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Natural Delight Business Plan

"Nothing will benefit human health and increase chances for survival of life on Earth as much as the evolution to a vegetarian diet." Albert Einstein (1879 - 1955) - Physicist and Theorist Reference: (Vegetarian Society, 2003)

EXECUTIVE SUMMARY

Natural Delights is a vegetarian takeaway food outlet that will initially be opened in Newtown in Kent, England during 2010, with the plan to expand rapidly, opening additional stores during 2011 in other areas of the UK and Australia. Natural Delights menu is a healthy, alternative to fast food and caters to the wider community, including vegetarians, some ethnic groups and anyone who is conscious of their health and well-being or trying to lose weight. The specific target market will be focused towards businesspeople, employed in the inner city area that may be too busy everyday to make sure they eat right. Natural Delight intends to transform the traditional stereotype of vegetarian food from boring and bland dishes to one that is full of flavour and visually exciting. The menu offers meals such as curry, pasta, burgers, salads, soup, cakes, muffins and beverages, which are based on variations of meals from around the world, with an influence from French, Malaysian, Indian and Greek cuisine. This makes Natural Delights menu multinational and a little bit different from other competitors. Natural Delights products will be prepared to the highest quality; using organic fresh produce obtained from wholesale suppliers and will be offered at an affordable low price, so that meals are accessible to the entire community. This will assist Natural Delight to build up its brand name and trust among the community. This business plan will examine the each aspect of the Natural Delight business, looking at its products, competitors, the industry and country it operates within and its strategic direction. We will identify the strengths and weaknesses of the business and risks involved in addition to also examining the marketing strategy, operational planning of the Natural Delight infrastructure and the financial projections for the first two years of operations in the Newtown market.

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TABLE OF CONTENTS
EXECUTIVE SUMMARY ............................................................................................................................................2 1.0 ABOUT NATURAL DELIGHT ................................................................................................................................6 2.0 3.0 ABOUT NEWTOWN ....................................................................................................................................7 STAKEHOLDER ANALYSIS ............................................................................................................................8 Table 3 STAKEHOLDERS ANALYSIS ...............................................................................................................8 OWNERS & Managers .....................................................................................................................................9 STAFF / UNIONS ..............................................................................................................................................9 SUPPLIERS........................................................................................................................................................9 CUSTOMERS / COMMUNITY .........................................................................................................................10 4.0 VISION, MISSION & OBJECTIVES ..............................................................................................................11

4.1 VISION STATEMENT .....................................................................................................................................11 4.2 MISSION STATEMENT ..................................................................................................................................11 4.3 SMART OBJECTIVES .....................................................................................................................................11 5.0 ENVIRONMENTAL ANALYSIS ....................................................................................................................12

5.1 PEST ANALYSIS .............................................................................................................................................13 POLITICAL ......................................................................................................................................................13 ECONOMICAL ................................................................................................................................................13 SOCIAL ...........................................................................................................................................................13 TECHNOLOGICAL ...........................................................................................................................................14 5.2 SCENARIO descriptions ................................................................................................................................14 NATURAL DISASTERS INFLUENCE UKs FRESH PRODUCE ..............................................................................14 TABLE 5 CLIMATE OF ENGLAND .................................................................................................................15 IS THERE A DEMAND FOR VEGETARIAN FOOD IN THE UK?...........................................................................16 6.0 VIRO ANALYSIS .........................................................................................................................................17

VALUABLE ..........................................................................................................................................................18 IMITABLE ...........................................................................................................................................................18 RARE ..................................................................................................................................................................18 ORGANISATION .................................................................................................................................................18 NATURAL DELIGHT BUSINESS PLAN 3|P a g e

7.0

OUTLINE OF CONFIGURATION OF RESOURCES ........................................................................................19

VALUE ADDED ANALYSIS ...................................................................................................................................20 THE VALUE CHAIN .............................................................................................................................................20 8.0 INDUSTRY ANALYSIS .................................................................................................................................21

8.1 POTENTIAL ENTRANTS & BARRIERS ............................................................................................................22 8.2 BARGAINING POWER OF BUYERS ................................................................................................................22 8.3 BARGAINING POWER OF SUPPLIERS ...........................................................................................................22 8.4 THREAT OF SUBSTITUTES ............................................................................................................................23 8.5 RIVALRY AMONG EXISTING FIRMS ..............................................................................................................23 8.6 INDUSTRY LIFE CYCLE ..................................................................................................................................23 9.0 COMPETITOR ANALYSIS ...........................................................................................................................24

9.1 COMPETITORS IN NEWTOWN, ENGLAND ...................................................................................................25 NIBBLES BAGUETTE & SANDWICH BAR .........................................................................................................25 RUMWONG THAI RESTAURANT ....................................................................................................................25 NEWTOWN KEBAB HOUSE ............................................................................................................................25 9.2 COMPETITOR KSF RANKING ........................................................................................................................26 10.0 PRODUCT ANALYSIS ......................................................................................................................................27 10.1 PRODUCT LIFE CYCLE .................................................................................................................................28 10.2 DIRECTIONAL POLICY .................................................................................................................................31 12.0 SWOT ANALYSIS ............................................................................................................................................37 sTRENGTHS ........................................................................................................................................................37 WEAKNESSES .....................................................................................................................................................37 OPPORTUNITIES ................................................................................................................................................38 THREATS ............................................................................................................................................................39 13.0 STRATEGIC DIRECTION ..................................................................................................................................40 13.1 GENERIC STRATEGY ...................................................................................................................................40 13.2 EXPLANATION OF METHOD OF STRATEGY IMPLEMENTATION .................................................................41 MARKET PENETRATION .................................................................................................................................41 PRODUCT DEVELOPMENT .............................................................................................................................41

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MARKET DEVELOPMENT ...............................................................................................................................41 DIVERSIFICATION ...........................................................................................................................................42 14.0 MARKET ANALYSIS AND STRATEGY ...............................................................................................................42 14.1 MARKET SEGMENTATION .........................................................................................................................42 14.2 MARKET STRATEGY ...................................................................................................................................43 14.3 PRODUCT POSITIONING & VALUE PROPOSITION ......................................................................................43 15.0 OPERATIONAL PLAN ......................................................................................................................................44 15.1 ORGANISATIONAL STRUCTURE .................................................................................................................44 15.2 HRM STRATEGY .........................................................................................................................................45 15.3 CAPITAL AND OPERATIONAL EXPENDITURE ..............................................................................................47 15.4 PHYSICAL INFRASTRUCTURE .....................................................................................................................48 16.0 ACCOUNTING PRINCIPLES .............................................................................................................................49 MATCHING PRINCIPLE ...................................................................................................................................49 GOING CONCERN ..........................................................................................................................................49 COST PRINCIPLE .............................................................................................................................................49 16.1 PROFIT AND LOSS STATEMENT .................................................................................................................50 16.2 BALANCE SHEET.........................................................................................................................................51 16.3 CASH FLOW STATEMENT ...........................................................................................................................52 17.0 BUSINESS RISK ASSESSMENT .........................................................................................................................53 17.1 RISK ANALYSIS ...........................................................................................................................................53 OPERATIONAL RISK .......................................................................................................................................53 INDUSTRY RISK ..............................................................................................................................................53 FINANCIAL RISK .............................................................................................................................................54 POLITICAL RISK ..............................................................................................................................................54 18.0 APPENDIx A BUSINESS IMPACT / UNCERTAINTY MATRIX ..........................................................................55 19.0 REFERENCES ..................................................................................................................................................56

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1.0 ABOUT NATURAL DELIGHT

This business plan is for Natural Delight, a vegetarian takeaway food outlet that will initially be opened in Newtown in Kent, England during 2010, with the plan to expand rapidly, opening additional stores during 2011; in regional developing areas of the UK and the east coast of Australia. Natural Delights menu is a healthy, vegetarian alternative to fast food and will cater to the wider community in Newtown, including vegetarians, vegans, some ethnic groups and anyone who is conscious of their health and well-being or trying to lose weight. More specifically, the target market will be focused towards busy businesspeople on the go, employed in the inner city area that may not necessarily have the time in their day to make sure they eat right. Natural Delight intends to transform the traditional stereotype of vegetarian food from a boring and bland lentil overloaded meal to one that is full of delicious flavours and visually exciting. The menu offers meals such as curry, pasta, burgers, sandwiches, salads, soup, cakes, muffins and an assortment of fresh, hot and cold beverages. Each dish was carefully considered for the menu and is based on variations of meals from around the world, with a particular influence from French, Malaysian, Indian and Greek cuisine. This makes Natural Delights menu multinational and a little bit different from competitors, providing something for everybody within the target market. Furthermore, the dishes on the menu will be prepared to the highest quality, using organic fresh produce free from artificial colours, preservatives or additives. Also, items will be a low affordable price, so that all meals are accessible to the entire community. This will assist Natural Delight to build up its brand name and trust among the community, as will showing customers that Natural Delight supplies healthy vegetarian food that is palatable to anybody, whether or not they are accustomed to eating meat. Customers can expect good value for money at Natural Delight, as well as the calorie and fat value per serving for each dish, assisting individuals with calorie counting and healthy eating. In addition, with each sale the customers will be provided with a receipt that contains a list of the ingredients, nutritional value and health benefits associated with the meals purchased. This will ensure the customer is well informed of what they are eating and how it is healthy for them, information which may be important for those who are conscious of increasingly common illnesses such as diabetes, high cholesterol, obesity and heart disease (Food Standards Agency, 2010).

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2.0 ABOUT NEWTOWN

Newtown is an English town 43 kilometres (27 miles) to the south west of London with a population of 67,000 residents as at 2007 and an expected increase of 9,200 (13.8%) people by 2026 (OFlynn, 2007). Newtown is known for being a market town with the market being held on Fridays and Saturdays and also holds a farmers market on the first Tuesday of each month (Newtown, 2010).

Reference: (Office of National Statistics, n.d.). Newtown was rated as the 9th best place to live in Britain in 2006, but slipped to the 12th position in 2007, largely due to the pollution produced by an increased number of cars found on its roads. Newtown still remains as one of the most expensive places to live in the UK outside of London (Wikipedia, 2010). This is also reflected in the gross disposable income value for the Kent area, believed to be 20,000 pa, with median gross weekly earnings for full-time employees on adult rates at 523, higher than the UK median of 479 (Office of National Statistics, n.d.). Newtown has also been named the most competitive city in the UK, in the most competitive region in the UK (excluding London). This could be represented by its very active and established business community that has a mixture of small start-up businesses through to multinational conglomerates. In addition, Newtown has excellent transport links making it well placed to operate at national and international levels as well as locally (Newtown Eye, 2010).

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3.0 STAKEHOLDER ANALYSIS

The stakeholder analysis identifies the primary expectations, influence, and potential conflicts associated with stakeholders; who are any individuals or organisations in the external environment that affect or are affected by an organisations policies and decisions (Robbins, Bergman, Stagg & Coulter, 2001, p.176). Natural Delight have six clear stakeholders using the framework provided by Friend & Zehle (2009, p.26-27), they are; managers/owners, staff/unions, suppliers, customers/community, government and insurance providers. Please refer to the below Table 3 for the stakeholder analysis.
TABLE 3 STAKEHOLDERS ANALYSIS

STAKEHOLDER

EXPECTATIONS & OBLIGATIONS Good salary, job satisfaction, regular working hours, recognition of achievements.

POWER & INFLUENCE

COMMONALITY & CONFLICT

MANAGERS / OWNERS

Make most decisions and have detailed information on Natural Delight.

Conflict: managers will also be owners of Natural Delight therefore; at times self best interests may conflict with store best interests, affecting business strategy and operations. Conflict: generally seek high wage for least amount of working hours. Conflict: generally seek high prices and demand early payment.

STAFF / UNIONS

Good wage, job security, job satisfaction, uniforms.

Customer experience and rapport, strike, staff turnover.

SUPPLIERS

Ongoing orders possibly long-term, early or regular payment, communication.

Pricing, quality of ingredients, enforcement of account contract and payment terms, ability to terminate contract. Consumer tastes and spending determine revenue derived, indirect influence, control local planning and community overall opinion towards Natural Delight.

CUSTOMERS / COMMUNITY

Reliable supply of meals, quality ingredients, affordable price, socially & environmentally responsible, minimal impact on other local businesses, creation more local jobs. Operate legally, use taxation receipts, and maintain all jobs by appropriate laws.

Generally seek low prices and high quality food, bargaining with managers/owners for Natural Delight to do right by community as a whole.

GOVERNMENT

Control regulation, taxation, planning etc by national laws.

Generally seek a balance of diverse businesses within industries.

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STAKEHOLDER

EXPECTATIONS & OBLIGATIONS Regular payment of premiums, realistic value of property and contents issued, minimal claims submitted.

POWER & INFLUENCE

COMMONALITY & CONFLICT

INSURANCE PROVIDERS

Insured value of property and contents, payable amount of repayments, enforcement of clauses within contract.

Conflict: generally seek high insurance premiums, with lowest payout possible in the case of a claim.

OWNERS & MANAGERS

The owners and managers both expect a good salary, regular working hours and job satisfaction, with the occasional recognition of achievements. They have the potential to break or make Natural Delight, as they make most of the business decisions and the potential concern is they usually have their self best-interest than that of the companys when it comes to strategy and operations. Therefore, operational policy will be in place that requires business decisions regarding Natural Delight to be put to a vote between the 3x owners, where 2x votes are needed in favor of a decision to be actioned.
STAFF / UNIONS

The staff will expect a good wage, job security, and job satisfaction. They will have primary contact with the public and therefore the power to influence each customers experience and rapport established with the company. The main concern should be balancing staff members want for a high wage, with the companys need to roster staff, across all available shifts for the least cost possible. Furthermore, unions will need to be considered as they have an indirect relationship with Natural Delight, focused on the well-being of staff; therefore Natural Delight will need to be conscious of their expectations for fair and safe working conditions, including negotiations of wage increases each year, and enforcement of employment law. This will influence Natural Delight to keep up to date with legislation requirements for HRM policy and to maintain a portion of the budget each year for possible wage rises negotiated.
SUPPLIERS

Suppliers prefer high levels of communication between parties, long-term orders and regular payment. They will have the power to control pricing based on the quality of fresh produce supplied, as well as the enforcement of payment terms in account contracts and ability terminate a supply contract at anytime. Natural Delight will need remain aware of these implications and maintain a good working relationship with suppliers, as well as ensure payments are made regularly to guarantee continuity of supply from preferred producers.

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CUSTOMERS / COMMUNITY

Customers usually demand good quality food at an affordable price from the suppliers they find reliable. They can greatly influence revenue levels due to their taste preferences and spending habits, but are overall generally happy if they are given a low price. The Community will expect social and environmental responsibility from Natural Delight, minimizing impact on other local businesses. They have the power to influence overall opinion towards Natural Delight and may attempt to negotiate with owners to do the right thing by society as a whole. Therefore, Natural Delight will need to produce ethically sound meals and uphold environmentally sustainability, to ensure customers and the community will be happy with the product and level service Natural Delight provide.

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4.0 VISION, MISSION & OB JECTIVES 4.1 VISION STATEMENT

Natural Delight is to become the leading provider of vegetarian takeaway food for busy people on the go, in and around the urban area of Newtown, England. We intend to change public perception of vegetarian food from boring and bland dishes to one that is full of flavour and visually exciting, also the menu will be a healthier alternative to common fatladen fast food. Natural Delight will increase social awareness of the benefits of healthy eating within the community of Newtown and will develop a strong relationship with customers built from trust in our product and level of service.
4.2 MISSION STATEMENT

Natural Delight is committed to providing healthy vegetarian food made from quality organic fresh produce, ensuring good value for money for the customer. The menu with cater to vegetarians, ethnic groups and the majority of the community residing in Newtown, as dishes are multinational and based on variations from French, Malaysian, Indian and Greek cuisine. Customers can expect a stable low price, warm and friendly atmosphere and exceptional customer service. Staff will always be on hand to answer any customer enquiries related to the source or use of our fresh produce ingredients and the nutritional value and health benefits of each dish. We believe this will be important information for individuals who are conscious of increasingly common illnesses such as diabetes, high cholesterol, obesity and heart disease (Food Standards Agency, 2010). Natural Delight will also uphold a high level of ethical and sustainability standards, by maintaining the following environmentally sustainable criteria of food restaurants (Sustainable Restaurant Association, 2010): 1. Ingredients will be sourced locally from Riverford Organic Foods or from a wholesale supplier within 50 miles of the store; 2. Monitor energy efficiency; 3. Recycle packaging and back-office waste and compost food waste; 4. Use 100% recyclable takeaway containers and cups, as well as offer different portion sizes to minimise food waste; 5. Employ staff only from the local community of Newtown; 6. Maintain a vegetarian menu and reduce impact on environment caused by greenhouse gas emissions released during production of meat supply.
4.3 SMART OBJECTIVES

Source 95% of ingredients from Riverford Organic Foods or a high quality fresh produce wholesaler located at farmers markets within two months; Within the first twelve months provide 200-250 meals per day (Mon-Fri 7am-7pm) to customers, increasing to 300-350 meals per day within two years;
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The average value per sale should be at least 5.00 (pricing will be Small 4.50, Medium 5.50, Large 7.00); Attract repeat customers through a customer loyalty program (purchase eight items and receive one item free); Achieve an annual profit up to 10,000 in the first year, increasing to 30,000 in second year; Customers and staff should develop trust with Natural Delight (measure by staff turnover, repeat sales, customer loyalty, and customer survey at end of year two)

5.0 ENVIRONMENTAL ANALYSIS


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The environmental analysis essentially looks at the external factors that affect a businesss operations, for example, government economic policy, change in consumer preferences and developments in technology. The analysis also examines the speed of changes occurring in the environment and describes these changes at three levels, (1) stable; where there is no or small change in the environment and the changes are slow and easy to identify, (2) dynamic; where there are moderate change characteristics evident in the environment that may be predictable, and (3) turbulent; an environment that experiences fast and unpredictable changes (Friend & Zehle, 2009, p.31). Based on the above definition of environmental change levels it is apparent that the UK can be regarded as a stable environment as this country is well established and developed with stable political policies, even through times such as the current government election therefore any changes will occur slowly in a predictable manner.
5.1 PEST ANALYSIS

The PEST analysis examines four external key areas of the environment which affect business operations; these are political, economical, social and technological. POLITICAL

Government health regulations can have a significant effect and impose high expectations on the takeaway food industry to protect the well being of consumers, such as staff must have adequate training in food hygiene and food safety principles (Food Standards Agency, 2006); The Natural Delight business and premises need to be registered with Kent Local authorities under EU regulations (Food Standards Agency, 2006); The UK interest rates are expected to remain stable due to the Bank of Englands 175 billion funding scheme to assist with continued recovery from the 2008 economic recession. This suggests that interest rates should be highly predictable (BBC News, 2009); Further reinforced by Giles (2010) who suggests that UK monetary policy will be predictable until at least June 2010.

ECONOMICAL

The price of vegetables can vary due to availability in different seasons and extreme weather conditions. During 2008, vegetables prices increased by 14.7% and the consumer price inflation rate was 4.4%; 2.4% higher than the government target and was expected to continue rising. Therefore, this could impact significantly on UK household budgets and consumer disposable incomes, reducing customers available funds to purchase Natural Delights product (BBC News, 2008); Each director of Natural Delight will contribute cash to the business, totaling 150,000 to cover start-up costs and will be personally responsible if Natural Delight were to go bankrupt.

SOCIAL
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The overall community in Newtown is expected to have an awareness of the increasingly number of health issues evident in the UK. This is represented by a third of the UK population who are now eating five fruit and vegetables a day, even though many are still eating 2% more than the daily recommended intake of saturated fats and sugar (Food Standards Agency, 2010); 60% of the population in Britain are expected to be overweight by 2050, compared with 28% observed in 2008, which expresses the need for more businesses such as Natural Delight to increase social awareness of healthy eating and assist customers with calorie counting to maintain a healthy weight (Telegraph, 2008); Businesspeople may be more knowledgeable about health issues due to levels of education attained as 40% of the Newtown population have degrees and as a result they will be more concerned about their own personal health (OFlynn, 2007); We associate businesspeople in Newtown with higher than average incomes, as gross disposable income in Kent in 2008 was 20,000 pa (Office of National Statistics, n.d.) and the median gross weekly earnings for full-time employees on adult rates was 523, which is higher than the UK median of 479 (Office of National Statistics, n.d.). This allows our target market to have extra financial resources to spend on their food, so that they are able to choose a healthier option, if desired.

TECHNOLOGICAL

Natural Delight plans to use a cash register, EFTpos terminal, and a computer in store. The computer will only require QuickBooks accounting software for bookkeeping purposes and inventory tracking only, and this software will need to be upgraded every 12 months (Intuit, n.d.); The Newtown store will have a 24 hour surveillance security camera placed inside and outside the entrance, to prevent and monitor theft. This is due to evidence of crime observed in Newtown during evenings in the inner city area. Although, acts of crime in Newtown have fallen from 735 in the last quarter of 2009 to 694 in the first quarter of 2010, with the current crime rate at 5.5%, the level of crime in this area is still around average levels for the UK (Kent Police Local Crime Mapping, 2010).

5.2 SCENARIO DESCRIPTIONS

Please see the following two scenario descriptions, which evaluate trends that may impact on Natural Delights business operations. Note each scenario description is expanded from the business impact / uncertainty matrix provided in Appendix A.

NATURAL DISASTERS INFLUENCE UKS FRESH P RODUCE

Natural disasters such as droughts and flooding have the potential to destroy the English farmers crop and thus reduce the availability of fresh produce to the population in the UK, increasing the price on select products and greatly impacting local businesses. However, natural disasters have not been a significant problem in areas of England including our target market in Newtown, as they have experienced more stable and predictable weather
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conditions throughout the 21st Century, with the exception of the occasional flooding. As shown in the below table, England experiences a stable level of rain throughout the year, therefore, there are no uncertainties for English farmers, as weather conditions have become very predictable (Climate of England, n.d.). TABLE 5 CLIMATE OF ENGLAND Climate data for England Month Jan Feb Mar Apr May Jun Jul Aug Sep Average 7 7 9 12 15 18 21 21 18 high C (F) (45) (45) (48) (54) (59) (64) (70) (70) (64) Average low 1 1 2 4 6 9 11 11 9 C (F) (34) (34) (36) (39) (43) (48) (52) (52) (48) Precipitatio 84 60 67 57 56 63 54 67 73 n mm (3.31 (2.36 (2.64 (2.24 (2.2 (2.48 (2.13 (2.64 (2.87 (inches) ) ) ) ) ) ) ) ) ) Reference: (Climate of England, n.d.).

Oct 14 (57) 7 (45) 84 (3.31 )

Nov 10 (50) 4 (39) 84 (3.31 )

Dec 7 (45) 2 (36) 90 (3.54 )

Year 13 (55) 6 (43) 838 (32.99 )

In contrast, it has been suggested that climate change and global warming in the UK has increased the occurrence of natural disasters and their effects, such as snow storms, flooding and the spread of volcanic ash from neighbouring countries. It is believed that the UK are experiencing warmer weather, with the average temperature expected to rise by 1.5C by 2050, which does not sound like a lot, but in fact this could pose threats and benefits to farmers of fresh produce. As an increase in temperature could significantly determine which plants or crops grow, therefore, farmers will need to adjust the type of fresh produce they supply to businesses and the public, reducing cereal crops that show unproductive growth in the increased heat and increase the supply of underground crops that are least affected (UK Answers, 2008). Moreover, an increase in sea level of the coast of England has led to more frequent flooding, which would appear to help with supply of water resources, however, higher temperatures will mean warmer summers with longer growing seasons for farmers and an increase in evaporation, actually putting greater pressure on water resources, especially in the south east, limiting the quality and quantity of fresh vegetables and fruit produced (UK Answers, 2008). However, it is believed by many farmers that although the increased rainfall will increase flood risk, it will also reduce the severity and duration of the winter freeze by increasing snowmelt, which is beneficial, because it means more farmers markets are able to remain open during winter and supply a wider variety of fresh produce during this period, reducing inflated prices, which Natural Delight would also greatly benefit from (UK Answers, 2008). In addition, the increased rainfall in Newtown will enhance the quality of the fresh produce Natural Delight can source for meals, guaranteeing quality, therefore, if such a disaster such as flooding was to occur then the major effect to Natural Delights business will be the inflated prices, the loss which we will guarantee to absorb to provide our customers with a consistently stable low price (Riley, 2006). Furthermore, compared to other areas of the UK, England does not experience natural disasters on a grand scale and tends to only suffer from frequent flooding, especially in areas such as Newtown, our target market. It is estimated that five million people in England
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are at risk of flooding every year (NERC, 2006). Therefore, for Natural Delight to be proactive in planning against such a disaster we need to prepare a list of alternative suppliers for during winter months and times of flooding, including those who grow fresh produce in greenhouses, so that we can continue to provide our customers with good quality, fresh ingredients all year round (England experience natural disasters, n.d.).

IS THERE A DEMAND FO R VEGETARIAN FOOD IN THE UK?

Vegetarianism is more popular in recent years in the UK than ever before and is continuing to grow at an astonishing rate. The Vegetarian Society (2003) believes that vegetarians in the UK have more than doubled between 1990 and the year 2000. There are currently four million vegetarians in the UK, representing 7% of the population, while another five
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thousand people each week are choosing to give meat a miss and join the veggie revolution. If such trends were to continue, it is estimated that by the year 2030 everyone in the UK will be a vegetarian (Vegetarian Society, 2003). Vegetarianism is the fastest growing, most talked about food trend for decades and it has been estimated that a lifelong vegetarian diet of one individual prevents the suffering and slaughter of over 900 animals and over half a tonne of fish (Vegetarian Society, 2003). It has been suggested that vegetarianism has already made a major impact in the UK and continues to do so while many still market this diet as being far better for animals, the environment and human health, which is of great benefit to Natural Delight as more consumers are likely to trust in our product and purchase more meals (Vegetarian Society, 2003). A vegetarian diet is one that is free of meat, fowl, fish, shellfish, meat or bone stock, animal or carcass fats, gelatin and aspic (Vegetarianism by country, 2010). Independent market studies suggest that vegetarians constitute 7% to 11% of the UK adult population, which equates to 4 million people and within these there are twice as many vegetarian women as men (Vegetarianism by country, 2010) Vegetarian cooking is becoming more popular due to the rise of the flexitarian, the occasional vegetarian who is helping their waistline and the planet by eating less meat (Mesure, 2009). There are new vegetarian restaurants starting up every day to cater to the rising demand for meat-free meal options and even established restaurants are increasing the number of meat-free choices on their menus to cash in on the new trend (Mesure, 2009). Therefore, Natural Delight will take advantage of their first move benefit in the Newtown market and establish the Natural Delight brand and rapidly expand operations as quickly as possible for imitations of Natural Delights product and business arise. The vegetarian market was worth 739 million in 2008, which was up by a fifth since 2003 and is expected to experience similar growth until at least 2013 (Mesure, 2009). 86% of the British population eats non-meat meals once or twice a week, and this is forcing restaurants and takeaway food outlets to follow suit and provide more vegetarian friendly options, which will mean more direct competition for Natural Delight (Mesure, 2009). The vegetarian food industry is reported to be growing on average by over 15% a year (Food & Drink Europe.com, 2002). This growth is being driven by an increasing number of consumers who are reducing meat consumption as part of a more varied diet. As a result, the vegetarian food industry is now one of the most dynamic and innovative sectors of the UK food industry (Food & Drink Europe.com, 2002).

6.0 VIRO ANALYSIS

The VIRO analysis will look at Natural Delights available resources that are valuable, imitable and rare as well as evaluate the resources that would allow our organisation to maintain a competitive advantage and to operate efficiently.
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VALUABLE

Store space in inner city location of Newtown is highly sought after, and our business will only require a small space, as we do not need a big kitchen or dining area, compared with other competitors in the market, such as Rumwong Thai Restaurant, that are medium sized and need more space to cater to large volumes of customers (Restaurant Guide, 2010); We will be providing fresh and healthy ingredients, that contain no artificial colours, preservatives or additives and will be the first business in Newtown to ethically produce our dishes keeping in line with environmental sustainability standards (Vegetarian restaurants, Newtown, 2010); Natural Delight will be located in the CBD of Newtown, where the majority of consumers are willing to spend more money for healthy and fresh food, because they have higher than average incomes with 44 gross weekly earnings above the average for UK overall (Office of National Statistics, n.d.).

IMITABLE

The Natural Delight business name and logo will be registered in England and Australia, to be used in the future for possible franchise expansions; Natural Delight will employ a Cook who will produce multinational dishes that are full of flavour, using 95% fresh ingredients and will have extensive qualifications in cooking to be able to consistently produce a high standard of dishes.

RARE

Natural Delight will be the only vegetarian takeaway outlet within a 1-2 kilometre radius of our target market in Newtown (Vegetarian restaurants, Newtown, 2010); We will be offering freshly squeezed juice, while competitors currently only provide soft drinks or juice concentrates (Restaurant Guide, 2010; Trusted Places, 2009; Eat Easy, 2010; Gype, n.d.).

ORGANISATION

With regards to human resources Natural Delight will hire bubbly and friendly staff that have an awareness of their health and are forward thinking in nutrition. We will make ongoing training in their role compulsory, so they can be up to date and knowledgeable about each meals ingredients and health benefits, to provide a high quality customer service. Current competitors in Newtown offer excellent friendly customer service, but are lacking in knowledge of all areas of their products offered (Restaurant Guide, 2010); Natural Delight will provide dishes containing a variety of flavours, available in a takeaway option, while the majority of our direct competitors currently require customers to dine in, such as the Rumwong Thai Restaurant that seats 180 customers for dinner (Restaurant Guide, 2010; Google Maps, 2010).

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7.0 OUTLINE OF CONFIGURATION OF RESOURCES

One way to achieve competitive advantage is through the configuration of resources, meaning how a business such as Natural Delight can allocate its resources so they add value to their products and services.

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VALUE ADDED ANALYSIS

Natural Delight will cut the cost of production by identifying the better suppliers, hiring efficient and experienced staff and also by providing food as takeaway only to avoid having to provide a dining area for customers; Fresh and good quality products will be provided using a just in time policy, this reduces wastage of ingredients; Any wastage of ingredients at the end of each working day will be recycled in a compost bin.

Customer Service
Sales & Marketing

Production

Supplier Delivery Purchasing

R&D

THE VALUE CHAIN


To provide fresh and healthy food to the community; Natural Delight will use environmentally green products to package foods such as recyclable takeaway containers and paper bags, as well as ethically sustainable food preparation equipment, which will positively contribute to the well-being of the community and those concerned with health issues and effects on the environment; Government infrastructure, such as more public transport services within the CBD area will bring more customers from different areas of Newtown, making Natural Delight more accessible to the wider public. Also, as Natural Delight is one of a kind, customers may be more willing to make a slightly longer commute to get a healthy meal; Human resources will be allocated to the right area, for example placing staff members with friendly personalities in customer service and those with excellent cooking skills in the kitchen, finding the greatest balance using each individual employees skills to our advantage.

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8.0 INDUSTRY ANALYSIS

According to Friend & Zehle (2009, p.55) an industry analysis develops on existing strategic plans for established and new businesses to evaluate and better understand the industry
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and its threats, potential and overall influence in which the business will operate and contend with competitors. The following industry analysis of Natural Delight is constructed using Michael Porters competitive forces framework (Friend & Zehle, 2009, p.58).
8.1 POTENTIAL ENTRANTS & BARRIERS

Competitors in Newtown, England are established medium sized restaurants and cafes catering to the target market during dinner and lunch time only (Restaurant Guide, 2010). These competitors will not greatly affect Natural Delight as we intend to cater to a wider target market and during breakfast, lunch and early dinnertime, to include times of day when individuals may be seeking a snack before or after work or a training session at the gym. Also, we will be providing a completely new style of food to this area of England (Vegetarian restaurants, Newtown, 2010). In addition, there may be very few potential new entrants into the industry, as property in Newtown is limited and costly with an average price of well above 300,000 making it one of the priciest places in the country (OFlynn, 2007). Also, property prices increased by 7.09% in the previous year which indicates buildings in this area are highly sought after, therefore, the difficulty in finding property to open an outlet and the high risk involved in funding expensive land and buildings may discourage potential competitors from entering the takeaway food industry within the 1 2 kilometre radius we have set for our target market (Barrow, 2010). In the position of Natural Delight, we believe that the benefits of being the first of our kind will outweigh the potential risk involved in entering the market in Newtown, in the belief that customers will be curious to try the new style of healthier food, resulting in an increase in sales.
8.2 BARGAINING POWER OF BUYERS

Our customers are health conscious businesspeople, particularly females, who are employed and/or reside in the city area Newtown, England (Food Standards Agency, 2010). We are targeting people between the ages of 21 and 50, who are in search for a healthier food option in their local area. In our target market 40% of the population has degrees suggesting there are approximately 27,000 businesspeople employed in professional occupations (OFlynn, 2007; Newtown, 2010). The median gross weekly earnings of these businesspeople are 523, higher than the UK median of 479 (Office of National Statistics, n.d.). This shows that the Newtown community earns higher than average incomes, therefore, our customers should have a higher disposable income to spend on takeaway food each business day, whether it be for a snack or a meal.
8.3 BARGAINING POWER OF SUPPLIERS

Suppliers of Natural Delight will be wholesale retailers, such as Riverford Organic Foods that receive produce directly from the farmers or growers or direct farmers markets, therefore, their prices will be much lower than in retail supermarkets as they provide produce at cost price with little or no mark-up (Riverford, 2010). In addition, due to the short life span of fresh produce, wholesale suppliers need to keep the pricing of products as low as possible in a market environment, so that (1) they can sell a high volume of fresh products each day and (2) to remain as a stable competitor in their own sector. As Natural Delights suppliers
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are wholesale retailers they will have little bargaining power and the pricing of fresh produce should consistency remain low, unless exceptional circumstances such as a natural disaster occurs. In such an instance, disasters like flooding could temporarily drive prices up, because of damage caused to fresh produce reducing availability of supply, in which case, Natural Delight will accept the losses in order to provide our customers a consistently stable low price (BBC News, 2008).
8.4 THREAT OF SUBSTITUTES

In our target market in Newtown we cannot locate any vegetarian food outlets within a 1-2 kilometre radius of the target areas; therefore, we appear to be providing a new product to the market, suggesting there should be little threat of substitutes in the immediate future (Vegetarian restaurants, Newtown, 2010). Although, the product and services of Natural Delight would be easy to imitate, we believe the limited property available and high cost of entry may discourage potential new entrants (Barrow, 2010).
8.5 RIVALRY AMONG EXISTING FIRMS

Competition is high in Newtown, as there are many restaurants, however, Natural Delight does not have too many direct competitors within the takeaway food industry (Newtown Eye, 2010) Therefore, marketing will be important to persuade consumers to try Natural Delights food, but it will be building of the brand name and trust in our product that will be most crucial. Furthermore, Natural Delight would be the first competitor in Newtown to produce food in a ethical and environmentally friendly way, which may greatly influence customers to purchase our products compared to other competitors (Vegetarian restaurants, Newtown, 2010) Also, it is believed that consumers in the UK are becoming more conscious of what they eat and how it is prepared, seeking more ethically produced meals, which Natural Delight can offer them (Ethical eating is one the rise, 2010).
8.6 INDUSTRY LIFE CYCLE

The industry life cycle as shown below in Figure 8, illustrates how the vegetarian food industry has evolved over time in the UK, since it first began in 1945 with 100,000 vegetarian consumers (Bourke, 2003). The introduction stage of the cycle began in the 1940s, when there were very few vegetarians compared with meat-eating consumers, and therefore there were no threats of substitutes or rivalry among competitors during this time. By 1975, the vegetarian industry was well into its growth stage of the life cycle and the number of vegetarians in the UK had increased tenfold to 1,000,000 (Bourke, 2003). During this stage demand for vegetarian food had increased so quickly that restaurants and supermarkets were unable to supply ahead of demand, giving suppliers increased power over the quantity of products sold on the market, premium pricing and exclusive sales to specific retailers. This trend continued beyond 1994 when the number of vegetarian consumers in the industry was high at 3,000,000 people (Bourke, 2003). In 2003, the growth effect of the new vegetarian trend started to level and during this year the UK population included 4,000,000 vegetarians (Bourke, 2003). This maturity stage in the life cycle has continued to the present day, as there are still many consumers in the market who are not convinced that vegetarianism is an attractive and healthy move, believing that human beings need to consume a meat diet on a weekly basis to maintain a healthy and active lifestyle (Vegetarianism by country, 2010). The vegetarian food industry has not yet
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entered a decline stage in the life cycle; therefore, the industry is expected to continue to expand with growing threats of substitutes and increasing power of buyers to influence the availability of vegetarian friendly products in supermarkets, specialty stores, restaurants and cafes. There will be high competition between food retailers to remain stable within the market, which is why Yummy will be focusing on differentiating our product, so as to establish a new ethically sustainable vegetarian market within the town of Newtown which currently has no vegetarian restaurants (Vegetarian restaurants, Newtown, 2010). Figure 8: Industry Life Cycle

Reference: (Bourke, 2003)

9.0 COMPETITOR ANALYSIS

Competitor analysis requires evaluating the central forces that determine each existing businesss competitive position within the target market in relation to one another, in order
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to prepare new entrants for the intensity and effects on their business when they open and begin competing against these other businesses (Friend & Zehle, 2009, p.61).
9.1 COMPETITORS IN NEWTOWN, ENGLAND

There are five leading competitors in Newtown, England that are of concern to Natural Delight and they are; Rumwong Thai Restaurant, Bamboo Garden, Nibbles Baguette & Sandwich Bar, Newtown Kebab House, and Southway Fishbar (Vegetarian restaurants, Newtown, 2010).
NIBBLES BAGUETTE & SANDWICH BAR

Nibbles Baguette & Sandwich Bar is Natural Delights most directly related competitor as they provide a wide variety of fresh food at an affordable price to the community working within urban area of Newtown. Nibbles Baguette & Sandwich Bar is a takeaway restaurant that produces gourmet sandwiches and baguettes fresh to order, when a customer makes a request either in person or by telephone (Eat Easy, 2010). This competitor also offers a delivery service within the local area, making the healthy food they offer more accessible to busy businesspeople with limited time to consider lunch. However, this sandwich bar is only open for lunch service between 12:00pm and 2:00pm, which will be Natural Delights main advantage as with our extended opening hours we are able to cater to a wider market and ensure maximum profit possible each business day (Eat Easy, 2010)
RUMWONG THAI RESTAURANT

Rumwong Thai Restaurant opened in 1976 when Thai food was still a rarity in Britain. Due to the medium size of this restaurant and its great history of success in the Newtown market, it is Natural Delights second competitor of high concern (Restaurant Guide, 2010). The Rumwong Thai Restaurant is open Tuesday to Saturday for lunchtime and dinner service and its menu offers 3 courses at an average price of 16.00 for lunch and 33.00 for dinner, which appears reasonably low even though this price is much higher than other Thai restaurants in regional areas of Newtown (Restaurant Guide, 2010). The food at this restaurant is highly praised as authentic Thai cuisine that is consistently high quality, with a large variety of dishes for selection (Restaurant Guide, 2010). Due to the higher demand experienced as a result, Rumwong Thai Restaurant recently went through expansions to be able to cater to a larger volume of customers, and the new premises will seat up to 180 persons at a time (Google Maps, 2010).
NEWTOWN KEBAB HOUSE

The Newtown Kebab House has been operating since 1993 and its owner has over 40 years experience in the catering industry. This competitor offers a takeaway menu that includes mezze, salads, wraps and kebabs made from fresh wholesome ingredients (Trusted Places, 2009). From these details, it is apparent that Newtown Kebab House could significantly affect the success of Natural Delight encouraging customers to purchase our fresh food. However, this competitor is open between 11:30am and 1:00am Tuesday and Wednesday
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and until 3:00am Thursday to Sunday. They focus on a different target market to Natural Delight and it includes young adults socializing in town late at night seeking a snack after their night out (Trusted Places, 2009). It appears that although these three competitors are well established and have a strong sense of trust and reliability built already with the community of Newtown, they cater to a different target market than Natural Delight intends to. This may be our competitive advantage, as Natural Delight plans to offer a vegetarian menu very specific to individuals requiring a healthy meal, with no hidden calorie, fat or sugar content. Furthermore, Natural Delight will be providing alternative tasty options to boring healthy salads and sandwiches already available in the market, whilst offering the dishes at an affordable price, which may encourage customers who may have been loyal to these other competitors, to at least give Natural Delight a try, which is all our business needs to show the community the high product quality and level of service we provide.
9.2 COMPETITOR KSF RANKING

The following competitor KSF ranking was based on seven key success factors, they are: market share, brand image, product quality, product variety, sustainability, customer loyalty and price.
Competitor KSF Ranking
Nibbles Sandwich Bar Southway Fishbar Rumwong Thai Kebab House Bamboo Garden Yummy Veg 0.00 Market Share Sustainability 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50

Brand Image Customer Loyalty

Product Quality Price

Product Variety

The above graph shows that Natural Delights most important key factors for success are brand image and product quality, because Natural Delight will promote the quality of its dishes to build customer trust and thus our brand image, to establish our business successfully in the vegetarian food market for the long-term.

Competitor KSF Ranking in Newtown

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KSF Market Share Brand Image Product Quality Product Variety Sustainability Customer Loyalty Price

Importance 0.10 0.25 0.20 0.10 0.10 0.10 0.15 1.00

Natural Delight Strength Firm Rating Strength 3 0.30 4 1.00 5 1.00 4 0.40 4 0.40 3 0.30 3 0.45 3.85 Rumwong Thai Strength Firm Rating Strength 4 0.40 4 1.00 5 1.00 3 0.30 2 0.20 4 0.40 2 0.30 3.60

Bamboo Garden Strength Firm Rating Strength 2 0.20 2 0.50 3 0.60 3 0.30 1 0.10 2 0.20 5 0.75 2.65 Southway Fishbar Strength Firm Rating Strength 2 0.20 3 0.75 3 0.60 2 0.20 2 0.20 3 0.30 3 0.45 2.70

Kebab House Strength Firm Rating Strength 3 0.30 2 0.50 3 0.60 3 0.30 1 0.10 4 0.40 4 0.60 2.80 Nibbles Sandwich Bar Strength Firm Rating Strength 3 0.30 3 0.75 4 0.80 3 0.30 3 0.30 3 0.30 3 0.45 3.20

KSF Market Share Brand Image Product Quality Product Variety Sustainability Customer Loyalty Price

Importance 0.10 0.25 0.20 0.10 0.10 0.10 0.15 1.00

(Restaurant Guide, 2010; Southway Fishbar, n.d; Eat Easy, 2010; Trusted Places, 2009; Gype, n.d.) As indicated from the above competitor ranking, Rumwong Thai Restaurant, Nibbles Baguette and Sandwich Bar and Newtown Kebab House are the three competitors with the greatest strength and therefore, may be Natural Delights direct competition within the target market in Newtown.

10.0 PRODUCT ANALYSIS

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Product analysis examines the different aspects of a companys products, such as product characteristics including purpose, design colour and taste, as well as the strategic position of the product, proposed direction in which they will develop, any cash flow implications and indicators of advantageous strategic directions that should be pursued by the business (Friend & Zehle, 2009, p.65). Overall, it generally shows what characteristics the products have which can differentiate them from other available products already in the market (Product analysis and design, n.d.). In the case of Natural Delight, our products are the food dishes we offer prepared from fresh fruit and vegetables by a highly qualified cook in a way, using colour, design and taste to stimulate customers appetite. A large variety of delicious meals will be appearing in Natural Delights menu to give a wide range of options to the customers, please refer to Natural Delights menu on pages 33-35 for products that will be offered to the Newtown market. Natural Delight is a take away vegetarian shop and therefore the packaging of our products is a very important part of distribution to the consumers. Shape, color and also convenience will be highly regarded in determining form of packaging. Also, because Natural Delight is concerned about our customers health and providing them with healthier food options, our business will also care about the environment and the impact of non-recyclable materials. As a result, Natural Delight will use 100% environmental friendly and recyclable material to develop our packaging containers and takeaway bags, even though the cost of these materials may be higher than other forms of packaging.
10.1 PRODUCT LIFE CYCLE

The product life cycle examines the growth pattern a product goes through, regarding the number of sales and the amount of revenue that the product generates in different stages of its life cycle. The four stages of the life cycle are introduction, growth, maturity and decline and each have their own characteristics to consider for the product life cycle (The product life cycle, n.d.). The following Table 10 will explain the position of Natural Delight products in each of the different stages of the product life cycle, with reference to the Newtown target market. Table 10: Product Life Cycle User/Sale Costs Introduction Few items sold a day medium production costs Growth Steady growth Small fluctuation in production costs depending on season and utility usage (Variable cost) Indirect competitors, possibly a few Maturity Sales stays constant Small fluctuation in production costs depending on season and utility usage (Variable cost) Indirect competitors, and increase in direct Decline some product declining Small fluctuation in production costs depending on season and utility usage and number of sale (Variable cost) Indirect competitors, and more direct
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Competitors

Indirect competitors

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Introduction

Marketing objectives

Attracting customers

Growth direct competitors Number of customers will rise Fresh and high quality, reasonable variety

Maturity competitors More customers

Decline competitors Less customers for some products and more for others Fresh and high quality, reasonable variety. new products contain more popular ingredients

Product

Fresh and high quality, reasonable variety

Prices

Promotion

Place

Fresh and high quality, reasonable variety. Change some products with new products that contain more popular ingredients Reasonable and Reasonable and Reasonable and within the food within the food within the food price range price range price range Promote Promote Promote product, product, showing product, showing showing the the difference the difference difference and and quality and quality quality compared compared to compared to to other products other products in other products in on a regular basis the market by the market by high advertising high advertising Shop in CBD area Shop in CBD area Open many possible short possible short shops in CBD distance from distance from area in different fitness clubs fitness clubs cities possible short distance from fitness clubs

Reasonable and within the food price range Promote product, showing the difference and quality compared to other products on a regular basis

Cash flow Profitability Risk

Low Low Medium level of risk

Higher Higher Less risk

Highest Highest High risk

Open many shops in CBD area in different cities possible short distance from fitness clubs may sell franchise in other country Grow Grow Highest risk

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The food industry is different overall in terms of product life cycle compared to other industries, as food is a necessity that must be purchased regularly. It is not an industry within which technology, innovation and new products discourage people from buying previous products. Quality, taste and customer service will always determine the number of customers purchasing from a specific restaurant, caf or takeaway food shop (Fast food industry, 2010). Natural Delight is new takeaway shop in the town of Newtown, and the population will not be familiar with its products during the early stages of its operation. As a result, there will only be a small number of customers during the introduction stage, but this number will gradually increase and most products on Natural Delights menu will have a reasonable demand as the business establishes trust with customers. Natural Delight offers food at a price that most people can afford within the target market, therefore, they will try an item from the menu at least once. Individual products sales may decline over time, however demand for tasty and healthy dishes will remain the same or increase until it reaches Natural Delights maximum production capacity, at which point the owners intend to expand the Natural Delight business into franchise operations across the UK and also internationally into the Australian market. Cost is a major issue and can be divided in two categories; fixed and variable cost. Fixed costs are items such as staff wages and rent, whereas, variable costs includes ingredients and utilities such as electricity and gas. Many factors can affect variable cost, such as the number of items for production or variability among seasons. A higher volume of items for production will require more ingredients, more labour and will also increase utility consumption. The different seasons affect the price of fruit and vegetables, such as in winter vegetables are more expensive due to reduction in availability of supply and in order to meet demands suppliers have to bring fresh produce in from other areas of the UK, otherwise it must import from other countries which involves the addition of transportation and other costs to the already increased price, making fresh ingredients much more expensive to purchase during this season (Wash farm, n.d.). Natural Delight has no direct competitors within the Newtown market; there are four restaurants in the area, one is Rumwong Thai Restaurant that requires customers to dine in for dinner at night and the other three provide a different type of food to Natural Delight (Restaurant Guide, 2010). However, because Natural Delight will operate within a perfect competition industry, entry for direct competitors is not difficult and in a short time they could easily imitate our products within the market (Perfect competition, n.d.). Due to the nature of Natural Delights business, competitors can follow in Natural Delights direction and enter the market with ease and to overcome this potential problem Natural Delight will expand its operation during 2011 by opening new branches either by direct investment or franchise in other regional developing areas of England. The market for Natural Delights product will rapidly expand, because our product is new, affordable and unique in this target market, which will influence most customers to give the Natural Delight menu a try. Some products will be more successful than others, however it does not mean the market for these other products will diminish. Guilford is one of the most popular shopping spots within the UK and attracts many people to visit this town, especially

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the CBD area for this reason which will in effect always bring new customers to the Newtown market (Shopping guide, n.d.). As Natural Delight will operate within the food industry as mentioned earlier, innovation will not have a high impact on product demand. In the case of direct competitors appearance in the market, quality, customer service and variety would differentiate Natural Delights products from other products already available within the market. Natural Delights products within the vegetarian food industry are price sensitive because of perfect competition, which causes price variability to have a big impact on customer demand and also on the amount of substitutes available in the market. Price cannot be determined by demand, therefore, in all of the product life stages price will remain the same, with slight changes due to increases in cost of production (Henry, 2001). Promotion can play an important role to assist with gaining market share and Natural Delight should promote its product through high advertising at the beginning of its operations. It should keep advertising through out the different stages of the product life cycle to refresh existing customers minds and also to promote products to new customers entering the market. Location is dependent upon the goods and services a business provides to the customer. As Natural Delight is providing a healthy food option to businesspeople that are aware of their food diets, healthy eating and exercise, as well as having more than sufficient disposable income to spend on healthy food, our business will be located in the inner city area of Newtown close by to the towns business district and to the local gym. Women in particular will be a big portion of Natural Delights customers and these days, many women work in service industries such as the insurance and financial sectors, which are located in CBD of Newtown (Hupkens, Knibbe, & Drop, 2000). Cash flow plays a vital role in business sustainability and is the only way a business can continue to pay its expenses. Due to the nature of Natural Delights business, sales will be paid only by cash methods and as revenue has a direct effect on the amount of cash funds within a business; it means the higher the amount of sales the larger the value of Natural Delights cash at bank account will be. Natural Delight can increase its profit margin by decreasing costs where possible and aiming to increase sales as high as possible. Natural Delight plans to increase its sale in the longterm through expansion of the business. It will also increase some of its production costs such as the hiring of staff and utility consumption, but it aims to decrease some other costs by purchasing ingredients in bulk direct from suppliers which should reduce the overall price, therefore, it is expected that Natural Delights profit margin will increase over the time. Businesses that operate on a small scale are usually involved in less risk than larger firms. However, as Natural Delight intends to expand during the second year of operation, its risk factors will also increase, due to the increase in the scale of its operations overall, therefore, Natural Delight will face more risk in its future operations than during the initial introduction stage.
10.2 DIRECTIONAL POLICY
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There are many factors that should be regarded while businesses plan for future operations; these include market, competitor, technological, production, financial and political factors. Market factors include market share, market growth, price elasticity of products, and bargaining power of buyers and suppliers. Natural Delight will gain reasonable market share at the beginning of its operations, because in the Newtown market within which it is operating Natural Delight will provide a unique product, high in quality, with excellent customer service for the consumers who are ready to purchase its products. Natural Delights target market will grow over time as more customers become aware of its products and as it expands its operations into other towns in the UK, that have less or no direct competitors, allowing Natural Delight to take advantage of first mover benefits in the market and at the same time build its brand by providing good quality, healthy food and better customer service. Natural Delight will also have the bargaining power over customers, because there are no other substitutes available in the market and Natural Delight is going to be the only option for them. There are many suppliers in the Newtown region, which gives Natural Delight higher bargaining power to choose the supplier of fresh produce that offers the better price and quality of ingredients to Natural Delight. As mentioned earlier, Natural Delight will be operating in a perfect competition industry; therefore, prices will be elastic which means a rise in product prices will cause a reduction in demand reduction, which will affect Natural Delights market share in the future when other competitors enter the market. Competitors are another factor which can affect the future sustainability of the business. Businesses in perfect competition industries, such as Natural Delight should be fully prepared for the entry of new competitors to the market. Natural Delights products should be provided in a specific market, because that location is very important for the business and its first mover advantage, which also gives Natural Delight the opportunity to chose the best location in the CBD for its business and also there are not many shops available in this area, therefore it would not be easy for competitors to enter Natural Delight market. Technology, another factor will have a positive impact on Natural Delights operation, as better and high tech equipment can increase the speed and efficiency of production. For instance, a fruit slicer can raise the speed, efficiency and quality of production in the case of Natural Delight and the Internet could be used to promote its product online which can attract more customers to the business. Production factors should be effective and their cost should be kept as low as possible without affecting the quality of meals made for orders that increase company profit, which is the ultimate goal of all businesses. The future operational plan should regard this and use all of its resources to achieve this goal. Financial factor are the most important factor which can affect business operations and sustainability, and includes cash flow which is also an important part as mentioned earlier for future investments and expansions of Natural Delight. Natural Delight will use most of its profits to expand its business during the early stages of operation and will also ensure that the business has access to sufficient cash on hand in all stages of its operation, to be kept as a safety net for unexpected costs.

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Lastly political factors will affect business operations, however, Natural Delight will not be affected very much while operating in the UK and later in Australia, as these countries are quite stable and there are no major political issue affecting the food industry. Moreover, at the time of expansions to other countries, political factors will be at the top of its agenda.

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Natural Delight
Food Menu
Mains ~ Small 4.50, Medium 5.50, Large 7.00

Vegetable Penne - broccoli, mushrooms, spinach, sun-dried tomato,


chilli, basil, parsley [calories: 200; fat: 2.5g]

Bean Pasta with Feta - penne, chilli, rosemary, beans, feta, pine nuts
[calories: 245; fat: 12g]

Vegetable Curry - garlic, onion, celery, apple, chilli, ginger, turmeric,


beans, cauliflower, carrot, potato, tomato, sultanas [calories: 220; fat: 4.6g]

Ratatouille - red onion, aubergine, capsicum, courgette, herbs, garlic, tomato


[calories: 115; fat: 5.6g]

Tofu Rendang

Tofu Rendang - desiccated coconut, garlic, onion, lemongrass, chilli, ginger, turmeric, coconut milk,
tamarind, tofu, coriander, star anise, noodles [calories: 376; fat: 18.9g]

Salads & Sides ~ Small only 4.50 or otherwise stated

Greek Salad - fresh tomato, cucumber, Spanish onion, feta, capsicum,


kalamata olives and special vinaigrette dressing [calories: 106; fat: 7.2g]

Fruit Salad - freshly sliced seasonal fruit; apple, pear, grapefruit, mandarin,
lemon juice [calories: 77; fat: 0.1g]

Grilled Aubergine with Tahini Dressing - aubergine, rosemary, lemon,


tahini paste, natural yoghurt, honey, garlic [calories: 460; fat: 18g]

Minted Fennel Salad - fennel, rock melon, rocket leaves, feta, mint leaves,
white wine vinaigrette, lemon [calories: 105; fat: 7.2g]

Fresh Couscous - couscous, pancetta, lemon, broad beans, peas, mint, flat
leaf parsley [calories: 176; fat: 1.5g] 2.20

Pesto Tofu with Mediterranean Salad - tofu, garlic, basil, lemon, pine
nuts, natural yogurt, capsicum, cherry tomatoes, fennel [calories: 192; fat: 16.2g]

Pesto Tofu with Mediterranean Salad

Rice white long grain rice [calories: 242; fat: 0.4g] 2.00

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Sandwiches & Burgers ~ 5.50 and made to order


Tofu Burger - tofu patty, tomato, lettuce, carrot, mustard seed sauce [calories: 216; fat: 12g] Focaccias
- baked mushroom, grilled capsicum, zucchini, sun-dried tomato, mesculin lettuce [calories: 390; fat: 14.1g] - Swiss cheese, grilled aubergine, roast capsicum, semi-dried tomato and pesto [calories: 510; fat: 16g] - (also available on white, multigrain and whole meal bread)

Soups ~ Medium only 5.50 served with bread roll

Hearty Minestrone - potato, onion, carrot, kohlrabi, herbs, pasta, cabbage, flat leaf parsley,
parmesan [calories: 182; fat: 5g]

Pumpkin - kent pumpkin, potato, cream [calories: 110; fat: 4.9g] Vegetable Soup - onion, carrot, celery, beans, cabbage, broccoli, tomato [calories: 250; fat: 2g]

Muffins & Cakes ~ 3.00 per slice

Muffins - carrot & walnut, blueberry & ricotta (low fat), apple (low fat), orange
& poppy seed [approx calories: 400; fat: 2.5g]

Pear and Almond Tart - flour, sugar, egg, milk, almonds, lemon, pear
[calories: 253; fat: 13g]

Raisin, Pistachio & Honey Cheesecake - biscuits, sugar, ricotta cheese,


cream, egg, honey, pistachio nuts, raisins [calories: 344; fat: 18g]

Raisin, Pistachio & Honey Cheesecake

All nutritional values contained within Natural Delights menu were obtained from Calorie Count (2010).

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Natural Delight
Beverage Menu
Beverages ~ as stated

Freshly squeezed juice flavours include orange, apple, pineapple, watermelon, grapefruit,
carrot, celery, beetroot, ginger [approx calories: 56; fat: 0.3g]

Regular 4.50 Large 5.50


Fresh smoothies flavours include banana, strawberry, raspberry, blueberry, mango, honey (soy
milk available) [approx calories: 198; fat: 5.2g] Sunshine Smoothie orange, ginger, mango, yoghurt, cinnamon, vanilla extract [calories: 250; fat: 5.4g]

Regular 5.00 Large 6.00

Nutrient Water 3.80 Mount Franklin Water 2.80 Green Tea 2.50 Coffee freshly grinded: cappuccino, flat white, latte,
mocha 3.50

Organic Coffee 4.00 Hot Chocolate 3.20

Sunshine Smoothie

All nutritional values contained within Natural Delights menu were obtained from Calorie Count (2010).

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12.0 SWOT ANALYSIS

SWOT analysis is a guide to assess an organization and its environment. It helps businesses to plan and adjust their future operations and examines potential internal and external factors that could affect business operations (SWOT analysis, n.d.).
STRENGTHS

Have a strong vision to provide ethically produced meals that are a healthy alternative to fast food to the community, which allows Natural Delight to increase social awareness of healthy eating and assist customers with knowledge and the tools needed to ensure they eat right, It is a big advantage for the business in the target market which customers do not have access to healthy food. Customers are aware of healthy eating and it is a ready market to enter and introduce products. It is a first move advantage for Natural Delight (Food Standards Agency, 2010); Use a modern management style, involves ongoing training for staff members in nutritional information, weight management tools such as calorie counting and health benefits associated with healthy eating to motivate staff, improve their performance and overall ensure a high level of service can be provided to our customers. Customer and employees happiness are two major goals which management will try to achieve by creating an open and friendly environment; Natural Delight uphold environmentally sustainability standards, which is an increasingly more popular requirement for UK consumers wanting to purchase takeaway food (Sustainable Restaurant Association, 2010); Natural Delight provides all nutritional value information to customers, whether it be featured in a product label or located on the tax receipt given when a purchase is made. This makes it easier for our consumers to ensure they eat healthy, and they may be more inclined to return to our store; Fresh and good quality organic ingredients used in dishes appeal more to the target market and ensures Natural Delight provides a consistently high standard of food; also Natural Delight is concerned about the environment and will reduce its impact by using different strategies such as using environmental friendly 100% recyclable products for packaging such as paper bags and plastic takeaway containers.

WEAKNESSES

Natural Delights product is easy to imitate, so it needs to be promoted and expand as quickly as possible to maximize the benefits of the first move advantage Natural Delight has. It will also need a large amount of capital to fund its operations, which might takes a long time for Natural Delight to accumulate a more than sufficient amount, meanwhile this could present an opportunity for
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competitors to enter the market and take some of Natural Delights market share; Public perception of vegetarian food is of boring and bland dishes, and it may prove to be difficult to change this stereotype in the short term, however color and design of dishes and also packaging can encourage people to buy the products and over time they get used to the taste and enjoy healthy food; Natural Delight will initially be reliant on one cook to be employed full-time and do all the cooking in the back kitchen, which may be a high risk for our business. If in any case the cook is absent from work, then Natural Delight would not be able to operate, which also gives control power to the cook to influence business management and operation decisions; Natural Delight is a new brand and may take time to establish in the market and build community trust in our products and service; it will limited amount of cash flow at the starting point which is very important issue for businesses.

OPPORTUNITIES

Natural Delight is the first of its kind, so it will have a great competitive advantage to establish within the vegetarian market and expand rapidly before imitations of our products and business can arise. Natural Delight essentially will have the first move advantage in the Newtown market, which will make it easier for Natural Delight to establish customer loyalty within the community; it makes business promotion easier because, introducing products which does not share any similarity with available product already in the market can consequently build the brand name more quickly and efficiently; Customer loyalty program may be great incentive for customers to purchase meals from Natural Delight and will increase the likelihood of repeat customers returning to our store; The shop is located in the inner city area of Newtown, which is well positioned for businesspeople employed in the business district as well as other local customers, including 98% of the market which is British residents and the remaining 2% of Indian and Chinese groups (Office of National Statistics, n.d.); who are aware that healthy food is an important aspect of a healthy life style in addition to exercise and sleeping well. Also, a portion of population in this market exclude meat from their diet because of religious beliefs; Food habits are changing, standard of living is improving, and UK consumers are becoming more aware everyday of healthy eating benefits ad illnesses associated with poor diet, such as obesity, diabetes, high blood pressure, and the risk of heart disease (Food Standards Agency, 2010). Natural Delight will be taking advantage of this new trend in the market and will focus our menu and mission of

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the business around this. It gives opportunity to those who are at risk or aware of these illnesses that eat outside and enjoy their food.
THREATS

There will be no demand for vegetarian food in the UK market; meat has always been in British diet and it becomes part of their food culture. British people are changing their diets, because of health awareness and illnesses cause by por diet and eating meat (especially red meat), however it may take time for many to make the transition to vegetarianism (British traditional food, n.d.); The community of Newtown may be too rigid to change their current lifestyles and eating habits to take advantage of healthy eating alternatives provided by Natural Delight; the town population is mainly British who are very culture oriented; Pressure from other competitors already established in the market may make it difficult for Natural Delight to encourage the customers to trust in our product and attract repeat business; attracting customer and building trust by providing new foods which are not in the favor of customers taste will not be easy; Natural Delights multinational range of dishes may be too culturally diverse for consumer tastes in the UK who are a very culture oriented nation and are proud of their own culture.

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13.0 STRATEGIC DIRECTION

Strategic direction is a set of actions that are implemented by a business to achieve market penetration, product development, market development and diversification (Strategic direction, n.d.). Natural Delight will enter the market by opening its first shop in Newtown, England and will introduce its products as healthy alternatives to existing products in the market supplied by its indirect competitors. Natural Delight will gradually sell more and more products to the Newtown market over time and also introduce its products to other markets when the business expands into other areas of the UK and Australia during 2011, as part of its product development. In addition, there is a great variety of meals in Natural Delights menu and these will satisfy customers tastes and expectations.
13.1 GENERIC STRATEGY

Natural Delight will be operating within a perfect competition industry, therefore, the most suitable generic strategy for its business within this industry is differentiation. Natural Delight will provide healthy vegetarian food options within the Newtown market, where there are no direct competitors offering the same product, giving Natural Delight the first move advantage in this market. Natural Delight will inform customers about its high quality products and the high level of customer service it will provide in order to be successful. Table 13: Generic Strategy Generic Strategy Differentiation Required skills and resources 1. Understanding the market and the communitys needs. 2. Build brand name in the customers mind. 3. Constant focus on keeping Natural Delight reputation. 4. Choose right location for new branches. Organisation requirements 5. Hire an experienced and qualified cook. 6. Enthusiastic team with high level of customer service skills. 7. Management who are responsible for making a friendly and welcoming environment for employees and customers.

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To understand the market in which Natural Delight will operate, understanding is needed about the communitys already existing food culture, and the importance they place on healthy eating. Developing the Natural Delight brand in the community will increase its customer loyalty and will encourage customers to return to the shop and continue to purchase its products, a goal that will be achieved by building up the Natural Delight brand name and its reputation in town. Location is very important for Natural Delight and it should only operate within a market in which people are health conscious individuals who value healthy eating. Also, location will determine the number and type of competitors in the market that Natural Delight will need to compete with. Natural Delight will hire a highly qualified cook and also customer service staff that show they have a happy and bubbly personality and a high level of professionalism. These factors are what will make Natural Delight able to provide such as high quality of meals and customer service which are very important aspects to its business success. Management will have the responsibility and important role of making sure employees are motivated and that the quality and efficiency of their work performance increases with time. Natural Delight will offer a friendly and open work environment to all of its employees, which gives everyone the opportunity to communicate clearly their ideas, which is in itself a management strategy that will be performed by Natural Delights owners.
13.2 EXPLANATION OF METHOD OF STRATEGY IMPLEMENTATION

There are four methods of strategy implementation they are: market penetration, product development, market development and diversification (Friend & Zehle, 2009, p.93).
MARKET PENETRATION

Natural Delight will enter the market in Newtown in the UK; this location provides a good opportunity for Natural Delight to gain experience in its business operations and develop its products, as there are no direct competitors within the market which gives more time to Natural Delight to implement its marketing strategies, build its brand name and develop an understanding of the markets needs and expectations.
PRODUCT DEVELOPMENT

Product development will be achieved by attracting more customers with a promotion of the high quality of products and brand image or vision of Natural Delight. Natural Delight needs repeat customer business, where the same customers keep on coming back to the shop and buying its products. It will be possible for Natural Delight to modify its products according to customer tastes and preferences in this market, which may add as another factor contributing to attracting new and loyal customers to the shop.
MARKET DEVELOPMENT

Market development is Natural Delights main concern, because it operates within a perfect competition industry, therefore, it should expand its business as soon as possible by opening branches in different cities and countries. The fastest way to achieve this goal is by franchising the Natural Delight branches and selling the business concept to individuals. However, to achieve this it is necessary for Natural Delight to build up its brand name.

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DIVERSIFICATION

Diversification is not really related to the Natural Delight business, as the variety of food offered on the menu is basically product diversification, and it will be sold to everyone within the market at the same price and quality for all consumers.

14.0 MARKET ANALYSIS AND STRATEGY

Market analysis and strategy is concerned with understanding the market in which a business operates and understanding the needs of the consumers within the market, so that the business can develop and implement a series of strategies to achieve success in the market. Businesses should always be aware of what they are producing, for whom they produce the product for and the quantity they should produce based on demand for the product (Marketing strategy, n.d).
14.1 MARKET SEGMENTATION

The market within which Natural Delight will operate includes people who are health conscious and are aware of the benefits of a healthy diet. The majorities of customers within the Newtown market, approximately 74% have sufficient disposable incomes and are willing to spend more money on healthy food. Newtown is a town with a population of over 67,000 and is increasing by 10% each year. In addition, many of the people that migrate to Newtown from other parts of the UK fill managerial, senior officer and other professional positions within the large organisations within the towns business district (Newtown Borough, 2009). This will increase the percentage of skilled and educated people within the market who are concerned about their health, making it easier for Natural Delight to expand. Figure 14: Market Segmentation of Newtown Market
Indian & Chinese groups 2.1% Visitors 5%

Other health conscious people 18.9%

Business people 74%

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14.2 MARKET STRATEGY

Natural Delights products are already differentiated in the market, as there are no other vegetarian restaurants in the market that provide similar food to Natural Delight. Natural Delight will introduce its products to the market by advertising in local newspapers, business magazines and signs posted inside local gyms. Natural Delight may need to spend more money to place its newspaper advertisements on the front and first few pages to catch the customers eye, however we believe the benefit of attracting repeat business because consumers love the high quality and low price Natural Delight can provide will outweigh this cost of advertising. For future operations television advertising will be required to build up the Natural Delight name, to assist with the success of future expansions into other regions.
14.3 PRODUCT POSITIONING & VALUE PROPOSITION

A mentioned in other parts of this business plan, due to the nature of its business and being the first of its kind, Natural Delight does not in practice need to differentiate its products, as there are no other products in the market that are similar to what Natural Delight will offer the community. However, Natural Delight will seasonally modify ingredients according to the tastes and preferences of the customers which may position its products as great value

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15.0 OPERATIONAL PLAN

An operational plan is used to explain how a business intends to actually carry out its business operations, and is central to the allocation of its resources (Friend & Zehle, 2009, p.137).
15.1 ORGANISATIONAL STRUCTURE

Figure 15: Organisational Structure of Natural Delight

Owners / Managers Mr Y Ms Z Mr X Smith

Cook Kitchen

Customer Service Assistants

Kitchen Hand (Employ during 2011)


As illustrated in the above organisational structure of Natural Delight, our business will use a functional organisational structure, within which all staff members are required to report to one of the three owners / managers, dependent on who is on shift. This structure is ideal for small companies such as Natural Delight as it allows for clear lines of communication, where each staff member is usually aware of what other staff are doing and what functions each position should perform within the business (Friend & Zehle, 2009, p.138). Furthermore, Natural Delights organisational structure will start off small initially as we will only require a cook to prepare meals, all other functions including customer service and kitchen hand duties will be performed equally among each of the three owners until the business is established in the Newtown market and the business can therefore afford to hire more staff to assist with increasing demands from customers.
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15.2 HRM STRATEGY

Natural Delight will be run by three owners and a cook in the first year. However, every owner will be in charge with specific management decisions and responsibilities towards his or her task, that will be allocated based on the background and qualifications of each owner. The first manager Husain Alkarrani will be responsible for the recruitment of employees and the advertising of Natural Delights products, vision and overall business in all of it aspects for the first two years of operation in 2010 and 2011. In addition, this manager will provide further assistance in the kitchen when the cook requires it, as well as maintaining security and safety throughout the business premises, which includes ensuring all staff members are fully aware on safe use of the cash register to prevent theft and minimise human error losses. Also, this owner is responsible for the ongoing training and support of staff to increase their knowledge base in nutritional value and content of certain food, including calorie and fat value for each meal offered on the menu. Husain Alkarrani has been chosen for this position due to his qualifications in Human Resource Management and his friendly approachable manner that suits this position. The second manager Mr X Smith will be responsible for maintaining inventory levels and ordering ingredients on a weekly basis from preferred suppliers. Also, this manager will be responsible for rostering staff across shifts, assisting in food preparation in the Kitchen should the cook request help and the common customer service duties that are required of all managers in the front end of the shop. Mr X Smith has been chosen for this position because of his excellent business negotiations skills, his positive Public Relations approach and his degree in International business, making him ideal for such a position that requires knowledge and practice in business etiquette. The third manager Ms Z will be responsible for Natural Delights financial cash flow and all the expenses that will lead to a sustainable budget and running the business in a good manner. She will also be responsible for training and maintaining staff members high level of customer service, as well as perform the common customer service responsibilities that every manager has to contribute towards the business. Ms Z has been chosen for this position because of her Accounting degree and background and her extensive knowledge in Psychology and its practices. The cook will begin cooking dishes two hours prior to opening of the shop, to ensure that the dishes are ready for sale when the front door opens, so customers can purchase already prepared food, waiting in food warmers, for a quick and easy snack or meal. Having many of the meals pre-prepared before opening also makes the packaging process much faster for staff members when a customer is making a purchase. The shop will be open five days a week, on business working days Monday to Friday opening from 7am until 7pm. Shifts will be a maximum of eight hours. The cook will always work from 5am to 1pm, so they have the time in the morning to prepare dishes before the store opens. Managers and other staff shifts will run from 6am to 2pm and from 11:30am to 7:30pm respectively each day, to maintain at least one manager on every shift and to include an overlap of staff during lunchtime service when there may be a rush of customers.

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All employees including the owners will be paid their wages on a weekly basis via account transfer at Natural Delights local bank. Every manager will receive weekly amount of 500 as fixed wage during the first year, while the cook will also receive a fixed wage but of 415 per week. The cook will have the opportunity to take training courses once a year in order to keep him updated with the latest version of dishes and methods of preparation for various ingredients, to increase the potential and creativity from the cooks perspective. In addition, all Managers will have training sessions initially in how to use the cash register and EFTpos terminal in the right manner. All customer service staff will be required to partake in monthly ongoing training programmes that look at the nutritional value of certain foods, the health benefits associated with particular vegetables and basically keep them up to date with potential consequences of a poor diet and lack of exercise so that they are well prepared for any customer enquiries. During the second year of operation Natural Delights business will begin to develop at a slower rate, and this means that staff will be under pressure to keep up customer demand so that growth for the business keeps on rising, therefore, the cost of recruitment will be maximized each year. All final recruitment decision for new employees will be based on the individuals qualifications, experience, and personality and will be put to a vote between the three owners for a person to be employed by Natural Delight. All new employees will be required to undertake two weeks of compulsory training inside the shop, in all function areas such as customer service, food preparation and office duties and each new staff member will be provided with a clear guideline and description of their position at Natural Delight and what is expected in their performance. All staff at Natural Delight is entitled to full-time employment benefits such as accumulated sick days (on a pro rata basis) and annual leave, in addition to their weekly wage. According to the recent changes in employment legislation in the UK, there has been an increase in the national minimum wage to 5.93 per hour, which has risen from 5.80 per hour. The rate for workers aged between 16 and 17 years has increased from 3.57 to 3.64 per hour. Furthermore, a minimum apprentice rate of 2.50 per hour will apply to employees undertaking an apprenticeship, who are under 19 years of age or are aged above 19 but in the first year of their apprenticeship (Personnel today, 2010). This new legislation is important for Natural Delight as the many of the customer service staff employed will be young adults and kitchen staff may undertake an apprenticeship to further their qualifications and skills while commencing employment with Natural Delight. Clearly, Natural Delight will be aware of these changes to employment legislation, however, as our business has already budgeted for an above minimum wage for all employees this new changes may not affect business operations. Natural Delight will however keep updated and informed of future changes to legislation to ensure all aspects of operations are legal and that national law has minimal impact on cash flow for our business.

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15.3 CAPITAL AND OPERATIONAL EXPENDITURE

Capital expenditure (CAPEX) is incurred to buy fixed assets or to add value to existing fixed assets, in situations such as when starting up a business (Capital expenditure, 2010). Natural Delight had the following capital expenditure to purchase furniture, fittings and equipment for the shop: Year 1 200 100 1,000 1,500 150 50 50 19,850 10,000 100 3,000 36,000 500 990 1,000 18,200 10,000 5,000 200 5,500 100 100 80 600 100 400 80 150 600 450 2,750 1,000 5,200 7,800 Year 2 200 100 1,000 1,500 150 50 50 19,850 15,000 100 4,000 42,000 500 990 1,000 18,200 10,000 5,000 200 5,500 100 100 80 600 100 400 80 150 600 450 4,700 1,000 7,800 9,100
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Furniture & Fittings: Cafe Table 2x Cafe Chairs 4x Bench front of shop Table Kitchen Office Desk Office Chair Filing cabinet Cool Room Large Fridge Scales Coffee Machine Equipment: Cash register EFTpos terminal Computer Range hood Oven Stovetop Microwave Food warmers 2x Large Tongs 5x Large Spoons 5x Soup Servers 4x Kitchen Knives 6x Spatulas 5x Heavy Duty Cutting Boards 4x Sugar Holder 1x Cooking Aprons 3x Frying Pans 4x Pots 4x Plastic Forks and Spoons Paper Bags Foam Takeaway Cups Plastic Takeaway Containers w/lid
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Rubbish Bins 2x

200 61,000

200 66,850

Note: Plastic Forks and Spoons [55,000 yr1 at 0.05p; 94,000 yr 2 at 0.05p] Paper Bags [20,000 per yr at 0.05p] Foam Takeaway Cups [52,000 yr 1 at 0.1p; 78,000 yr2 at 0.10p] Plastic Takeaway Containers w/lid [52,000 yr1 at 0.15p; 91,000 yr 2 at 0.10p] Operating expenditure (OPEX) is the ongoing costs associated with running a product, business or system (Operating expenses, 2010). Natural Delight had the following operational expenditure: Year 1 Year 2 450 500 250 300 3,000 2,000 92,000 112,000 1,200 1,400 7,000 7,250 30,000 31,000 2,700 2,800 1,500 4,400 5,700 2,900 3,000 2,200 2,400 480 148,080 168,350

Operating Expenses Accounting expense Office Supplies expense Advertising expense Wages expense Telephone expense Depreciation - equipment Rent expense Insurance expense Licensing expense Depreciation - furniture & fittings Electricity expense Gas expense Other expenses

15.4 PHYSICAL INFRASTRUCTURE

To start-up the Natural Delight business, basic assets will need to be purchased to begin operating, which will use a large portion of the initial budget and contributed capital to buy these fixed assets that will be a one off purchase. The majority of expenditure will be on larger fixed assets, such as a large fridge at a value of 11,000, an oven at a value of 8,000, kitchen equipment estimated to be around 7,500, a high tech cash register with large preprogramming capabilities and electronic office equipment at a value of 6,500 and two small caf tables and chairs and other fittings around the store we estimate to cost around 3,000. During the second year of operations, Natural Delight may make small expenditure on repairing fixed assets or upgrading to new models or larger size appliances to meet with new increased customer demand, however, the costs in this second year will not be as high as first year when all physical infrastructure had to be purchased.
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16.0 ACCOUNTING PRINCIPLES

Natural Delight will be using three accounting principles to ensure that its financial statements are prepared annually as accurately and objectively as possible, these principles are the matching principle, going concern and cost principle (Friend & Zehle, 2009, p.150).
MATCHING PRINCIPLE

The matching principle requires that all revenues be matched to the costs incurred in generating that revenue when calculating profits, to reflect a true financial performance. Therefore, costs that have not been paid in the accounting period yet but have already generated revenue during the financial year are included in the financial statements (Friend & Zehle, 2009).
GOING CONCERN

The going concern principle assumes that the existing business of Natural Delight will continue to operate into the future indefinitely and that there is no immediate possibility of being liquidated (Friend & Zehle, 2009). This principle therefore requires that all assets be reported in the financial statements at their historical cost or initial acquisition cost rather than current market value.
COST PRINCIPLE

The cost principle requires that all assets be presented in the financial statements at the lower of cost or their net realizable value, so that the asset is represented by its economic value as at acquisition date through the course of its useful life (Friend & Zehle, 2009).

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16.1 PROFIT AND LOSS STATEMENT

Natural Delight Projected Profit and Loss Statement for the year ended 2010 Income: Sales Total Income Cost of goods sold: Opening inventory Purchases Closing inventory Gross Profit Expenses: Accounting expense Office supplies expense Advertising expense Wages expense Telephone expense Depreciation - equipment Rent expense Insurance expense Licensing expense Depreciation of furniture & fittings Electricity expense Gas expense Other expenses Total Expenses Net profit before tax Income tax expense (30%) Net profit after tax 339,300 339,300 2011 469,800 469,800

3,500 179,200 182,700 156,600

6,125 275,755 281,880 187,920

450 250 3,000 92,000 1,200 7,000 30,000 2,700 1,500 4,400 2,900 2,200 480 148,080 8,520 2,556 5,964

500 300 2,000 112,000 1,400 7,250 31,000 2,800 5,700 3,000 2,400 168,350 19,570 5,871 13,699

Sales are based on an average price of 5.00 [Food: small 4.00; medium 4.50; large 7.00; Drinks: medium 4.50; large 5.00] and approximately 200 sales per day during first year and a maximum of 350 sales per day during year two of operations.

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16.2 BALANCE SHEET

Natural Delight Projected Balance Sheet as at 2010 Current Assets: Cash at bank Office supplies Sundry supplies Total current assets Non-current Assets: Furniture & fittings Less: Acc. Depreciation - furniture. & fittings Equipment Less: Acc. Depreciation - equipment Total non-current assets TOTAL ASSETS Current Liabilities: Wages payable Advertising payable Total current liabilities Non-current Liabilities: Rent Payable Total non-current liabilities TOTAL LIABILITIES Net Assets Owners' Equity: Retained earnings Total owners' equity 23,674 250 22,440 46,364 2011 28,219 300 32,280 60,799

36,000 (4,400) 61,000 (7,000) 85,600 131,964

42,000 (5,700) 66,850 (7,250) 95,900 156,699

92,000 3,000 95,000

108,000 2,000 110,000

31,000 31,000 126,000 5,964 5,964 5,964

33,000 33,000 143,000 13,699 13,699 13,699

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16.3 CASH FLOW STATEMENT

Natural Delight Projected Cash Flow Statement For the year ending 2010 2011 23,674

Cash at beginning of year Cash from operating activities: Cash receipts from customers Cash payment for inventory purchases Cash payment for operations & kitchen expenses Cash payment for wages Income tax Net cash flow from operating activities Cash from investing activities: Purchase of furniture and fittings Purchase of equipment Net cash flow from investing activities Cash flow from financing activities: Contributions of capital from owners Net cash flow from financing activities Net increase (decrease) in cash held

339,300 (179,200) (112,580) (92,000) (2,556) (47,036)

469,800 (275,755) (16,089) (112,000) (5,871) 60,085

(36,000) (61,000) (97,000)

(42,000) (66,850) (108,850)

150,000 150,000 5,964

38,790 38,790 13,699

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17.0 BUSINESS RISK ASSESSMENT

The below business risk assessment identifies the four types of risk; operational, industry, financial and political in relation to Natural Delight and describes strategies that will be used to manage and minimise the impact of each type of risk on Natural Delight business operations (Friend & Zehle, 2009, p.238).
17.1 RISK ANALYSIS

Natural Delight may face several types of risks but these risks will not highly influence its operations and are not considered to be a critical threat to the business. However, there will always be some risks that Natural Delight will have the ability to control and prevent or minimise and there will be some risks that cannot be prevented or foreseen due to their nature.
OPERATIONAL RISK

Natural Delight could potentially face a low level of business performance, if on any given day a staff member cannot attend work due to an emergency or illness, which could lead to some employees working double shifts during a day or working on a scheduled day off. In addition, as Natural Delight will only be hiring the one cook initially, this employees attendance will be very important within the first three months of operations, because Natural Delight will depend upon this cook to prepare the dishes for sale to customers. However, after approximately four months the managers will reduce this risk, by assisting the cook more often in the kitchen, due to food preparation training that will be undertaken by ach manager during the first three months of operations. Therefore, at four months the cook will begin to train the managers individually on the basic methods used to prepare the dishes specific to Natural Delights menu, so that if the cook is ever unable to attend work then one of the managers should be able to step into his position temporarily. Furthermore, in the first year of business Natural Delight will set a limited number of dishes on the menu to ensure production and sales each day use as much of all the ingredients as possible. This poses a risk because it if customer demand is higher than expected during the period, then Natural Delight may not be able to continue to provide additional dishes once the daily production limit has been made and sold. This could cause a negative reputation for the business among the community, if Natural Delight cannot provide items presented on the menu during all open times of the day. On the other hand, this may also create more demand from customers during the early hours of business, due to customers wanting to purchase their favourite dishes and ensure they eat a healthy diet before the shop has run out of supply of ingredients, creating competition opportunities among consumers to request items while they are available only.
INDUSTRY RISK

Weather conditions are generally predictable throughout the UK; however, there can be unpredictable natural disasters such as flooding in areas of Newtown (BBC News, 2010). These natural disasters have the potential to damage fresh produce available from preferred suppliers and may cause the prices of limited produce to rise if such a situation were to occur. Therefore, Natural Delight plans to serve the same dishes on its menu all year
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round, but at times such as during winter we will vary the ingredients contained within each dish depending on what is available in the market. For example, Natural Delight has a vegetable curry on its menu that contains celery, if there was a shortage of celery in the market at high prices, than this ingredient could be replaced by more of other ingredients already in the dish such as carrot and potato or it we could include other ingredients such as broccoli and snow peas. Another industry risk is the possibility of another financial crisis, which would cause Natural Delight to reduce its prices to a minimum break even point, as customers within the market in such a situation may not have the disposable income to spend on takeaway food, even if it is healthy for them. By reducing our prices during such a crisis mans that Natural Delight can maintain its customer loyalty and repeat business and keep its operations running. During the second year of operations, Natural Delight will also be looking to recruiting more employees such as customer service staff, and cooks and kitchen hands in the kitchen which may be very costly and take Natural Delight a long period of time to go through the process of hiring the employees and get them trained to a point that they can successfully contribute positively towards business operations. However, there is the risk that a staff member will resign after a short period of employment, which will negatively impact on Natural Delights budget, this is one reason why Natural Delight intends to incorporate fun ongoing training for staff members on a regular basis to increase their motivation levels and encourage them in all aspects of their duties to prevent this issue.
FINANCIAL RISK

Natural Delight has a high financial risk as we are going to offer and serve only fresh fruit and vegetables in dishes, therefore, a higher level of food wastage may occur during the first few months when we are trying to establish the business, build up and trust in the community and increase customer awareness of products available and what they offer the public, which is why a large amount is spent on advertising the Natural Delight menu and vision initially. Furthermore, as food wastage has the potential to greatly impact on Natural Delights financial budget, this will lead the business to only purchasing sufficient ingredients to create the anticipated 200 meals per day during the introduction stage to avoid the unnecessary wastage of ingredients. However, as business demand increases so will the volume and cost amount of fresh produce, increasing Natural Delights financial risks. Furthermore, during the first year production may consume a larger amount of electricity and gas energy, which increases the potential risk of having higher than expected expense costs to the business, which will reduce available profits.
POLITICAL RISK

For a such a small restaurant such as Natural Delight new government regulations and legislation will not have a large impact on business operations, as most of the new legislations are usually for the larger organisations and the UK also has stable regulations for the food industry, evident by the current legislation on food preparation and food hygiene principles that have been in place since 2006 (Food Standards Agency, 2006).

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18.0 APPENDIX A BUSINESS IMPACT / UNCERTAINTY MATRIX

Business Impact LOW


~ Individuals in Newtown are businesspeople with higher than average incomes, higher spending ability on food. ~ Use of surveillance cameras in store is necessary. ~ Use of advanced technology such as the Internet will not be required in this business.

HIGH
~ Consumers personal tastes in healthy foods. ~ Cost of purchasing ingredients, influenced by demand and availability of produce. ~ Laws and health regulations that must be met to prepare and sell food. ~ Rate of economic growth and consumer spending. ~ Demand for vegetarian food in the urban area of Newtown. ~ Attitudes towards the implementation of a vegetarian takeaway outlet.

HIGH

~ Cost of hiring a Cook initially and customer service staff when sales demand increases.

~ Demand for vegetarian food in the UK. ~ Availability of money (consumers) to purchase food for lunch or a snack. ~ Acceptance and growth of vegetarian food.

Uncertainty

~ Cost of equipment for food storage. ~ Possible differing employment relations regulations depending on which government party is elected in the UK. ~ Stable economy in the UK, reflected in predictable interest rate charges.

~ Perceived value of a single customers spending. ~ Cost of purchasing building space.

LOW

~ Director personal guarantees provided to support financial funding received from the bank. ~ Types of commercial loans and associated interest rates available will determine the amount repayable to the bank. ~ Community awareness of health issues and food that will minimise the effects. ~ Computer software used in store will need to be upgraded every 12 months.

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19.0 REFERENCES

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Strategic direction. (n.d.). Business Dictionary. Retrieved from http://www.businessdictionary.com/definition/strategic-direction.html Kent Police Local Crime Mapping. (2010). The average number of crimes in Newtown has decreased from 735 to 694.3 (5.5%). Retrieved from http://maps.police.uk/view/Kent/west-Kent/Newtown/?l=e Sustainable Restaurant Association. (2010). Making UK restaurants global leaders in sustainability. Retrieved from http://archive.constantcontact.com/fs002/1102010840589/archive/1102760931946 .html\ SWOT Analysis. (n.d.). Strengths, Weaknesses, Opportunities and Threats (SWOT). Marketing Teacher. Retrieved from http://www.marketingteacher.com/Lessons/lesson_swot.htm Telegraph. (2008, January 4). Poor diet kills 70,000 every year [Web log post]. Telegraph. Retrieved from http://www.telegraph.co.uk/news/uknews/1574506/Poor-diet-kills70000-every-year-report-says.html The Product Life cycle. (n.d.). Marketing. Net MBA Business Knowledge Centre. Retrieved from http://www.netmba.com/marketing/product/lifecycle/
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UK Answers. (2008). Effects of climate change in the UK. Retrieved from http://uk.answers.yahoo.com/question/index?qid=20100512022127AA7bn5Y Vegetarian restaurants, Newtown. (2010). Yell Limited. Retrieved from http://www.yell.com/ucs/UcsSearchAction.do?keywords=Vegetarian+restaurant&co mpanyName=&location=Newtown&scrambleSeed=46600900&searchType=advance &M=&bandedclarifyResults=&ssm=1\ Vegetarian Society. (2003). Vegetarianism. Retrieved from http://www.vegsoc.org/news/2000/21cv/introduction.html Vegetarianism by country. (2010, May 20). Wikipedia. Retrieved from http://en.wikipedia.org/wiki/Vegetarianism_by_country#United_Kingdom Wash Farm. (n.d.). Riverford organic eg. Retrieved from http://www.riverford.co.uk/about/riverford/help.php

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