Introduction
The kind of business I would like to set up is a fast food restaurant. Venture into the first food business is quite difficult but with my ten year business plan I will have attained some significant growth in my business. Now, let’s dive into the business plan and to guide the business plan we will show our goals, the mission and vision of the business, the environmental challenges, organizational challenges and individual challenges. For the challenges part, we will try and describe how we will counter this challenge.
Business goals
The strategic goal for our business is to provide customers with a favorite place to eat and drink. Additionally, we will keep focus on our worldwide operations which should be aligned around the strategy of “play to win” which focuses on an exceptional customer experience.
Vision
Ensure that we are the best quick service restaurant by providing the best outstanding service, quality, cleanliness and value food so as make sure that each customer visiting our restaurant leaves with a smile.
Mission
Our primary mission will be on inspiring and nurturing the human spirit through the provision of one cup for one person and one neighborhood at a time.
Environmental Challenges
There tends to exist different environmental challenges in the restaurant business which include:
- Increased competition in the restaurant business as the revenues remain stagnant. Globally, over 49,000 new restaurants were established last year, in addition the industry is confronted by a $4billion loss in revenue. To conquer this issue, I would focus on being more of a food company which aligns with what customers want, the food served will be tastier and healthier for their consumption.
- Consumer mega-shift is also a challenge in this business (Barringer, 2012). For consumer they are re-thinking on what they should eat, how much they should eat and where they are buying their foods. To deal with this our human resource management will focus on finding the best way they could set prices that are consumer friendly as they consider their health.
Organizational challenges
As a new business the challenges that are likely to emerge include:
- Keeping up with the emerging new trends in the industry. To deal with such a challenge, the human resource can handle this issue by carrying out investigation on the comprehensive analysis emerging in the industry.
- Hiring the best staff is also a challenge. To be successful, there is need of employing the right employees to ensure the food is healthier and tastier. To handle this, our human resource team will set up the best recruitment and retention policies for the employees (Barringer, 2012). This lowers the challenge risk of not getting the best personnel’s in the industry.
Individual challenge
Personally, the greatest challenge will be on effectively managing the business. As a new business there is the issue on ineffective communication, employee’s turnover and understanding the market trends. Now, the best way of dealing such challenges may include the adaptation of effective communication strategy. Having the best human resource panel might help in the issue of employee turnover, as for market trends conducting the correct analysis in the industry might help in dealing with the issue of understanding the market trends (Zimmerer et al, 2005).
In conclusion, considering the above discussion on the goals, vision and mission. It tends to act as a guide in attainment of the correct business plan. Additionally, tackling the above challenges is also vital because it helps our business growth and diversification in the industry.
References
Barringer, B. (2012). Entrepreneurship: Successfully Launching New Ventures, (2012).
Zimmerer, T., Scarborough, N. M., & Wilson, D. (2005). Essentials of entrepreneurship and small business management. Pearson/Prentice Hall.
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