A business plan for La Italia Ristorante italian restaurant Essay

A business plan for La Italia Ristorante italian restaurant - Essay Example CURRENT SALE MIX 8 III. MARKET AND COMPETITION 8 A. DESCRIPTION OF CUSTOMER 8 B. CUSTOMER OCCASSIONS, NEEDS AND BENEFITS 9 C. MARKET SEGMENTS 9 D. MARKET SIZE IN THE AREA 10 E. LOCATION OF CUSTOMER AND FLOWS 10 F. MARKET PROJECTS OVER THE PERIOD 10 G. COMPETITIONS 10 IV. COMPETITIVE BUSINESS STRATEGY 12 A. PRICING POLICY 12 B. PROMOTIONAL PLANS 12 V. FORECAST AND RESULTS 16 A. OPERATIONAL BUDGETS 16 B. BUSINESS OBJECTIVES AND ACTION PLANS 19 VI. CONCLUSION 19 I. EXECUTIVE SUMMARY Passion for authentic Italian food is what prompted the management team to conceptualize La Italia Ristorante, the newest Italian full service restaurant located at the Edgware Station in London. Geared towards providing the target market with only the best when it comes to Italian cuisine, La Italia Ristorante’s operations will be focused on providing good food, served by an excellent team, within a restaurant that offers the perfect ambiance for fine dining. The crew will work towards making a mark among its customers by offering a unique type of service the ‘La Italia Ristorante’ way. As a start-up business, it recognizes the challenges that the team faces, first of which is the presence of many competitors within the area, and in the whole of London. The company has to have a way to get a chunk of the market share, develop loyal customers and achieve its business objectives. Financing will come mainly from personal savings, to be supported by a bank loan, which management sees to close within five years from start of operations, to do this, financial strategies focusing on cash flow and inventory management shall be implemented. Marketing and promotions will enjoy a huge chunk of the budget since management also sees the need and importance of a good promotional and marketing campaign. Other factors that management will employ are: effective human resources management and operations focusing on fulfilling the needs of the customers – looking at cost effic ient ways to operate without sacrificing product and service quality. II. THE BUSINESS AND MANAGEMENT A. HISTORY AND OVERVIEW OF PROGRESS TO DATE La Italia Ristorante is a full service Italian restaurant offering lunch, dinner and snacks from 10:00 AM to 12:00 Midnight, seven days a week. It is located at the Edgware Station, competing along the likes of II Mascalzone and Amaretto Pizza Restaurant. The restaurant sits 80 guests, with its 20 table sets. La Italia Ristorante has a designated non-smoking and smoking area, which are the restaurant interior and main hall, and the veranda area respectively. The company also accepts delivery service within London’s vicinity in two ways: one is through phone and the other, through their website. It implements a guaranteed 45-minute delivery time, and as a challenge, it offers 100% rebate for all those who waited for more than 45 minutes for the pizza and pasta deliveries. The food business offers cash and credit card payments. Food d elivery is available from 10:00 in the morning, to 10:00 in the evening. All food products are guaranteed fresh and cooked only upon receipt of order. The decision to establish an independent restaurant springs forth from the fact management wants to be able to offer a unique experience, set apart from those quick service establishments. They also would like to maximize the fact the clients have an inclination to support local independent restaurants (Independent Restaurant Appeal – unique menus and local atmosphere could lure patrons away from chains, reports Mintel 2011) B. CURRENT MISSION La Italia’s mission is to be the preferred dine in Italian Restaurant within the vicinity, and the most chosen in terms on delivery service. C. OBJECTIVES AND ACTIONS NEEDED A start-up company, it plans