BSBMGT617: Develop and Implement a Business Plan - Business Assignment Help

Assignment Task:

Executive Summary 

The Watertower is a full-service restaurant/cafe located in the Sweet Auburn District  of Atlanta. The restaurant features a full menu of moderately priced "comfort" food  influenced by African and French cooking traditions but based upon time honored  recipes from around the world. The cafe section of The Watertower features a  coffeehouse with a dessert bar, magazines, and space for live performers. 

The Watertower will be owned and operated by The Watertower LLC, a Georgia  limited liability corporation managed by David N. Patton IV, a resident of the  Empowerment Zone. The members of the LLC are David N. Patton IV (80%) and the  Historic District Development Corporation (20%). 

This business plan offers financial institutions an opportunity to review our vision and  strategic focus. It also provides a step-by-step plan for the business start-up,  establishing favorable sales numbers, gross margin, and profitability. 

This plan includes chapters on the company, products and services, market focus,  action plans and forecasts, management team, and financial plan. 

1.1 Objectives 

1. Sales approaching and surpassing $1.9 million by the end of the first year.

2. Targeting and maintaining a net profit of at least 14% by the second year. 

3. To cultivate monthly sales to reach $167,000 by the end of the fourth month of  operation, and $220,000 monthly by the end of the first year of operation. 

1.2 Mission 

The Watertower concept is built upon the success stories of Atlanta's many casual  dining and coffeehouse venues. Located in the Sweet Auburn District of Atlanta 

adjacent to the Studioplex on Auburn residential loft development, The Watertower  will provide accessible and affordable high quality food, coffee-based products, and  entertainment to the thousands of residents and hotel visitors located within a five mile radius. In time, The Watertower will establish itself as a "destination" of choice  to the many residents of the greater Atlanta metropolitan area, as well as numerous  out-of-town visitors. 

The establishment will provide a "complete, high-quality" evening experience for  those searching for something that is rapidly becoming popular among Atlanta diners.  Not only will patrons be able to dine on "comfort" food based upon time honored  recipes from the world over, they will do so in a facility containing ample patio space  for a favorite pastime of Atlanta's residents: alfresco dining. Patrons will also have the  option of enjoying coffee, desserts, and live entertainment in The Watertower's  coffeehouse or, a relaxed game of bocci in the gardens located adjacent to the patio  space. 

The cafe's aim is simple. It will provide a completely sophisticated, sensual, yet casual  dining and/or coffeehouse experience for the many Atlantans and visitors who  frequent the city's casual dining spots and entertainment venues. It will be an  affordable venture for patrons, one that will encourage them to return on many  occasions. The menu will feature hearty fare of the type that is frequently out of the  reach of the typical young professional...out of reach because time frequently prevents  her/him from cooking hearty meals like those featured on our menu. 

Finally, and quite significantly, The Watertower will provide a much needed  neighborhood-based retail food operation that is currently unavailable to the southern  end of Atlanta's Old Fourth Ward neighborhood. Not only is it projected that the  business will generate 21 new jobs, the partnership responsible for creating The  Watertower will generate additional revenue specifically dedicated to assisting the  Historic District Development Corporation in its efforts to bring affordable housing,  new jobs, and commercial activity to the Old Fourth Ward.

1.3 Keys to Success 

The keys to success in this business are: 

1. Product quality: Food, coffee-based beverages, and entertainment are our  products. They must be of the high quality and value. 

2. Service: Our patrons are paying to have a good time. Their experience will suffer  if service is not of the highest caliber. Each member of the staff will be courteous,  efficient, and attentive. 

3. Marketing: We will need to target our audience early and often. While the  business is located in a central and accessible location, many people will have to  be re-introduced to the neighborhood surrounding the Martin Luther King  National Historic Site and Auburn Avenue. 

4. Management: We will need to have a firm grasp on food, beverage, and labor  costs. The dining/entertainment/coffeehouse experience must be delivered in a  fashion that will not only inspire repeat business, but encourage word-of-mouth  recommendations to others. Proper inventory, employee management, and quality  control is key.

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