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Strategic Plan for Mulford LLC
- 1. 1 Strategic Plan for Mulford LLC
- 2. 2 Table of Contents Executive summary…………………………3 Elevator pitch………………………………4 Mission Statement………………………….4 SWOT Analysis…………………………….4 Vision Statement…………………………...5 Metrics…………………………………..…5 Target Market……………………………....6 Industry Analysis………………………...…7 Competitive Analysis……………………….7 Marketing Plan……………………………...8 Operations…………………………………..8 Financial Projections………………………..9 Conclusion………………………………….10
- 3. 3 Executive Summary Mulford LLC has a business model that allows for multiple revenue generators including catering, classes and personal chef services. These can all be run from one free-standing location in either a rental apartment with a chef kitchen or a sizeable 5 bedroomhouse in which cooking classes can be held, catering events can be prepared and overall food preparation can take place. The emphasis in all services will be that of propernutrition and sustainable farm to table practices. All business practices will be managed by owner, William Mullin, who has vast experience managing kitchens and 30 years in the food industry. The core values of Mulford LLC will be reflected in every food service that the business will provide to the community and that is the idea that all food should be nourishing and healthful as well as sustainable and grown and served with sustainability in mind. For those who never learned about the importance of sustainability, Mulford LLC is there to educate and enlighten. While most classes will be for-profit, Mulford LLC also plans to give back and provide proper food service education and training to those who are in lower income levels that the typical catering client. Through a strong referral network, word of mouth advertising and promotions Mulford LLC has a marketing strategy that will built off of existing clients and connections already made within the community. Mulford LLC is in its growth stages and is already an established business run by an owner who has decades of experience both as a chef and in kitchen management. Thought succient business and marketing practices as well as the ability to provide high-quality, delicious meals to each and every event Mulford LLC plans to be a full-time profitable business within three years of completing the growth process and plans to be able to pay backany investor within two years. The growth process will mostly entail moving to a bigger venue in order to fill even more service requests and offer more to more people.
- 4. 4 Elevator Pitch Mulford LLC is a total food services business offering catering, personal chef services and classes all with nutrition and sustainability in mind. Mission Statement The mission of Mulford LLC is to educate and empower families and working professionals with the ability to prepare and have access to healthful, sustainable meals via training classes or personal chef services. The path to health is paved with good nutrition and with good health anything is possible! SWOT Analysis Strength Experience in business already Existing client list Low cost, effective market strategies A clear vision and mission in business Weakness Will be a part time focus at first Juggling all services at once may prove difficult Catering is a relationship-based business and constant marketing must be done Opportunity Denver market is booming Sustainability and health is a huge focus in the Denver market Offering low cost, nonprofit food services allows the business to seek grants and funding Cross marketing of services Threat Catering and health food services as competitors Growth could happen too fast Indirect competitors such as big box stores and home cooking Pricing analysis to make sure prices are market appropriate
- 5. 5 Vision Statement As Mulford LLC grows, as courtesy of this investment, the overall vision and mission statement has stayed the same since the business inception. Mulford LLC still intends to bring sustainable healthful food practices to all clients whether that be through personal services, a healthy catered meal to share with loved ones or a class where clients can learn to feed themselves more conscientiously. By staying in line with a professional and socially responsible business model, Mulford LLC has an attainable goal of being able to pay investor back in two years or less and to be profitable and full-time by year three. These financial goals will be possible because Mulford LLC will be able to offer multiple services and cross market those to both existing and previous clients. Upfront costs taken on by Mulford LLC will be kept at a minimum while still providing high quality service. This is possible because all financial activity on each job is handled by those who are actually preparing the food and will properly understand the costs involved. Metrics Catering, and food service in general, has a very high return rate for clients as long as they are happy. Clients, whether they are individuals or corporations, would utilize a food service vendor for any occasionif the service was good the first time. In measuring the effectiveness of Mulford LLC will need direct feedback from existing clients including reviews and comment cards after events and classes. Mulford LLC will also actively ask for digital reviews on social media, Thumbtack and Yelp. All client inquiries (regardless of a hire or not) will be tracked on a spreadsheet at first and then in an official CRM system. Notes for each hire client will include how the client found the business, feedback, the experience in working together and any upcoming communication.
- 6. 6 Target Market As Mulford LLC grows and expands services, new aspects of the market may present itself but primarily the business has been serving young professionals with disposable income, families (especially those with special diet needs) and established couples looking to throw an extravagant event for friends and family. New target markets may include: Catering Events- weddings, funerals, birthdays, anniversaries, reunions Work / Corporatefunctions Established couples throwing a family function Classes Working professionals Newly married couples or those who are dating Young professionals just out of college Thosetrying to get healthy (IE: gym members, hikers, farmers market shoppers) Personal Chef Services Thosewith special diet needs Working professional families Thoseneeding to eat healthier or already doing so and just needing assistance getting better at cooking
- 7. 7 Industry Analysis The Denver catering market, and catering in general, can be hard to break into as it is a relationship-based business. However, Mulford LLC already has many contacts and clients in the Denver area. While competition may be steep, both direct and indirect, the Denver market is growing so fast that all industries can benefit. Denver is also a great venue for this business because it is also still one of the fittest cities in the nation with a strong desire to maintain a healthy lifestyle with sustainable practices. Competitive Analysis The most competitive aspectof the business will be catering as there is a myriad of direct and indirect competitors. Pricing, a large factor in competition, is also subjective because a majority of costs will come from labor and service. This will apply for all aspects of the services. Also, there are a number of companies who offer both catering and chef services but not as many which offer classes as well. Catering Competitors: Direct- Big box and grocery stores, large catering companies, individual catering companies Indirect- deciding to do it themselves, Pricing examples- determined per plate or added costto job. Varies. Personal Chef Services: Direct: Individual chefs for hire, corporatechef companies, Indirect: Asking a friend to help, cookbooks, fastfood meals Pricing: a per meal rate- IE: $360 plus groceries, or hourly (IE: $44) Classes: Direct: Cooking schools, classes offered in the community Indirect: YouTube, Learning at home, Pricing: Free to $200 per session
- 8. 8 Marketing Plan The investment will be mainly for expansion services but there is budget set in place for much needed marketing to help it grow well. Currently Mulford LLC gains a majority of client via online services such as Thumbtack and also thrives on referrals and word of mouth. This type of success will also transfer to a great social media strategy and asking for reviews. A referral program will be set in place. Other digital focuses will include, in the future, Mulford LLC will rely on a newly built website with a lead generation form. The site will include menus, offerings and enticing photos so that folks can browse and compare for themselves to see the quality they would be getting. Also, becauseit is a relationship based business, marketing material will be crucial to have at all events and classes including menus, flyers, business cards for all managing staff. Some communication channels can include: Thumbtack Referral network / program Website Contact List Forums for nutrition Social media Operations With expansion, Mulford LLC will have a list of tasks to complete to ensure positive growth including: Hire catering and cooking staff Promote cooking projects Promote catering services Promote personal chef services Establish scheduled for cooking classes Organize schedule to keep catering, classes and chef services running fluidly
- 9. 9 Financial Projections Mulford LLC current pricing is as follows: Catering job costs usually total about 30% with a 70% profit Personal Chef services for special diets can be $30.00 to $40.00 (IE: the same family of four 3 meals a day/ 1 week can be $1,120) Education classes are currently held at a costof $175 per participant for 4 hours. Multiple people can attend at one time Aside from business earnings, Mulford also plans to pursue grants in order to be able to provide low or no costcooking and nutrition classes to families in a lower income bracket within the next three years. A typical month could look like this: 4 Catering Jobs (1 per week): $5,000 (with $3,500 profit) o $5,000 X 4 = $20,000 2 Classes per month with 10 participants each: $3,500 Personal Chef Services for 4 Families at 1 week a piece: $1,120 o $1,120 x 4 = $4480 Total monthly earnings: $27,980 (before subtracting expenses) If this continued throughout the year, the business could expect to earn $247,980. As more business is earned these numbers will change and grow. The estimated rate of growth within the catering industry is 12% per year. 1st Year: $247,980 2nd Year: $284,760 3rd Year: $318,931
- 10. 10 Conclusion Mulford LLC is a food services company with values rooted in providing nutrition and education to all clients while practicing high quality techniques and focusing on long-term sustainability and social responsibility. Clients can come from all walks of life as long as they are focused on good nutrition too. Through multiple offerings from the company it will ensure multiple revenue streams and cross marketing throughout the business. This will also help set the business apart from other competitors. Marketing will be primarily relationship and referral driven, which will help keep costs low and clients in constant communication thus allowing for remarketing. The business is already established and run by someone who has decades of experience with the field and is looking to grow an already successful business. In the years to come, expansion will continue making Mulford LLC a hit with both clients and investors considering the need for healthy food and the steady growth rate.