You are the Founding Team for a new restaurant, The Dragon Restaurant Company. You are in the planning stages to
prepare to launch this new business, and must determine the startup costs that will be needed to be ready to open your doors on January 1st.
Your concept for this restaurant is to have a family-style, sit-down restaurant located in the Columbia area of Howard County, Maryland. You have calculated that you need a space of about 1,600 sq. ft. that can handle a maximum of 40 diners at one time.
You have limited financial resources and you need to keep startup costs to a minimum, but you do not want them so low that it jeopardizes the success of your venture.
- CONTROL ASSETS WITHOUT OWNING = Control as many assets as possible through strategies other than ownership.
- CONSERVE CASH = Devise strategies that require as little cash expenditures as possible; move expenses from startup costs to operating expenses.
- CUSTOMER EXPERIENCE = Make decisions that will not reduce the value to be provided to customers.
Such techniques should be used to lower costs as:
The Dragon Restaurants company will make proper analysis before starting its restaurant business. The... View the full answer