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Preparation of Business Plan

17 Pages 4281 Words 1139 Downloads

Introduction of Business Details

A new Indian restaurant is going to be launched in Muscat, Oman. The name for the restaurant is Indian Delight which is a new and innovative idea. This will help to capture large market area by serving Indian cuisine in Oman. More than 20% of Oman's population is Indian hence it is a great opportunity for the business to target those customers. Mission vision and objective of the business is as follows:

Mission: 

Indian Delights restaurant is willing to successfully establish its business in Oman by providing good quality food items to the local public of Oman.

Vision: 

Long term vision of Indian Delights restaurant is to be the first choice of the Omanis and capture larger market share by providing good quality food to them.

Objectives: 

Main objective of the restaurant is to establish the business successfully in Oman and fulfil the requirement of Indian food there.

Exact location for the restaurant is Indian Delights, Mutrah Cornish – Opposite to Sultan Qaboos Port, Oman.

Industry And Market Analysis

Industry analysis:

 It is a tool that facilitates the companies to understand their position in the market and also analyse the factors that may affect industry positively or negatively. It is very important for the business enterprises to determine the profit which is going to be acquired in future. For Indian Delights industry analysis can be conducted with the help of Porter's Generic Model, which is described below:

Porter's Generic Model: 

This model was introduced by Michael Porter. It is mainly used for the industry analysis perspective. There are four different strategies that should be considered by the organisations who are going to launch the business in market (Bogers, Hadar and Bilberg, 2016). Indian Delights can formulate strategies to achieve competitive advantage with the help of this model. All the strategies of this model are described below:

  • Cost leadership: According to this strategy companies should launch products on lower prices to the target market so that large market area of the industry can be captured. Indian Delights can get a success in Oman by setting low prices of all the dishes and launch the business in target market. If the restaurant is the lowest cost producer in the market than higher profit can be acquired the same.
  • Differentiation: It is suggested to the organisations to introduce products in market with uniqueness so that large number of customers get attracted. As Indian Delights is a new concept and a unique idea hence it is possible that it can get success in less time in the market of Oman. This strategy can be used by organisations when customers or target segment is not price sensitive if the food supplied by Indian Delights is unique than customers will not be worry about the price of the food.
  • Cost focus: The organisations may choose to introduce their products in niche market so that reaction of target market can be recorded on the service and quality of items that are supplied to them. As Indian Delights is a new restaurant and it has no idea of industry's conditions hence it can firstly launch its food in niche market and if the food is liked by them than it may target a large market area (Campbell Jr, and Kresyman, 2015).
  • Differentiation focus: For the new launching business this is the best strategy as it suggests the companies to intrude their products with unique feature in niche market so that competitive advantage can be attained. Indian Delights is can used this option while introducing itself in market by offering unique food to the niche market segment.

From all the above mentioned strategies Indian Delights should select Differentiations focus strategy because it best suits to the organisation. As it is going to offer unique food to the Omanis and should introduce its food items in niche market so that their feedback can be used to make future strategies to expand business.

Market analysis:

 It is also known as competitor's analysis in which market related aspects are analysed so that effective strategies can be formulated to be more competitive in the market (Doppelt, 2017). For Indian Delights Porter's five force model can be used for market and competitor's analysis which is as follows:

  • Competitive rivalry: This force help to evaluate existing competition in the market who may affect operational efficiency of the new launching company. As Indian Delights is going to be introduced in Oman there are various Indian restaurants who may affect business of the restaurant. Main competitors of Indian Delights are Mumtaz Mahal, Woodlands, The Indus, Jashan and The great Kabab restaurants who have established their business in Oman. It is suggested to Indian Delights to some unique elements to establish it business in Oman.
  • Bargaining power of suppliers: When there are less suppliers in market and the buyer are vary high than it will increase bargaining power of suppliers and they will sell the material on high prices. In Oman there are less suppliers who provide such items that are required to cook Indian food hence bargaining power of suppliers is very high and Indian Delights should formulate effective strategies that may help to deal with suppliers.
  • Bargaining power of customers: Most of the customers demand high quality of products on lower prices and if an organisation is not able to meet their expectations than it is not possible to establish the business successfully. The new launching restaurant Indian Delights should set appropriate prices for its food items and provide good quality food so that it may help to attract large number of customers.
  • Threat of new entrants:It refers to the new business who enter in the market and affect sales of other companies. Indian Delights is a new restaurant which is going to be introduced in Oman and it is very important for the owner to keep information of such restaurants who also also going to launched in same market with same quality food because this may help to formulate effective strategies for the restaurant to attain success (Duval‐Couetil, 2013).
  • Threat of substitute products or service: There are various products in the market that can be used as a replacement of other such type of goods are called substitute products. It is very important for Indian Delights to gather information of such substitutes that can be replace their food so that it may serve such items to the customers that are different from other and cannot be replaced.

It is very important for the owner of Indian Delights to gather information of market so that its business can be established successfully in Oman.

Customers And Value Propositions

Value propositions can described with the help of different angles as it guides the companies to create extra value so that large market area can be acquired. According to value proposition an organisation should have some unique selling points that can attract large number of individuals. As Indian Delights is a new and unique idea of restaurant which is going to be established in Oman. Main target market segment of the restaurant is the Indians who are living in Oman and willing to have Indian food (Joseph and Benefield, 2012). They can be targeted if the food quality of Indian Delights is very good. Customer value proposition can be created by the organisation by keeping customers as the the centre point of the business. There are five different types of elements that may help to create a value proposition. All of them are as follows:

Functional value: 

According to this element product or service is concerned with convenience. It can be adopted by customers if it can satisfy their needs.

Emotional value:

 If the food supplied by Indian Delight is pleasant and attractive than it may result in large number of customers.

Economic value: 

The food supplied by Indian delight should provide economic benefits to the customers so that they may get attracted toward restaurant.

Symbolic value: 

All the organisations should fulfil all their social responsibilities that add value to their market image.

End value: 

In this element all the above mentioned elements are presented by the organisation that help to establish business successfully (Lock, 2017).

Marketing Strategy

Marketing strategy is that activity of business plan in which all the promotions, customer's identification and advertising related activities are performed so that a new business can be launched successfully in the market. It consist all the 7P's of marketing and it help to formulate effective marketing strategy for the business. An analysis of all 7 elements of marketing mix for Indian Delights are as follows:

Product: 

Indian Delights is the new restaurant which is going to be launched in Oman and it is very important for the organisation to offer good food items and services so that they may get attracted toward the restaurant. If it is not able to provide good food items to its target segment than Indian delights cannot survive there. Indian delights is going to offer Indian starters, beverages, deserts and main course to the Indians who are living in Oman (Sonne, 2012).

Price: 

Price for the food items should be decided appropriately so that customers can afford it. Indian Delights is going to implement penetration pricing strategy in which food items will be offered on lower prices with high quality. This will help to set a good image in the minds of customers.

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Place:

 It is very important for the businesses to be easy accessible for the customers so that they may reach to them easily. Location of Indian Delights is Mutrah Cornish – Opposite to Sultan Qaboos Port, Oman which is easy to reach for the customers. This can help to establish the business successfully as it is a good place where people can reach effortlessly.

Promotion: 

The customers get attracted through good promotional strategies as this help to aware customers about the business and products that are offered by the organisation. Indian Delights is going to use different types of promotional strategies in which it will offer discounts to its customers, will provide complementary goods and also provide them coupons that can be renewed on their next visit. All of the promotional activities will help establish good market image.

Process: 

It refers to the method which is used to manufacture products. Indian Delights will use traditional and Indian cooking methods to cook Indian food so that all the customers can get good food for what they have selected the restaurant.

People:

 Indian Delights is hiring well educated and skilled employees for the restaurant so that they may help to establish the business successfully. All the workers who have selected by the restaurant have good skills and able to interact with visitors appropriately (Stodder and Matters, 2016).

Physical evidence:

It is mainly used in service industry as it is tough to market services. Customers rely on the physical evidence like quality of services, good location etc. As Indian Delights is offering good quality food with excellent customers services which will help it to be successful in the market.

All the above mentioned elements are the part of marketing strategy that helps to set a positive image in the minds of customers and also helps to achieve success.

Operation Plan

Operation plan is the summary of all the components and actions that are going to be used and taken in future to attain organisational goals. It is very important for Indian Delights to formulate a operation plan so that all the activities can be performed appropriately (Stutely, 2012). There are two different types of operations plan that can be used by Indian Delights to execute its business effectively in Oman. Both the types are as follows:

  • Single use plan: As its name describes that it is used for single time and address only current period related problems and tasks. In Indian Delights this can be used to for restaurant's cuisine and menu, interior and location. All the things are not going to be changed by the restaurant in short term if the changes are made than they will be made in long term. Such types of plans requires high cost and mostly used for such things that are not going to changed or modified by the firms or business in a short period.
  • Ongoing plan: It is the plan that keeps going with the time and and carried forward by the companies to future periods. Ongoing operation plan can be used by Indian Delights for those things that are going to be changed in future by the restaurant. For example it can be used to change the cooking methods that are used to cook food and changes can be made accounting to perception of customers.

Management Team And Company Structure

Management team of the organisation is the vital part of an organisation as they are required to formulate strategies for an organisation so that all the operations can be executed appropriately. Indian Delight's management team is responsible to manage all the activities that are performed by individuals of the restaurant. Members of the the team are owner, manager, junior manager, HR manager, marketing manager, finance manager, staff members, chefs, cooks, waiters and other employees of the organisation.

Company structure:

It refers to the organisational structure in which departments of organisation are formulated in a specific construction (Company structure, 2018). It varies according to the size of business entities. There are various types of company structure all of them are as follows:

Functional structure:

In this structure employees are divided according to their abilities and specialities. It is very beneficial for the companies as it may help to formulate effective decisions because it helps to establish an effective communication among employees and managers (Ward, 2016).

Divisional structure: 

In this structure teams are formulated according to customer's preferences and all of them are liable to meet the same. It allows to enhance the level of autonomy among different teams or groups within the company.

Matrix structure:

 It is the combination of both the above mentioned structures and used in large organisations. Under this construction employees can report to tow or more managers as they have higher work load it can be tough for them as they have to report multiple persons.

Hybrid structure: 

This is also known as flatarchy structure which is mainly used by start ups and small businesses. Under this type of construction communication barriers are removed by the managers and all the employees can communicate with the freely.

From all the above mentioned company structures hybrid structure is going to be followed by Indian Delights. This will help to make effective decisions and help to implement than because employees and other staff members are free to communicate with the managers and other concerned persons of the organisation.

Resources

Resources are the major elements of an organisation that are required to operate business. There are two major resources that are required by Indian Delights to execute its business in Oman. Both of them are described below:

Material: It refers to the items that are required by Indian Delights to cook food. This is going to be acquired by the restaurant from different suppliers who are supplying food to the industry (Turner and Zolin, 2012).

Employees: As Indian Delights is a new restaurant going to be launched in Oman hence it required human resource to operate business. Owner of the restaurant is going to select well trained and educated staff members who can help to execute business effectively.

Financing

Finance is the major requirement of a new business as it is not possible to operate business without sufficient financial resources. Indian Delights can acquire finance for its restaurant from various resources all of them are as follows:

Bank loan: Indian Delights can acquire finance from bank loan as it may help to operate business. For this purpose the owner have to give some collateral to the bank so that it the owner become insolvent in future than bank can recover the amount by selling the property.

Personal capital: Personal saving of the owner can be used as a financial resource for the business. Owner can start business by investing money in business. It will help to be less dependent upon external resources (Van Auken and Carraher, 2012).

Financial Projections

Financial projections are the estimation of possible future expenses that may take place in future or required to operate business. For Indian Delights financial projections are as follows:

Particulars

Amount

Promotional activities

2000

Advertising

1000

Material cost

15000

Research and development

2500

Rent

1200

Total

21700

Risk And Strategic Options

There are various risks that may be faced by Indian Delights in future. These risks are increased competition in the market and not get adopted by the customers. It is very important or the restaurant to keep strategic options that may help to overcome all the risks. These options are using appropriate methods for marketing so that all the customers get aware of the food which is going to be offered by Indian Delights (Villamin, 2016). Another strategic option that can be chosen by Indian delights is to be more attentive about the market conditions so that it may plan for future period.

Key Milestone

 

Conclusion

From the above project report it has been concluded that it is very important for individuals who are going to establish a new business to formulate the business plan in appropriate manner. This will help to identify all the problems that may take place in future and take immediate actions to deal the same effectively. Operational plan is made by managers of the organisation as they are liable to keep an eye on every action which has taken or going to be taken in future.

Appendix

Key Partners

Customers, investors and other stakeholders are the key partners of Indian Delights.

Key supplier of Indian Delights is Assarain food products limited who is going to supply items that are required to cook food.

Bank Loan have been acquired by key partners.

Partner's of the organisation are going to invest money in the organisation.

 

Key Activities

It is very important for Indian Delights to offer unique products to the customers.

Distribution channel will be the restaurant where customers may visit and they may also order food online.

 

Value Proposition

Good quality of food and impressive services are delivered to the customers.

In Oman Indian food is not served by restaurant hence this problem is going to be resolved by Indian Delights.

Indian food is going to be offered to the Indian population of OmaCanvasn.Canvas

Customer Relationships

Customers are willing to be a part of such restaurant who can satisfy their requirement of Indian food.

As good quality Indian food is going to be offered by Indian Delights hence it may help to establish business successfully.

The food is going to be offered on less prices to attract large number of customers.

 

Customer Segments

Indian Delight is mainly focused with the Indian Population who is living in Oman so that they may get their tradition food.

Key Resources

The food items and employees are the key resources of the organisation.

Food is going to be distributed through online media and the items that are required to cook food are going to be acquired from different suppliers.

Good relations with customers can be established by providing them economic benefits.

Channels

Customers are willing to have food at their home so that if they are not able to go out to have food they may eat it at home.

Indian Delights is reaching to the customers by providing them online order services.

Delivery channel of Indian Delights is very attractive and able to facilitate customers.

 

Cost Structure

Marketing and advertising costs are going to be faced by the organisation.

Food items that are bought for the foods are very costly.

Advertising activities are most expensive for Indian Delight.

Revenue Streams

Good quality food is the main requirement of customers hence they are willing to pay for the food quality.

Customers will pay if Indian Delights will offer them such food which is not offered by any other restaurant in Oman.

 

 

References

  • Benson, D., Jordan, A. and Huitema, D., 2012. Involving the public in catchment management: an analysis of the scope for learning lessons from abroad. Environmental Policy and Governance. 22(1). pp.42-54.
  • Bogers, M., Hadar, R. and Bilberg, A., 2016. Additive manufacturing for consumer-centric business models: Implications for supply chains in consumer goods manufacturing. Technological Forecasting and Social Change. 102. pp.225-239.
  • Campbell Jr, C. L. and Kresyman, S., 2015. Aligning Business and Education: 21st Century Skill Preparation. e-Journal of Business Education and Scholarship of Teaching. 9(2). pp.13-27.
  • Doppelt, B., 2017. Leading change toward sustainability: A change-management guide for business, government and civil society. Routledge.
  • Duval‐Couetil, N., 2013. Assessing the impact of entrepreneurship education programs: Challenges and approaches. Journal of Small Business Management. 51(3). pp.394-409.
  • Joseph, N. and Benefield, N., 2012. A joint offender personality disorder pathway strategy: An outline summary. Criminal Behaviour and Mental Health. 22(3). pp.210-217.
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