25 Sep 2022


How to Select a Business

Format: APA

Academic level: College

Paper type: Coursework

Words: 306

Pages: 1

Downloads: 0

For this project my business of choice is a restaurant business, the restaurant will specialize in first food and making deliveries to neighboring member clients that make orders online. This project will be funded by my savings and a bank loan. The two will build up the total capital required to ground break the project. The basic financial plan for the project is acquiring the resources needed to set up the restaurant, inventories of the entire project will be documented by owner doubling as the manager of the restaurant. The manager will handle all the books of accounts as well as the transactions with the suppliers. Because it is a small restaurant, the manager will handle all the administrative responsibilities such as ensuring that project is in line with all the legal requirements that are expected of it before the business gets operational.

The business will need four waiters, and three chiefs, one of the chiefs will be doubling as a cashier, he will be handling all the cash transactions between the clients and the restaurant. The small size of the restaurant reflects a relatively small management. The manager handles the staffing process, and chairs the weekly strategic meetings, will be used to plan for the following week, and review the activities of the ending week. The manager handles all the cost accounting operations as well. At the end of every business day, the manager analyzes the inventory and the sales logs, he as well balances the books of the day. At the end of every week, all the books are balanced, and the staffs are rewarded their weekly pay. The manager determines total income after handling all the costs associated including tax. Because the books are closed every week, the total revenue collected is sent to the business account including the tax, so that the taxation elements are handled by the bank. The long term goal of the project is to, establish a brand and establish more similar restaurant across all the cities in the country.

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StudyBounty. (2023, September 14). How to Select a Business.


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