Hot Wings Restaurant
Vision and Mission
A vision statement can help to define an organization's purpose. A good vision statement should therefore not only be inspirational, but should serve as the framework for all strategic planning (Ward, 2011). The business that I am creating is a Hot Wings Restaurant / Sports Bar. The vision that I have for the restaurant is a complete entertainment package consisting of a sports bar and a restaurant that specializes in the best wings in town. The atmosphere will be one of total fun, from the staff to the menu to the televisions and other entertainment throughout the facility. I envision the wings being the centerpiece of the menu, topped with a proprietary hot sauce that comes in Hot, Fiery and Blistering. There will also be cooler sauce options for those who prefer. I envision the wings being what draws people through the doors and the fun, attractive staff and entertaining atmosphere keeping people longer and coming back more often. The rest of the menu will also be flawlessly executed pub food, and the wing sauce will be featured on the menu in other forms, including on the signature Hot Wing Pizza, which will have chicken meat marinated in the hot sauce as a signature topping.
Radke (1998) notes that a good mission statement should "accurately explain why your organization exists and what it hopes to achieve in the future." The mission statement that defines the business is as follows: Hot Wings Restaurant will offer the best wings this state has ever seen, and will deliver them in an environment where everybody has fun and leaves with a beaming smile on their face. This mission will be the focal point for the restaurant's menu development, for its entertainment options, its hiring policies and its marketing. The restaurant business is intensely competitive and there are already many restaurants and sports...
Hot Wings Balanced Scorecard From the financial perspective, the measures for the balanced scorecard are revenues, profitability (net income) and margins (gross, operating and net margins). These measures are the most important to the shareholders, and they best reflect the industry. Market share is not a good financial measure because the casual dining segment is so heavily fragmented that market share will always be miniscule even when Hot Wings is successful
Know that the opportunity cost of starting a business isn't just financial, but of time and lost earnings during the time the business runs at a loss, when you could be doing other things. Discuss how small business has added to economic growth. There are roughly "twenty-five and a half million small businesses in the United States, driving the longest period of economic growth in our nation's history" noted Aida Alvarez in
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