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ENTREPRENEURSHIP: PRACTICE & PROCESS: A BUSINESS PLAN FOR KING FOOD COURT
ENTREPRENEURSHIP: PRACTICE & PROCESS: A BUSINESS
PLAN FOR KING FOOD COURT
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Executive Summary
Development and success of a business is depended upon the development of the plan. A properly
designed business plan states everything related with the venture. This study has presented a well-
designed business plan for King Food Court. The organisation is intending to penetrate in the
restaurant market of Malaysia. The motto of the organisation is to serve quality Italian foods to the
customers. Based on this requirement of the organisation, this study has designed the plans for the
business. It has presented the analysis of the restaurant market and industry of Malaysia. Such
analysis presents the trends, growth, operation and size of the industry. It has presented the growth
rate and depicted the opportunities in this industry which will be entertained by King Food Court
in order to achieve success in the venture. Different legal form of business has different aspects
which influence the organisational performance. It is an important task to form the business and
this study has presented a brief study regarding the formation of the business. This also presents
the list of advantages along the challenges for the organisation regarding the selected form of
business. As a new organisation in the market, King Food Court is required to develop its mission
statement in order to design its roadmap for future operations.
Figure 1: Logo of King Food Court
Source: Learner
Trends of the market have been described in the plan to determine the effective strategies for the
organisation. These trends describe the food trends, customer behaviours and technological
aspects. Along with that several external factors also influence the organisational performance of
a restaurant which has discussed from the viewpoint of King Food Court. It has presented a detailed
KING FOOD COURT
3
study regarding the competitors for this organisation in the restaurant market of Malaysia along
with the potential adverse which could creates certain challenge for the organisation in order to
develop the customer base and achieve sustainability. Based on such challenges this study has
presented the strategic opportunities for the organisations as well as development plans in order to
meet the organisational objectives. It delivers the marketing plans along with the sales strategies
in order to manage the organisational practices and earn significant profit. This plan also presents
the financial planning regarding the organisational planning for the success of the venture. This
presents the starting capital and expenses along with the cash flow and assumed sales and profits
of the organisation.
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Table of Contents
Section A ......................................................................................................................................... 7
Company Description ..................................................................................................................... 7
Industry Analysis ............................................................................................................................ 9
Market Analysis ............................................................................................................................ 13
Section B ....................................................................................................................................... 18
Marketing Plan and Sales Strategy ............................................................................................... 18
Management Team and Organization Structure ........................................................................... 23
Role of Board of directors, advisory committee, consultants, and other human resources .......... 25
Human resource management department .................................................................................... 26
Long-Term Development Plan ..................................................................................................... 27
Financial Projections ..................................................................................................................... 31
References ..................................................................................................................................... 42
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List of Figures
Figure 1: Logo of King Food Court ................................................................................................ 2
Figure 2: Marketing Mix ............................................................................................................... 19
Figure 3: Management structure in restaurants ............................................................................. 24
Figure 4: HR recruitment plan ...................................................................................................... 27
Figure 5: Start-up Summary.......................................................................................................... 34
Figure 6: Assumed profit .............................................................................................................. 36
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List of Tables
Table 1: Start-up expenses ............................................................................................................ 32
Table 2: Start-up assets ................................................................................................................. 32
Table 3: Funding for assets ........................................................................................................... 33
Table 4: Total liabilities ................................................................................................................ 33
Table 5: General Assumptions ...................................................................................................... 35
Table 6: Projected profit and loss ................................................................................................. 35
Table 7: Expenditures ................................................................................................................... 36
Table 8: Cash received .................................................................................................................. 37
Table 9: Additional money received ............................................................................................. 37
Table 10: Expenses from operations ............................................................................................. 38
Table 11: Additional Cash spend .................................................................................................. 39
Table 12: Balance sheet ................................................................................................................ 40
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Section A
Company Description
Legal form of business
There is several structure of the business that is adopted by the organisations in order to control
the organisational practices. King Food Court has adopted partnership form of business. This
allows the management of the organization to manage the entire process in a partnership. This
suggests the logical options to the partners to manage the organisational operations. There are two
kinds of partnership forms which includes limited partnership and general partnership. According
to the legal form of general partnership, all the partners are liable for the business liabilities. As
this is a straight forward form, hence, it is easy enough to build. In the context of the new venture,
general partnership is most suitable option as this reduces the liabilities and risks as well as the
pressure for organisational capital. Partnership business also offers profits to the partners. Partners
also required to perform the role of management in the context of the organisational perform. On
the other hand, partners of limited partnership business are liable for the liabilities but have no
such authority in order to participate in the management.
King Food Court has adopted the general partnership form in order to manage the organisational
operations. This imitates the liabilities and reduces the possibility of risks of a new venture. This
also allows the organisation to increase the number of partners regarding which facilitate the
organization regarding business capital. Another benefit offered by this legal form to the business
practice is the flexibility of the system. This allows increasing the number of partners according
to the demand of the situation and also clears the way for exit of a partner. These forms of the
business could face the biggest challenge regarding the taxation as this pout double tax on the
partners. Partners of this business will be subjected with the taxes for individual income as well as
organisational income. King Food Court has signed a mutual contract among the partner on 23rd
December 2017. Partners of the organisation are intending to inaugurate the venture on 15th
February, 2018.
Mission Statement
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Mission statement of King Food Court is to serve proper service with quality foods. They are
aiming to deliver Italian foods to the customers. They are aiming to introduce new tastes to the
customers with regional approaches. Mission statement of King Food Court includes offering their
customers an experience of dining exceeding the expectations of the customers. High quality and
clean restaurant is among such missions of the organisation. The organization put emphasis on the
employees in order to produce quality food and provide clean services. Hence, retention of
employee is one of the important missions for the organisation regarding the long- term aim of the
organisation.
Company governance
Application of legal regulations will allow the organisation to enjoy the practices in an effective
and profitable way. Such regulations could regulate the organisational practices and legal structure
of the organisation. This includes the Companies Act 2016 (Act 777), Companies Act 1965 (Act
125), Companies Commission of Malaysia Act 2001, Registration of Business Act 1956 (Act 197)
(ssm.com.my 2018). Along with those acts, King Food Court is also required to follow certain
regulations of the legal system of Malaysia to maintain the organisational performances. This
suggests following Companies Regulations 2017, Registration of Business Rules 1957 and
Companies Commission of Malaysia (Licensing of Secretaries) Regulations 2017.
Location
Location is one of the prime factors regarding the success of the business. Prime locations allow
additional advantages to the organisations in order to attract the customers and the availability of
the customers to reach at the location. Prime locations also save the expenses of the organisations
regarding advertising and marketing whereas companies away from such locations are required to
spend additional and significant fund to reach at their customers. From these perspectives, King
Food Court is going to open their first store at Dataran. This will facilitate the organisation to limit
its initial expenses regarding marketing and advertising.
Immediate goals
Immediate goals of the organisation includes list of objectives which are determined in the early
business planning.
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• Gain sustainability through offering quality foods to the customers
• Develop a friendly atmosphere in organisational workplace
• Develop a perfect marketing strategy considering corporate strategies and business
volume
• Achieved $1.5 to $2 million sales for the initial year performance with 10 percent growth
• High margin of gross
• Maintaining the consistency of labour and food expenses
• Build organisational goodwill
• Become the most preferable restaurant to offer Italian food in Malaysia
Overview of company’s financial status
As the organisation is starting their venture, it is a challenging phase for the organisation to
maintain the organizational performance. In its initial period, the organisation is aiming to invest
more in the quality of the food product and its services. They are aiming to earn 10 percent of
profits after first years and putting emphasis on the development of organisational goodwill.
Financial planning of the organisation includes the growth in a moderate speed whereas aiming to
have a steady flow of cash. The organisation is also intending to develop their sales by 4 percent
yearly in a steady trend. Cost will be raised to 1% to 2 % per annum. Regarding the financial
strategy of the organization, King Food Court is aiming to introduce residual profits in the fiscal
market instead of expansion of the business. In order to receive maximum amount of return, the
organisation is aiming to invest through NPV projections considering the future market. This also
helps the organisation in order to reduce the level of risk.
Industry Analysis
Description of industry
Restaurant industry in larger aspect continues its trends regarding the growth and sustainability.
Global economy has faced a certain challenge and this reduced the organisational performance in
every industry. As suggested by Amin et al. (2013), restaurant industry has successfully managed
the growth trend. In the context of last five years of performance, restaurant industry has continued
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to grow. Even after the risks and challenges about the fat, sugar and salt, this industry has
successfully managed its growth rate. Restaurant industry has also considered the changing
demand of the customers in order to meet the development criteria and maintain the customer base.
This also includes the organisation market share in the aspect of changing nature of the industry.
As the industry has successfully maintained the organisational demands in the context of changing
market trends and preferences of the customers, it has been forecasted that this growth trend of the
organisation will remain continue till 2022. It has even assumed that considering the present trends
and statistics of the industry, restaurant industry in larger aspect will have additional advantages
with the development of global economy. It has been recorded that the industry has received $651
billion regarding the financial year of 2017. Considering the growth rate of the restaurant industry
it has been recorded as 3.3% from 2012 to 2017. Size of the industry can be comprehend from the
number of employee is working in the industry which has recorded as 11.9 million. These revenue
amounts of the industry have been influenced by the population of the country. Different country
has possessed different trends towards the industry and this leads towards the development of the
industry. Hence, industry or market of a particular country considers certain factors including its
population.
Trends
Food Trends
Food trend is one of the major trends that determine the organisational as well as industrial
performances. Food and drinks not only suggesting general consumption of the people but this
suggests the trends of the industry regarding the product. This industry is continuing to develop
and this growth is intending to change the behaviour of the customers and offering different market
trends. Considering the present industry, food trends has become changed. This includes whole
foods, baked foods, extreme indulgence, protein and barbecue. As the changed trends of the
restaurant suggest, consciousness of the customers towards the food products has increased. They
are looking for healthy food along with the delicious one. This changes the trends of the industry
regarding the quality and types of food offered to the customers. Whole food also suggests the
fresh food, processed food and unprocessed food. Whole food also carved a niche for the customers
and develops one of the popular trends regarding the industry of restaurant. Another trend is
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extreme indulgence. Customers of this industry also improving their consciousness and restricts
the products they are aiming to consume. Based on such factors industry trends regarding quality
of the product has been influenced. In the context of restaurant industry of Malaysia, it has counted
the changes in the behaviour of the customers along with their requirements and preferences.
People are looking for rich and lip-smacking plates which influence the trend of the industry.
Baked foods are another trend of the industry. As the industry has progressed, so the customer
behaviour also progressed. In the context of restaurant industry of Malaysia, people have changed
their requirements and this change the trends of the foods offered to them. They prefer baked goods
more than the fried foods as they preferred earlier. This changes the trend or earlier periods where
customers were fond of fried foods and looking for baked food which supports the changed trends
of the industry. Another trends regarding food is the hike for the protein and this increase the
demands of such meals including sea foods and meats which has been suggested as a changed
trends. Changing trends of the industry regarding the food includes less oily food and this
suggested the demands of barbecue as a part of the changed trend of the industry.
Technology trend
Application of technology has been an important trend of the industry. This trend has been
continuing and is developing with the changes of the technology. As modernisation has appeared,
development in the application of technology has been witnessed. Restaurant industry of Malaysia
as well as in the context of larger market has increased the application of technology. Application
of modern technology is the current trend of the restaurant industry. This has been applied in
different aspects including stock management, billing, kitchen management and other functions.
These are applicable for the customers in order to reserve the table or ordering for the food.
Malaysian restaurant industry also subjected with the application of this software which change
the trend and allow very little space regarding the manual intervention. Application of these
technologies is also related with the market development and helps the business to manage the
marketing and market competition. This trend has also been popularised because of its impact on
the sales and table turnover of the restaurant. Restaurants have put emphasis on the traditional
functions as this allows the organisations to develop its performance, growth and sustainability.
Based on the facilities organisations even in the industry of Malaysia applied this changed trend
as a technological toolbox. Certain technologies are also applied in order to penetrate the new
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market and application of cloud-based technologies. Hence, application of technology becomes
the changed and overly viewed trend for the organisations of restaurant industry of Malaysia.
External Factors
Individuals are one of the major factors among the list of external factors that influence the
organisational performance of restaurant industry (Yüksel 2012). In the context of Malaysia, low
salary of the workers is a major challenge in this context and this leads towards the high turnover
rates. Managers could manage the situation with the personal involvement but has been absented
in the context of Malaysian restaurant industry. Other factors consider the limitation of
development, learning as well as demonstration of decision making skills which are influencing
the industrial performances. Legal factors are another important factor regarding the external
factors that influence the restaurant industry. Legal factors direct the limitations and restriction
which are required to be followed by the organisation in order to continue the organisational
practices. This includes food quality, public relationship, process of the preparation of food and
other related legal reforms. Another factor is the corporate management of the organisation. It has
been figured out that many organizations are performing as a part of the franchises instead of
performing as isolated organisation. This may reduce the pressure and risks of the organisations,
but this includes the restriction for the managers of the organisation as they are within a contract
as a franchise partnership and these impacts on the organisational decision making considering
time and processes. Organisational climate is another important factor in this context as this
determines the performance level of the workers and achievement of organizational goals. In the
context of the organisational performance, environment of the organisations is an important aspect.
In this context of restaurant industry, it also includes work, health and safety management of the
organization. Along with that it also considers the fiscal climate of the organisation which is an
important aspect in the context of a new organisation in the restaurant industry especially in
Malaysia.
Strategic opportunities
Service is a major opportunity for the organisation in the restaurant industry. In the context of
Malaysian restaurant industry, employee turnover rate is too high and in this context management
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of employee and people is an important aspect to consider the opportunity in the industry (Idris
and Abdul 2015). Demand for taste is another strategic opportunity in this context as people in
Malaysia as the market trend suggests that the customers prefer the imported foods. This allows
additional spaces for the organisations to offer certain products with different taste. Changing of
the conventional collective bargaining instead of unions offers certain opportunities to the
organisations of this industry. The raising growth of the industry is another opportunity for the
organisation that allows them additional spaces towards the investment in the market. This also
encourages the people to invest considering the growth opportunity. Application of technology is
an important aspect regarding the organisational behaviour in the restaurant industry. Development
of technology is a changing trend that influences the organisational performances and this has been
counted as an opportunity for the organisation regarding the organisational performance in
restaurant industry. Another opportunity regarding the restaurant industry is the availability of
substitutes. This influences the organisational strategies regarding the development of new
organisations. This allows the customers to shift as the switching of the customer becomes weak
factor and this allows the new organisations to attract the customers. Along with that this also
facilitates the organisation regarding the development of customer base which is a major
opportunity for the organisation regarding its strategic approaches. Thus such opportunities
influence the organisational approaches and strategies regarding the new entrants in the restaurant
industry of Malaysia.
Market Analysis
Target market
In the context of Malaysia, size of the market is huge enough as this suggested that the expectation
of the restaurant market of country is expecting to go high regarding the present statistics. It is
expected to reach at US$ 34 million by 2018. This suggests the size of the market is huge. There
is already more than 300 outlets of KFC in the market of Malaysia. Along with that Domino’s
Pizza, Burger King, Pizza Hut and other big names are already started their venture in Malaysia
regarding the restaurant industry. It is expected to reach at 25.4% growth rate by 2022 which is
showing in the context of market volume of US$83 million. In the context of 2018, user penetration
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in the market of Malaysia regarding restaurant industry is at 5.2% and expecting to reach at 6.8%
at 2022. Currently statistics are suggesting that user per revenue of restaurant industry of Malaysia
is US$ 20.05.
Market Potentials
It is expected that the restaurant market of Malaysia will be raised by more than 25% in the context
of 2022. Based on the research, it has been figured out that people of Malaysia has spend more
than 20% of their household income on the food and beverage. Trends are suggesting that the
people of Malaysia invested into packed and processed foods and this encourages the people to
enter into the market in order to use such advantages. It is also expected that the growth will be
sustained and even increase with the time. Participation of the foreign organisations is also a result
of such market investment. Local brands are also participating in that competition that increases
the flexibility and the sweeping power of the customer. Potentially this market is aiming towards
the quality products and services. Service quality also influences the organisational strategies as
the customers are aiming towards the quality of the service offered by the organisation.
Another potential factor that regulates the market behaviour is the price-consciousness of the
customers. This suggests the quality product at reasonable price for the customer. Current patterns
of the market also suggest the preference of the customers towards the branded quality and this
increase the market competition. Different products are preferred by the customers as they have
certain selections regarding food and beverages. In this context, organizations are offering their
products considering the interest of the customers. Consumption of wine is also depending on
certain other factors excluding price. Such factors are required to consider by restaurant industry
to increase organisational sales and growth. Such preferences of the products are also changing
with the time as the customers of the respected market are changing their preferences towards wine
from brandy and the organisations are required to consider such factors. Consumption of fish and
seafood is also at high levels though the production level in not at high level. Mostly, the importing
product of Malaysia considers food packaged products which suggests the preference of the people
for foreign food products which widens the market option for King Food Court as they are aiming
to offer Italian dishes to their customers.
Key competitors
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Based on the restaurant market of Malaysia, King Food Court will face certain challenges as the
penetration will be a tough challenge for the organisation. The people of Malaysia have preference
for foreign brands regarding food and beverage products and several foreign countries are also
there in the market. They had already developed certain market size that earned the loyalty of the
customers and enjoyed certain market share. In this aspect major challenges for the organisation
will came from KFC as they have almost half of the market share. The organisation has launched
more than 300 outlets in the market of Malaysia. Second major competitor will be McDonalds’
that have launched 167 outlets in the country regarding the restaurant market. Pizza Hut is third
major challenger for King Food Court and this organisation has introduced around 100 outlets.
Other major organisations include Burger King, Shakey’s Pizza, Domino’s Pizza and others.
Along with those major foreign organisations, there are ranges of local organisations which have
already penetrated in the market and develop certain customer base and market share.
Strengths and weaknesses of competitors
KFC
Strength Weakness
One of the largest organisation of the world
Launched more than 300 outlets
Recognised brand
Large customer base
Among the market leader of restaurant
industries
Close market substitutes of the offered
products
Complains on the menu regarding health
issues
High price of the products
Launched limited ideas
McDonalds’
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Strength Weakness
Recognised brand
Rapid expansion
Adopting local market
CSR activities
Competitive value offer
Fail to realise the changing trends
High rate of employee turnover
Only online option for customers to complain
One premise to serve customer segment
Potential future competitors
Restaurant industry is a growing industry and many organizations are intending to penetrate the
market. There are various local organisations which are causing threat to King Food Court. Along
with them there are several foreign organisations which are investing in the market of Malaysia
that suggests the future level of competition. Several foreign organisations including Burger King,
Kenny Rogers Roasters, A&W and Shakey’s Pizza are investing in the market which creates future
threats for the organisation. Along with that growth of the restaurant market of Malaysia also
encourages people to invest and this trend is intending to increase the level of competition for
future. Such level of competition can be more complex through the investment. Different
multinational organisations are also feeling interested about the respected market which is
encouraging by the customers behaviours and market trend.
Barriers to entry for new competitors identified
New competitors are subjected to certain challenges while entering the restaurant market of
Malaysia. There is already numbers of organisation in the market who have earned certain market
share and build their customer bases. This is a major challenge for the new entrants. Large
organizations and multinational companies are also carrying their customer base and market value
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along with the organisational reputations build for so long practices. This helps such organisation
to attract the customers and leave minimum space for the new entrants. Raising number of
organisation in the market also develop the level of competition which is a major challenge for the
new entrants. This creates challenges for the new organisations in the market as they face troubles
regarding market sustainability and development of customer base.
In the context of the market of Malaysia, a major challenge is the culture of the market and the
country while dealing in the market as a new entrant. Every market has different requirements
regarding its culture and this market of Malaysia has also a certain culture regarding food and
beverages. People of Malaysia have special preferences for packed food and imports food
products. A new organisation is the market is required to consider these preferences while
determining their strategies or they will face certain challenges. Along with such preferences, they
are also required to consider the culture, protocol and etiquette of the business. In case of a foreign
business organisation, it is much required to consider the social culture of the Asian country is
much important as there is certain strictness regarding the social and food cultural of the people.
Another challenge is the selection of employee and workforce. Based on the market requirement,
it is required to determine the types of workforce required by the organisation in the context of the
new market.
Different market requires different skills and this creates certain consideration regarding the
process of the selection. In the context of the Malaysian market, a new organisation could even
required bilingual employees in order to communicate with the local customers and these required
employees with particular skill. Another challenge in the context of the new entrants in the market
is the location of the outlet. In the context of restaurant market, location is one of the important
factor and prime location of the outlet. Hence a new organisation is required to consider the
location as an important and influential challenge. Another challenge in this respect is the
identification of market trends and customer behaviours. This will determine the organisational
strategies while attracting new customers as they are required to build a new customer base. Such
comprehension of the customer behaviour or market trends allow the organisation to determine the
organisational strategies which is an important factor regarding organisational performance in the
context of new market.
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Section B
Marketing Plan and Sales Strategy
Prime messages to be communicated
In order to inaugurate the new business in the restaurant market of Malaysia, King Food Court is
likely to convey the organisational messages to the customers. This will facilitate the organisation
as well as the customers. The organisation will able to convey the messages regarding products
and services which will be offered to the customers and the customers will receive the information
about the new organisation through which they can analyse the organisations as substitute. King
Food Court is intending to offer Italian dishes to the customers. This will include various dishes
of pasta. Along with that, King Food Court will offer various dishes of veal, meat and seafood.
Their dishes will include sandwiches, appetizers and salads. Regarding the drinks, the restaurant
is aiming to provide wide variety of wines and cocktails. Considering the market requirement, the
organisation is aiming to use fresh and imported ingredients. Quality seafood and meats will be
provided to the customers. Customers of restaurant market of Malaysia have a significant
preference towards the protein and quality of the food. The organisation is aiming such products
in order to attract the customers. This also helps the organisation to convey the organisational
message that they have a deep care for the preferences of the customers regarding dishes and
quality. Considering the different group of customers, this restaurant is aiming to offer different
dishes to the different age group of customers.
Marketing plan
Marketing is an important aspect of a business, especially for the new one. This allows the
organisation to convey their messages to the customers and attract the customers towards the
organisation (Brooks and Simkin 2012). In order to develop the customer base and earn market
share, it is important for the organisation to adopt significant marketing strategies. Considering the
high level of competition in the restaurant market of Malaysia, it is important for King Food Court
to adopt effective and efficient marketing strategies. Application of marketing mix will facilitate
the organisation in this context. This suggests the combination of right products in right place. This
helps to analyse every aspects of the business and determine the strategy. 7P of marketing mix
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considers seven aspects consisting product, price, people, place, promotion, process and physical
evidence. These aspects analyse the organisational performance in different perspectives which
suggests the marketing option of the organization. Based on these factors, the organisation could
determine the organisation strategy regarding marketing in the context of new market of Malaysia.
Figure 2: Marketing Mix
(Source: Brooks and Simkin, 2012)
Product
Product in the 7P considers the quality of the product offered to the people. This also includes
features or verities, branding and image of those products. In the context of King Food Court, this
will facilitate the organisation to convey the quality and variety of the products they are aiming to
offer. This will also present the organisational approach towards the customer’s demand.
Appropriate product selection according the demand of the customers could facilitate the
Marketing
Mix
Product
Place
Promotion
PricePeople
Process
Physical Evidence
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organization regarding their long-term objective of sustainability as this attracts customers in large
numbers.
Promotion
Another aspect of 7P is promotion of the product and services offered to the customers. This
includes marketing communication, sales promotion, personal promotion, direct marketing and
branding. Promotion, in the context of King Food Court suggests conveying the organisational
messages including its products and services to the customers. This is a major function for such a
new organisation in order to develop the customer base and earn market share. Regarding the level
of market competition, promotion in the restaurant market of Malaysia is an important factor. This
will facilitate the organization to reach towards the additional numbers of customers regarding the
r products and services. In the context of the long-term organisational objectives, promotion will
influence the customers to get attracted towards the products or services offered by the organisation
which will play a major part regarding the organisational growth and development.
Price
Price is probably the most important factor regarding the marketing strategy of the organisation.
This determines the organisational profit and interest of the customers. Determination of price of
the products or services offered by the organisation considers the purchasing power of the
customers. Along with that it also requires the consideration of the market trends and competitions
regarding the price of substitute products. As King Food Court is a new organisation is the
restaurant market of Malaysia, they are required to offer customer friendly prices of their products.
Pricing strategy of the organization is also required to consider positioning, list of products and
services, discounts, credit, variety and quality of the product. Customer friendly price of the
product will encourage the customers towards the organisation which could facilitate a new
organisation to develop their customer satisfaction which will be beneficial in the context of long-
term objectives of the organisation.
Place
Place is another important aspect in this context as this determines the operational strategies of the
organisation. This considers different trade channels in order to continue the organisational
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performances. This considers the availability of the products and services to the customers. In
context of King Food Court, prime location of Dataran will facilitate the organization regarding
the accessibility and reaching of the people. This will allow them to attract additional customers
in order to develop the customer base. Place also put emphasis on the organisational strategies
regarding target market. Along with that efficient channels of distribution are also effective
regarding the marketing strategy. This put emphasis on the organisational strategies of distribution
which is considered as major factor for the long-term objectives of the organisation. It also suggests
the analysis of the food habits of the people regarding that particular location which has been
considered by the organisation for operating. People of different place have certain preferences
and culture regarding their food habits that should be considered by the organisation determining
organisational strategies.
People
Organisational performance is depended on the workforce in order to complete the operations.
This includes workforce regarding marketing activities, customer communication, training and
skill development, productions and sales activities. Along with that this aspect of the marketing
mix also considers the target group of customers. This evaluation allows the organisation to
determine the organisational strategies based on the requirement and preferences of the customers
of the particular market. In the context of restaurant market of Malaysia, people have certain
preference for foreign taste and sea foods which is required to be considered by King Food Court
to design organisational policies. Based on such strategies and requirements, the organisation
determines the policies about the required workforces. As King Food Court is intending to operate
as a new organisation, they are required to consider skilled workforce to manage the organisational
performances.
Process
Process considers the process of organisational practices as well as preparation of the products and
services offered to the customer. This suggests the healthy process of preparing foods regarding
the application of certain ingredients. This also suggests the analysis of the culture of target
customer group regarding production. Customer satisfaction is also depended upon the
organisational process to handle the customers. This is required to be considered for the
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organisation in order to maintain the organizational performance. Service process and delivery
process is related with the customer satisfaction which is required to be considered as this influence
the customer base and market share of the organisation. Along with customer focus, King Food
Court is also required to consider design, features, business-led, IT -support and research and
development in this aspect.
Physical Evidence
This includes the packaging and presentation of the product or service offered to the organisation.
This creates an atmosphere for the customers where they could find it next to home. This suggests
the organisational approach towards the customer regarding the presentation and handling of the
customer. Physical evidence is one of the major factors for the organization regarding customer
satisfaction. In the context of King Food Court, physical evidence could attract the customers
towards the organization as this considers the attractive presentation. This also encourages the
customers towards the new organisation which could facilitate the organisation in order to develop
the customer base and improve the satisfaction level of the customers.
Sales strategy
Success of a business is highly depended on the sales strategy of the organisation. In the context
of King Food Court, adoption of sales strategy is depending upon the trends of the market and
customer behaviours. The organisation is required to consider the present market traditions and
customer preferences in order to determine the strategies. As suggested by Kajanus et al. (2012),
analysis of the organisational strength, weakness, threats and opportunity will facilitate the
organisation in this context.
Target Market
Target market and customer group is one of the important aspects regarding the organisational
strategies for sales. Market segmentation develops the strategy regarding the particular group of
customers whereas target area determines the consideration of culture of the people of certain
places. In order to determine the strategies it is important to consider that the segmentation ensures
the profit of the organisation. Such segments are required not to consider as stable as this will be
flexible regarding the change of time and preferences. Based on such analysis, King Food Court
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could develop the sales strategy regarding market segmentation. In this context, they are required
to consider the preference of the people Malaysia for foreign taste, seafood and changing trends of
the customer behaviour. Dataran as a prime location will offer additional opportunity to the
organisation which could be considered while determining the organizational strategies for sales.
Pricing
Pricing is another important factor regarding the sales strategy of the organization. King Food
Court is required to consider the market trend regarding the determination of price of their products
and services. This will include the preferences of the customers, their purchasing power and market
competition. Level of competition in the restaurant market of Malaysia is too high and this leads
the organisations to determine the price of the product carefully. As King Food Court is a new
organisation in the market, attractive pricing strategy could help the organisation to develop the
customer base. People of Malaysia are sensitive about the price of the product and this will force
the organisation to determine their price considering the behaviour of the customer. On the other
hand, this will offer a certain opportunity for the organisation.
Management Team and Organization Structure
Operation management team and practices plays an important role in successful management
operations in the enterprises. Efforts of both team leaders and operation management team largely
contributes effectively for developing and improving business practices. In important restaurants
such as King Food court, management team takes responsibility for monitoring essential work
related functions. Management team plays an essential role to ensure that the restaurant managers
as efficiently as possible (Bromiley and Rau 2016). The overall work is distributed among different
management teams in the restaurant to ensure smooth flow of operation of all departments. The
whole process of task management is ensured by management head, maintaining and establishing
control over its department.
24
Figure 3: Management structure in restaurants
(Source: Walker et al. 2015)
Figure 1 shows and represents the management structure in business enterprises. The hierarchical
structure of the management in top restaurants such as King Food Court is noted. It is observed
that head of management of manager represents the top position in the restaurant. It is followed by
departmental manager, in charge of respective departments. It is then followed by management of
respective food and management department.
Identification of key principals
Head of management serves as one of the important contributor and observer in restaurant. Proper
responsibilities for carrying out and executing work functions are assured under its department.
The key essential principles of the management are mentioned below:
● The management is responsible for better understanding with impacts and implications
associated with different process of operations and related food products (Walker et al.
2015).
● Identification of present techniques and process for setting and future development of
management process in decision making.
● The responsibility of stock management in important restaurant enterprises such as kings
food court involves organization of management and funding as per its budget
25
● Ability to analyze and understand beforehand the conditions of stock market and check on
present market standings
● Familiarity with other respective tools and related techniques for ensuring maximum value
● Analysis of the present situation and its operations as per recent trend and in comparison
with other similar restaurants
● Developing and upgrading tools and operation techniques for increasing its market share
in terms of valuable food chains
Role of Board of directors, advisory committee, consultants, and other human
resources
Management operation and functions are of sufficient importance in any business enterprise.
Roles and responsibilities of directors
The contribution and the importance of board of directors are mentioned below
● The board of directors plays an important role in establishing and setting vision and mission
statements to offer guidance for its present operations and set scope for its future objectives
● Determination of necessary values to be promoted throughout the business enterprise
● Determination and review goals of the business and taking proper steps for reaching the
objectives
● Set and review policies of the business enterprise and making sufficient changes on
achieving the objectives and influence on decision making processes.
● Determine strategic options and selection of the specific strategies which can generate
maximum scope for development
Roles and responsibilities of advisory committee
Advisory committee consists of collection of individuals that bring new sets of knowledge and
related skills to the welfare of the business enterprise. Advisory committee plays an essential part
in maintaining public relations. Lee and Tang (2017) commented that development and
improvement of public relations is an essential part in public relation management. In important
restaurants such as Kings Food court, public relation management is of sufficient importance.
Following points reveal the responsibilities of advisory committee
● Program creation and planning: During the early stages of development of program,
advisory committee plays an important role in advising and preparing proper plans for this
26
program. It is relatively easier to begin with small advisory committee. For instance in
important restaurants such as King’s Food court members of the community and leaders
take part in managing activities and help in proper decision making.
● Development of proper program: It is likely that advisory committee may not be able to
create legally binding policies for the business enterprise. However, they offer help in
creating specific sets of policies which may offer direction and heading for the program
management staff.
● Implementing and planning public relations: The basic prospect of the advisory is
managing and develops public relation policy. Public relationships plays an important role
in overall success of the business
● Funding leaderships: The prime importance for creating advisory committee is to raise
and develop funds for organization of various programs. In important restaurants and food
chains, the advisory committee gets this authority from the members of the board of
directors or executive directors
Human resource management department
Human resource management department plays an important role of performing work related
essential activities. McAdam et al. (2016) commented that the main functions of the human
resource management deals with recruitment and selection of effective and eligible personals in
the business enterprise. The smooth process of recruitment and selection process are ensured by
the HRM department. The functions of the HRM are stated as follows
● Maintaining employee relations: Employee relations in workplace is one of the most
important and necessary parameter in workplace surroundings. In important restaurants
such as King’s food court, HR department plays an important role in employee relation
maintenance
● Training programs: Training and development programs play an important role in
managing and allocating tasks in a better manner. HR department plays an important role
in developing proper training and development programs
● Offering benefits: Work related benefits and outcomes play an essential part in increasing
the morale of employees. The HR department looks forward on offering sufficient amount
to work and benefits to employees (Chan et al. 2017)
27
Plan for identifying, recruiting
Strategies associated with HRM are developed and implemented in such a way such that best
candidates and participants are best selected for performing certain work related functions.
Figure 4: HR recruitment plan
(Source: Walker et al. 2015)
In important food chain and restaurants such as King’s food cross, the policies of the HR
department are mainly directed for adding maximum values to the business. HR department makes
use of different selection procedures for selecting the best candidate among all others. Figure 2
gives sufficient amount of importance to the basic layout of plan for basic recruitment processes.
Long-Term Development Plan
Long-term Goals
In the context of the long-term operation, King Food Court has determined the strategies and
objectives. In the context of the long-term objectives, the organisation has planned to purchase the
present assets of the company along with the leaseholds. It is a new organisation starting its venture
is the restaurant market of Malaysia and the organization is intending to develop the customer base
in order to ensure the sustainability of the organisation. The organisation is aiming to be the most
preferable place for eating for the customers in the market of Malaysia. It is aiming to provide
certain facilities that will make the customers feel like home. Development of an organisation with
efficient and attractive working atmosphere is one of such objectives regarding long-term aspects.
28
• This also includes the offer of quality foods and drinks considering the customer
preferences. This is also related with the development of customer preferences for the
organisation.
• Development of clear goals and effective working environment in the organisational
atmosphere.
• Development of the combination of the strategies of corporate marketing with personal
volume of building.
• Another goal is considering the growth rate of the organisations along with the sales
amount.
• High gross margin is among those objectives which are determined based on the long term
operations of the business
• Consistency regarding the cost and quality of the products and services offered to the
customers is among those long-term objectives of the organisation
• Expansion of the business across the country is another goal of King Food Court. The
organisation is aiming to open fifty outlets across the country
• Last but not least of such objectives is to become the best restaurant offering Italian food
in the context of Malaysian market
Prime factors regarding organisational service
Certain factors are there that influences the organisational performance. The organisation is
required to consider those factors regarding the development of future planning to meet the
success. Such factors are identified as the prime factors regarding the success of the organisation.
Organisational reputations and customer base is one of the major factor regarding the
organisational success. King Food Court is required to consider these factors as an important one
as these can help the organisation to meet the requirements of the organisation
Another factor regarding the organizational success is the quality of the product offers to the
customers. Customers of the restaurant market of Malaysia could provide benefits to the
organisation regarding the product quality. Combination of quality product and effective
atmosphere will facilitate the organisation regarding the success of the organisation.
29
Skills and experience of the staffs are important factor regarding the organisational success. This
also depends on the training and development provided by the organisation.
Another important factor regarding the success of the organisation is the selection of place for the
venture. King Food Court has selected Dataran as the location of the venture which is a prime
location. Such locations influence the organisational performance and sales. In the context of the
organisational success of King Food Court, expansion of the business in different prime location
across the country will be responsible for the success of the organisation.
Availability of the products or services offered to the customers is a major factor regarding the
success of the venture. Organisational approach towards marketing and involvement in the
community also plays a vital role regarding the organizational customer base and reputation that
also ensures the success of the venture in the context of long-term operations.
Employee retention is another factor that ensures the success of the venture. In the context of long
term operation of the organisation, loyal employees with skills and experience make it valuable
for the organisation and retention of those employees helps the organisation regarding the
organizational performance.
Risks and potential adverse
Restaurant industry is related with certain risks. As King Food Court is intending to start a new
restaurant, it is subjected with certain challenges band potential adverse. In order to manage the
organisational operations, it is required to identify those risks and adopt certain strategies in this
context. In the context of the restaurant industry, lack of skilled employees is a major challenge.
This will influence the quality of the production which could influence the organisational
objectives to develop the customer base through the offerings of quality product. Employees with
proper skill could influence the organisational service and restricts the budgets of training and
development.
Resource allocation is other risk factors regarding the organisational performance in the restaurant
industry. As the market trends suggest customers of Malaysia are fond of foreign taste. King Food
30
Court is also aiming to offer Italian foods and seafood. This requires a range of resources and the
success of the organisation is depended on the availability and management of those resources.
Brand recognition is another additional risk regarding the organisational operations of King Food
Court. The organisation is a new one in the market and this is subjected with certain challenges
considering the recognition of the brand. It is a new brand and this could be failed because of lack
of promotional activities. High level of competition in the market also increases the level of risks
for the organisation. Along with that lack of customer base is another challenge for the
organization. In order to earn sustainability the organisation is required to develop the customers
base but as a new organisation in the fiercely competitive market King Food Court will face
adverse regarding this issue. Along with those challenges and adverse, King Food Court will face
another one regarding the lack of practical experience the context of market behaviour. The
organisation is required to analyse the market factors in order to determine the organisational
behaviour and strategies. This will allow them to determine the strategies regarding the lack of
experience also. This will create challenges to determine the marketing strategies, sales strategies
and organizational objectives. As the organisation is new in the Malaysian restaurant market, they
will face adverse regarding the determination of those strategies. Thus, the organisation is
subjected to different risks and potential adverse and the organisation is required to analyse those
factors in order to determine the strategies.
Strategy to achieve long-term goals
Based on the organisational goals in long-term operations, King Food Court is required to develop
the plans to meet such goals. This will consider the goals and organisational factors. One of the
most important goals is to offer quality foods to the customers according to their preferences.
Based on this goal of the organisation, they are required to conduct a market analysis. This will
allow the organisation to identify the present trend of the restaurant market of Malaysia. Along
with that, this will be beneficial for the organisation to comprehend the behaviour of the customer.
In this context, application of Dow Theory is helpful to determine the market trends which could
facilitate King Food Court to determine its menus and list of offerings. As opined by Dobbs (2014),
application of Porter’s five forces will facilitate the organisation regarding the determination of
purchasing power of the customers regarding the operating market. This will also facilitate the
organisation regarding supplier’s power and threat from the substitution. Application of this theory
31
could assist the organisation to determine the organisational strategies considering the long-term
objectives of the company. An analysis of the external as well as internal factors of the market
could assist the organisation in this context to realise the market trend, its strengths and
weaknesses. As a new organisation in the market, King Food Court could also receive certain
advantages through such analysis regarding opportunities and threats for the organisation.
Employee skill is another factor regarding the achievement of long-term objectives of the
organisation. As suggested by Lee et al. (2012), proper training and development to the employees
will assist the organisation to develop the efficiency of the workforce to meet the customer
requirement in order to develop the customer base as well as customer satisfaction. In order to
meet the organisational objectives to increase the sales, it is important for the organisation to
provide quality product and services considering the customer satisfaction. The organisation could
adopt certain strategies in order to improve the organisational sales. Involvement in different
community and social programs will help the organisation to reach at additional numbers of
customers. As commented by Hanaysha (2016), online marketing and promotion will be useful for
the organization in this context. Consistency regarding the product quality and services has
significant values regarding the customer satisfaction and development of customer base. Hence,
the organisation is required to retain the experienced employees. Along with that, development of
the organisational atmosphere regarding the working environment is an important factor which is
required to be considered by the organisation to retain the employees and maintain the consistency
of services offered to the customers. These will facilitate the organisation to meet the long-term
organisational objectives.
Financial Projections
Start-up Summary
Expenses
Category Expenses ($)
Legal 800
Rentals 1,500
32
Stationery requirements 600
Expensed equipments 5,000
Miscellaneous 1,000
Total 8,900
Table 1: Start-up expenses
Source: Learner
Assets
Category Expenses ($)
Required cash 35,000
Inventory 000
Long-term assets 25,000
Miscellaneous 3,000
Total 63,000
Table 2: Start-up assets
Source: Learner
As it has been suggested in the above tables, start-up expenses for King Food Court will be $ 8,900
and assets will be $63,000. Hence, total start-up requirements for the organisation are $ 71,900.
This also suggests the amount of start-up funding for different functions which will be worth of $
71,900.
Funding for Assets
Category Expenses ($)
33
Non-cash start-up assets 28,000
Required start-up cash 35,000
Additional raised cash 000
Starting cash balance 35,000
Table 3: Funding for assets
Source: Learner
Liabilities
Category Expenses ($)
Present borrowing 40,000
Accounts Payable 000
Long-term liabilities 000
Other liabilities (Interest free) 11,000
Total 51,000
Table 4: Total liabilities
Source: Learner
Total required funding for this venture is $ 71,900 and total liability including borrowing and other
liabilities is 51,000. Hence required funding from the owners is $20,900.
Start up expenses for this venture will be $8,900, assets will be $63,000, investment will be
$20,900 and loans will be $51,000. Among the loans, $40,000 will be bank loans whereas, $11,000
will be interest free loans.
34
Figure 5: Start-up Summary
Source: Learner
A financial plan has been designed based upon the start-up investment. This will be considered
based upon the personal investment of $20,900 and bank loans of $ 40,000 for a period of five
years and an interest free loan of $11,000 for 10 months.
General assumptions
Category Year 1 Year 2 Year 3
Plan month 1 2 3
Present rate of interest 4.45 % 4.45% 4.45%
Long-term rate of interest 4.45 % 4.45% 4.45%
Rate of tax 24% 24% 24%
Miscellaneous 000 000 000
35
Table 5: General Assumptions
Source: Learner
Projected profit and loss
Category Year 1 Year 2 Year 3
Sales $ 6,50,000 $ 6,80,000 $ 7,25,000
Cost of direct sales $ 2,30,000
Other kitchen expenditures $ 40,000 $ 50,000 $ 65,000
Total cost of sales $ 2,70,000 $ 2,95,000 $ 3,20,000
Gross Margin $ 3,80,000 $ 3,85,000 $ 4,05,000
Percent of gross margin 58.46% 56.61% 55.86%
Table 6: Projected profit and loss
Source: Learner
Expenditures
Category Year 1 Year 2 Year 3
Payroll $ 1,95,000 $ 1,70,000 $ 1,80,000
Marketing and Sales along with other expenditures $ 80,000 $ 60,000 $ 75,000
Depreciation $ 000 $ 000 $ 000
Insurance $ 6,000 $ 7,000 $ 8,000
Utilities $ 3,500 $ 3,500 $ 3,500
Payroll Taxes $ 38,000 $ 34,000 $ 36,000
36
Miscellaneous $ 000 $ 000 $ 000
Total expenses for business operation $ 3,22,500 $ 2,74,500 $ 3,02,500
Profit without tax and interest $ 80,000 $ 1,50,000 $ 1,35,000
EBITDA $ 80,000 $ 1,50,000 $ 1,35,000
Interest expenditure $ 4,500 $ 2,500 $ 000
Taxes S 22,500 $ 55,500 $ 48,000
Net profit $ 53,000 $ 92,000 $ 87,000
Net profit per sales 8.15 % 13.53% 12%
Table 7: Expenditures
Source: Learner
Figure 6: Assumed profit
Source: Learner
Cash flow analysis
Cash received
37
Category Year 1 Year 2 Year 3
Cash received from operations
Cash received from sales $ 6,50,000 $ 6,80,000 $ 7,25,000
Subtotal cash received from operations $ 6,50,000 $ 6,80,000 $ 7,25,000
Table 8: Cash received
Source: Learner
Additional money received
Category Year 1 Year 2 Year 3
Received Sales Tax, GST, VAT $ 000 $ 000 $ 000
New present borrowing $ 20,000 $ 000 $ 000
New other liabilities $ 000 $ 000 $ 000
New long-term liabilities $ 000 $ 000 $ 000
Sales of other present assets $ 000 $ 000 $ 000
Sales of Long-term Assets $ 000 $ 000 $ 000
New investment $ 000 $ 000 $ 000
Received subtotal cash $ 6,70,000 $ 6,80,000 $ 7,25,000
Table 9: Additional money received
Source: Learner
Expenses from operations
38
Expenses Year 1 Year 2 Year 3
Cash spending $ 1,95,000 $ 1,70,000 $ 1,80,000
Bill payments $ 4,05,000 $ 4,18,000 $ 4,35,000
Subtotal of expenses on operations $ 6,00,000 $ 5,88,000 $ 6,15,000
Table 10: Expenses from operations
Source: Learner
Additional Cash spend
Category Year 1 Year 2 Year 3
Paid Sales Tax, GST, VAT $ 000 $ 000 $ 000
Principal repayment of present borrowing $ 25,000 $ 30,000 $ 000
Principal repayment of other liabilities $ 10,000 $ 000 $ 000
Principal repayment of long-term liabilities $ 000 $ 000 $ 000
Purchase of other present assets $ 000 $ 000 $ 000
Purchase of Long-term Assets $ 000 $ 000 $ 000
Dividends $ 25,000 $ 28,000 $ 35,000
Spend subtotal cash $ 6,60,000 $ 6,46,000 $ 6,40,000
Net cash flow $ 10,000 $ 36,000 $ 85,000
Cash balance $ 22,000 $ 31,000 $ 70,000
39
Table 11: Additional Cash spend
Source: Learner
Balance sheet
Assets
Category Year 1 Year 2 Year 3
Cash $ 22,000 $ 31,000 $ 70,000
Inventory $ 25,000 $ 28,000 $ 30,000
Miscellaneous assets $ 10,000 $ 20,000 $ 20,000
Total present assets $ 57,000 $ 79,000 $ 120,000
Long-term assets $ 25,000 $ 60,000 $ 60,000
Received depreciation $ 000 $ 000 $ 000
Total long-term assets $ 25,000 $ 60,000 $ 60,000
Net Assets $ 82,000 $ 1,39,000 $ 1,80,000
Liabilities
Accounts payable $ 38,000 $ 40,000 $ 45,000
Present borrowing $ 25,000 $ 000 $ 000
Other liabilities $ 000 $ 000 $ 000
Long-term Liabilities $ 000 $ 000 $ 000
Net Liabilities $ 63,000 $ 40,000 $ 45,000
Capitals
Paid-in capital $ 25,000 $ 25,000 $ 25,000
40
Retained earnings $ 32,000 $ 25,000 $ 45,000
Earnings $ 50,000 $ 80,000 $ 1,05,000
Total capital $ 40,000 $ 95,000 $ 1,25,000
Total liabilities and capital $1,03,000 $ 1,35,000 $ 1,70,000
Net worth $ 40,000 $ 95,000 $ 1,25,000
Table 12: Balance sheet
Source: Learner
Evaluation metrics
Evaluation of the plan is important to determine its success. An evaluation is also important to
identify the efficiency and effectiveness of the plan which has been designed considering the
venture. Business plan for King Food Court has been developed in order to determine the road
map for the organisation to ensure the profitability of the venture. As stated by (Marr 2012),
application of Key Performance Indicator (KPI) is helpful for the organisation to evaluate the
efficiency of the plan. Initial step of this evaluation process is to examine the financial health
suggested by the developed plan. This evaluation process considers more than the revenue
generated in the venture. It also evaluated the cost generated in the venture along with the profits.
According to Mintz and Currim (2013), this also considers the margin of profit to figure out the
ratio of profit generation based upon the invested costs. It also helps to evaluate the expenses as
this considers entire expenses as in two sub-categories including direct expenses and overhead
expenses. It also evaluates the organisational growth through the venture. It considers the margin
of profit regarding the firm’s performance. KPI for the growth of the business also considers the
change in the number of revenue generation along with the cash flow. Two more indicators to
evaluate the growth of the organization are retention rate and growth rate. These indicators assist
the organisation to evaluate the organisational performance and the efficiency of the developed
plan. Growth rate also evaluate the trends and revenue and profit generation of the business
considering one particular clients and this suggests the analysis of the efficiency of the plan
41
developed for the organisation. Other factors and indicators are also average revenue per client.
Performance indicators also evaluate the plan considering the organisational objectives as well as
management and benchmarking. This evaluation process will assist the organisation to identify its
risks and problems which are not manageable. Based on the evaluation of the entire process to
consider the financial health of the organisation, strategic goals can be developed. These
performance indicators also developed the strategic goals by evaluating statistics and growth of
the suggested by the developed plan. Prime performance indicators for the organisation regarding
the evaluation of the business plan are firm metrics, growth metrics and client metrics. Firm
metrics includes gross revenue, overhead expenses, direct expenses, net margin of profit and gross
margin of profit. Growth metrics include new percentage of revenue generated from new clients
as well as existing clients, recurring revenue percentage, rate of client retention and revenue
retention. Client metrics include average revenue per client, distribution of revenue per client,
client revenue for each hour and organisational profit for each client. Application of such matrices
helps the organization to evaluate the plan and determine the strategic goals. It also assists the
organization to identify the efficiency of the developed plan. It considers the development of the
plan and the financial health of the firm including the generation of revenue and organizational
profit.
42
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