Success All Around!

Sally now has won three Michelin Stars and becomes the first Three Star restaurant in North America. The presentation of the Michelin Award goes to those ambitious chefs and restaurants for their culinary excellence. It's the most prestigious Culinary International Award presented to qualified establishments and Chefs. The event's organizer, The Michelin Guide, has led the world in food and restaurant inspections. To be honored with a Michelin Star denotes the benchmark of excellence. Sally has joined the competition seeking her third Michelin Star. Only the best restaurants worldwide are eligible to receive the Third Michelin Star. The winners in the Michelin guide gain recognition as having "exceptional cuisine, worthy of a special journey." A two Michelin Star classification denotes "excellent cuisine worth a detour." One Michelin Star simply says, "very-good cuisine in its category." Sally is set on winning the third Michelin Star and has been working on the only qualification - "Perfection."

The Restaurant, now in its fifth year of operation has become the number one destination for vacationers coming to Florida as well as foodies from all over the world. Food critics have poured in from all over just for the opportunity to experience the delights and write about the savory treats served in Sally's signature dish. One savory treat included a specially formulated dessert created by Sally. The desert has become so popular that many customers have requested extra take-home orders.A substantial number of patrons have asked if the dessert would ever be sold separately in markets.

Annual revenue from the restaurant is approaching over twenty million dollars. The business has amassed direct ownership of fifty properties located around the country in high-density cities. Sales from the Table app has steadily grown to over six million dollars in annual sales through subscriptions and advertising revenue. You have invested in kitchen-to-door food delivery using the cooking lesson kitchen-vision that combines the delivery of ready to cook meal packages. The service is designed to give customers the experience to compete with Sally's streaming cooking lesson shows. The return on investment (ROI) on this venture has more than paid the initial investment and is now showing profit level income. The company enjoys the highest credit ratings and has outstanding loans securing the purchase of the original property, as well as the other investment properties. The loans are in their final years and the projected restaurant revenue has positioned the business in a favorable position that will enable the company to redeem the commercial paper before the due date, saving 12% of the outstanding balance. You and Sally both agree that it's time to develop a growth plan.

Your Assignment

This assignment has 2 parts:

Part 1

• Complete the Business Growth Document answering the questions based on the course materials. You may add your personal perspective to the answers.
• Complete the Strategic Plan Chart and Upload the Chart and the Business Growth Document.
• You will attach these documents to your discussion posting.

Part 2

Discussion:

Based on the information that you have gathered, discuss the following:

• Identify the indicators that your business is ready to expand.
• Identify three ways to grow your business.
• Describe your Vison and how it impacts your Mission.

Be sure to reply to at least 2 of your classmates.

Here are all of the related documents to fill out and submit:

Business Growth Questions

Complete the questions below to determine the information you need to create a growth plan that uses your current successes and strengths.

1.What are the potential Cost of Expansion?

2.What business changes would you expect to encounter?

3.What is your Vision, and how does expansion support your Vision?

4.Is Expansion Optional or Necessary? Why, or why not?

5.Name three Growth Strategies

6.What is your Target Market?

7.What are the Pros and Cons of opening another Restaurant Location as the mainExpansion?

8.Are there products that you can sell internationally?

9.Are there Products that you can expand to the Internet?

10.What potential Customers can be targeted in Your Area?

11.Can you expand Your Product or Service Line? How?

12. is there a potential to take Market Share from Your Competitors? From who?

13. Can you Develop a sufficient a Growth Plan? Why or why not?

14. What Goals can you set? List them.

15. Do you need to modify Your Business Plan? What needs to be included?

16. Will your Personnel Adapt to your growth plans? Why or why not?

17. Do you need to develop a Market Plan? What would the focus be?

18. Are there ways to Leverage Technology you currently own? How? 19. Identify how you would plan the Growth Financing?