BUS 557 Business Plan

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BUS 557 Business Plan

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BUS 557 Business Plan

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Course Code: BUS557
University: Westcliff University

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Country: United States

Question
Having a solid business plan is essential for the direction your new company will follow through fruition. Equally important is to ensure adherence to the business plan is maintained throughout the venture. Therefore, a tool for the purpose of tracking the progress of your business venture to the business plan is needs. The balanced scorecard is a strategic planning and management system that is used extensively in business and industry. It keeps business activities aligned with your business plan, strategy, vision, and venture concept. It can also improve internal and external communications, and monitor organization performance against strategic goals (Balance Scorecard Institute, 2014). Using your textbook and external resources, design a balanced scorecard for your new business venture. At this point, you should combine all of the elements presented in previous PA1 thru PA6, CLA1 and CLA2 to form and complete your Business Plan for presentation.

Answer

Business Plan for 3d Printed Pastry
Introduction:
Sushi is an Asian restaurant operating in the United States of America with a steady track record of growth for five years till 2017. The popularity of ethnic dishes which the restaurant offers gaining growth due to increase in the per capita income of the US and rising consciousness among American consumers, chiefly among the urban residents.
Scope of the business:
The scope of the business ventures are goes beyond offering the appropriate product and present abilities of the firm introducing the new product(s). The ultimate aim of the new ventures is to ensure that the products are able to reach the target customers. This requirement necessitates the firms launching new products new products into the market to carry out external environmental analysis or market analysis. The market analysis delves into three main areas namely, target market, attractiveness of the products and specific requirements of customers with respect to the product. A thorough analysis of the market reveals that business of the Sushi restaurant requires high direct labour as well as indirect labour in areas like preparation of the food, beverages, cleaning and serving customers. This analysis showed the management of Sushi restaurant that before embarking into the new product developing and offering, the restaurant should acquire the high number of labour. The business has a bright future due to the growing interests among the resident Americans to consume ethnic food products. However, this rising popularity of the ethnic dishes among the American consumers especially in the city areas also attracts new ventures towards the ethnic restaurant market, making it exceedingly competitive. The Sushi restaurant should emphasise on offering quality products and train its staff members serving customers with product knowledge. Knowledgeable staff members are able to serve customers more satisfactorily.
Marketing mix:
The Sushi Restaurant restaurant aims to infuse innovation into its products like sushi croissants and other main-stream western style food products. The restaurant aims to continue research and experiment to introduce new products to surpass the competitors and maintain its high profitability. The firm also aims to bring about innovation in its payment acceptance methods and food delivery services. The restaurant also aims to introduce a speedy online delivery system to enable customers enjoy the food products of the restaurants even without visiting the outlets physically. The restaurant aims to use its social media presence to promote its new food products. The business besides acquire new customers, would also gain references about prospective customers from its existing customer base, all of which would result in cementing its profit base in the American market. This promotional strategy would enable the restaurant to attract Asian and American customers. The main target segment of customers of the restaurant would be students, businessmen, domestic customers and sport enthusiasts. The restaurant should besides identifying the needs customers, should offer gifts and discounts to encourage more demand for products.
Organisational hierarchy of the restaurant:
The organisational hierarchy of the restaurant would be based on the business requirements and aligned propel the success of the business in the market. The organisational structure of the restaurant would have general manager at its helm followed by the human resource manager  and the finance and administrative officer. The five departments namely, front office, housekeeping, food beverages, sales and marketing and security and maintenance would function under the leadership of their respective departmental heads.
                            
                                                                     Figure 1. Organisational structure of Sushi Restauarant
                                                                                                      (Author)
                                            
                                                                                            Figure 2. Balance score card
                                                                                                   (Source: Author)

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