14 Prinsip Manajemen (Henry Fayol)

1. Pembagian Pekerjaan (division of work). Suatu pembagian pekerjaan atau tugas yang mengarah pada pertumbuhan spesialisasi di segenap bidang yang diperlukan untuk mencapai efisiensi dan efektifitas penggunaan tenaga kerja.
2. Kewenangan dan Tanggung Jawab (authority and responsibility). Prinsip perlunya keseimbangan harmonis antara wewenang dan tanggung jawab dimana keduanya tak dapat dipisahkan.
3. Disiplin (discipline). Suasana tertib dan teratur, di mana orang yang berada dalam organisasi tunduk, patuh dan taat pada norma atau ketentuan yang ada tanpa unsure paksaan.
4. Kesatuan Komando (unity of command). Segenap anggota organisasi hanya menerima perintah dan melaporkan pelaksanaan perintah atau hasil pekerjaan serta mempertanggungjawabkannya kepada seorang pemimpin.
5. Kesatuan Arah (unity of direction). Setiap kelompok yang melakukan kegiatan bertujuan sama harus memiliki seorang pemimpin dan memiliki satu rencana.
6. Kepentingan Individu Harus Tunduk Pada Kepentingan Umum (subordination of individual interest to general interest). Kepentingan umum ditempatkan dia atas segala kepentingan, baik kelompok maupun pribadi.

How to Write a Business Plan

Many potential start-up businesses are daunted by the prospect of writing a business plan. But it is not a difficult process - and a good business plan focuses the mind as well as helping to secure finance and support.

The business plan will clarify your business idea and define your long-term objectives. It provides a blueprint for running the business and a series of benchmarks to check your progress against. It is also vital for convincing your bank - and possibly key customers and suppliers - to support you.

1.       Executive summary

• The executive summary outlines your business proposal. Although it is the last section to be written, it goes on the first page of the business plan. It will be read by people unfamiliar with your business, so avoid jargon.
• The executive summary highlights the most important points and should sum up your product or service and its advantages, opportunity in the market, management team, track record to date, financial projections, funding requirements and expected returns.

2.       The business

• Explain the background to your business idea, including the length of time you have been developing the business idea in its present form, work carried out to date, any related experience you have, the proposed ownership structure of the business.
• Explain what your product or service is. Make it clear how it will stand out as different from other products or services, your customers will gain through buying your product or service, the business can be developed to meet customers' changing needs in the future

3.       Markets and competitors

• Focus on the segments of the market you plan to target - for example, local customers or a particular age group.

Sales Forecasting Method

Properly forecasting sales helps you plan and prepare for the months and years ahead, allowing you to control costs and focus on successful growth strategies. A good sales forecasting methodology also helps your business run more efficiently. The most practical method for forecasting sales is to base your projections on historical sales results and your past experience. The right sales forecast method for your business is the one that is closest to your actual sales results within a reasonable margin of error.

Step 1

Gather your company's past income statements. Go back several years. Sales data from your income statements over the last five to 10 years has more predictive power than just using last year's sales to forecast this year's sales.

Step 2

Calculate the sales growth rate from year to year. Divide the current sales by the prior year's sales. For example, if your sales this year were $487,000 and last year's sales were $412,000, the sales growth rate is 18 percent ($487,000 divided by $412,000). Repeat the process for all other years in the series of sales data. You should have five year's worth of sales growth rates if you go back five years.

Step 3

Compare the sales growth rates year to year. Plot the sales growth rates using a spreadsheet for visual representation. Ideally, your sales growth rate should increase over time.

Step 4

Analyze various factors that impact sales to gain a better understanding of why sales grew or slowed from year to year. Determine the cause and effect relationship of variables, such as customer demand, worker productivity, advertising and promotion. For example, hiring an additional salesperson has an impact on sales. Demographic trends, such as an influx of consumers with high household income, can also have an affect on sales. Greater advertising and promotion affects sales, as well.

Step 5

Identify external factors that affect sales. External factors include the general economic environment or macroeconomic trends, such as unemployment, interest rates, consumer sentiment and inflation. Other macroeconomic trends include the level of competition. A greater number of competitors can potentially depress your company's sales, which you must forecast into your sales projections.

10 Ways to Reduce Food Cost

Ultimately there are only two ways to make a food business more profitable: you can increase sales or reduce cost. In a depressed economic environment increasing sales is challenging. The following tips are proven methods of reducing food cost:

1. Measure It

“You can’t control what you don’t measure”. Regular stock takes provide a basis for the calculation of the “Cost of Goods Sold” (CoGS). CoGS are calculated using the following simple formula.

Opening Value + Purchases – Closing Value = CoGS

The CoGS as a percentage of Sales is a valuable measure for food cost control.

A spreadsheet can be used as a easy and cost effective solution for calculating Opening and Closing stock values and tracking purchases.

2. Shop Around

It is important to build a relationship with your suppliers, howeverit is also healthy to compare prices with competitors to ensure you are getting a good deal. Keeping a finger on the pulse of market prices by regular price comparisons can reduce food cost.

3. In-House Preparation

Preparing food in-house rather than purchasing pre-prepared ingredients can reduce food cost. There are a wide variety of pre-prepared ingredients available, from pre-cut vegetables to pre-made sauces. Typically pre-prepared ingredients are substantially more expensive than their raw ingredients.

There are a number of considerations when comparing pre-prepared with in-house preparation including:

• Labor cost
• Availability of suitably skilled staff
• Quality

Ingin Memiliki dan Membuka Restoran Baru?

Anda bermimpi memiliki dan membuka restoran sendiri? Bukan hal teramat sulit untuk dapat merealisasikannya. Beberapa langkah berikut dapat anda jadikan panduan untuk memulainya:

Menentukan Konsep

• Jenis restoran apa yang akan dibuka merupakan langkah pertama yang harus anda putuskan. Konsep fine dining, casual dining, fast casual atau quick service restaurant, adalah beberapa pilihan yang dapat diambil. Untuk bahan referensi, silahkan lihat artikel An Overview of Different Restaurant Types,
• Perkembangan dan trend industri makanan ke depan juga patut menjadi perhatian. Silahkan lihat artikel 2015 Food Trends

Memilih Lokasi

• Pemilihan lokasi akan menentukan berkembang dan tidaknya restoran anda. Apakah lokasi yang dipilih berada di daerah yang sibuk, padat dengan lalu lintas kendaraan dan pejalan kaki, area parkir yang luas? Ataukah sebaliknya? Lokasi yang tepat harus menjadi pertimbangan sebelum anda menjalankan dan menandatangani kontrak sewa tempat.

Memilih Nama

• Pilihlah nama yang tepat, mengandung makna dan gambaran tema dan lokasi. Atau nama yang khas, unik, dan mudah diingat orang. Bisa juga menjadi cerminan makanan yang disajikan atau kita sebagai pemiliknya.

Membuat Business Plan

• Penulisan perencanaan bisnis yang baik akan memperjelas ide bisnis dan tujuan jangka panjang anda. Menampilkan cetak biru untuk menjalankan sekaligus parameter kemajuan bisnis anda. Pada gilirannya akan meyakinkan bank, investor, supplier dan pelanggan untuk mendukung bisnis anda. Silahkan lihat artikel How to Write a Business Plan.

Mencari Pembiayaan

• Hal ini yang seringnya menghentikan langkah sebagian besar orang melanjutkan rencana membuka restoran sendiri. Sebetulnya tidak sulit dan sangatlah mungkin. Penulisan business plan yang baik dan kesiapan presentasi yang professional yang anda tunjukkan kepada calon investor, bank dan lembaga pembiayaan lainnya, akan direspons dengan

Marketing Plan : Competitive Analysis and Strategy

Competition

• What products and companies will compete with you?

 List your major competitors with names and addresses:

• Do they compete across the board with your entire business, or just for select products, customers, or only in certain locations?
• Are there any important indirect competitors? (For instance, personal chefs compete with restaurants, even though they are different businesses entirely.)
• How do your products or services compare with your competitions?

Below is a Competitive Analysis table

• Use the table to compare your company with the two most important competitors to your business.
• In the first column of the table, there are some standard competitive factors; of course you may need to customize the list of factors for your unique business.

In the column labeled My Business

• Evaluate how your business compares to your competitor’s to your prospective customer.
• Then consider whether each of these factors are strengths or weaknesses to your business. It may be difficult to evaluate your own business weaknesses but it’s better to be honest than misguided.
• Another option is to consider asking someone outside of your business to help you with the evaluation. The Small Business Administration can help you connect with a business professional to act as your mentor. That person can add invaluable insight into the business planning process. A neutral observer can help you evaluate your business without the emotional attachment you bring to the picture.
• Next, use the table to analyze each of your competitors. Briefly sum up how they compare to your business. 
• Finally, think of how your customer will view these factors – how important is each of the criteria to the customer with 1 being critical and 5 being unimportant.

Ways to Control Overhead Costs

Corporate overhead, if unchecked, can eat up your profits and potentially create a net loss before you realize it. Without a breakdown of your costs into production and overhead categories, you might not realize how much you’re actually spending to run your company. Detailed financial reporting and budget variance analyses will help you keep your overhead to a manageable level.

The costs you have to run your business and sell your product make up corporate overhead. These are expenses you have even when you aren’t making your product. They include expenses such as rent, marketing, phones, insurance, administrative staff, office equipment, interest and supplies. Like corporate overhead, departmental overhead includes expenses you have when you’re not producing your product, but they apply directly to one department. For example, machinery maintenance is an example of departmental overhead.

The first step in determining your corporate overhead is to identify it. If you don’t record every expense you have on a budget sheet or other financial report, do so. Start by creating production and corporate overhead reports. Production expenses are costs that apply directly to making your product, such as materials and labor. Next, break down your corporate overhead by function, such as marketing, human resources, information technology, office administration and sales.

Give each of your managers the list of overhead their department generates. Ask them to look for ways to reduce their spending without sacrificing productivity, efficiency and quality. Your department managers might be the most knowledgeable about how to do this. If you don’t already do it, have your department heads submit an annual budget request each year. Labor is often one of the largest costs of any business; have department heads compare outsourcing versus in-house staff for various projects and positions to determine if they can find cost-savings opportunities.

How to Buy an Existing Franchise

Entrepreneurs choose to buy an existing franchise for the advantages it offers over starting a new business. An existing franchise has name branding, a customer base and a proven strategy for earning a profit. The strategy includes interior design, products offered, pricing and marketing. Moreover, the licensing company provides education in their policies and procedures, as well as on-site training for the new franchisee. While the initial investment could be steep, depending on the licensing fee, the potential to earn an immediate profit attracts entrepreneurs to the franchising arrangement.

• Research your favorite industry to track recent business trends. If you want to buy a hardware store, for example, then your target market includes homeowners and contractors. If homeowners are spending money on remodeling and repairs, then a hardware store has a better chance of earning a profit.

• Research the different franchise opportunities within your chosen industry. Eliminate those that do not meet your criteria. For example, some franchise owners must pay the licensing company a percentage of their monthly sales on top of the franchise fee. It can add up to a tidy sum over the years. This money could be reinvested to grow the business if you chose a franchise agreement that did not demand royalties.

• Choose the franchise that you believe is the best fit for your goals. You might prefer to consult with an accountant or attorney who specializes in this field for a professional opinion, as buying an existing franchise is a major investment.

• Contact franchise owners in your area for their unbiased view of the company. Their input might alert you to potential problems not addressed in the franchise business plan.

Franchising : Advantages and Disadvantages

Advantages of Franchising

1. The franchisee’s lack of basic or specialised knowledge is overcome by the training program of the franchisor. 
2. The franchisee has the incentive of owning their own business with the additional benefit of continuing assistance from the franchisor. The franchisee is an independent business person operating within the framework of the franchise system. This provides the opportunity through hard work and effort to maximise the return from their business and the value of their investment. In all franchise networks there are three basic levels of performance, despite the fact that all franchisees are provided with the same raw material. There are the high flyers who do extremely well, having the right attitude and approach, as well as some entrepreneurial skill which enables them to make the most of their opportunities. Then there are the average performers, who operate the system and basically achieve the anticipated performance levels and in line with their expectations earn a decent living. Their attitude and approach is sound, but they lack the flair of the high flyers. Finally there are those whose performance levels are low. These are people who joined the franchise with best of intentions, but they now lack the will or the aptitude, or have changed their mind and want to get out of the franchise. They clearly made a mistake in the first place by going into self-employment, and they perhaps deluded themselves into believing that their franchisor would remove all the risk for them. 
3. In most cases, the franchisee’s business benefits from operating under a name and reputation (brand image) which is already well established in the mind and eye of the public. Of course, there will be new franchise schemes which are in the process of being established and in which the name will not yet be well known. This is a factor to recognise and to make allowance for. Picking up a sound, newer franchise in its early stages can be a good proposition but the risks are higher. 
4. The franchisee will usually need less capital than for setting up a business independently because the franchisor, through their pilot operations, will have eliminated unnecessary expense. 
5. The franchisor provides the franchisee with a range of services which are calculated to ensure, that the franchisee will enjoy the same or a greater degree of success as the franchisor has achieved. These services will include:

How to Gain Competitive Advantage in the Restaurant Business

by Stan Mack

Te you will have trouble standing out from the crowd. Gaining a competitive edge requires a detailed analysis of the demographics of the surrounding area and the nature of existing competitors. And even if you are successful at first, new competitors could enter your market at any time to steal your clients. Don’t hesitate to adopt successful strategies from your competitors, but understand that directly competing with an entrenched rival is a bad idea for a beginning restaurateur.

Step 1

Find an area with few competitors that serve food similar to yours. Pizza places, for example, face enough competition from other types of restaurants without having to fight each other.

Step 2

Che restaurant industry is highly competitive. Unless you have a star chef or a novel cuisine, chances arhoose a highly visible location that has a suitable consumer base nearby. For example, don’t open a family restaurant in an area full of office complexes. A residential area with a high percentage of families with young children would offer more potential clients, especially if there are relatively few local restaurants currently serving that demographic.

Step 3

Analyze the local competition after you’ve chosen a location. Chances are any region you choose will have at least a few competitors who target the same consumers. Other restaurants are obvious rivals, but supermarkets, convenience stores and any other businesses that sell prepared food are also competitors.

Step 4

Identify the strengths of each competitor. For example, a supermarket’s ready-to-eat meals are

An Overview of Different Restaurant Types

author: Monica Parpal 

There are many different restaurant types out there. New restaurants open all the time, and concepts vary from pizza chains to fine sushi restaurants to breakfast cafes and even restaurants that specialize in peanut butter and jelly sandwiches. Despite the broad range of restaurant concepts, most are classified by one of three major restaurant types, including full-service, fast-casual and quick-service. This article details the challenges and opportunities operators face within each restaurant type.

Full-Service Restaurants

Full-service restaurants encapsulate the old-fashioned idea of going out to eat. These restaurants invite guests to be seated at tables, while servers take their full order and serve food and drink. Full-service restaurants are typically either fine dining establishments or casual eateries, and in addition to kitchen staff, they almost always employ hosts or hostesses, servers and bartenders. Two standard types of full-service operations include fine dining and casual dining restaurants, discussed below.

Fine Dining

Fine dining restaurants top the ladder when it comes to service and quality. Fine dining restaurants usually gain perceived value with unique and beautiful décor, renowned chefs and special dishes. Listed below are some of the features, challenges and advantages of running a fine dining restaurant.

• Prices. Prices for entrées are often $20 or more.
• Service style. Service style for fine dining restaurants is top-notch. Well-trained and experienced servers and sommeliers attend guests, providing excellent knowledge of food and wines.
• Atmosphere. The atmosphere in a fine dining establishment is one of the keys to its perceived value. The lights need to soften the mood, the music should reflect the concept yet not overpower the guests' conversations, and the décor should add an elegant and unique perspective. Fine dining establishments strive to create an overall exceptional dining experience for guests.

Top 25 - Indonesia's Best Hotels 2014

according to Travellers’ Choice Award 2014

1. The Legian Bali – a GHM hotel, Seminyak, Bali 
2. Komaneka at Bisma, Ubud, Indonesia, Bali 
3. The Samaya Bali, Seminyak, Bali 
4. The Magani Hotel and Spa, Legian, Bali 
5. Jeeva Klui Resort, Mangsit, Bali 
6. Mulia Villas, Nusa Dua, Bali 
7. Mandarin Oriental, Jakarta 
8. The Oberoi Bali, Seminyak, Bali 
9. Alila Villas Uluwatu, Pecatu, Bali 
10. Four Seasons Resort Bali at Sayan, Ubud, Bali

Restaurant Training Checklists Are Important Tool

quoted from John Foley

Training tools and aids make the difference between education and knowledge. Education, the act of imparting information, isn't difficult for those who are familiar with the subject. Yet, learning the subject may take more than a quick training session.  Knowledge comes from learning and retaining what was taught and is expected to be clutched. Simply, training tools make the difference between learning and forgetting.

Every restaurant staff deserves a variety of tools to help make them successful and to perfect their professionalism. These tools need to be strategically posted throughout the restaurant for the staff to reference, throughout their shift when they are not sure about a certain procedure.

I couldn't help notice the recipe card for one of the company's drinks. The well defined card (pictured, right) outlined the steps to drink perfection. I have always wondered how the baristas can create drinks that are being called out faster than a Gatling gun without missing a beat, pump, or steam wand. The refresher recipe card explains a lot.

Now to create these cards once the game has begun is not an easy task. In the perfect world they would have been developed and filed on your computer for ease of editing. But that most likely was only a dream that ended just after the doors opened.

And, if you do have them placed throughout the restaurant, now is the perfect time to check and edit the cards.

Here are 10 tips on training tools.

1. Plating consistency is imperative. Plating pictures help.  Photos of each plate, including salad, appetizer, entree, or dessert should be placed on a board and labeled near the plating station. Styling the food on the plate exactly the way the chef created it makes this an efficient way to achieve consistency. 
2. Coffee recipes and tea service. Recipes for coffee drinks and the procedure for serving tea – (one bag or a selection; a pot of hot water or just a cup) are all steps that need to b defined. 
3. Dessert plating. use a picture, especially for daily dessert specials. Also define the amount of ice cream and whipped cream to be served. 
4. Opening checklists. Even the smallest restaurant is too large to run without an opening checklist. Laminate them and have the assigned server initial each task. You can divide up the checklist. 
5. Closing checklists. If you are so slow you don't need a closing checklist to close, find a real estate agent. Closing procedures save you money. Turn down the air conditioning, turn off the kitchen fan, turn off the stereo are all music to the accountant's ear. 
6. Server station setups. New servers forget to set up the server station with pens, water pitchers, coffee cups, saucers and other items that break the rhythm of the dining room if they are not around. 
7. Bar setup. Bar customers hate to wait. Describe how many limes, lemons, olives need to be cut diced, sliced, and kept under the bar. Explain fruit and juice rotation. It may sound elementary today, but wait until the bartender doesn't show up, and Steve the server has to stand in for Johnny the bartender. 
8. Cooler map. If nothing else this will alleviate any violations from the health department when the inspector realizes the raw chicken does go on the bottom shelf. With today's computer programs, designing and designating cooler shelf space is a breeze. Define rotation on the sheet and don't forget to post an inventory checklist in the cooler. 
9. Glass stacking. Make sure the bussers and the dish know how many, where they go and ho to check for spots. 
10. Batch and deposit checklist. Your manager is sick. You're on vacation. And the deposits have stopped going into the bank from American Express. Nobody had the batching instructions. Go over the deposit procedures with one or two trusted employees, and leave the instructions in a drawer, just in case. It will make that vacation a lot more enjoyable. But then, what restaurant owner can take a vacation? 

Human Resources Strategy

Human resources management concerns the human side of the management of enterprises and employees’ relations with their firms. Its purpose is to ensure that the employees of a company, i.e. its human resources, are used in such a way that the employer obtains the greatest possible benefit from their abilities and the employees obtain both material and psychological rewards from their work.

Human resources management has strategic dimensions and involves the total deployment of human resources within the firm. Thus, for example, human resources management will consider such matters as:

• the aggregate size of the organization’s labor force in the context of an overall corporate plane (how many divisions and subsidiaries the company is to have, design of the organization, etc.)

• how much to spend on training the workforce, given strategic decisions on target quality levels, product prices, volume of production, and so on

• the desirability of establishing relations with trade unions from the view-point of the effective management control of the entire organization

• the wider implications for employees of the management of change (not just the consequences of alterations in working practices).

The strategic approach to human resources management involves the integration of personnel and other human resources management considerations into the firm’s overall corporate planning and strategy formulation procedures. It is proactive, seeking constantly to discover

Financial Strategy

Effective strategies are crucial to the well-being of the firm, and need to address the following issues:

• How, where and when the business will obtain funds, plus (for public companies) the timing of share issues and the determination of share issue prices
• The best use of financial resources
• Gearing
• How to maximize the market valuation of the firm
• What to do with accumulated cash
• Long term financial planning for business expansion
• The capital structure of the business
• The extent to which internally generated profits are reinvested within the company
• Choice of financial criteria for selecting major capital investments.

Also companies operating in several countries need to formulate

10 Ways to Save Money at Your Restaurant

Everyone is looking for ways to save money these days. Restaurants are no exception. The good news is that there are a lot of quick steps you can take to save you money, either through cutting energy use or reducing spoilage. A lot of these tips are the same things your mom told you growing up.

1. Switch to energy efficient light bulbs. Subway recently switched all their light bulbs to energy efficient bulbs in all of their 2000 US franchise locations. Switching to an energy efficient light bulb can save up to $22 per bulb per year. This can add up to quite a savings over time. Also keep lights off when you don’t need them. If you don’t start serving lunch until 11 o’clock there is no reason to turn the dining room lights on until then. 
2. Only run the dishwasher when it is completely full. This cuts down on water usage, soap and energy costs.
3. Soak the dishes. Rather than running hot water over them to loosen dried food, fill a sink and let them soak.
4. Install low flow faucets and toilets. This will save between 20 to 40 percent of water usage.
5. Turn down the thermostat. You can still be comfortable at 68 degrees rather than 72 degrees.
6. Switch from plastic to glass. Green restaurants have been following this tip for years. If restaurant uses disposable plates, flatware or cups, considering a one time investment for china, glass and silver. You will save on garbage (good for the environment as well as the restaurant budget) and save money over time.
7. Invest in energy efficient appliances. This is a lot easier said than done, especially in a sluggish economy. But consider that many states offer restaurants tax credits and other incentives for switching to energy efficient appliances. Plus, the savings on an energy efficient appliance can often pay for itself within a year or two.
8. Trim down your menu. Track sales of every menu item and remove menu items that aren’t selling. Also look for ways to cross utilize menu items, using one item for multiple dishes. This will help reduce food spoilage as well as keep food cost under control.
9. Take advantage of e-marketing. More and more people turn to Google to look for restaurants than the yellow pages. Take advantage of all the internet has to offer, from your own website to online advertising. Many companies offer inexpensive e-newsletters you can send to customers for a fraction of traditional prints ads.
10. Train your staff. Teach your staff to sort recyclables, turn off lights, let you know if there is a leaky faucet in the wait station. Ask them to bring in their own take-home containers instead of using the restaurant take-outs.

Market Segmentation

The term ‘market segmentation’ describes the breaking down of a market into self-contained and relatively homogeneous sub-groups of customers, each with its own special requirements and characteristics. Products and advertising message can then be altered to make them appeal to particular segments.

Markets may be segmented with respect to customers’ location, ages, incomes, social class, or other demographic variables, or according to consumer lifestyle, attitudes, interests and opinions as they affect purchasing behavior.

It does seem that many consumers buy goods that fit in with a chosen lifestyle (healthy, sophisticated, rugged, etc.) and with their perceptions of what they ought to purchase in order to pursue that lifestyle. Once the lifestyle to which potential consumers aspire is identified, advertising message can be modified in appropriate ways.

Differentiated versus undifferentiated marketing strategies

A differentiated marketing strategy requires the firm to modify its products for various market segments and to operate in all sectors. Production and promotion costs are normally higher when this approach is followed.

Marketing Mix

In 1965 Professor N. H. Borden coined the phrase ‘marketing mix’ to describe the combination of marketing element used in given set of circumstances. Appropriate mixes vary depending on the firm and industry, and over time.

Professor E. J. McCarty subsequently summarized the notion under four headings (known as the ‘four Ps’ of marketing), as follows:

• Promotion – including advertising, merchandising, public relations, and the utilization of sales people.
• Product – design and quality of output, assessment of consumer needs choice of which products to offer for sale, after sale service.
• Price – choice of pricing strategy, prediction of competitors’ responses to changes in the supplying firm’s prices.
• Place – selection of distribution channels, transport arrangements.

Marketing is the primary interface between the firm and its customers, guiding resources towards appropriate product offers and facilitating the satisfaction of customer requirements. Selection of the particular mix to be used forms the basis of the firm’s marketing strategy.

Examples of marketing strategy are:

• developing new product for existing markets
• deeper penetration of existing markets
• entering new markets for existing product
• attacking competitors head-on (rather than following competitors’ norms and behavior)
• serving particular market niches

Marketing Myopia

In 1960 Theodore Levitt published in the Harvard Business Review an article entitled ‘Marketing Myopia’ in which he argued that firms should adopt broad industry orientations rather than focusing their attentions on

'10' Restaurant Financial Red Flag

quoted from John Nessel - Restaurant Resource Group

• Absence of a well organized and implemented accounting system
• Key operating expenses too high relative to gross sales
• Menu items not accurately documented, costed and updated
• Food & beverage inventory levels not counted and costed at the end of each accounting period or recorded in your accounting software
• Food and beverage inventory levels too high relative to corresponding sales
• Daily & weekly financial operating data not collected, reviewed or acted upon
• Inaccurate posting of financial information to your accounting system
• Current liabilities sufficiently greater than current assets as to impair future ability to pay bills
• Owner relying on online bank balance to determine available cash to pay bills
• Overall lack of understanding as to how to read and interpret period ending Financial Statements