Acknowledgment Case Solution
Mediterranean Palate is a fast food restaurant located in Salamanca. The restaurant is for people who like to experience exciting flavors and love fast food. The restaurant aims to provide food that has quality, is healthy, affordable, and delicious in an atmosphere that is specifically designed to provide comfort to diners. From our research, we determined that people love fast food and always look for new and delicious foods to try. The location for our restaurant site is a busy street and has a University nearby also in the Salamanca area there are no Mediterranean fast foods joints, the competition that exists in that area are only serving all American fast foods.Therefore, we believe that Mediterranean Palate-can capture a huge amount of customers and become profitable in the long-term. Summarizing our operations plan, we aim to have Mediterranean Palate’s grand opening in the upcoming year. Our restaurant is approx. 2,000 square foot facility and can hosts around 50 guests at once. For our HR, we will hire a bookkeeper, manager, cook, prep cook, etc. As for our advertising and promotions, we will create our website along with social media platforms and distribute brochures for awareness.Mediterranean Palate also promises a successful business our realistic financial projections are described in detail in the financial plan section. To completely understand the business, review our explained operations, HR, and marketing plan.
The restaurant industry is rising along with people’s love for fast food and Mediterranean flavors.These led us to our idea of combining both fast food and Mediterranean cuisine and create a fun-filled fast food joint that is far better than any ordinary restaurant. “Mediterranean Palate” is a fast food restaurant located in the heart of Madrid, in Salamanca. Salamanca is chosen, mainly because of the proximity to corporate workers and university students, primarily those of IE University. Having a university nearby makes it a very busy street and a perfect spot for a fast food joint.This restaurant will target both fast food lovers as well as sophisticated diners looking for exciting flavors in a captivation here.The motto for our company is “Chase the Mediterranean Flavor”, we aim to provide authentic Mediterranean flavors and quality fast food that will excite our customer’s palate and leave them wanting for more. We also aim to give our customers options like dine-in and takeaway. There are no direct competitors of our restaurant currently, near the location we selected to start our operation in. The other restaurants available are more focused on all American style fast food.
- To provide customers authentic Mediterranean flavors in the form of fast food
- To establish a presence as a popular fast food outlet and earn a market share in the ever-growing fast food industry.
- To increase the number of our outlets within 5 years, and sell the franchise to the neighboring metropolitan cities.
To become a well-known Mediterranean fast food joint.
Our main goal is to be one of the most successful fast food outlets starting with one outlet located on a busy street.Mediterranean Palate will try its bestto be the best local fast food brand in the local marketplace. To be able to provide our customers withthe best quality fast food and give them options for dine-in and takeaway.
The operations plan will elaborate on Mediterranean Palate’s operating structure. The restaurant will seat a maximum of 50 people at one time. The restaurant site will feature its uniqueness in merchandise show and other brand-building attributes. We have planned to equip the outlet with modern style furniture and aim for cleanliness.The restaurant will provide tables for 2, 4, and a maximum of 8 people at once.Restaurants timeline and identified risks are as follows:
All of the above-identified risks lie in the low to medium risk category.
Operating Structure & Succession Plan/Exit
Mediterranean Palate fast food restaurant-will be a for-profit corporation. We believe that this is the finest structure for our business because it permits us to be a separate legal entity, protecting the restaurant’s shareholders from possible bankruptcy, etc. For Mediterranean Palate to incorporate, we must first conduct a name search to guarantee we can use Mediterranean Palate as our restaurant name. After this, we will proceed with registering our fast food joint as an incorporated company and fulfill all the legal requirements to avoid any future conflict or lawsuit.Before registration Mediterranean Palate needs to have an official office. The purpose of the office is to obtain officialor other documents about the operations or finances of the restaurant. The final step required by Mediterranean Palate is to pay the requiredamount and fill out all the details in an online application form available on the Government’s website. The progression plan and exit strategy for our fast food restaurant Mediterranean Palate will involve the owners of the restaurant leavingthe majority of the restaurant’s ownership but holdingonly a small share of the company for income. Owners of this start-up restaurant will guarantee to work in collaboration with the new shareholders to guarantee that the restaurant operations will transfer efficiently into their control. This can be done in two ways, either handing over the ownership to the manager or employees or to sell it to the 3rd party.By permitting employees or the general manager to become one of the shareholders will permit us to have a minority of shareholders in our restaurant business. This will be beneficial as it will allow us toobtain passive income from the fast food joint and give up the control to the manager or employees who are already somewhat aware of the operations of this business. If we sell the shares to a 3rd party then, this way would include selling to a 3rd party or selling to another business. This way the owners either have to give the majority of the ownership or complete ownership if needed.
Following are the day to day operations of Mediterranean Palate:
- Open restaurant:
- Counting cash (mange finances),
- Cleaning the restaurant,
- Setting out crockery and cutlery,
- Buy fresh produce or receive a shipment of stock (if applicable for that day),
- Prepare food,
- Start machines,
- Set-up OPEN sign,
- Open the restaurant and begin serving,
- Manage takeaway orders,
- Closing procedures:
- Clean restaurant,
- Wash dishes,
- Count cash (mange finances),
- Store food if needed,
- Discarding procedure and,
- Properly close the restaurant (security measures).
Following is the Customer flow on daily basis:
- The customer enters the restaurant,
- The customer is greeted at the entrance by the front of the house staffand seated by an active host,
- The host will ask if they have been to the restaurant before and offer water,
- The customer will then be provided with the menu,
- The server will provide information on today’s special food item (if any),
- The customer will place an order
- The server will enter the order into the computerized ordering machine which will generate a ticket that will be automatically received by the kitchen staff,
- Kitchen staff will prepare the food and ring the bell when the order for a particular table is ready,
- The server will deliver food to the table,
- Server after a few minutes, will check-in with the customers if they need anything and provide drink replacements if requested,
- When the customers are finished eating, customers can pay in cash or using a card.
- Tables will be cleaned and completely sanitized afterward.
- Mediterranean Palate’s goal is to be able to serve the meal to the customer within 10 to 15 minutes.
Mediterranean Palate will operate a 2,000 square foot facility in which 45% will be for the kitchen and the remaining 55% will be for the seating and front of the house area.Tables will seat two, seat four, and seat eight for the whole family or bunch of friends. This permits Mediterranean Palate to have seating fora maximum of 50 people.
Mediterranean Palate’s focus is only on selling Mediterranean inspired fast foods. Soft or soda drinks will be sold in our restaurant, as Mediterranean Palate is a fast food joint.We primarily aim to sell only two dishes at first with sauces. We might add new food options later on. Following dishes could be a part of our fast food joint in the future.
- Mediterranean Pizza (available in small, medium, and large)
- Greek Gyros
- Mediterranean spiced fried Fish
- Hummus with pita bread
- Yogurt, Pesto, Tahini Sauce
- Garlic Dip etc…………………….
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