Assignment Accounting ( Arabic Restaurant )

Principles of Accounting (ACC 100)

Your PROJECT must not be less than 1500 words and not more than 2000 words.

Choose one topic from the list below.

Please use at least 5 sources (journals, textbooks and websites). Provide statistical data to validate your discussions.

Specific instructions:

· Cover page with Project Titles, Student name: Student ID Number, your Professor’s name and Submission Date.

· Table of Contents

· Executive Summary

· Proper introduction

· Body of the Project

· Conclusions

· Recommendations

· Proper Referencing according to APA(read uploaded APA Preferences file)

This INDIVIDUAL Project must be SUBMITTED on the Saturday 16 April, 2016. One electronic submission will be required on student. Late submissions will be penalized!!!!

Construct a business plan on allocated business industry according to given guidelines.

Topic

Arabic Restaurant

Sample Business Plan for Reference:

Executive Summary

AL Fareej restaurant unlike a traditional Arabic restaurant provides a unique combination of excellent food at value pricing with a fun and entertaining atmosphere. AL Fareej is the answer to an increasing demand.

The public (1) wants value for everything that it purchases, (2) is not willing to accept anything that does not meet its expectations, and (3) wants entertainment with its dining experience.

In today's highly competitive environment, it is becoming increasingly more difficult to differentiate one restaurant concept from another. AL Fareej does this by being the only Arabic traditional concept that features for one low price and top quality food.

The financing was required to begin work on kitchen design, architectural plans, manuals and recipe books, site selection, equipment purchases, and to cover expenses in the first year of business. Additional financing needs to be secured for the two subsequent units anticipated in July, Year 2 and January, Year 3. Our positive cash flow helps to offset some of this burden.

AL Fareej provides its customers with a value driven, entertaining dining experience. A unique, mid-scale, innovative environment is required to provide the customers with an atmosphere that induces Arabic food lovers to bring family and friends to dine and socialize.

Objectives

Al Freej traditional restaurant objectives include:

· Maintaining tight controls on quality, costs and operations

· Achieve sales target of each month.

· Stay as a local restaurant with excellent food and service.

· Averaging sales between 1,000,000-1,500,000Dhs per year.

· Receiving orders for large quantities and parties.

Sales Objectives

Year1Year2Year3

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Sales

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NP

Mission

Al Freej strives to be the premier traditional Arabic restaurant in the local marketplace. We want our guests to have the total experience when visiting Al Freej. Not only will our guests receive a great meal, they also be provided with a fun atmosphere. We are doing unique things that sets us apart from the competition. We want the dining experience to be as pleasing to the senses as it is to the palate.

Our main focus is serving quality food at a great value. We feature a large selection of freshly-prepared food, most in full view of our guests. Customer satisfaction is paramount. When approached by a customer with a request, our motto is, "Yes is the answer; what is the question?" We strive for broad appeal. We want to be the restaurant of choice for everyone: families and singles, young and old, male or female.

Employee welfare is equally important to our success. All are treated fairly with the utmost respect. We want our employees to feel a part of the success of Al Freej. Happy employees make happy guests.

We combine menu variety, atmosphere, ambiance, and friendly staff to create a sense of "place" in order to reach our goal of over-all value in the dining/entertainment experience.

Keys to Success

The keys to the success of Al Fareej Traditional Arabic Restaurant are:

1. The creation of a unique, innovative, entertaining, mid-scale atmosphere that differentiate us from the competition.

2. Execution of our primary goal to serve nothing but the highest quality food at unbelievably low prices in a clean, fun environment. We must deliver on this pledge 100% of the time, without exception.

3. Controlling costs at all times, in all areas.

4. Hiring the best people available, training, motivating and encouraging them, and thereby retaining the friendliest, most efficient staff possible.

Company Summary

· Entertaining surroundings

· Quality food

· Attractive Value Meals

· Variety, variety, variety

· Friendly atmosphere and employees.

Company Ownership

Al Fareej Traditional Arabic Restaurant is a sole proprietor business.Mr.Mohammad Abdul Razzaq is the principal owner. Start-up Summary

Al Fareej Traditional Arabic Restaurant start-up expenses cover a wide range of items as shown in the following chart and table. Below is the detailed reasoning behind these estimates.

· Architectural Plans and Kitchen Design

· Samal Qaim company done the kitchen design and our architectural plans

· Manuals/Handbooks/Recipes

· All are estimates for typing, printing of employee training information, laminating recipes for kitchen use, and binders for all manuals.

Pre-opening

· This covered training of employees and management as well as cleaning and organizing the restaurant. Building/Infrastructure/Equipment

· This covered rent of the shops, Interior and Exterior decoration of the restaurant and all the equipments that we need to run a show.

Start-up Requirements
Start-up Expenses
Kitchen/Legal Fees	85000
Design of Logo	1000
Manuals/Handbooks/Recipes	6500
Marketing Plan	10,000
Staff Visa Expenses	20000
Uniforms	2500
Office/Miscellaneous Expenses	15000
Total Start-up Expenses	AED 140,000
Start-up Assets
Cash Required	50000
Start-up Inventory	35,000
Other Current Assets	100,000
Long-term Assets	105,000
Total Assets	AED 290,000
Total Requirements	AED 430,000

Start-up Funding
Start-up Expenses to Fund	140,000
Start-up Assets to Fund	290,000
Total Funding Required	AED 430,000

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ExpenseAssetInvestment

Company Locations and Facilities

Al Fareej range in size from 2000-3000 square feet and will seat from 50-75 guests. Location feature authentic Arabic traditional antiques. We equip the restaurant with a state-of-the-art sound system connected to an old-time juke box where our customers are able to select their favorite songs for free. Restaurant is built to our prototype specifications: clean lines, open, and pleasing to the customer.

The site/building selection is chosen based upon the following list of criteria:

· Community size minimum of 40,000 people.

· High visibility.

· Easy access to parking lot with a minimum of 120 parking spaces.

· Heavy white-collar worker makeup in the community.

· No overabundance of competition in the trade area.

All of these qualities are consistent with Al Fareej goal of providing a top quality, entertaining dining experience at an unbelievably low price. We want "word of mouth" to be our best form of marketing, where our guests cannot believe the value of their dining experience and can't wait to tell their friends and neighbors.

Services

Al Fareej provides quality dining seven days per week and is open for lunch and dinner.

Competitive Comparison Al Fareej has broad customer appeal due to our casual family atmosphere, wide variety of food offerings, and low price points.

We have the following advantages:

· Lower price point for a complete meal.

· Speed of service will be instant.

· Variety is the name of our game.

· We provide more entertainment than our competition. There is no confusing menu board when guests arrive at our restaurant.

· Our surroundings is more entertaining than our competitors.

Sales Literature

There are plans to produce three different pieces once we open. All should be relatively inexpensive to produce and most are accomplished in-house by using desk top publishing.

Below are the pieces that we are planning to produce.

1. Table Toppers

2. Brochures/Handouts

3. Direct Mail Piece

. Technology

Al Fareej invests in a single high-speed computer to provide a fast and efficient connection to the Internet and also be a link to our cash registers. We are then able to poll restaurant nightly to our office and be able to daily digest key financial information.

Market Analysis Summary

Our targeted market segments.

· Age -- Seniors, Baby-Boomers, young married couples with children, and white-collar workers of all ages.

· Family Unit -- We appeal to young families with new babies or mature families with children under the driving age. Most of our family units have two wage earners.

· Gender -- We are equally target both sexes.

· Income -- We are appeal to the high side of low income individuals and to all in the middle income bracket.

· Occupation -- We target the white-collar worker, young professionals with a family.

· Education -- high school graduates or individuals with some college.

By our definition, we have very broad appeal for our concept. It is our goal to be the restaurant of choice for the largest dining audience in UAE. Target Market Segment Strategy