IMAGINATIVE • CAPABLE • IMPACTFUL
Foodservice Concept Development
Phase One: Competitive Analysis
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Identify direct and indirect competitors to visit
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Analyze competitors' menus to determine what items match your concept
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Perform competitive analysis on the strengths and weaknesses of nearby competitors
Deliverables
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Spreadsheet list of direct and indirect competitors with checklist
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On-site visits to local restaurants of direct and indirect competitors
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List of competitors' menu items that match your concept
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"Strength and weaknesses" document on each competitor
Phase Two: Defining Concepts
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Identify types of operational concepts (i.e. breakfast restaurant, café market, upscale casual, steak house)
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Develop a “vision strategy” for the concepts to include a narrative description of the concept
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Develop concepts' “value proposition”
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Develop “differentiation strategy”
Deliverables
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“Narrative description” document for each concept
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"Value proposition” document for each concept
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“Differentiation strategy” document
Phase Three: New Menu Development
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Identify and define menu items
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Refine competitors' menu items to exceed what they offer
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Identify pricing range (lowest to highest)
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Create “signature” branded menu items
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Write descriptions for each menu item
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Ideal food cost percentage analysis on each menu item
Deliverables
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List of proposed menu items for each category
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List of price range within different categories
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List of proposed signature items for each category
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List of written descriptions on each menu item
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List of menu items ideal for cost percentage
Phase Four: Foodservice Financial Projections
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Create three to five-year performa for each concept (up to four concepts)
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Establish cost of goods percentages for food and bar
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Establish labor costs for each concept
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Establish target prime costs for each concept
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Determine seating capacity for each concept. Including Bars.
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Determine hours and days of operation for each concept
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Determine percentage of capacity for each concept based on seating count
Deliverables
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Spreadsheet with performance data for each concept
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Spreadsheet on “food cost” percentage data for each menu item by category
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"Labor cost” percentage via mock labor schedule for each concept by day and week
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"Prime cost” data in dollars and percentages with the sum of all foodservice categories
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Seating capacity for each concept (to include turns)
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Total sales for each concept based on the number of seats
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Report on projected revenue generated per customer and the average cost per ticket to serve that customer