05-06, 2022

本文是金融專業的Essay范例，題目是“Report Evaluating the Best Options for Business Expansion（評估業務擴張最佳方案的報告）”，這份商業報告將概述哪種擴張方案是最有效和最有利可圖的，以及是否應該進行。該報告已與一個excel工作簿配對，其中包含確定業務決策所需的所有相關計算。excel工作簿中包含的計算包括租賃和購買的盈虧平衡分析，以及對兩種選擇和各自的回收期的前三年業務的利潤分析。這些計算結果將在整個報告中作為建議決定的支持證據加以引用。

**Introduction****介紹**

This business report will outline which expansion option is most efficient and profitable and whether either should be undertaken. The report has been paired with an excel workbook containing all relevant calculations required to determine the business decision. The included calculations in the excel workbook are breakeven analyses for both renting and purchasing, a profit analysis for the first three years of business for both options and respective payback periods. These calculations will be referenced throughout the report as supporting evidence to recommended decisions.

**Cost Estimates成本估算**

Thorough research was conducted to find fair and realistic estimates for the required cost estimates. These estimates were required to determine the breakeven points and annual profits found in the excel workbook as they contribute to the overall sum of fixed costs. The interest rate of 3.39% was derived from Bank Australia (2019). Tas Water (2019), state that the fixed water charge for a 25mm connection is $535. Both electricity and rent charges were allocated via amounts listed by Numbero (Cost of Electricity usage, 2019 & Cost of Rent 2019). Electricity was inclusive of water charges so after multiplying the monthly rate of $235.19 by 12, $535 was deducted to account for the water charge previously allocated. The amount for rent was $1,285.50 per month so this amount has been multiplied by 12 to account for a year.

進行了徹底的研究，為所需的成本估算找到公平和現實的估算。這些估算被用來確定在excel工作簿中發現的盈虧平衡點和年度利潤，因為它們對固定成本的總總額有貢獻。3.39%的利率來源于澳大利亞銀行(2019年)。塔斯·沃特(2019)指出，2500萬次連接的固定水費是535美元。電費和租金都是通過Numbero(2019年用電成本和2019年租金成本)列出的金額分配的。電費已包括水費，因此在每月235.19美元乘以12之后，扣除535美元以計算先前分配的水費。租金是每月$1,285.50，所以這個數額乘以12算出一年。

**Business Report商業報告**

Profitability can be increased by changing the sales price or the mix of existing sales or both. Which alternative would be better for the business depends upon several factors. The first change is the business environment in which the company is currently operating in. If there are several competitors already providing the same kind of goods and services, then price should be the same as the competitors have. In such perfect market condition, a small change in price may drastically change the sales volume because sales volume is highly elastic to price. Here in this case, restaurant service is common to most and therefore, due to a large number of competitors, price couldn’t be increased unless there is some speciality in products or services. Secondly, the sales can be changed. However, again it requires some specific tasks needed to be carried out by the business. Promotional and marketing activities will need to be increased to meet the targeted sales mix. Consumers’ tastes and market demand would also need to be considered. Good customer service and promptness may yield better results for the desired sales mix. Thus, in this case, sales mix can be changed only to increase the profit.

利潤率可以通過改變銷售價格或現有銷售的組合來提高。哪種選擇對企業更好，取決于幾個因素。第一個變化是公司目前經營的商業環境。如果有幾個競爭對手已經在提供同樣的商品和服務，那么價格應該與競爭對手的價格相同。在這樣完美的市場條件下，由于銷量對價格具有很高的彈性，所以價格的微小變化可能會對銷量產生巨大的影響。在這種情況下，餐廳服務是最常見的，因此，由于競爭對手很多，價格不能提高，除非有一些專業的產品或服務。其次，銷售可以改變。然而，這再次要求業務需要執行一些特定的任務。促銷和營銷活動將需要增加，以滿足目標銷售組合。消費者的品味和市場需求也需要考慮。良好的客戶服務和準時可以為預期的銷售組合帶來更好的結果。因此，在這種情況下，只有改變銷售組合才能增加利潤。

Further, John and Denise are producing three kinds of burgers – small, regular and large. The contribution margin, as per the excel workbook, shows a large burger is highest at $2.50 per unit, while regular and small burgers only contribute $2.00 and $0.70 in profit respectively. Thus, the company should focus on increasing the sales volume of large burger.

此外，約翰和丹尼斯正在制作三種漢堡——小的、普通的和大的。根據excel工作簿，貢獻幅度顯示，一個大漢堡的利潤最高，為2.50美元/份，而普通漢堡和小漢堡的利潤分別僅為2.00美元和0.70美元。因此，公司應該專注于增加大漢堡的銷量。

From the Breakeven Analysis found on sheet one of the excel workbook, we can see that John and Denise are required to produce less units in order to break even under the purchasing option as opposed to the renting option. This is due to the fact that fixed costs are higher for the renting option as the amount of rent to be paid of $15,426 is larger than the extra interest that would be required to be paid on a $450,000 loan of $15,255.

從excel工作簿上的盈虧平衡分析中，我們可以看到，John和Denise需要生產更少的單位，以實現收支平衡，在購買選項下，而不是租用選項。這是由于租用選擇的固定費用較高，因為要支付的租金為15 426美元，而要支付的額外利息為$45萬的貸款為15 255美元。

Since, John and Denise wish to open another restaurant by either purchasing an existing building or by renting, it again must consider two things – the initial outlay and the contribution margin. The payback period for the “Rent” option is only 2 years while it is 10 years for the “Purchase” option. The calculations in the excel workbook on the payback period sheet show that per annum cash flow is $62,500, the sum of targeted profit and depreciation. The cumulative cash flow for purchasing includes the amount for the property of $450,000, the conversion costs at $100,000 as well as the fixtures and fittings and new kitchen equipment at $25,000 and $100,000 respectively. The sum of these amounts gives a total cumulative cash flow of $675,000, being repaid at $62,500 a year, after 10 years there will still be $50,000 left to be paid.

既然約翰和丹尼斯想要再開一家餐廳，要么是購買現有的建筑，要么是租來的，就必須再次考慮兩件事——初始支出和邊際貢獻?！白饨稹边x項的回收期只有2年，而“購買”選項的回收期是10年?；厥掌诒砩系膃xcel工作簿的計算顯示，每年的現金流量是62,500美元，目標利潤和折舊的總和。用于購買的累積現金流量包括購置財產的數額$450 000，改建費用$100 000以及固定裝置和設備和新的廚房設備分別$25 000和$100 000。這些數額的總和使累計現金流動總額達到$675 000，每年以$62 500償還，10年后仍將有$50 000有待償還。

The cumulative cash flow for renting only consists of the fixtures and fittings as well as the kitchen equipment as I have assumed a restaurant ready property will have been chosen, thus avoiding the conversion costs. This means the cumulative cash flow is only $125,000 and can be paid off in 2 years at $62,500 per year. Therefore, John and Denise should proceed with the “Rent” option. Under the “Rent” option, the contributions per unit for small, regular and large burgers are $0.45, $1.63 and $2.05 respectively as seen by the breakeven analysis in the excel workbook. The contribution per unit for large burgers is highest and therefore, John and Denise should focus on selling of large burgers.

累積的租賃現金流只包括固定裝置和設備，以及廚房設備，因為我假設已經選擇了一個餐廳現成的財產，從而避免了轉換成本。這意味著累計現金流只有12.5萬美元，可以在2年內以每年6.25萬美元的價格付清。因此，約翰和丹尼斯應該繼續選擇“出租”。在“租金”選項下，根據excel工作簿的盈虧平衡分析，小漢堡、普通漢堡和大漢堡每單位的貢獻分別為0.45美元、1.63美元和2.05美元。大漢堡的單位貢獻最高，因此，約翰和丹尼斯應該專注于大漢堡的銷售。

Conclusion結論

Overall, it is concluded that mixing of existing sales would be the most appropriate option to increase the profit. Currently, John and Denise are producing three kinds of burgers – small, regular and large. The contribution margin of large burger is highest in both the existing restaurant and the proposed opening of another restaurant. Therefore, they should focus more on selling of large burgers. Regarding whether or not they should purchase a building for a new restaurant or rent an existing building, arguments can be made for either option. As seen in the annual profit tables in the excel workbook, option 1 (purchasing) is more profitable in all three years implying that it is the logical choice. However, it cannot be ignored that in all three years the business was still making a loss, with purchasing’s loss being slightly less than renting’s. If John and Denise are more concerned about paying back the cumulative cash flow, then it would be more ideal to go with the renting option as it has a payback period of two years as opposed to the 10+ years that purchasing would take. I would suggest that John and Denise go with the purchasing option as it is more profitable than renting and it also provides them with the option to sell the property if they ever feel the need or want to. My final recommendation would to avoid expanding in the first place. John and Denise would be suffering losses for several years so there is little point in expanding. It would take over 10 years as outlined in the payback period work sheet before John and Denise would begin to make a profit and 10 years of losses could have detrimental effects on their existing business.

綜上所述，混合現有的銷售將是增加利潤的最合適的選擇。目前，約翰和丹尼斯正在生產三種漢堡——小的、普通的和大的。無論是現有餐廳還是擬再開一家餐廳，大漢堡的貢獻邊際都是最高的。因此，他們應該更多地關注大漢堡的銷售。至于他們是應該購買一幢樓來興建新餐廳，還是應該租用一幢現有的樓，這兩種選擇都有爭議。正如在excel工作簿的年度利潤表中看到的，選項1(采購)在所有三年里都更有利可圖，這意味著它是一個合理的選擇。然而，不可忽視的是，在這三年中，該業務仍在虧損，購買的損失比租賃的損失略小。如果約翰和丹尼斯更關心的是償還累積現金流，那么更理想的選擇是租賃，因為它有兩年的償還期，而不是10年以上的購買。我建議約翰和丹尼斯選擇買房，因為買房比租房更賺錢，而且如果他們覺得有必要或想賣掉房子，也可以選擇賣掉。我最后的建議是，首先要避免擴張。約翰和丹尼斯今后幾年都會虧損，所以擴大規模沒有什么意義。根據回復期工作表所述，約翰和丹尼斯需要10年以上的時間才能開始盈利，而10年的虧損可能會對他們現有的業務產生不利影響。

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