You are asked to think about a restaurant which you have recently visited, or you know about; it offers a broad dining menu option consisting of different starters, mains, side dishes, and dessert preferences. As all small business, this restaurant may have experienced market competition from other nearby restaurants resulting either in sales decline or growth over the last two years. You are advised to consider either a declining or increasing profitability situation because of the market competition. The restaurant has a multistage operation in food preparation from procurement of raw materials to serve customers at the restaurant. Suppose that you are part of a consulting team which provide advice and support to small and medium sized businesses.

Requirements

$1.$ Describe your chosen restaurant along its products and the nature of competition it faces

$2.$ Identify the information needs of the restaurant owners for setting prices and preparing a budget for next year. Suggest ways to improve their financial performance through the budget process.

$3.$ You are asked to analyse value added and non$-$value$-$added activities. Suggest ways to eliminate non$-$value$-$added activities and reduce costs to be competitive in the marketplace.

$4.$ Briefly explain how you would estimate their product costs