Fast Food Chain represents one of the largest segments of the food industry. A fast food chain is also known as a Quick Service Restaurant or QSR within the industry itself, it is a specific type of restaurants characterized both by its fast food cuisine and by minimal table service. Food served in fast food chains typically caters to a “ meat-sweet-diet” and is offered from a limited menu. It is cooked in bulk in advance and kept hot, it is finished and packaged to order, and is usually available to take away, though seating may be provided.
Fast Food Chain has been designed to be eaten “ on the go” and often eaten as a finger food. In restaurants setting, it has usually have a seating area in which customers can eat the food on the premises, while in fast food chain, orders are designed to be taken-away, and traditional table service is rare. Orders are generally taken and paid for at a wide counter, with the customer waiting by the counter for a tray or container for their food. A “ drive-through” service can allow customers to order and pick up food from their cars.
Common menu items at fast food outlets include fish and chips, sandwiches, pitas, hamburgers, fried chickens, French fries, chicken nuggets, tacos, pizza, and ice cream, although many fast food restaurants offer “ slower” foods like chilli, mashed potatoes, and salads. Some of the large fast food chains are beginning to incorporate healthier alternatives in their menu, like white meat, snack wraps, salads, and fresh fruit. However, some people see these moves as a tokenistic and commercial measure, rather than an appropriate reaction to ethical concerns about the world ecology and people’s health.
The Fast Food industry is also popular target for critics, from anti-globalization activists like Jose Bove member of vegetarian activist group. One of the issues that the Fast Food Chains was facing nowadays was they become popular because they serve filling foods that taste good and don’t cost a lot of money. However, fast food chain is usually cheap rather than casual dining restaurants, which offer more robust and expensive cuisines because, it’s often made with cheaper ingredients such as high fat meat, refined grains, and added sugar and fats, instead of nutritious foods such as lean meats, fresh fruits, and vegetables.
There are also numerous issues facing modern managers of fast food chain, such issue was about many fast food chain nowadays faced serious challenges with their domestic and international exposure. The challenges included the conflicts with franchisees and Joint venture and conflicts between branches. Managers have to consider the financial instability it faces while considering their plans. It was stated that there are also conflict with regards to the financial case of the different branches of any kind of fast food chains.
Some of the cause of these conflicts is the improper use of different strategies related to financial management. Although there are many issues with regards to the fast food chains, still many investors were convinced to enter in this kind of business for a low capital needed compare to other businesses. Some of the existing Fast Food Chains nowadays used some strategic activities to convince more customers and at the same time to improve performance of their business in terms of financial health.
It was stated that financial management is one of the best ways that help businesses to remain profitable and solvent. Each year thousands of potential successful businesses fail because of poor financial management. The fast food chain industry is not always gentle. Managers should learn about the competition they may face, they should always prepare for the risks involved and learn how to keep their operation running smoothly and to ensure that they will meet their financial obligations.
Managing a fast food chain is a small business concept with numerous operation and process it is also like any small business ownership in which research and planning are crucial for success. A good strategic financial management process will help the business to improve and to gain more profit. Every business should know that performance of the management process is very important. The company will be successful only if it follows all the stages of the strategic management process.
