Mission Statement
Our vision is to create accessible and inviting spaces for people to eat in correspondence with their desire for environmental well-being. We dedicate ourselves to providing diners with a morally-fulfilling, friendly, and informative service.
Business Environment
We will be competing in the restaurant industry, which is extremely difficult to establish a distinguished business within. Because Pittsburgh has recently supported the development of small, unique restaurant ventures, it should be relatively easy to draw attention to this business. Yet, if this culture of excitement surrounding those businesses did not exist, we would be worried about facing competition from companies that tend to operate in an oligopoly such as Darden and bigBurrito. Across the globe, the restaurant industry is thriving due to people becoming more radically dependent on convenient, pre-prepared food resources. In the 2016 Bureau of Labor Statistics Report, the U.S. Department of Labor reveals that 2,118,070 of America's workers work within this sector.
Much like the organic and local foods movement, the quest for environmental well-being through through sharing a meal of invasive species could expand greatly. There is vast potential within these customer-bases seeing as their missions are to be healthy and support ethical growing practices.
Because invasive species are readily available, the cost of production will likely be much less than other stereotypical fine dining ingredients. Coupled with the fact that this a unique business venture, it is safe to assume that The Ivy Trestle would have absolute advantage in it's local small-business economy.
Since they are a luxury, restaurants are extremely influenced by the state of the economy and society at large. For instance, a strong economy insinuates that people have more money to eat out. Additionally, consumer trends; such as a growing interest in organic and local foods, influence what foods people tend to purchase and consume.
Entrepreneurship and Strategy
Despite a growing number of people being interested in eating in correspondence with their morals, getting people to try invasive species could be problematic. We think the biggest challenge in promoting this to the public is erasing the stigma behind invasive plants and using them to mimic familiar dishes that people can be initially comfortable with. Again, because people have so many options when deciding where to go out to eat, it is important to remember that dinner with invasive species must be just as, if not more, affordable, convenient, and engaging.
Operating within the culture of distaste we've established for invasive plants and weeds, we would first work to de-stigmatize them. With every meal, we might include a creative and informative pamphlet about the value of using these plants in cuisines. Since the space would also serve as a creative space, we would consider asking local musicians to preform and holding open mic nights as a way of inviting the surrounding community into our space.
Management
As the General Manager, I will plan according to the pursuit of our mission statement. With every decision, I will consider the importance of encouraging a culture of sustainability, creating equitable spaces, and enacting creativity in all actions of life.
I will organize by ensuring my workers a livable wage, advertising in creative communities, spending money on local musicians, and refusing to over-pay or charge my customers too much for invasive species-based dinners.
I will direct employees by encouraging and allowing self-expression within the workplace. For example, there will be no ban on tattoos, body modification, hairstyles, etc. I will encourage employees to speak passionately about the issues we support with guests without interrupting their meals. Additionally, I will continue to make every employee feel valued, appreciated, and informed. Before each shift begins, we will have a meeting in which all menu changes will be relayed and encouragement will be expressed.
I will control or oversee the actions of employees by creating an atmosphere of open conversation. Before each shift, I will ask if there are any issues I'm unaware of that we should talk about. If nothing arises, but there are underlying issues that I notice, I will be sure to speak with employees independently. Every month, I will hold a mandatory meeting to discuss company goals, overall progress, and employee concerns. Overall, my management style will be communal and emotionally-intelligent with lasting attention devoted to self-awareness, motivation, and empathy.
In order to retain quality employees, I believe it is important to make them feel appreciated, respected, and fairly paid. In addition to independent value, our workers should also try to see value in each other and actively engage in mutually-beneficial teamwork.
Marketing
As the CMO, I envision utilizing social media presence to promote our company. In the beginning, I will help viewers come along for the construction, hiring, and opening processes. When the restaurant opens, I will post daily about new menu offerings, deals/ specials, and a feature on workers that mimics Humans of New York. This advertisement would be targeted towards young creative people looking for a space to express and embody their craft, while contributing to the health of the environment. I will bolster our support on social media by promoting our Instagram, Twitter, and Facebook pages.
I would attend local environmental marches and network/ mingle with passionate peers. I would inform them about the potential of eating invasive species to help restore and revitalize native ecosystems. While within these spaces, I would offer business cards, as well as, flyers for upcoming events.
We will be operating in a consumer market that encourages purchase for personal use. Our potential customers include eco-conscious millennials, young creatives, and elderly environmentalists who are curious about the progress of their movement. Because concern for the environment and creative expression are universal concepts, our market will be segmented by psychographics or individual lifestyle choices.
Product - We are selling a dining experience that gives diners the opportunity to conveniently commit themselves to environmental action, have meaningful discussions, and express their creativity.
Price - We are utilizing focus groups with varying income and social demographics to determine an equitable price point for our product and services. We encourage prices to be accessible, but encouraging of an equitable wage for our workers. In the initial phases of this project, we will use penetration pricing strategies.
Promotion - We will attend local marches, events, and community gatherings to talk about the intersections of social activism, environmental well-being, art, and dining experiences. We will talk about the value of sharing a meal with people you love, while doing something that enhances one's moral integrity. We will also have a recognizable presence on social media that will give followers a behind-the-scenes perspective of restaurant life.
Place - We will seek out property that in no way contributes to or supports gentrification. We will identify places where people are very socially and environmentally active.
Overall, we would distinguish our product as an innovative offering by enacting superior customer service that seeks to engage in honest conversation, provide adequate information on the mission of the company, and encourage creative expression. We will create a fun and inviting atmosphere that pushes back against the idea that delicious food must be formal, uncomfortable, and unexciting.
Accounting and Finance
The Ivy Trestle Restaurant
Balance Sheet
As of April 20, 2018
Assets
Cash $5,000
Accounts Receivable $8,500
Inventory $10,000
Supplies $3,000
Total Current Assets $26,500
Liabilities and Owner's Equity
Current Liabilities
Notes Payable $2,000
Accounts Payable $3,000
Wages Payable $7,500
Taxes Payable $3,500
Total Current Liabilities $16,000
Long-term Liabilities
Notes Payable $4,500
Bonds Payable $3,500
Total Long-term Liabilities $8,000
Owner's equity
Investment $5,500
Profit Retained $2,000
Total Owner's Equity $7,500
Total Liabilities and Owner's Equity $31,500
To begin financial planning, I would assess the value of my assets and debt. Prior to entering business, I have accrued no debt. I have spent the majority of the beginning of my life building wealth. As a business owner, I will surely invest a larger portion of my income into the development of my business. As it takes off, I will progressively begin to focus on preserving and increasing my wealth, while still upholding my morals and ethics. If this business prospers, I might consider opening others in the local area.
Information Systems and Operations
In the initial phases of attempting to bolster our online presence, I would track the popularity and appearance of our online platforms via Google Analytics. Because our management team is very small, I might also consider using a Decision Support System that processes data and makes suggestions relevant to important decision-making processes.
Regarding efficiency, I would endorse a system that allows us to track and re-distribute waste. Vegetable and herb scraps for example will be accounted for and then delivered to companies such as Steel City Soils who develop compost for urban gardens.
References
What Makes a Leader? (2004). Harvard Business Review. Retrieved from https://hbr.org/2004/01/what-makes-a-leader?referral=03759&cm_vc=rr_item_page.bottom.
How Effective Managers Use Information Systems. (1976). Harvard Business Review. Retrieved from https://hbr.org/1976/11/how-effective-managers-use-information-systems.
Occupational Employment Statistics. (2018). Bureau of Labor Statistics. Retrieved from https://www.bls.gov/oes/current/oes353031.htm.
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