Traditional Business Plan vs Business Model

Abstract

There is a gap in the differences between Traditional Business Plans and Business Models, particularly with regards to the restaurant industry. The purpose of this study was to compare the differences between the Traditional Business Plan and to evaluate methodologies in a real-world setting, using Mount Nepal Restaurant as a case study. Mount Nepal is a family-owned business that started with word-of-mouth marketing which later adapted the Business Model Canvas to grow their company and overall profit. The research is conducted to identify and highlight which technique provides a stronger foundation for achieving business success in the restaurant industry by evaluating each method's effectiveness, adaptability, and practical application. In this research both preliminary and secondary data was researched. For the case study on Mount Nepal restaurant preliminary research was conducted to gather the data. It included interviews with the employees and the owner. Secondary data was collected from the existing research papers. The result of this research shows that the Business Model Canvas is more effective than the Traditional Business strategies, as it offers various advantages for small enterprises like Mount Nepal. The adaptable structure that the Business Model Canvas has, enables it to react fast to the market developments in restaurant business where the key factors are changing consumer preferences and developing technologies. The author through this research suggests small businesses to adapt to the Business Model Canvas, as it is more flexible and is a customer-focused business model that promotes growth in the ever-growing competitive marketplace.