Final Strategic Plan Essay Example for Free

Final strategic Plan EssayE genuinelyone wants to get to a delicious meal that pass on not cost them a lot of money. There argon m each eaterys that try to sell you their frienders. Gregs Family have house is a take in place which provide turn in a wholesome nutritious meal and great client divine service for only our delayers.Mission StatementThe mission of Gregs eating place is to provide wholesome meals at unbelievable prices the contest cannot compare. Our restaurant is to provide customers the service each and every one of them want and deserve. We impart provide this vitrine of service with the technology that is available to us as a origin. With this technology we provide our customers with great service and delicious meals at an unbelievable price. We will become the best restaurant in the area that provides our customers with Mexican, African-American cuisine. The employees of Gregs restaurant will be like family.Organization VisionVision is the stra tegic prep of a caller-up to achieving its goals. A visual sense statement presents the firms strategic intent that focuses the energies and resources of the beau monde on achieving a desirable future (Pearce Robinson, 2009, p37). The aim for Gregs restaurant is to in the near 2-4 historic achievement to be above and beyond the competition and to expand the stemma enterprise enterprise to other areas in spite of appearance the city. The future interpret of the restaurant is to come up with menu items that will continue to help the melody to prosper. Guiding principles Culture, loving responsibility, and ethics Gregs restaurant is following many values and cultures according to the needs of customers. The menu items of the restaurant represent different cultures that can attract customers of different nationalities and societies. Gregs restaurant is multi- cultural and offers a good variety of menu items that everyone can enjoy. Gregs restaurant gives priority to the values of honesty and integrity in full support of their valued patrons.The restaurant also offers specials throughout the week and also issues coupons to get fractional off on certain menu items. The business is using products that are environmentally friendly and to help protect the environment and health of the community. The hallucination, mission, and values statement of the restaurant will provide the framework, structure and the phoners goal. The vision is the end goal the restaurant wants to achieve whereas the mission and the values will provide the business with the everyday activities the business already performs and also the structure and framework for the strategic plan for the business.The business will address customer needs by providing good service and meals to each and every patron that enters the establishment. All customers will get the same fresh meal the first customer to the last customer. The cater will act in a professional manner and provide great cus tomer service and our suppliers along with the restaurant will serve the freshest ingredients available.Organization strategic DirectionWithout strategic electric charge the business will not be able to accomplish its mission or vision. So it is very master(prenominal) that a company has a strategic trouble for the implementation of its mission and vision. Strategic direction is be as strategies made by a business or company to fulfill its mission. Strategic direction helps the owner and employees to know what is needed or required to achieve the mission of the company.Customer needs and agonistical advantageAt Gregs restaurant it is important for the business to provide a relaxed comfortable air to the customers so they can like at home. At Gregs restaurant there has been mechanisms added to provide the customers with the demand seating and waiting areas to help them feel more comfortable at the restaurant. It is also a confirmative direction the company has taken is there is no priority of any culture or righteousness to dine at the restaurant. Honesty is a cardinal element that we strive when dealing with patrons. Strategy readiness helps the company review the mission and vision and to make sure that the company is headed in the right direction on achieving the goals. The future grooming and vision of the restaurant has an impingement on the restaurant strategy and it could impact the way the business will do over the next few years. The business has to utilize its vision and mission statements to make new decisions or to make better on the decisions it makes about the future of the business and what is departure to benefit the business.SWOTT AnalysisIn the restaurant business and by being new to the industry which is very competitive a SWOTT analysis plays a key role and is needed for a business to succeed. Gregs Family Restaurant sets itself apart from other restaurants by servicing their customers with excellent customer service and mea ls. When analyzing a business one has to look at the internal and external factors that affect the company. A SWOTT analysis provides a sectionalization of all these factors even factors that could affect a business internally and externally. SWOTT analysis is a tool a company uses in forming a strategic plan. It is the most effective tool a company uses to contain and uses for a strategic plan. SWOTT stands for Strengths, Weaknesses, Opportunities, Threats, and Trends a company must face.Business can use SWOTT as a tool to create and overview of the organization strategic situation. (Pearce Robinson, 2009). For a new establishment like Gregs Restaurant a SWOTT analysis is necessary to establish and compare where it is in a competitive market. When operating any type of business preparation is a key element looking into as many effectiveness options as possible is a must to prevent the company from profit loss along with the addressholders notwithstanding in this case it is Gr egs stakeholders at risk.By eliminating all possible threats and creating opportunities with limited financial resources and concentrating on the long- term goal is the key to the success of the business and the future. SWOTT provides basic framework for business existing or new. More opportunities can be created by eliminating various weaknesses. External forces which are opportunities, threats, and trends are sets of uncontrollable factors the restaurant face and must overcome to succeed in the restaurant business. subsequently conducting a SWOTT analysis juristic and regulatory, economic, technology, Global and social trends were found external forces that need to be addressed.Legal and RegulatoryBecause of the external forces of opening a new restaurant or possible refitting and exiting building you will have to deal with the regulate laws. Restaurants need licenses and permits to operate or a nutriment service establishment permit, alcohol license and food safety permit. F ood safety health codes vary from state to state but restaurant businesses have to abide by the rules and laws that are put forth. The rules and regulations are to help protect the consumers and business.EconomicInformation regarding to products, services, tools, technology, and suppliers will compromise the economic environment of the restaurant. In 2001 calcium restaurants are projected to register 63.8 billion in sales, every $1 spent generates additional $1.19 in sales for the state economy. In 2010 there were 62, 794 eating and drinking places in California every extra $1 million spent in Californias restaurants generates an additional 23.8 jobs in the state. In 2012 California restaurants employ 1,445,000 flock (www.restaurant.org). Macroeconomics is very sluggish at this point in time. Inflation is at a high and banks are increasing interest rates. quite a little are not spending as they did in the past they are more frugal with their finances. With the lodging market in a slump, unemployment on the rise and with energy prices on the rise it is giving the restaurant industry a hard time. Changing labor conditions and cost is affecting smaller family type restaurants to at long last lose their business.GlobalizationGlobalization shows opportunity for Gregs restaurant to expand outside the United States. Forming a Limited Liability Company (LLC) it protects your personal assets from any liability the business incurs. If the owner plans on pose up a restaurant in different locations have separate LLC for the location.SocialSocially multitude love to recreate, dine, and have a drink and fun. But given the economic conditions of today it is hard for people to dine like they once did in the past. People are also concern about eating healthy and given the ontogenesis of a lot of food recalls in the past. Social media is also contend a big role in the marketing aspect of the restaurant industry.TechnologyTechnology in the restaurant industry is very vit al to the everyday operation. There is software available to track inventory, supplier orders, and to manage food orders. Technology is being developed every day to improve the way restaurants do business. Managers are no in more control of their staff with remote monitoring systems. Internal forces are more controllable factors a business can use to improve the operation and its path to success. After conducting an internal evaluation these were the factors the business came up with that is logical strategy, strategic capabilities, and structures.StrategyIn order for the restaurant to grow and expand a strategy has to be designed to which the business should offer products and services which customers could not receive from anywhere else. As far as strategizing the restaurant has the use of resource control which is key i.e. (operations, finance, supplies, and manpower).Strategic CapabilitiesStrategic capabilities play a big part in the restaurant industry. A business can create its own uniqueness through its marketing and strategic capabilities. A tumefy- organized supply chain, a well trained staff, and a competent management team are strategic capabilities that will help the restaurant to fulfill its vision. The business also needs to consider its ability to manage working(a) capital, expecting manpower issues and customer expectations and the ability to think ahead of the competition. As the industry changes over a period of time the threats and opportunities the restaurant will face the strategies and model of the business will have to adapt to these changes to meet the needs of the customers. It is very critical management focuses and maintain a product mix that works well for the business. The restaurant should position itself to reach specific demographic groups.Issues and OpportunitiesAs mentioned in internal forces issues that are unmixed is the lack of interactions between the employees. With these issues it allows opportunity to create meetin gs between employees and management. These meetings will allow staff to feel they start and part of the family. It also allows employees to express what is working and not working for the business and what need improvement since the staff are the ones interacting with the customers.Balance postingTo develop a Gregs Family Restaurant a balance menu is essential. It is key component for defining the goals and targets of a business as well as the mission vision and SWOTT analysis. A balanced scorecard is, A set of four measures directly linked to a companys strategy financial performance, customer knowledge, internal business processes, and learning and growth (Pearce Robinson, 2009, p. 202).Financial emplacement/ Shareholder ValueA well thought out vision and mission statement will facilitate the restaurant to achieve its target. The restaurants objectives are to increase the performance of the restaurant. The responsibility of the restaurant is to seek its customer satisfaction. Increase revenue, and also achieve financial stability.Customer Value spotCustomers determine the success of the business. The ups and downs of the restaurants as well as the delivery of the services the business provides relates to the customers satisfaction. The more the customers are satisfied the better the business will do to attract more customers.Process/Internal Operations PerspectiveStrategic planning is very effective to give a nutritious meal to customers. This should be done in concord with the customer needs. The most important thing is to determine the purpose and intentions of the strategy, because this will help the business towards its goals. The restaurant should set its goals and the path while keeping in minds the values and interest of the patrons. Customer comment tease should be available so customers can express their comments and concern. Gregs family restaurant is always taking initiatives to improve service and products to increase their customer base. Learning and Growth PerspectiveLearning and growth process is the likely to know about your business and if it is developing into the type of business you dreamt of. Learning in accordance to Gregs family restaurant means to learn about the attitudes of the employees which are internal and customers which are external. Strategic planning within the growth and learning perspective should focus on employee training to have competent employees.Balance ScorecardShareholder Value/Financial PerspectiveStrategic Objectives* Market share should increase* Net revenues should increase* Financial stability should be achieved* Production cost should be minimizedPerformance Measure* revenue enhancement growth* Increased operating cost* Return on interest and capitalTargets* 3-6 % market share increase over the next 3 years* 20% profit marginCustomer PerspectiveStrategic Objectives* Focus on public interest* Quality food should be delivered* Community support* Improving brand name in marketPerf ormance Measures* New Menu Items should be offered* sentience of brand in publicTargets* 100% customer satisfaction* 15% increase in customers for the next 3 yearsInitiatives* Restaurant should expand to other cities* Benefits rewards programLearning Growth PerspectiveStrategic Objectives* Employees retention increased* Technology should be improved* Employee satisfactionPerformance Measures* Customer satisfaction should improve* Employee turnover rate decreased* Surveys, monitoring and trainingTargets* 100% participation of all employeesInitiatives* Staff training* Improved customer service* Analysis of StaffingReferencesPearce, J. A. II, Robinson, R. B. (2009). Strategic management Formulation, implementation, and control (11th ed.). New York, NY McGraw-Hill www.restaurant.orghttp//www.balancedscorecard.org/BSCResources/AbouttheBalancedScorecard/tabid/55/Default.aspx