expected of them, they work more enthusiastically. Employees who lack job-specific abilities are motivated to learn more and enhance their performance.

Objectives set performance criteria. They identify an organization’s and personnel’s achievements and failings. Managers use performance reporting to detect underperforming areas and rectify them.

Once the company’s growth route is identified, objectives assist allocate funding. Budgets provide exact financial amounts for departments.

Objectives guide project planning and performance evaluation. Implicating objectives to a project establishes the plan’s schedule.

Setting goals is critical to company success. They may help one to concentrate, encourage staff, and create company goals. Establishing well-defined goals may help a business manage its business’s path and boost the chances of success (Al-Safwani, 2021). The food business has a vision for the growth of the company. They have reasons for the company’s existence, like selling a unique product or offering a unique service. The next step for them is to inform organisational personnel about something they can embrace and explain their part in achieving it.

To achieve the goal, the business needs to become well-known in the local fast food markets. In the process of recognition, the business is set to provide fast food through kiosks for travellers.

The project is objected to increasing the overall revenue of the company.

The image and the recognition of the brand will heighten the target customer base.

Through the convenient food kiosk option, the relationship with customers will be strengthened.

The project will gather data from the experiment will provide enough knowledge to the business for further improvement.

Availing sustainable food options for travellers in the railway stations is another area of focus.

The level of positive experience decides if the current consumers will remain loyal to the business. The food kiosk is projected to provide an excellent experience of food purchase to the customers.

The experimental project will determine the degree of capabilities of the business, as well as the overall performance.

Project Lifecycle

With regard to project management, the project life cycle is a four-step framework (initiation, planning, execution and closure) designed to help project managers successfully guide their projects from the beginning to the end of their life cycle (Keshta, 2019). One of the goals of the project life cycle is to establish a concise framework for project management that is easy to understand and follow.

The project management process seems to be straightforward to an observer since it just involves client contact, arranging meetings, allocating work, and reminding team members of deadlines. However, this is not the case. The reality, however, is that managing a project is far more complicated than this, which is why the project life cycle is so beneficial in the first place.

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At the initiation stage, the food chain business must first describe the need, problem, or opportunity for their team. Aims, feasibility, and major deliverables are determined here (Pretorius et al, 2019).

Typical project beginning steps include:

A feasibility study

Selecting scope

Determining deliverables

Stakeholder identification

Developing business case

Creating a work statement

Entering the planning phase occurs once in the business case, statement of work or project start document is approved (Keshta, 2019). Companies organise the team and plan the work schedule at this phase of project management.

Typical project planning steps are:

Making a project plan

Making flowcharts

Creating a financial strategy and budget estimate

Collecting assets

Prepare for quality barriers and hazards.

Arranging a meeting to start the project

Execution is the business’ chance to plan and recruit. The organisation gets to work in this phase. Execution makes the plan come true (Pretorius et al, 2019). A good project manager organises teams, controls time, and ensures work is accomplished as anticipated.

The project planning phase may involve the following steps:

Tasks and workflows

Educating team members on duties

Communication with co-workers, customers, and management

Quality control of work

Managing finances

The team reaches the closure phase after finishing a project. The closure includes final deliverables, resource release, and project evaluation (Pinto and Slevin, 1988).

During the project execution phase, the following steps may be taken:

Analysing project outcomes

Evaluating group performance

Closing a project

Post-implementation reviews

Budget usage and unused

Timeline Plan

To stay on track while starting and running the business, the food chain business must consider both the big picture and the little details, like:

When launching a business, there is a lot to accomplish (Isasi, 2019). Creating a timeline or strategy requires identifying important milestones. This is what the fast-food business must do to launch the kiosks.

Remember to mention your successes while developing the timeline for your business strategy. The predicted achievements of each step should be included in the timeline. This data would inform the investors which point the project performance is at and where it needs to go.

Because firm plans comprise several interrelated components and sophisticated timetables, the timetable should be simple to read and comprehend.

First month

Initiation of the planning

Recognising resources needed for the project

Planning for the quality

Second month

Identification of key stakeholders

Communication with the stakeholders

Reviewing the entire planning

Getting ready for the analysis phase

Third month

Collection of requirements for the business

Developing trust and rapport with the users

Documentation of the existing system

Development of preliminary data and models for process

Fourth month

Designing structure of the kiosk

Designing the foods provided in the shop

Designing the staff base for the shop

Selection of locations for the kiosk

Fifth month

Construction of the system

Introduction or implementation of the system to the organisation

Providing a support plan for the entire system

Sixth month

Provision of the food kiosk service to the users

Maintenance of the system

Strict monitoring of the system

Thorough evaluation of the implemented system regularly

A timeline (or schedule, if you prefer) lists the milestones of your company strategy — personnel, locations, sales objectives, net revenue targets, and other targets – and their estimated dates of completion (Watson and McGowan, 2018). To accomplish that, the food chain business must first identify the procedures required to efficiently operate a shop like a kiosk in railway stations. These methods include how to open and close the business properly, making each product sold, and other components of success. The company may need to set a deadline, like shown in the table in the slide, for their first kiosk operation, in the form of experimentation for the overall business growth, merely to observe what happens when they are not there to troubleshoot.

Stakeholders

Those with a vested interest in the success of the business are the most important stakeholders to include in strategic planning. According to Tarhini et al (2015), each person brings a unique perspective to the table when it comes to what it will take for the company to succeed. An understanding of the operating environment and a long-term vision for the organisation may be gained by including external stakeholders in the early stages of the planning process. They know the strengths and weaknesses of the company, as well as the hurdles that stand in the path of success. Aside from that, they have first-hand experience with what it takes to be successful in their endeavours.

Three crucial considerations, as per Record (2003), should be kept in mind to foster and sustain continuing participation of stakeholders in the strategic planning and execution process of the fast-food kiosk:

Engaging individuals is a matter of presenting timely and relevant information consistently. Knowing what is expected of the food business and how it can contribute is more important than not knowing what is required of the operation and how stakeholders can contribute.

As many important stakeholder groups as the business believes are relevant to the argument should be included in the list.

By meeting with management, departments and work units may learn how they contribute to the company’s overarching goals. Ensure that the organization’s work is aligned with the strategy at all times.

Employees have a direct interest in the firm since they earn a living and get other perks (both monetary and non-monetary).

Customers are stakeholders because they directly impact the quality and value of the products and services they buy.

Investors and shareholders put money into the company in the hopes of seeing a return on their investment.

Many organisations rely on vendors and suppliers for income and long-term prosperity.

The railway community is an important stakeholder. A major corporation’s entry or exit from a small town impacts employment, revenue, and spending.

Governments are also major stakeholders in companies because they collect taxes from corporations, workers, and other sources (sales taxes). Companies help earn the GDP, which helps governments.

Communications

A formal communication plan assists business analysts in communicating change requirements, project efforts, and business requirements in a clear, consistent manner (Colclasure, 2020). Because business analysts must be able to communicate coherently throughout the company during the iterative change management process, this is an essential component of the communication strategy.

In a dynamic environment where projects and needs change over time and various stakeholders become involved in (or are affected by) initiatives, communication serves as the glue that ties everything together and keeps everyone on the same page.

A communication strategy serves as a road map to guide message choices and ensure that information is communicated most effectively to the most appropriate audience.

It is the role of business analysts to communicate and prepare for organisational change once they have identified the issues and solutions (Sadullayevich and Akhmadbek Feruz-o’g’li, 2021). For the sake of the whole company, the business analysts must encourage cross-functional communication that successfully conveys the need for change and its way ahead so that stakeholders at every level support the effort. Hence, having a well-thought-out communication strategy is essential for the food chain business.

When developing a communications strategy, it is important to think about what they want to accomplish and how they want to get there (Shamray, 2018). An effective communication strategy and plan are critical to the success of the project for the new business plan. Change projects are doomed to fail until everyone in the firm buys into them, regardless of rank or position.

Communication for business requirements is an essential aspect of a business analyst’s job (Sadullayevich and Akhmadbek Feruz-o’g’li, 2021). A business analyst’s ability to communicate critical business needs, results, and suggestions are aided by continuous communication all across the business plan process. Each of the roles listed in the slide needs a clear communication strategy for a project to succeed.

Visualising the communication strategy can help the business arrange its framework into essential areas such as stakeholders, deliverables, task or project owners, priority, and delivery mode (Colclasure, 2020). To ensure that everyone is on the same page, the food business must use visualization tools that are readily shared and collaborative

References

Al-Safwani, M., 2021. The Art of Leadership: Skills to Inspire the Team to Overcome Project Challenges and Achieve Their Goals. International Journal of Humanities and Social Sciences, 15(8), pp.671-676.

Colclasure, M., 2020. The Importance of Business Plan Proficiency to Business School Graduates (Doctoral dissertation, Liberty University).

Isasi, J., 2019. Timeline Tool Lesson Plans. Indigenous Borderlands Unit.

Keshta, I., 2019. A model for defining project lifecycle phases: Implementation of CMMI level 2 specific practice. Journal of King Saud University-Computer and Information Sciences.

Pinto, J.K. and Slevin, D.P., 1988, June. Critical success factors across the project life cycle. Drexel Hill, PA: Project Management Institute.

Pretorius, S., Bond-Barnard, T.J., Steyn, H. and Cronjé, T., 2019, August. BALANCING LEADERSHIP STYLES BASED ON PROJECT TYPE AND LIFE CYCLE PHASES: A MODEL. In SAIIE NeXXXt.

Record, M., 2003. Preparing a winning business plan: how to win the attention of investors and stakeholders. How To Books Ltd.

Sadullayevich, K.I. and Akhmadbek Feruz-o’g’li, B., 2021. Eight steps to master business analyst. International journal of discourse on innovation, integration and education, 2(2), pp.183-186.

Shamray, R., 2018. IMPORTANCE OF BUSINESS PLANNING (Recycled Furniture Concept Business Plan).

Tarhini, A., Ammar, H., Tarhini, T. and Masa’deh, R.E., 2015. Analysis of the critical success factors for enterprise resource planning implementation from stakeholders’ perspective: A systematic review. International Business Research, 8(4), pp.25-40.

Ul Musawir, A., Serra, C.E.M., Zwikael, O. and Ali, I., 2017. Project governance, benefit management, and project success: Towards a framework for supporting organizational strategy implementation. International Journal of Project Management, 35(8), pp.1658-1672.

Watson, K. and McGowan, P., 2018. Emergent perspectives toward the business plan among nascent entrepreneur start-up competition participants. Journal of Small Business and Enterprise Development.