Business plan - Thai Restaurant PDF

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Summary

A business plan for a Thai restaurant ...

Description

Lemongrass Thai restaurant

BUSINESS PLAN

[2023] Prepared by: Ngoc Hong Oanh Pham (Hailey) Date: [date] Version: [version number]

1 Business overview

1.1

Business summary

Summarise the purpose of your business and how the idea developed. What are your business’s core values and what are you broadly looking to achieve?

Lemongrass Restaurant serves traditional Thai cuisine, and includes some specialties made from Thai chefs. With a minimalist design in brown and white tones, the restaurant offers a classy and chic atmosphere but still make guests feel comfortable. The restaurant is highly regarded for its service, the staff is trained on attitudes and professional service level to serve the best customer, this is also one of the core of the restaurant. In addition, other core values, which attract customers to the restaurant are the reasonable price, variety of foods and drinks for all ages and even vegetarians. In the near future, not only in Adelaide, the restaurant wants to expand its presence in many other states in Australia and even in New Zealand, upgrading it to a high-end restaurant with quality food and beverages but still keep the reasonable price and becomes the favourite restaurant for every family.

1.2

Business goals and objectives

What business goals and objectives have you set for the coming year? What are your longer-term goals? Are they SMART – specific, measureable, attainable, realistic and time-bound? Short-term goals: Year 1

Build and nurture customer relationships

Keep finances in check

Actions required

- Set loyalty cards so customers can accumulate points and receive discounts. - Set up a memo system for loyal customers about their days of birth, favorite restaurant meals and names, so tcan do some actions such as offering discounts or gifts or special meals on their birthday - Receive the customer's feedback about service and quality of the restaurant after finishing their meal. -

Deadline

Responsibility

In 2 months

Managers

Using small-business accounting 2 Months software: Popular smallbusiness accounting programs such as QuickBooks, Sage or Xero, which set up with a suitable set of accounts. Easier for the staffs keep finances in check.

The accountant, bookkeeper

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Quality food and service

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Long-term goals: Years 1-3

Use the quality of the services and advertising to become a well-known restaurant in Adelaide

Expand our restaurant to another localtion and states in Australia

Need to caculate and analyse different amount of cost of restaurant every month such as food cost, labor cost, Inventory levels Set up customer care for employees: The care concept includes such simple steps as looking customers in the eye, smiling at them and greeting them promptly, as well as measures such as anticipating their needs: refilling water glasses before they're empty or bringing extra napkins for customers who order messy finger food, for example. Evaluate menu once a month and drop the slowest item and replace it with a popular special. Always listen to customers check out current restaurant trends and try incorporating them into your regular menu.

Actions required

Achieve all of the short term goal above and gather a lot of positive feedback from customers receive certificates from food and hospitality industry. Then push up the restaurant to become a wellknow restaurant by advertising through Television, social media and so on Ensure sufficient revenue to expand the market. Prior to expansion must refer and research the location and environment.

3 months

Chef and managers

Deadline

Responsibility

2

Manager, chef, marketing executive

3 years

Owner and accountant

2 Human resources 2.1

Key staff, advisors and mentors

Who are the people in your business that you can’t survive without? What skills, attributes, qualifications and knowledge do they have to help you with your industry, product or service? Key staff and advisors

Executive Chef

Role

Skills, attributes, experience

The chef is the person who performs the dishes to serve the customers. Chefs are decisive for the viability and development of a business. If the food is not processed well and received negative feedback from the customer will greatly affect the face and performance of the restaurant. So the chef plays the most important role in the restaurant.

Skills: •Communication skills: Must be able to communicate effectively and listen attentively to employees, vendors and customers. •Organisation skills: have to lead an entire team of kitchen staff, budget for food, determine how much of each ingredient to buy each week, schedule shifts for employees and anticipate the busiest times of day in the kitchen Attributes: •Creatively: A chef must always be willing to try something new. Creativity inspires a food’s taste and presentation, which is hugely important to the overall dining experience. This creativity needs to be passionate and everlasting •Multitasking: A chef must be able to complete all of these tasks at the same time, and efficiently. Experience: •Five years experience as a head cook and management responsibilities in the restaurant industry including banquet services.

•Two years degree from an accredited Culinary College or University is preferred. •Serve Safe Certified

Manager

Restaurant managers are responsible for overseeing the efficient running and profitability of restaurants and for managing their employees.

Skills: Interpersonal skills:Good leaders are the ones required as managers in a restaurant.The manager also needs an authoritative as well as a pleasing voice, where he should also possess the capability to heed to everyone at times of chaos. There are many managers who also mingle with guests and get to know them, and also focus on customer service. Multi-Task: A restaurant manager should be one who is able to multi-task between various tasks. The manage needs to answer calls, manage staffs, mingle with customers and lot more. In order to be organized in a restaurant, the manager needs to multi-task which leads to streamlined business operations. Attributes: Being empathetic and understanding:Having empathy for your staff is something important for any restaurant manager to be efficacious. The leader should be one who is able to understand the people and their issues and also help them at times required. Being courageous: The main subject matter, the

abilities and confidence factors, the functional roles that happen in the work environment are few factors that add courage to the manager. When a manager does not possess selfconfidence and courage, then employees do not tend to follow those managers.1 Experience: Restaurant managers working for major chains typically undergo rigorous training programs. Need to know about restaurant management procedures, nutrition, sanitation and personnel management, how to maintain financial records and generate reports on sales, inventory, labor costs and other expenses.2 marketing Executive

Marketing executive is one of the key people in a business, marketing executive will bring the name of the restaurant to the consumer and help the restaurant become famous by the promotional actions.

Skills •Excellent organisational and planning skills: Ability to organise and prioritise own workload Well-developed planning, risk and issue management Attributes •Passion: To be successful in marketing, a person needs to have a passion for the restaurant that he is endorsing. If not they cannot market and promote the brand effectively. •Creatively: Marketers need to be able to think of new and exciting ideas to appeal to their clients and to the target demographic to keep from becoming stale.

1 2

https://content.wisestep.com/qualities-key-skills-great-restaurant-manager/ https://careertrend.com/qualifications-restaurant-managers-2674.html

Experience: •A 2.1 degree from university •Experience of events management would be beneficial •Ideally an understanding of the UK / Australia / Asia business distribution systems •Ideally some experience in social media, database and website management

2.2

Training and retention

Will your employees have the right skills to help you? How do you plan to develop and retain them?

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Employees must not necessarily have the required skills, but must include the most basic skills to work more easily with the restaurant. Employees will have the opportunity to improve their skills through the training program of the restaurant and the staff needs to be significantly improved through those programs. Setting a clear goal for training tasks is such a basic step that many trainers often forget about it. By taking a bit of time up-front to enumerate tasks, to enhance training. Having a concrete list of goals makes it easier to track progress, discover sticking points either in employee ability or the plan itself, and gives employees a sense of accomplishment. Ambitious or motivated workers want to know not only what’s expected of them now, but in the future. When designing plan, break down each role into a set of tasks and design the training around teaching the employee each of those tasks. When clear goals are set (“by the end of the hour/shift/day to be able to demonstrate) the employee and the trainer share an expected outcome, and tracking progress becomes simpler. Consider an initial skills audit of the employee, where a qualified supervisor observes or interviews the employee’s level of competency in each task— this is something that can be folded into the hiring process. list it as an objective on their plan, clearly stating the expectations for how the employee is going to learn the skill and how proficient they are expected to be at the completion of the training. Give employee oppotunity to develop and give out the rewards they can get such as increase the salary

3 Business operations 3.1

Products and services

Categories

Details

Products/services Give an overview of exactly what you’ll be selling.

Our restaurant will offer traditional dishes of Thai cuisine and some specialties from the main chef from Thailand.

Distribution Will you sell direct, or through a wholesaler? Will you sell by retail store, phone or website? Will you use salespeople, agents or distributors?

The restaurant will sell directly and in the future will open more restaurant branches and will provide home delivery service to customers through Uber eat.

Pricing Will you price your products and services? What will your profit margin be and how have you set it? How price-sensitive are your customers?

The restaurant will sell directly and in the future will open more restaurant branches and will provide home delivery service to customers through Uber eat. The dishes are priced in line with the current market for Thai cuisine. According to the investigation, the average priced at $ 15 or more depending on size and quantity, because the ingredients used are quite expensive. The price of the dish will be carefully calculated based on the initial price and will then add a small amount, such as employee wages, service charges and tax and profit. The food is guaranteed to match the market price and the target that the restaurant pursues, is family restaurant so it will not be expensive. Some special dishes will be quite expensive but menu will have many choices for customers

Future growth How do you plan to increase your business’s capabilities and capacity? Why are you confident this growth will be sustainable?

With professional service and quality of food, our restaurant will ensure strong and sustainable development in the future. In the near future, through the marketing of advertising, restaurants will become famous and attract more customers.

Payment What are your payment terms? How will customers pay you? What strategies, processes, systems and people do you have in place to facilitate this? What will it cost you?

Customers can pay via bank card or pay by cash. There are currently no plans for other payment arrays.

Production How will you produce these products or services?

3.2

Chefs will be selected and trained to provide the best food.

Key suppliers and customers

Which suppliers and customers will be critical to your business? What impact would a supply interruption have? Do you have customers or distributors that generate a significant amount of your sales? Customer/Supplier

Terms offered

Why critical

How risk of loss is managed

Restaurant customers

The number of customers coming to the restaurant regularly determines the quality of the restaurant, the capacity and the ability to develop the restaurant.

Food supplier

Those who provide ingredients for processing food for the restaurant. The products they provide will determine the quality of the food.

3.3

Since there are so many different customers with different stereotypes, it is impossible to serve the entirety perfectly, so it is normally to get negative feedback that will affect the reputation of the restaurant If the ingredients does not meet standards, will affect the quality of food restaurants, will reduce the number of customers and productivity of the restaurant.

Business assets

3.3.1 Premises What premises will your business need to buy or lease? Do you anticipate having to move or expand at some stage? Why, when and how will you do this? Premises

Purchase or lease date

Price

Lease/finance rates, conditions, options

3.3.2 Assets and equipment List your key plant and business equipment including computers, software, vehicles and machinery.

Asset

Purchase or lease date

Price

Lease/finance rates, conditions, options

Current usage level

Expected replacement date

Cooking equiments Staff and chef uniforms Cold storages

2015

$8000

7/10

2020

2013

$3000

5/10

2018

2013

$5000

6/10

2024

3.3.3

Stock and inventory

What start-up stock will you require and what costs will be associated with it? What will be your production capacity and how much will you produce? What is your stock turnover? How will you store inventory and what will this cost?

3.4

Organisational resources 3.4.1

E-commerce and technology

How do you plan to use e-commerce and technology to help your business? How will you use it to lower costs, speed up your business, access new markets or increase sales? Will you sell products/services online?

At present not using many e-commerce except paying some money to promote restaurants on Instagram and Facebook to attract more customers. In addition, there are no online services, in the future will associate with Uber Eat to be able to sell food online.

3.5

Risk management 3.5.1

Risk assessment

What risks does your business face – for example, reduced demand, loss of major supplier/customer contract, interest rate changes, property damage, public liability, etc.

Impact if it occurs – high, medium or low

How it’s managed

Missing links with customers and don’t understanding their needs, not much customers come back for the second time

Medium. Reduce the sales and perfomance of restaurant

Improve services by trainning the employees. Do some more research about customers need and current trend.

Cannot completely consume fresh ingredients leading to waste and negative affect to finance

High Because the number of customers coming to the restaurant decreased, it means that the inventory was damaged and therefore wasted money.

Reduce the amount of food purchased from suppliers until improve and capture the number of customers coming to the restaurant

Risk

3.5.2

Regulatory and legal considerations

The Government (both Federal and State) and local councils will all have laws and regulations that you’ll have to comply with. List all the regulatory requirements for your industry and the steps you’ve taken to comply with them.

Business advertising: restaurant must be honest about products and services they advertise, can't advertise a special price on something to lure people into the business if the product isn't available, or is in very limited supply, prices displayed to the public should be the complete price and include GST Food Standards: some ingredients of flavouring substances to be specifically declared or listed in the statement of ingredients3, A food for sale must not consist of, or have as an ingredient, game offal, other than bone or cartilage attached to game meat flesh. 4

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https://www.legislation.gov.au/Details/F2015L00393 https://www.legislation.gov.au/Details/F2015L00412

3.5.3 Insurance All businesses require insurance to mitigate risk to your business. It’s important to get expert advice about the specific needs of your business. Some insurance policies, such as workers compensation, are required by law but you should ensure you’re covered against any significant risk. Insurance type

Public Liability (: Food poisoning)5 Theft / Money / Contents / General Property Employee Dishonesty

5

Details

If any of your customers suffer food poisoning your insurance can cover the costs if they take action against you A combination of these can cover your contents / stock and cash in the event of theft Covers losses which have been caused due to dishonest actions by your employees

https://www.publicliabilityinsurance.com.au/restaurant/

4 Market analysis and strategy 4.1

Market research

Describe the current state of the market you are in/entering. Outline the current market trends and opportunities that you expect to make your business successful.

E-commerce is one of the current market trends, which are fast ordering and delivery, click-andcollect options and an abundance of choice and has helped drive personalisation and enhanced the customer's experience.6 Customised recommendations and cross-category pairings of products make things quicker and easier for shoppers but also more enjoyable. At the moment, our restaurant does not have any e-commerce services, but so far, we will collab with Uber Eat to service our food to customer.

4.2

Target market and proposition

Provide details about your product or service and how it will appeal to customers.

6

Value proposition What do you stand for in the market? What are you offering? Do you have a unique selling point?

Currently we are a restaurant dealing traditional Thai food, this is also our selling point The dishes are made from chefs from Thailand so will guarantee Thai taste. In addition, we also have a restaurant space in ancient Thai style is very unique to make guests feel familiar and comfortable. The food is reasonably priced.<...