evaluation and control: Include performance standards and measurements and corrective actions if needed BASED ON THIS DO IT SHORT AND FOR 9TH GRADE

Question

Executive Summary
My project is to open a coffeehouse. Its name would be “Siplicity”. I like how simple it sounds and it shows the idea of something simple, not too complicated, but that is comfortable.
The parent company would be Restaurant Brands International Inc. also known as “RBI”. RBI is one of the world's largest quick service restaurant companies with nearly $45 billion in annual system-wide sales and over 32,000 restaurants in more than 120 countries and territories. Also, RBI owns 4 of the most famous and prominent restaurant brands: TIM HORTONS®, BURGER KING®, POPEYES® and FIREHOUSE SUBS®.
At “Siplicity”, a proud extension of Restaurant Brands International Inc., my mission is to create a warm and inviting community space where exceptional coffee and delicious food come together. By giving you the classic options for a good coffee but also embracing innovation, I aim to elevate the coffeehouse experience while upholding the values of excellence and inclusivity that define My parent company.
After a long investigation and thanks to Loopnet I found a WENDY'S that is for sale, the address is:
3176 West Shore Dr
Holland, MI 49424

I chose a coffeehouse because it’s a great business opportunity because coffee is one of the most popular beverages globally, with millions of people incorporating it into their daily routines. With this marketing strategy and commitment to quality, I can ensure the sustainability of this new café.
SWOT Analysis
|Strengths|
Brand Recognition:
-Being part of Restaurant Brands International (RBI), Siplicity can leverage the strong brand reputation and marketing resources of RBI’s established restaurants.
-Diverse Menu Offering: With the idea of combining classic options with innovative coffee and food items, Siplicity can cater to a wider audience and different consumer tastes.
-Strong Business Model: The coffeehouse industry has shown resilience and growth, with rising demand for high-quality coffee and unique café experiences.
-Location: The selected site on West Shore Dr in Holland, MI, could attract both local residents and tourists, especially if it’s in a high-traffic area.
Community Focus: The mission to create a warm and inviting space helps in building customer loyalty and a sense of community.
|Weaknesses|
-Initial Investment Costs: Setting up a new coffeehouse involves significant capital investment, including renovations, equipment, and initial inventory.
-Market Competition: The coffeehouse market is saturated with many competitors, ranging from local coffee shops to major chains.
-Brand New Concept: As a new entity, Siplicity may face challenges in establishing a customer base and brand loyalty compared to well-established competitors.
-Operational Experience: While RBI provides a great framework, there may be a learning curve in managing operations specific to a coffeehouse, especially for someone new to the café sector.
|Opportunities|
-Growing Coffee Culture: The increasing preference for specialty coffees and unique café experiences provides a significant market opportunity.
-Partnerships and Collaborations: Collaborating with local suppliers or businesses can enhance product offerings and create community ties.
-Technology Integration: Implementing a mobile ordering system or loyalty app can enhance customer convenience and promote repeat visits.
|Threats|
-Economic Downturns: Changes in the economic environment could impact consumer spending on non-essential items like gourmet coffee.
-Health Risks: Potential health crises (e.g., pandemics) can disrupt operations or reduce foot traffic to coffeehouses.
-Competition from Delivery Services: The rise of delivery apps may make it easier for competitors to reach customers without them visiting a coffeehouse.

Mission Objectives
Create a Community Space:
Aim to establish "Siplicity" as a welcoming and comfortable environment where individuals can connect over coffee and food. The café will be designed to promote a sense of community, encouraging customers to spend time in the space, whether alone or with others.

Leverage Parent Company Branding:
Utilize the brand recognition and marketing resources of Restaurant Brands International to attract initial customers. This will include promotional materials that highlight the affiliation with RBI and the successful track records of its other brands.

Embrace Technology:
Develop a mobile app or website where customers can place orders in advance, earn rewards, and keep track of promotions. This will not only enhance customer convenience but also build a loyal customer base through a rewards program.
Financial Goals

Revenue Targets:
Set a clear revenue target for the first year, aiming for a specific percentage of the operational costs to be covered by coffee and food sales. For example, aim to achieve $500,000 in sales within the first year, with growth at a rate of 15% annually thereafter.

Cost Management:
Maintain a strict budget for initial investments, including renovations, equipment purchases, and initial inventory. Aim to keep startup costs below a predetermined percentage of projected first-year revenues, ensuring a balanced financial approach.

Marketing Strategies
Positioning Strategy
Positioning Statement: “Siplicity is the cozy corner where simplicity meets quality. Our coffeehouse is not just about serving coffee; it's about creating connections, embracing community, and delivering a taste of home. With a diverse menu that combines classic flavors and innovative offerings, we cater to coffee lovers who appreciate quality and comfort in every sip.”

A working area: For professionals seeking a place to work remotely, Siplicity will be positioned as a productive yet comfortable environment. The availability of high-speed Wi-Fi, power outlets, and a serene ambiance will attract those who wish to combine work and pleasure.

Tourists: Visitors exploring Holland, MI will view Siplicity as a local gem that offers authentic coffee and a taste of the region’s culture. Positioning will emphasize local sourcing and unique menu items that reflect the local charm.
Marketing Mix
Price:
Competitive pricing that reflects product quality and accessibility for target demographics.
Bundle deals to incentivize purchases.
Student discounts and loyalty rewards to encourage repeat visits.

Place:
Cozy, inviting café in Holland, MI with ample seating and community areas.
Mobile ordering option through an app or website for added convenience.

Promotion:
Digital Marketing via social media to show the ambiance and menu items.
Local partnerships with artists and businesses for community events (e.g., open mic nights).
Loyalty program through a mobile app to reward customer purchases.

Project Plan Summary for “Siplicity” Coffeehouse
Ownership and Management:
Parent Company: Restaurant Brands International Inc.
Coffeehouse Name: Siplicity
Owner/Manager: [Your Name]
Staff Needed:
Baristas (3-5)
Kitchen Staff (2-3)
Customer Service Representatives (2)
Marketing Manager (part-time)
Accountant (part-time)
Advisors: Local business leaders or RBI members for guidance.
Activities:
Market Research (Months 1-2):
Analyze local coffee market and competitors.
Identify local suppliers.
Business Registration (Month 2):
Obtain necessary permits and licenses.
Location Acquisition & Renovation (Months 3-5):
Purchase and renovate a Wendy's location to reflect “Siplicity” branding.
Menu Development (Month 4):
Collaborate with chefs to design a diverse menu.
Hiring and Training (Months 5-6):
Recruit staff and conduct training on service and product knowledge.
Marketing Plan (Months 4-6):
Utilize RBI resources for promotions; develop a website and app.
Grand Opening (Month 7):
Organize a community event with special promotions.
Operational Review (Month 8 onward):
Collect feedback and adapt services and menu as needed.
Timeline Overview:
| Activity | Timeline | |--------------------------|------------------| | Market Research | Months 1-2 | | Business Registration | Month 2 | | Renovation | Months 3-5 | | Menu Development | Month 4 | | Hire and Train Staff | Months 5-6 | | Marketing Plan | Months 4-6 | | Grand Opening | Month 7 | | Ongoing Review | Month 8 onward |
Financial Goals:
Sales Target: $500,000 in the first year, with a targeted 15% growth rate.
Cost Limit: Startup costs should not exceed 40% of first-year revenue.
Financial Planning: Incorporate operational costs and future expenses.
Key Performance Indicators (KPIs):
Customer Acquisition: Number of new customers within the first three months.
Customer Retention: Percentage of returning customers and loyalty program sign-ups.
Sales Tracking: Weekly and monthly sales figures to measure growth.
Community Engagement: Number of hosted events and formed partnerships.
Operational Efficiency: Average wait times and customer service ratings.

Answer 1

Evaluation and Control for “Siplicity” Coffeehouse

Performance Standards and Measurements:

1. Sales Targets:

   • Aim to achieve $500,000 in sales within the first year, with a growth target of 15% annually.
   • Monitor sales weekly and monthly to track progress.

2. Customer Acquisition:

   • Set a goal to attract 100 new customers each month in the first three months.
   • Use surveys to assess customer satisfaction and gather feedback.

3. Customer Retention:

   • Aim for at least 30% of customers to sign up for the loyalty program within six months.
   • Track repeat visits and customer feedback to improve services.

4. Community Engagement:

   • Host at least one community event or collaboration each month.
   • Measure the number of partnerships with local businesses.

5. Operational Efficiency:

   • Monitor average customer wait times, aiming for under 5 minutes during peak hours.
   • Collect customer service ratings, targeting at least 90% positive feedback.

Corrective Actions:

1. Sales Performance:

   • If sales are below target, consider revising marketing strategies, offering special promotions, or introducing new menu items to attract customers.

2. Customer Feedback:

   • Analyze feedback for areas of improvement. If satisfaction ratings drop below 80%, implement staff training and adjust service protocols.

3. Operational Issues:

   • If wait times exceed the target, assess staff levels and efficiency. Consider hiring additional staff or refining operational processes.

4. Community Engagement:

   • If community event participation is low, gather feedback and adjust event themes. Increase marketing efforts to better promote these activities.

5. Financial Oversight:

   • If costs exceed the budget, review spending and identify areas for cost reduction, such as optimising inventory management.

By regularly evaluating these performance standards and implementing corrective actions when necessary, "Siplicity" can ensure it evolves and thrives as a successful coffeehouse in the community.