Developing a Strategic Growth Plan
Success All Around!
Sally now has won three Michelin Stars and has become the first Three Star restaurant in North America. The presentation of the Michelin Award goes to those ambitious chefs and restaurants for their culinary excellence. It’s the most prestigious Culinary International Award presented to qualified establishments and Chefs. The event’s organizer, The Michelin Guide, has led the world in food and restaurant inspections. To be honored with a Michelin Star denotes the benchmark of excellence. Sally has joined the competition seeking her third Michelin Star. Only the best restaurants worldwide are eligible to receive the Third Michelin Star. The winners in the Michelin guide gain recognition as having “exceptional cuisine, worthy of a special journey.” A two Michelin Star classification denotes “excellent cuisine worth a detour.” One Michelin Star says, “very-good cuisine in its category.” Sally focused on winning her third Michelin Star diligently, working on the only qualification – “Perfection.”
In its fifth year of operation, the Restaurant has become the number one destination for vacationers coming to Florida and Foodies from all over the world. Food critics have poured in from all over just for the opportunity to experience the delights and write about the savory treats served in Sally’s signature dish. One savory treat included a specially formulated dessert created by Sally. The desert has become so popular that many customers have requested extra take-home orders. A substantial number of patrons have asked if the dessert would ever be sold separately in markets.
Annual revenue from the restaurant is approaching over twenty million dollars. The business has amassed direct ownership of fifty properties located around the country in high-density cities. Sales from the Table app have steadily grown to over six million dollars in annual sales through subscriptions and advertising revenue. The company has invested in Kitchen-to-Door food delivery using the cooking lesson Kitchen-Vision App that combines the delivery of ready-to-cook meal packages. The service offers customers the experience to compete with Sally’s streaming cooking lesson shows, cooking Kitchen-ready meals. This venture’s return on investment (ROI) has more than paid the initial investment and shows profit-level income. The company enjoys the highest credit ratings and has outstanding loans securing the original property and the other investment properties. The loans are in their final years, with projected restaurant revenue has positioned the business in a favorable position that will enable the company to redeem the commercial paper before the due date, saving 12% of the outstanding balance. You and Sally both agree that it’s time to develop a growth plan.
· First Complete the Business Growth Document answering the questions based on the course materials. You may add your perspective to the answers.
· Complete the Strategic Plan Chart and Upload the Chart and the Business Growth Document. (These documents are attached in the attachments section).
· You will attach these documents to your discussion posting.
Next Based on the information that you have gathered, discuss the following in a minimum of two paragraphs minimum of 150 words.
· Identify the indicators that your business is ready to expand.
· Identify three ways to grow your business.
· Describe your Vison and how it impacts your Mission.
For this Assignment, complete and submit these documents:
· Business Growth Questions (PDF)
· Strategic Plan (PDF)