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Follow on Google News | A Business Plan is not the Great American Novel, says CEO Restaurant Consultants of AmericaBuilding the restaurant of your dreams requires a sound plan, but creating a business plan is not an easy task. The best way to approach it is to write down everything you want to accomplish with your restaurant, then proceed from there.
By: Howard Cannon There are a lot of different ways to write a business plan, but most business plans have similar components. Cannon recommends specific sections for a restaurant business plan, saying, "If you look at a business plan for a fast-food hamburger chain throughout the South and the business plan for a fine-dining establishment in Montreal, you'll see significantly different-looking business plans. Upon closer inspection though, you'll realize that the basic elements have stayed pretty much the same." Standard components include a cover page and table of contents, executive summary, business concept, management team information, market analysis, process analysis, organizational plan, marketing plan, financial plan, start-up cost projections, pro forma or income statement, restaurant timeline and growth plan, contingency plan, and supporting documents. Mr. Cannon says, "The financial plan is traditionally the most highly -scrutinized section of your business plan. The length of the financial plan doesn't matter, but it must be full of pertinent data; and, it will be dissected whether it takes 3 pages or 20. I advise you to be overly conservative and lean toward underestimating revenues and overestimating expenses. This gives you wiggle room -- just in case things don’t go as planned." Howard Cannon is a highly-recognized restaurant consultant, expert witness, analyst, and speaker. He is the author of The Complete Idiot’s Guide to Starting a Restaurant© - found in 76 countries around the globe. Mr. Cannon is the CEO of Restaurant Consultants of America and Restaurant Expert Witness, and can be reached at 800-300-5764 or via the web at RestaurantConsultantsOfAmerica.com or RestaurantExpertWitness.com. # # # Howard Cannon is a highly recognized restaurant expert witness, consultant, analyst, and speaker. He is the author of The Complete Idiot’s Guide to Starting a Restaurant© - found in 76 countries around the globe. End
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