Report on Business Development Plan

                The report is about the “Business plan development” of Candelori restaurant for the New Venture and the small nosiness of the development report. The purpose of this report is to develop enhanced professional business analytical and written communication skills. In this report first Demonstrate effective written communication skills in a small business/new venture business context. Then apply the Situational analysis and interpretation of a small business context (market, customers, competitors, finances, HR etc.)Business development plan covered the information about strategies and actions employed by a company to achieve development related goals. In this business development plan, information regarding development of Candelori restaurant business in the new and current targeted market. In the development plan first of all discussed the target market, then recruitment and hiring, then marketing along with the advertising   with the financial details. The market analysis of this business plan development is identified some opportunities related to the internal and external market of Candelori restaurant.

Introduction of Business Development Plan

        Business development plan covers information about the strategies and actions employed by a company to achieve development related goals. Candelori restaurant is successfully operating in the targeted market. Candelori restaurant offer food items in several areas of Australia (Zomato.com, 2019). The major product line includes drinks, pizza, pasta, and coffee. Other than these restaurant also serve businessmen with their private meeting rooms fully facilitated with all required equipment and furniture. Somehow, restaurant still need expansion and development in order to achieve its goals and strategic mission. Present work represents the business development plan for Candelori restaurant. In this business development plan, information regarding the development of Candelori restaurant business in the new and current targeted market is discussed in detailed. The business development plan is supported by the external environmental analysis and internal environmental analysis of Candelori restaurant that identified opportunities for future business development and growth. In addition, these opportunities are followed by the comprehensive development plans and recommendations for Candelori restaurant regarding their current and future operations in the food industry.

Background of Business Development Plan

        Candelori restaurant was established in 1999 as a family restaurant. The restaurant is working in the food industry from the last 2 decades (Tripadvisor.com, 2019). Candelori restaurant is a family owned restaurant that is operating in the targeted market with the financial support of Candelori Family. Candelori restaurant offers several services and products including fine-dining, birthday parties, anniversaries, lunch and dinner. Candelori restaurant also provides coffee, cold drinks, hot drinks, pizza, and pasta. The product line is developed in accordance with the current market and customer demand. Considering the quality, the restaurant is famous for its great customer service.

        Candelori restaurant targeted market is based on all age population in the selected geographical region. Market analysis present that Candelori restaurant is working in a highly competitive market. Several other food restaurants and cafés are increasing competition for Candelori restaurant. The market study also shows that Candelori restaurant is mainly severing to the businessmen and well-to-do families. A number of challenges in the external and internal market of Candelori restaurant are changing and influencing current market demand and operations of Candelori restaurant. In the selected market, environmental policies and food quality standards are really strict that encourage Candelori restaurant to produce and deliver high quality food items.

Development Opportunity and Goals of Business Development Plan

        Each and every business aim to ensure development in order to earn success and bring improvement in the current business operations. Conducting external and internal market analysis can support in identifying the key opportunities available for development and growth. Considering the importance of development and growth, market analysis is conducted for Candelori restaurant. In accordance with these analyses, some opportunities are identified. The current business development plan will address these opportunities by setting goals regarding the achievement of these opportunities.

        At first, research conducted on the external market of Candelori restaurant identified that restaurant can enhance profit and financial outcomes by increasing advertisement, establishing the new franchise, setting networking events, and offering inexpensive menu items. Secondly, internal market analysis shows opportunities related to hiring staff, cost-effective lights, periodic staff training, updates and improvements in the menu, retention of experienced employees, and accommodating to Muslims (Halal). All these opportunities are discussed below in detail along with the relevant goals.

External Opportunities  of Business Development Plan

        External market analysis present that Candelori restaurant can grow and get development in the market if we support current operations with strong marketing and advertisement campaigns. Candelori restaurant goal is to increase sales by 5% through an increase in local television and newspaper advertisement. Somehow, Candelori restaurant is currently working with just a few branches. The restaurant can expand its business by opening multiple branches and franchises in other geographical areas also. Keeping in mind the current growth opportunity Candelori restaurant goal is to open at least 2 new branches in other nearby areas during the next 3 years.

        Currently, other competitors are providing expensive food items. In such condition, there is the opportunity for Candelori restaurant to introduce cheap rate and inexpensive food items in their menus to attract those consumers who do not afford to buy expensive food. Regarding this, Candelori restaurant goal is to increase the total number of customers by introducing new items likes vegetable pizza, affordable drinks, and cheap dinner offers. Promotion and public relations also result in an increase in sales and business growth (Fifield, 2012). To address competition in the targeted market Candelori restaurant need to pay attention to conducting networking events and seminars for businessmen. Such efforts will work as a source to attract businessmen to organize their business meetings in the private business meeting rooms of Candelori restaurant. Thus, regarding Candelori restaurant goal is to increase sales by increasing awareness in the local businessmen to avail deals and packages offered by the Candelori restaurant to arrange business meetings.

Internal Opportunities  of Business Development Plan

        Increase in financial profit margin and sales are the prime goals of Candelori restaurant. Increase in profitability will definitely support business development in the selected areas. The internal market analysis presented some opportunities that can be considered by the Candelori restaurant for the accomplishment of their goals. Firstly, the internal analysis shows that the current number of employees working in Candelori restaurant is not sufficient in accordance with the current business operations. Delay in orders is a major outcome of the lack of floor staff working in Candelori restaurant. Hiring more floor staff can reduce time in order delivery. Thus improvement in services and customer experiences will result in an increase in profitability.

        Moreover, other than hiring, the staff member also requires training sessions. Periodic staff training sessions and employees retention will result in the improvement of overall service quality (Gary, 2011). Current business operations are not cost-effective therefore profit margin is relatively lower than competitor companies. Reducing delay, improving processes, and changing current lights with cost effective and energy saver lights can reduce the cost of operations. Moreover, the menu also needs expansion. Adding Halal food will attract the Muslims community in the area to visit Candelori restaurant. Thus, sales will increase to double the profit.

Development Plan

        In this section, the development plan is discussed in detail. The development plan is crafted in light of the above mentioned internal and external market analysis and goals of Candelori restaurant. All discussed earlier opportunities has great potential for the future development and growth of Candelori restaurant. Somehow, in this plan, only a few are discussed in detail that has prime importance. The development plan will address the establishment of a new branch or franchise in the nearby geographical area. Moreover, the development plan will provide detailed financial aspects and identification of performance measurement method.

        Candelori restaurant has limited branches in the town. While customer equity and increasing trend of eating fast food and visiting restaurants for personal and business meetings indicate an opportunity for Candelori restaurant to open a new branch in the town. Candelori restaurant goal is to open two branches in next 3 years. Somehow, in this business development plan, only one branch is discussed.

Targeted Market of Business Development Plan

        The new branch will be opened near the Muslims community as it will also provide Halal food to their Muslims customers. Before opening this branch, management will conduct research in the selected options (geographical regions) to collect information about the customer’s requirements and needs to select the most potential geographical region for this branch.

Hiring and Recruitment of Business Development Plan

        The new branch will require managerial and other service providing staff to execute all operations. In the beginning, a total of 20 employees will be recruited to perform different job duties. Staff members will include cook, helpers in the kitchen, the service provider (waiters), cleaning staff, and managerial staff.  See the presented below appendix 1 for projecting details about employees.

Marketing and Advertising of Business Development Plan

        Candelori restaurant will attract customers by organizing marketing campaigns, promotional events, and advertisement in the local newspapers and television channels. The total budget set out for marketing is presented below appendix 2

Financial Details of Business Development Plan

        The total budget set out for the establishment of the new branch is $5 million covering all expenses and costs of establishing a new branch fully equipped with all facilities to attract customers. A financial budget will cover expense related marketing and promotional campaign, purchase of restaurant building, furniture, kitchen equipment, raw material purchase, and staff salaries. The total budget set out for marketing and advertisement is presented above in the marketing section. According to this budget, Candelori restaurant administration would have to set aside 80000 for prior and after establishment marketing of new branch.

Performance Measurement of Business Development Plan

        After establishing a new branch in Sydney, Candelori restaurant will get a rapid increase in the financial outcomes. Performance and success will be measured through an increase in sales and profitability. According to estimation new branch will increase sales by an increase in the total number of customers served by Candelori restaurant in a year. A projected income statement is presented below for the projected next 2 year performance of this restaurant branch in Sydney