05-06, 2022

本文是金融专业的Essay范例，题目是“Report Evaluating the Best Options for Business Expansion（评估业务扩张最佳方案的报告）”，这份商业报告将概述哪种扩张方案是最有效和最有利可图的，以及是否应该进行。该报告已与一个excel工作簿配对，其中包含确定业务决策所需的所有相关计算。excel工作簿中包含的计算包括租赁和购买的盈亏平衡分析，以及对两种选择和各自的回收期的前三年业务的利润分析。这些计算结果将在整个报告中作为建议决定的支持证据加以引用。

**Introduction****介绍**

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.

进行了彻底的研究，为所需的成本估算找到公平和现实的估算。这些估算被用来确定在excel工作簿中发现的盈亏平衡点和年度利润，因为它们对固定成本的总总额有贡献。3.39%的利率来源于澳大利亚银行(2019年)。塔斯·沃特(2019)指出，2500万次连接的固定水费是535美元。电费和租金都是通过Numbero(2019年用电成本和2019年租金成本)列出的金额分配的。电费已包括水费，因此在每月235.19美元乘以12之后，扣除535美元以计算先前分配的水费。租金是每月$1,285.50，所以这个数额乘以12算出一年。

**Business Report商业报告**

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.

利润率可以通过改变销售价格或现有销售的组合来提高。哪种选择对企业更好，取决于几个因素。第一个变化是公司目前经营的商业环境。如果有几个竞争对手已经在提供同样的商品和服务，那么价格应该与竞争对手的价格相同。在这样完美的市场条件下，由于销量对价格具有很高的弹性，所以价格的微小变化可能会对销量产生巨大的影响。在这种情况下，餐厅服务是最常见的，因此，由于竞争对手很多，价格不能提高，除非有一些专业的产品或服务。其次，销售可以改变。然而，这再次要求业务需要执行一些特定的任务。促销和营销活动将需要增加，以满足目标销售组合。消费者的品味和市场需求也需要考虑。良好的客户服务和准时可以为预期的销售组合带来更好的结果。因此，在这种情况下，只有改变销售组合才能增加利润。

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，约翰和丹尼斯正在制作三种汉堡——小的、普通的和大的。根据excel工作簿，贡献幅度显示，一个大汉堡的利润最高，为2.50美元/份，而普通汉堡和小汉堡的利润分别仅为2.00美元和0.70美元。因此，公司应该专注于增加大汉堡的销量。

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.

从excel工作簿上的盈亏平衡分析中，我们可以看到，John和Denise需要生产更少的单位，以实现收支平衡，在购买选项下，而不是租用选项。这是由于租用选择的固定费用较高，因为要支付的租金为15 426美元，而要支付的额外利息为$45万的贷款为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.

既然约翰和丹尼斯想要再开一家餐厅，要么是购买现有的建筑，要么是租来的，就必须再次考虑两件事——初始支出和边际贡献。“租金”选项的回收期只有2年，而“购买”选项的回收期是10年。回收期表上的excel工作簿的计算显示，每年的现金流量是62,500美元，目标利润和折旧的总和。用于购买的累积现金流量包括购置财产的数额$450 000，改建费用$100 000以及固定装置和设备和新的厨房设备分别$25 000和$100 000。这些数额的总和使累计现金流动总额达到$675 000，每年以$62 500偿还，10年后仍将有$50 000有待偿还。

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.

累积的租赁现金流只包括固定装置和设备，以及厨房设备，因为我假设已经选择了一个餐厅现成的财产，从而避免了转换成本。这意味着累计现金流只有12.5万美元，可以在2年内以每年6.25万美元的价格付清。因此，约翰和丹尼斯应该继续选择“出租”。在“租金”选项下，根据excel工作簿的盈亏平衡分析，小汉堡、普通汉堡和大汉堡每单位的贡献分别为0.45美元、1.63美元和2.05美元。大汉堡的单位贡献最高，因此，约翰和丹尼斯应该专注于大汉堡的销售。

Conclusion结论

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.

综上所述，混合现有的销售将是增加利润的最合适的选择。目前，约翰和丹尼斯正在生产三种汉堡——小的、普通的和大的。无论是现有餐厅还是拟再开一家餐厅，大汉堡的贡献边际都是最高的。因此，他们应该更多地关注大汉堡的销售。至于他们是应该购买一幢楼来兴建新餐厅，还是应该租用一幢现有的楼，这两种选择都有争议。正如在excel工作簿的年度利润表中看到的，选项1(采购)在所有三年里都更有利可图，这意味着它是一个合理的选择。然而，不可忽视的是，在这三年中，该业务仍在亏损，购买的损失比租赁的损失略小。如果约翰和丹尼斯更关心的是偿还累积现金流，那么更理想的选择是租赁，因为它有两年的偿还期，而不是10年以上的购买。我建议约翰和丹尼斯选择买房，因为买房比租房更赚钱，而且如果他们觉得有必要或想卖掉房子，也可以选择卖掉。我最后的建议是，首先要避免扩张。约翰和丹尼斯今后几年都会亏损，所以扩大规模没有什么意义。根据回复期工作表所述，约翰和丹尼斯需要10年以上的时间才能开始盈利，而10年的亏损可能会对他们现有的业务产生不利影响。

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