question archive Part 1: The restaurant manager has a lot of responsibilities from hiring and training to active shift management and also making sure that profits are maintained
Part 1: The restaurant manager has a lot of responsibilities from hiring and training to active shift management and also making sure that profits are maintained
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Part 1:
The restaurant manager has a lot of responsibilities from hiring and training to active shift management and also making sure that profits are maintained.
A fine dining steak house manager finds out that her food cost percentage has increased over the past three months from 32% to 35% then to 41% of sales. The guideline specify that cost of food percentage must remain in the 32-34% range.
What would you advise the manager to do? What does she have to looks for? In 3-4 paragraphs identify three areas of concern that could be affecting the sudden increase in food costs
Part 2:
For this you will develop A personal mission statement, which is similar to a corporate mission statement: it describes your convictions, what you stand for, and how you plan to create a life that embodies your values. Once you write your mission statement you are to identify a S.M.A.R.T career goal. Include your objectives to accomplish this goal.
(Each student go with their major for this one) –Here it’s Health Care Administration
Assignment Format and Requirements:
· Cover Page
· APA format
· 1 source
· Reference page
· 12 Times New Roman Font
I. Personal Mission Statement:
Your personal mission statement will be a short statement, usually a sentence or two, that declares your intended purpose and path in life to complete this assignment help service. It’s like a compass that helps you stay on track, heading in the direction you want to go. (
A useful website: https://msb.franklincovey.com/ (Links to an external site.)
II. Explain your career goal(s) in terms of the S.M.A.R.T Acronym:
SMART stands for Specific, Measurable, Attainable, Relevant, Timely
a. Specific – Aim for a specific, concrete area for your goal or steps. For example, “make ten job search calls following up on my LinkedIn connections” vs. “make some networking connections.”
b. Measurable – To determine if your goal is measurable, ask questions such as: how much? How many? How will I know when it is accomplished?
c. Attainable – Goals are most attainable when steps are thought out clearly and allow enough time. How do you intend to accomplish your goal? Which actions follow on other actions? Is the goal realistic given where you’re starting from? It should be a challenge, but also achievable.
d. Relevant – A relevant goal is one that really matters to you and to the end result. Is it worthwhile? Is this the right time? Does your goal relate to other efforts or timelines? Does it require resources that are currently available?
e. Timely - A goal should be grounded within a defined time period, both for clarity and to give your action urgency. When do you want to begin? When do you want to complete each step?
III. Develop a plan to achieve your career goals using objectives. (This should be written in paragraph format)
MGMT 4311 Entrepreneurship Assignment 3C
“Quick and Dirty” Financial Feasibility Analysis. (15 points / 5% of final grade)
Page one: Read the general instructions and visit the US Small Business Administration online.
Page 2-4 Tables…. Fill out the tables completely and reasonably to receive all 15 points.
Introduction: Financial feasibility should be assessed before doing a business plan outline. Good documents help build a company culture and objective attitude. To be honest, financial feasibility is rather simple and intuitive mathematics – you don’t need to be a financial expert to get the basic numbers down on work. Thus, I will not be asking you to do a sophisticated financial analysis at this stage of the project. The numbers will be inaccurate. They will change substantially as your idea moves toward reality. For example, its impossible to know exactly what your total costs will be or your actual sales. This is why we try to look at the general patterns of the industry we are entering. Are you opening a restaurant? The finances could vary quite a lot, from thousands to millions of dollars per month of cooperating costs, depending on the business model, location, size, and popularity of the business.
At this stage of your project, the financial feasibility analysis will focus on three main issues:
1) What is the cost of the minimum viable business you are trying to create in the first year? Some businesses start large, others start very small. For your project, I am asking you to start as small as you can. This is because you are not a serial entrepreneur or franchisee, and you aren’t using a proven business system or relying on lots of venture capital. Thus, your FIRST attempt at a feasibility analysis should be for the “minimum viable product”. The minimum viable product is the simplest version of your business that is worth pursuing, with the simplest product/service offerings that you can make. Thus, you must choose a rough estimate of the costs of entering the business. You can research this information on the internet in many ways- watching youtube videos, searching for articles and blogs about your business model, or simply making good “educated guesses” about the costs of each specific resource you must spend money on. Make sure you focus on LEGAL COSTS of starting the business, not just labor, inventory, rent.
2) What is the projected revenue of your business? You don’t have magic powers or a crystal ball to see the future. Your estimates of your revenues are just that: an estimate. And those estimates will get better as your business grows. But first, you need to figure out the revenue you will need to “Break even”, and how long it will take to reach the break even point for this help with assignment. You will also need to estimate the number of customers it takes to generate that much revenue. This analysis will tell you how much financing you will need to cover your losses as you build your business.
3) How much startup capital and financing will you need to reach break-even point? Financing can be kind of difficult to get. First, you will need some cash of your own (capital). Financing and grant assistance can cover the rest. Usually you need to be in business for 3-12 months and show some revenues before your loans become available, so you must find estimate the costs of survival until you reach that point; and then, estimate the financing amount, plus interest owed. Your most important resource is the Small Business Association. It tells you about various kinds of funding and assistance. Loans (sba.gov) . use this link for sba.gov, or simply search for “small business administration” in Google. Read up about their financial programs.
Table One: Costs Table (summarized not itemized). GET THE BASIC INFORMATION FROM ASSIGMENT THREE PART 1A (Product and Operations).
Capital will cost you money, but has value and thus can be used as collateral for your business (i.e., it contributes to the value of your business and can help you get loans). Expenses, on the other hand, aren’t worth anything to your lenders, and are merely costs of doing business. But to make these cost projections, you must first complete the table below https://smashingessays.com/assignment-and-homework-help/ , where you list individual purchases you will need to have made by the launch day. You will buy more equipment and inventory when you ready to expand your business capacity, such as adding more vending machines after your financing becomes available.
CAPITAL COSTS
Launch day estimates (1 month of wages included)
Launch day, high estimate (add at least 20% to column 1)
Expansion costs (new costs when you finance your business to grow, usually around month 6-9)
Total estimate at end of Year one (for wages, include 12 months; for everything else, use column 3 and 4)
OWNED EQUIPMENT
INVENTORY
EXPENSE COSTS
LABOR COSTS
LEGAL AND INSURANCE
LEASED STUFF
TOTAL (SUM)
Table Two: Launch day estimates, itemized:
In this table, you will describe the most important categories of items you need to purchase to start your business at launch day, how many units of those items you will need at first. YOU CAN ADD OR DELETE COLUMNS. For example, you might need kitchen equipment for a restaurant. Don’t list every kitchen tool in the table at https://anyessayhelp.com/assignment-help-service/ . This number will change over time. Simply put a rough cash estimate of all kitchen equipment you will buy into the “owned equipment ,Item #1” row and column. You can add more rows or change the size of the table. You should list additional description details below the table. For example, I might estimate that my list of food truck kitchen equipment costs me $10,000 to start. I list the details below the table (sinks, utensils, fridge, etc.). I also estimate that I’ll add milkshake and coffee machines at expansion ($2000), and so I put that in table column 4. Some businesses have low labor costs and high inventory/capital, whereas services are opposite. Be honest: don’t make up expenses you don’t have and don’t make up capital you don’t need. You can also save money by having your legal and insurance costs supported by small business administration or other programs. Tell me if that’s your plan.
Item 1 Item 2 Item 3 Expansion Items
OWNED EQUIPMENT
One-time cost
INVENTORY
Item#1
#2
#3
#4 (expansion)
Monthly Costs (units sold times cost)
LABOR
Monthly Costs
LEGAL / INS
Annual costs
LEASED STUFF
Monthly cost
List your itemized details here that don’t fit in the table….. OWNED EQUIPMENT….INVENTORY…….LABOR COSTS….. LEGAL/INS…. LEASED STUFF….this will help your teammates complete their own estimates. For legal/ins, make sure to mention overhead costs like payroll, credit card processing, etc.
Table Three: Revenue Targets
Start with your primary products, and their unit prices. Then estimate sales per week and year 1.
Product/Service
Unit price
Units of inventory at launch
Average units sold per week, before financing
Number of weeks
Units sold per week, after financing and expansion
Number of weeks
Total sales, year 1
(column 3x4) + (column 5x6)
1
2
3
4
5
TOTALS
Table Four: Break Even Analysis (use data from your other tables to complete this)
For calculating inventory, use sales growth rate. For example, if your sales growth rate is you’re your inventory costs should go up by 10% every year. For owned equipment, I put zeros in the columns of year 2-4. Don’t add any new costs in year 2-4 unless you really need to expand more. You should break even when your SALES-COSTS are zero or higher. Use bold font for your break even point.
Sales growth rate = (estimate how fast your sales will grow every year.)
Wage increase rate = (add at least 5% more wages per year- use your own estimate)
COSTS
Year 1
Year 2
Year 3
Year 4
OWNED EQUIPMENT
0
0
0
INVENTORY
WAGES
LEASED STUFF
TOTAL SALES
SALES - COSTS
