A Study on the Optimization of Operating Expenses, Development of Accounting Manual,

Feasibility Study of the Business Expansion,

Improvement of Supply Chain Management and Marketing Strategy
of Mangroves View Adventure and Seafood Restaurant

An Applied Accounting Research Proposal

Presented to:

Department of Accountancy and Taxation

College of Arts and Sciences
San Beda University
Mendiola, Manila

In Partial Fulfillment of the Requirements

for the Degree of Bachelor in Science in Internal Auditing

Presented By:

CALANGI, John Lester

CORONACION, Jan Gray
DELA CRUZ, Rean Jam
DONATO, Justin Miles
GAA, Albert Anthony
LETARGO, Jericho
MICARSOS, Jade Philip
RIVERA, Xanthea Mari

9 September 2023
 Abstract

Mangroves View Adventure and Seafood Restaurant is a sole proprietorship type of business
engaged in the food industry and eco-tourism. The business, being a sole proprietorship business,
still has areas in the business that can be improved. Issues that arise in the business include high
operational cost, lack of accounting manual, supply chain and marketing and advertising
strategy. This research aims to optimize the company’s operating costs, develop an accounting
manual, improve the business’ supply chain management, and improve their marketing strategy.
The purpose of this research is also to create a feasibility study for the land expansion of the
business. The business will be examined and analyzed according to its needs to ascertain
suggestions to be made that will contribute to the improvements of the business' overall
performance. This research will provide benefits not only to the internal stakeholders of the
business but also to the external stakeholders, especially their customers. Thus, this study also
intends to provide recommendations about the findings made by the researchers.
 Company Background

Mangroves View Adventure and Seafood Restaurant was established in 2018. It is solely owned
by Dr. Violeto N. Coronacion, a Southern Luzon State University-Infanta professor. The business
began with cottage and fishing equipment rentals for those who wanted to go fishing in the fish
pond where the business was located. After a few months of operating, they began providing
food services through "Paluto" for customers who had caught fish and wanted to cook it
immediately. Then came when they built a floating cottage and a seafood restaurant inside the
fish pond. During the pre-pandemic period, the company's primary services include (1) food
services, including catering, (2) cottage/venue and fishing equipment rentals, and (3) eco-tour
boat service, which takes customers to the BIPCO Mangroves Eco-Park.

The company employs (7) people: (2) cooks, (3) servers, (1) receiver, (1) cashier, and the
manager, the owner. The establishment is also an eco-tourist attraction in Infanta, Quezon, and is
one of the most unique restaurants in the area. Furthermore, the Mangrove's View Adventure and
Seafood Restaurant has 780,000 pesos in sales for the year ended 2022. Nonetheless, the
company faced several challenges due to the pandemic and was forced to close its doors
temporarily. The business has yet to recover from the recession since its reopening. They
currently only provide food services through catering and cottage/venue rentals.
 Issues of the Company

Based on the interview with the owner of the company, the researchers are able to determine
issues such as (a) high operating costs, (b) lack of accounting manual, (c) development of a
feasibility study for the expansion of land, (d) lack of reliable supply chain, and the (e) lack of
marketing and advertising, the following is an elaboration of the mentioned issues of the
business:

A. High Operating Costs (Optimization of Costs, Revisit Yearly Expense)

A company has a set of regular monthly expenses that it incurs while running its business. These
operational costs are necessary to support the company and to generate revenue. However,
increased operating expenditures can also have an effect on the business's overall profitability.
For Mangroves View Adventure and Seafood Restaurant, the cost of goods is one of the highest
components of their operational cost. Since the prices of the main ingredients that the restaurant
uses such as seafoods and vegetables varies depending on the season, their flagship seafood
menu also incurs a high cost of goods sold. Aside from that, the company also incurs
maintenance expenses. This is because the company’s cottages are mainly made from raw
materials such as bamboo that only lasts for 3-5 years. By doing frequent maintenance,
maintenance expenses are incurred but in return, total damage is avoided which results in the
company being safe from further expense.

B. Lack of Accounting Manual

A growing company needs an accounting manual to ensure financial correctness and

transparency. It offers strategies for financials, risk management, compliance, and regulations for
government standards. With this, a business can grow and sustain its needs financially for its
market and the locals. Meanwhile, Mangroves View Adventure and Seafood Restaurant lack
Accounting Manuals for their business. They use manual computations, and the owner is the one
who tracks the money for the daily summary of the business. They sort their revenues and
expenses by hiring a bookkeeper only if needed to comply with the government’s standards like
taxes and other bills. In this way, they lack consistency and accuracy in their financial
transactions through the years. They base prices and expenses on the market prices, so they
cannot easily track and forecast the future financial needs of the business.

The owner stated that they used a simple program to track their cash flows, but it stopped
immediately because the internet connection could not sustain the proper needs of that program.
They knew that they lacked internal control, especially in the proper cash disbursement for
proper financial planning of their business.
 C. Feasibility Study on the Expansion of Land

Within the vicinity of Mangroves View Adventure and Seafood Restaurant, a three (3) hectare
unoccupied land is not being utilized for business. Land is considered as a long term asset.
Although it cannot be depreciated over time, it is still a wasted opportunity because it does not
generate income for the company. By accommodating more customers through both the
restaurant and the guest house, the owner intended to expand their business. The idea is to
construct a concrete building facility that melds with its mangrove swamp surroundings. It is a
two-story structure with guest rooms on the second floor and a cafe and lobby on the ground
floor. The restaurant owner also plans to construct a floating restaurant, adapting the idea from
one in Bohol, as it is a part of the local eco-tourist district of Infanta, Quezon. It is a floating
vessel that can carry 50 to 60 passengers as it travels to the Infanta River in Quezon. Regarding
the development of the land, the owner has already consulted engineers. Nonetheless, it still
needs a feasibility study to assess the full expansion of the Mangrove's View Adventure and
Seafood Restaurant.

D. Lack of Reliable Supply Chain

Network of all individuals, organizations, resources, activities, technology involved in creating

and selling a product or service is referred to as the supply chain. Having a reliable supply chain
is crucial for a business because it can lower costs and produce a more efficient revenue cycle. In
the case of Mangroves View Adventure and Seafood Restaurant, they are unable to sustain a
reliable supply chain because they lack a system of recognizing the fluctuation of prices of the
raw materials. The business has already tried to outsource from institutional suppliers like S&R,
but the quality of the products do not meet their standards. Mangroves View Adventure and
Seafood Restaurant promotes freshness that is why they are still patronizing locally produced
raw materials. In addition, the seafood industry is highly influenced by seasonal fluctuations.
Certain types of seafood may only be available in abundance during specific times of the year.
This seasonality can pose challenges for a restaurant like Mangroves View Adventure and
Seafood Restaurant that aims to provide a consistent menu year-round.

The business also views capitalization as one of their main obstacles in finding a reliable supply
chain. With the absence of enough capital, the business cannot establish an effective system of
recording which can monitor the prices of the raw materials they need. The insufficiency of
human resources also contributes to this particular issue. Without having enough manpower,
ordering and delivering raw materials is difficult to achieve.
 E. Lack of Marketing and Advertising

In order for a business to generate sales, it should create awareness about the products or services
they are offering, thus it will help the business to reach its potential customers and will
encourage them to buy the products or services the business is offering (Indeed Editorial Team,
2022). However, for Mangroves View Adventure and Seafood Restaurant, they lack advertising
and marketing that could help their business be known by the public. Because of this, the
business was not able to attract more customers and the existing regular customers will not be
able to be notified about new products or services the business will be offering in the future
resulting in a reduced chance of becoming a regular customer. There could also be a loss in the
business' profit because of the missed sales opportunities.

As regards the platforms currently being used, the business’ existing Facebook Page is still
insufficient for an effective marketing strategy. Currently, it is not yet possible to improve the
marketing and advertising strategies of the business because it is not yet fully developed and is
still challenging to market. It aims to expand the business into an eco-tourism site before linking
with marketing promoters for a full-force advertisement.
 Objectives and Problems

General Objective

This research aims to conduct a study on the optimization of operating expenses, development of
an accounting manual, feasibility study of the business expansion, improvement of supply chain
management and marketing strategy of Mangroves View Adventure and Seafood Restaurant. It
also aims to holistically evaluate the restaurant’s current functioning and future growth prospects
in order to come up with suggestions that will help in the improvement of the overall
performance of the business, specifically its efficiency and productivity. The study also aims to
establish a detailed accounting manual that will guide the business with its accounting policies
and procedures and a feasibility study with regard to the expansion of the business.

Specific Objective:

1. To optimize the operating expenses of the restaurant for an improved operational

efficiency and cost-effectiveness.
2. To develop a standardized accounting manual that will provide guidelines for accurate
financial recording, reporting, and internal controls.
3. To develop a thorough feasibility study, that includes providing insights and strategies, to
assess the viability of the restaurant’s expansion plans.
4. To improve the supply chain management of the business in order to have a reliable
supply chain.
5. To improve the marketing strategy that will effectively promote the business, enhancing
its visibility in the industry and increasing its sales.

Problems:

The following problems have been identified after establishing the above mentioned objectives:
1. How to optimize the identified inefficient cost areas in the restaurant’s operations?
2. How to develop an accounting manual that would cater the needs of the business?
3. How to create a feasibility study that will assess the viability of the restaurant’s expansion
plans?
4. How to improve procurement process, manpower allocation, and inventory management
of the supply chain management?
5. How to establish an effective marketing strategy?
 Literature Cited

Aim of Restaurant Business

Restaurants are complex businesses that aim to provide food and service to customers and at the
same time, provide livelihood to its owners and its employees. In the article of Gartenstein
(2019), it was mentioned that a restaurant's objective depends on its target market and what it
offers, it may be a convenient fast food or a fine dining experience. However, regardless of
whatever a business owner wants its restaurant to offer, it must provide products and services
from its employees that will meet the customers' needs, serve in appropriate and satisfying ways
and most importantly, to earn a profit.

Food Service Sector in the Philippines

The Philippines has a diverse food service sector ranging from fast food, street stalls and
roadside eateries to fine dining restaurants. In the year 2021, the food service industry has
generated revenues amounting to $8.37 billion and was expected to increase by 12% to $9.36
billion in 2022 (Philippines: Food Service Sector Sales 2022 | Statista, 2023). In addition to this,
according to Research and Markets Ltd. (2020), some of the major key factors that greatly
helped in increasing the overall growth of the food service industry in terms of value sales are
the influence of westernization among the target market, rise in per-capita income and the sudden
increase in the number of younger population. Additionally, among all other food service sectors,
the quick service restaurants have been recorded to have higher rate of value sales growth, this is
due to the fact that there is a continuous growth in demand for the different types of fast food
products.

Resort Business in the Philippines

Due to a rise in international flights, the Philippine tourism industry is expanding quickly. The
Philippines' tourism economy is heavily reliant on the hotel business, and more hotels and resorts
are becoming more accessible to foreign tourists. The Philippines' tourist industry experienced a
strong comeback in 2021, contributing 10.4% of the country's GDP. The country's tourism and
hotel industries are expected to expand at a CAGR of more than 10% by 2028, placing the
Philippines as the fourth fastest-growing economy in the world (Philippines Tourism and Hotel
Market Insights, 2023).

Eco-Agri Tourism in the Philippines

Ecotourism's growth presents opportunities and threats to the social and natural surroundings.
Ecotourism can easily have a positive influence and provide security if it is properly planned
and enforced. In any other way, it can endanger local society and the environment (Tuzon et al.,
2014).

According to the Philippine Council for Agriculture, Forestry and Natural Resources Research
and Development (PCARRD), ecotourism has several advantages, including income creation,
employment possibilities, a better economy, environmental education, pride, and appreciation.

In the same study, it was argued that entrance fees are made directly to tourists or visitors in
exchange for their admission to and participation in particular activities or the use of particular
equipment at an ecotourism site. Employment opportunities for managers, office employees, tour
guides, and security personnel will grow. A more robust economy results from more jobs.
Ecotourism stimulates local, regional, and national economies. There are several approaches to
promoting environmental education through ecotourism. Visitors are keen to learn about the
local habitats, for instance, while on an interesting nature hike. An indication of greater
understanding and respect for local historical and natural wealth is the interest, focus, and
admiration that tourists and visitors have for local resources and cultural activities.

Importance of Surveys in Marketing

In a small-scale business, a customer's opinion with the offered products/services is significant in

ensuring the success of a business' marketing strategy. By providing surveys to target customers,
the data acquired can be used by the business to identify what needs to be improved and the
customers' perception of the business' products/services. According to Fallon-O’Leary (2023),
aside from the traditional survey data sheets, businesses nowadays can make use of digital
marketing to collect survey data either formally or informally. With the help of surveys,
businesses could still develop and create more marketing strategies that will improve their
approach to attract more customers based on age, gender, location, digital platform and
socioeconomic factors.

As the need for mastering new tools and incorporating latest technology in data collection have
been identified, Craig and Douglas (2001) advised that marketing researchers will need to
broaden their capabilities to design, implement, and interpret research in the 21st century. This is
highly relevant in developing a successful marketing strategy because Craig and Douglas
highlighted the necessity of staying up-to-date with the latest tools and technology. Businesses
can enhance their marketing strategies by embracing technological advancements in data
collection and analysis. Although online surveys have been used mainly for website research,
academics and practitioners from mainstream disciplines such as marketing are showing an
increased interest in applying online data collection techniques (Baron, et. al., 2002). This
enables businesses to reach a broader and more diverse target market and gather real-time
feedback from customers.
Effectiveness of E-Platforms

The shift in consumer behavior because of the Internet's influence has significant involvement in
establishing an effective strategy to promote a business. As stated by Hindum, et. al. (2018), the
Internet has given consumers more control in accessing information on products and services.
Given that consumers actively seek information online, businesses can establish reliable and
trustworthy sources within their industry by creating valuable and informative content.

Online platforms allow for interactive advertising experiences, enabling consumers to engage
directly with the content. The Internet has become a popular advertising platform because
marketers found that the Internet possesses greater flexibility and control over the advertising
materials (Ducoffe, 1996). By maximizing these advantages, businesses can establish an
effective advertising strategy that resonates with their audience and maximizes engagement and
interactivity.

Survey Questionnaires

Formulation of questions is an important part in a survey process for the reason that it measures
the reviews, opinions, and experiences of the public. In order to create and design a survey
questionnaire, Scheuren (2004) stated that the data collection goals must be the first thing that
must be clearly identified. After identifying the goal of the survey, the next part should ask the
questions of what other specific information are required to fulfill the objectives.

In the research of Jenn (2006), it was mentioned that a good questionnaire should be valid,
reliable, clear, interesting and succinct. Valid in a way that the questions in the survey should ask
what it intends to ask, if there are queries regarding the questions, it should be explained and
clarified until it can be understood. A questionnaire is reliable if the same answer is given with
the same question repeatedly asked after some time. If there are any discrepancies as to the
answers, it may be because of a lack of clarity of the given questions which means that it has to
be reviewed and changed. In order for a questionnaire to be interesting, the respondents are more
likely to finish it and result in a better response rate. And lastly, a succinct questionnaire poses
questions that are concise and only aims to answer the objective of the survey. If the questions
are irrelevant to what the goal of the survey is, it must be excluded.

Restaurant Surveys

Customers' feedback with the products/services can be obtained through a survey, suggestion
box, in a review sheet, or personally. However, it is important that the right questions are asked
in order to obtain relevant and accurate information that will aid in improving the products and
services offered by the restaurant. It is important that the survey must contain questions like
"what was the best part of your visit?" and "what was the worst part of your visit?". These
questions will help the restaurant to determine its strengths and weaknesses. After these
questions, the questions can already be general questions that ask about the customers, how they
have knowledge about the restaurant's existence and their personal experience. Facilities
questions can also be asked that will help to address the issues of cleanliness, the ambiance and
the accessibility of the restaurant. Also, it is important for a restaurant to know what the
customers think of the food and drinks offered, since it is the main reason why people choose to
go and dine in at a restaurant. This is to ensure that the food and drinks that the restaurant is
offering is up to the standards of the target market. Lastly, the service that the restaurant gives to
its customers is relevant to know if they are satisfied in order to make sure that the servers
handled the food well and the customers feel welcome (Snaiderman, n.d.).

Importance of Optimizing Cost

Mun, S. G., & Jang, S. C. (2018) stated that the inherent difficulties stem primarily from the
nature of the restaurant business, which includes low entry barriers (e.g., a small amount of
required capital), a high proportion of operating expenses (e.g., food costs, labor costs, and rent
expenses), and the presence of numerous substitutes in the market. The restaurant industry's
fundamental weaknesses are too distinct to ignore or underestimate. In the United States, 25% to
49% of restaurant businesses fail in their first year of operation because they need more financial
and human resources. In the United States, the most prominent indicators of business failure
were low profitability and insufficient financial flexibility. Because of this industry-wide
vulnerability in terms of operational and financial aspects, even a 1% or 2% increase in operating
expense can quickly force a restaurant firm into a cash flow shortfall or a deficit. As a result, the
importance of management competence in controlling operating costs and financial management
to sustain a business must be considered.

Effect of Inflation in Business Costs

Inflation is the weakening of a customer's purchasing power as prices of commodities increase. It

may be caused by different reasons such as pandemics, war, labor shortage, and weather
conditions (Dobos, 2023). Inflation affects almost everything, however, there are many ways to
cut the effects of inflation in restaurants. Enabling the restaurant’s menu to adapt to inflation is
the first thing a restaurant must do. Current menu should be analyzed in order to distinguish the
best – selling dishes from the least ordered once. Aside from that, a restaurant can also opt for a
smaller menu. By opting for a smaller menu, the restaurant will use less ingredients, helping the
restaurant in reducing costs. Lastly, the restaurant can also reduce the portion of their service. In
order to keep the price at a range where people won’t complain, the restaurant may create
portions of servings to keep the customers satisfied without making big changes to the price.
Decision-Making and Strategy

Businesses require a proper decision to promote growth and minimize future risk. This would
create room for a positive business performance. Hence, accounting processes and data greatly
help business financial and risk management. Managers rely on the information given by the
accounting to process the strategies on what the company is lacking, especially in internal
controls. This data will initiate the analysis and review process, supporting the generation of
forecasted financial and risk data for a given period. Proper decision-making renders as
preparation for the future based on the gathered data from the previous and current years.
According to the research conducted by Zimmerman in 2011, it was highlighted that the critical
foundation of accounting data is strategic decision-making. Financial statements, such as income
and cash flow statements, provide valuable insights into a company's performance. These data
aid product impacts and potential risks, enhancing decision-making and aiding in forecasting
financial outcomes.

Adaptation of Advance Technology

The financial assessment of a business has a significant impact on observing what strategies to
do, maintain, and develop in its accounting system. Manual computation of the accounting
process is time-consuming and prone to human error, which will prevent businesses from
tracking sudden changes in cash flows immediately when needed. To adapt to some changes in
our generation, technology has occupied a lot of machines and processes to maintain the
accuracy and develop weaknesses of human service. As mentioned by Ahmed, et. al. (2023),
cloud computing significantly impacted the accounting process. It allows businesses to develop
computerized systems to track and record financial transactions. This technology reduces the
time spent preparing and presenting financial data to management, enabling quick and easy
decision-making. Moreover, it offers increased functionality, accuracy, and quicker processes.

Cloud accounting ensures real-time data when needed in unexpected events for decision-making.
It secures the accurate and updated financial data of the business. Authorized personnel can
access it anytime they need, and the data can be analyzed instantly for future reference.

Supply Chain Management

Coordination of the many tasks required to create and deliver goods and services to clients is
known as supply chain management. Designing, farming, manufacturing, packaging, and
shipping are a few examples of supply chain activities (Taleghani, 2022). A properly managed
supply chain can considerably lower a business' operational costs, increasing profits(Taleghani,
2022). From the inception of a concept to the promotion of the finished product, this efficiency
can be seen across the entire chain (Taleghani, 2022).
Creating a strategy, finding a source of raw materials, production, distribution, and returns are
the five most important elements of Supply Chain Management (Fernando, 2022). Effective
supply chain management keeps businesses out of the news and away from costly recalls and
legal actions. (Fernando, 2022). Planning to match supply with customer and manufacturing
demands typically comes first in the SCM process to achieve the greatest results. Future
demands must be anticipated by businesses, and action must be taken. (Fernando, 2022). Strong
supplier connections are a key component of effective SCM procedures. The process of sourcing
comprises collaborating with suppliers to provide the raw materials required throughout the
production process (Fernando, 2022). The company's transformation of raw materials into
something new through the use of tools, labor, or other outside factors is at the core of the supply
chain management process. Although it is not the last step in supply chain management, the end
product is the aim of the production process (Fernando, 2022). A business must get the items into
the hands of its customers after the creation of the products and the completion of the sales.
Given that the buyer hasn't yet used the goods, the distribution procedure is frequently
considered a contributor to the brand's image (Fernando, 2022). Support for the product and
customer returns brings the supply chain management process to a close. Reverse logistics is a
term used to describe this return procedure. The business must make sure it has the capacity to
accept returned goods and properly assign refunds for returns received (Fernando, 2022).

Supply Chain Innovation

Managing the supply chain in the most streamlined and cost-effective way possible is crucial for
the business. A supply chain can be referred to as the collection of companies that work together,
with the purpose of turning raw materials into finished goods and services, and to deliver them to
their customers (Johnson, 2010). Intense competition and a volatile business environment
pushes the company towards innovation. In order for organizations to respond to the fast changes
in products and services, innovation is necessary (Kim et al., 2015). Utilization of new or
improved products, processes, organizational procedure, marketing strategy, interpersonal
dynamic, and workplace setup is referred to as innovation (Wagner, 2008). Current knowledge is
incorporated in innovation. But most of the time, it calls for acquiring and creating new
information (Howell and Roberts, 2000). The growth of a company entails significant supply
chain innovation. According to Craighead, Hult and Ketchen (2009), in the supply chain a firm’s
performance is driven by knowledge, actions, and innovative strategy. Enhancing business
operations can start with equating knowledge and the cost of innovation.

The Impact of Digital Transformation on Supply Chain Capabilities

Digital transformation involves using technological innovation within an enterprise to create

value by efficiently sharing and utilizing data resources. The digital economy, driven by digital
technology and e-commerce, is crucial for high-quality economic development. Digitalization in
the supply chain involves a customer-centric, data-driven management approach that
encompasses the entire product procurement-to-delivery process using digital technologies.
According to Ning, L. and Yao, D. (2023), Research has shown that digital transformation
impacts both the organizational and supply chain levels. At the organizational level, it enhances
the capabilities of weaker supply chain members. On the supply chain level, continuous
application of digital technologies improves product development, warehouse management,
logistics visibility, and quality traceability, resulting in enhancements to the supply chain
network and processes. Moreover, it fosters collaboration among supply chain participants,
leading to improved financial performance, innovation, and new product development.

Agricultural Land Conversion

One of the most vital components of life is land. Land serves as the primary input and plays an
essential role in agricultural production (Rondhi et al., 2018). Land is the most effective asset for
farmers in terms of generating money and is crucial for economic expansion. However, the
limited and nonrenewable nature of land supply creates a fierce land-use competition, usually
between the agricultural and non-agricultural sectors (Rondhi et al., 2018). This results in
Agricultural Land Conversion (ALC), it causes the agricultural land availability to diminish and
poses a threat to the food supply. High food consumption and the massive population of
developing countries are some of factors that contribute to their high rate of ALC (Rondhi et al.,
2018).

Land Expansion

The process of developing new land for economic activities and community development is
referred to as land expansion. Growing the land base, or the quantity of land that is available for
development, is crucial for economic development because it makes it possible to build
additional offices, homes, ports, and other necessary facilities (Bell, 2023). Municipalities often
establish land use regulations and zoning ordinances to maintain the land bases. With the various
types of land such as residential, commercial, or industrial, these regulations set forth what is
allowed and what is not allowed. To safeguard vulnerable regions like wetlands or wildlife
habitats, municipalities may also enact environmental rules (Bell, 2023). In the end, it's
important to manage land in a way that promotes community needs and interests, protects natural
resources, and has the fewest detrimental effects possible (Bell, 2023).
 Methods

To identify the methods to be used, the following framework/s will be used:

A. To Establish an Effective Cost Optimization Procedure

Conceptual Framework

For this method's input, the researchers will think critically about issues like what
Mangrove's View Adventure and Seafood Restaurant hopes to accomplish through
cost-cutting. Are they aiming to boost their profits, gain market share, or pursue another
objective? We will also pinpoint the issue causing the restaurant's high operating costs. It
might consist of labor, product costs, overhead, or marketing. We will also review the
studies and literature on cost optimization and its importance to a business. The
researchers will then collect data through owner interviews and business process
observation before analyzing the information gathered. The researchers will then develop
the cost optimization process. The researchers will conclude with data to determine the
main factors influencing restaurant costs. We will establish cost-cutting goals after
determining the main cost drivers. They can concentrate and make wiser decisions when
we show cost-cutting objectives. We could reduce their food costs by 10%, labor costs by
5%, and other costs by 5% to maximize their daily expenditures. Goals increase
motivation and a sense of urgency that aids in retention. The researcher will also come up
with plans to achieve their objectives. We'll develop several tactics, such as cost-cutting
by negotiating better terms with suppliers, educating their staff about the price of food,
pre-portioning ingredients, and monitoring sales data, among others. They can work more
efficiently and wisely allocate resources when they have a plan. By providing a road map
for success, the proposed strategies can also help them stay on track and motivated. The
researchers will also put the design into practice, monitor their results, and decide if the
implemented strategies need to be changed. The researchers will review their findings
and make any necessary adjustments. We'll need to check their conclusions and modify
our tactics after that. It is a continuous process that requires constant observation and
assessment. The researcher will then apply the cost optimization process to the
Mangrove's View Adventure and Seafoods Restaurant's output from this method.

Theoretical Framework/s

The foundation of learning curve theory is that an individual gets better at a task or
activity the more they practice it. This results in lower input costs and increased output as
a whole. It is used to monitor, model, and forecast learners' performance and
advancement over time, according to Theodore Wright (1936). The Transaction Cost
 Theory, on the other hand, is a theory of economic organization that clarifies how
businesses decide whether to organize their operations internally or externally
(Chowdhury, 2022). According to E. Williamson (1973), the theory contends that
businesses will internalize a function if doing so results in lower transaction costs than
using the market. Eliyahu Goldratt further improved the theory mentioned above with his
work on The Theory of Constraints. It is a management approach that concentrates on
figuring out and removing the obstacles limiting an organization's performance.
According to Eliyahu Goldratt (1984), a constraint prevents a company from achieving
its objectives. It could be a physical resource, like a machine or a worker, or a
non-physical factor, like a dearth of knowledge or a poorly thought-out process.

Method

Comparing the anticipated or estimated costs and benefits associated with a project
decision to assess whether it makes sense from a business perspective is known as a
cost-benefit analysis. According to Jules Dupuit (1848), it involves estimating the
assistance of an investment adjusted for related costs and the time value of money.
Furthermore, it says that business decisions are frequently complicated by their very
nature. By focusing on costs versus benefits, the cost-benefit analysis can make this
challenging situation easier to understand. By their very nature, business decisions are
complicated (T.Stobierski, 2019). Value engineering is a systematic, organized strategy
for delivering essential project functions at the lowest cost. It encourages using less
expensive substitutes for materials and techniques without compromising functionality.
Instead of emphasizing the physical characteristics of different parts and materials, it only
focuses on their functions. Value analysis is another name for value engineering,
according to A. Barone (2019), value engineering is a process that maximizes a product's
utility and customer satisfaction. A good may lose its position in the market if its use,
price, or functionality aren't considered because it doesn't provide a solution or reflect fair
market values. Value engineering is crucial because it compels a business to assess future
strategies to increase profitability.

B. To Establish an Accounting Manual

Conceptual Framework

To establish an Accounting Manual for Mangroves View Adventure and Seafood

Restaurant, the researchers would need relevant information from the company, both
qualitative and quantitative data from different company departments. By doing this, the
researchers would have an idea of the Accounting Standards that the company does not
comply with, know the most applicable accounting principles the business should apply,
and determine what accounting policies, recording procedures, and internal controls
would be included in the handbook. The researchers would implement Accounting
Principles compliant with the Generally Accepted Accounting Principles (GAAP) and
conform to the accounting rules and standards in the Philippines, such as the Philippine
Accounting Standards and the Philippine Financial Reporting Standards. This would
ensure that the company would minimize the errors in applying the accounting and
policies due to employee’s judgment and ensure that the company would have a strong
and sound Accounting Department.

Theoretical Framework/s

According to Otley (1980), contingency theory talks about the organization's reliance on
technology and the environment it has to improve its organizational structure to be
successful. It explains how no accounting system is universally applicable to all
organizations because of each organization's varying technology and environment. The
Positive Accounting Theory is based on the concept of marketing efficiency and the
assumption that individuals' actions are driven by self-interest (Watts and Zimmerman,
1979). It explains the accounting practices and discusses attempts to forecast positive
events. It attempts to clarify and foresee activities. It is used to amplify the chances of
survival and compose themselves effectively. Next we have the Institutional Theory, it
describes current changes and assesses the development of the accounting system by
finding relevant information by users of accounting information (Kostyuchenko et al.,
2021). It is based on the legal framework for its implementation and determines the
development of accounting at the entity. Institutional theory helps determine the impact
of accounting and auditing in terms of methodology, regulations, application of
Sustainable Development, and its impact on reporting information. Entrepreneurs face the
task of monitoring current and strategic indicators by factoring the internal and external
sources of financing for sustainable development, and the problem of integrated
accounting for the direction of their use.

Method

According to Mark L. Frigo, Return Driven Strategy is a framework that designs,

develops, and evaluates strategy to create maximum financial and long-term sustainable
value for the company. A return-driven strategy for creating an accounting manual would
involve identifying the specific benefits the organization hopes to achieve by creating an
accounting manual. Good to Great: Hedgehog Concept, based on the book of Jim Collins,
identifies the organization's unique value to gain a competitive advantage. According to
Frigo and Krumwiede, the hedgehog concept aims to provide the organization with a
strategic discipline that matches its capabilities and passion to drive financial
performance. The hedgehog concept would mean identifying the organization's core
competencies in accounting and then designing the manual to support its specific needs.
 SWOT analysis is used to identify opportunities for success and clarify directions and
choices, according to Frigo and Krumweide. The SWOT Analysis for Mangroves View
Adventure and Seafood Restaurant should be easy to use, understand, and widely
applicable across the company since it is a powerful tool that can help evaluate
accounting and identify its problems and areas for improvement.

C. To Formulate a Feasibility Study for the Land Expansion

Conceptual Framework

To formulate a feasibility study for the land expansion for Mangroves View Adventure
and Seafood Restaurant, the researchers need to assess the viability and potential benefits
of expanding its land for a particular purpose. This involves knowing the necessary inputs
such as the goals and objectives of the land expansion project, market trends, demand,
and competition in the area, available budget and potential sources of funding, land
information, environmental impacts, legal and regulatory requirements, availability of
necessary infrastructure, skills and expertise required in the development, and potential
risks and challenges associated with the expansion. Once the inputs have been gathered,
it will provide the researchers with comprehensive information and analysis to make
informed decisions and help understand the potential benefits and drawbacks of the
expansion. This can identify and assess potential risks including financial, environmental,
legal, regulatory, and market risks; allowing the researchers to develop mitigation
strategies. This will serve as a support in understanding and navigating the legal and
regulatory aspects of the project to ensure compliance with zoning laws and
environmental regulations and assess the environmental implications to help develop
sustainable practices and minimize harm to the ecosystem. Additionally, the process also
includes making financial projections to estimate costs and revenues essential for
budgeting and financial planning, and evaluating the project’s financial feasibility and
profitability. As an output of having a well-documented feasibility study, partners and
investors of the business will have confidence as the outcome demonstrates that the
project’s potential is thoroughly assessed. This will be useful in determining if the land
expansion project is viable and worth pursuing.

Theoretical Framework/s

Triple Bottom Line Theory incorporates three dimensions of performance namely social,
environmental, and financial by focusing on comprehensive results with respect to
performance along the interrelated dimensions of profit, people, and planet (Slapper and
Hall, 2011). It involves evaluating how the land expansion project will affect
stakeholders, including local communities, employees, and customers, assessing the
 environmental impacts of land expansion, and evaluating economic viability and
potential profitability of the expansion project. According to Capello (2011), Location
theory aims to understand how activities are spread out geographically, focusing on
identifying the elements that determine where specific activities take place, how different
regions are designated for various kinds of production, how producers share a given
geographical market, and the spatial organization of activities. In addition, it includes
examining the availability of resources, proximity to consumers, and competition to
understand how the location might influence the overall success and profitability of the
land expansion project.

Method

SWOT Analysis stands out as a highly fitting tool for feasibility on land expansion.
According to Youth Justice, Employment, Small Business and Training (2023), it
provides a comprehensive overview of the Strengths and Weaknesses by assessing the
internal factors of the business that are crucial in considering the expansion. For
Mangroves View Adventure and Seafood Restaurant, this could include factors such as
efficiency of the supply chain, existing infrastructure, customer loyalty, and quality of the
products; Opportunities and Threats by analyzing the external factors that can impact the
business such as market trends, customer demands, potential partnerships, regulatory
changes, and environmental implications. By plotting out and identifying the SWOT
components, the researchers can visually see how the strengths might leverage
opportunities or counteract threats, and how the weaknesses could be improved upon or
could make them vulnerable to external threats. The clear and visual nature of a SWOT
Analysis can act as an effective communication tool for the researchers, shareholders,
investors, partners, and employees to grasp the business standing and the rationale behind
the land expansion. This clarity aids in informed decision-making, especially in
something as significant as land expansion.

D. To Assess the Supply Chain Management

Conceptual Framework

To assess Supply Chain Management for Mangroves View Adventure and Seafood
Restaurant, the researchers would need relevant information from the company about the
components needed for production, projection of the customer’s demand for their
products, and gathered supplier information as input. Assessing the Supply Chain
Management helps in production planning and seasonal adjustments, allowing the
restaurant to capitalize on fresh, in-season ingredients, and adapt to changing customer
preferences. This also includes assessing relationships with suppliers and identifying
opportunities to source ingredients sustainably. By doing this, the researchers would have
an idea of the supply chain process essential for optimizing operations, controlling cost,
maintaining quality, and meeting customer expectations. By assessing the supply chain
management of Mangroves View Adventure and Seafood Restaurant, the researchers can
identify and mitigate risks related to supply disruptions, market fluctuations, and other
unforeseen events. High customer satisfaction and good overall business performance is
an output of having a well-managed supply chain because it directly impacts the
restaurant’s financial performance, competitiveness, adaptability to changing market
conditions, and consumer preferences.

Theoretical Framework/s

Total Quality Management Theory is an integrated approach to bring continuous

improvement in products and services using proper tools, technology and training to meet
customer’s expectations on a continuous basis (Modgil, 2015) in (Palo and Padhi, 2005).
It is focused on continuous improvement of all processes approached with combined
fundamental management techniques and specialized tools under quality system (Fayaz et
al., 2020). Supply Chain Management encompasses the planning and management of all
activities involved in sourcing and procurement, conversion, and all logistics
management activities as well as coordination and collaboration with channel partners
(Modgil, 2015) in (Gundlach et al., 2006). According to Ralahallo (2021), the
Just-in-time or JIT is an inventory management strategy that aims to have as much
finished product or intermediate goods as required by a company at the right time, thus
reducing inventory costs and wastes without negatively impacting customer supply; this
can be highly relevant to assessing the supply chain management of the business due to
the perishable nature of seafood.

Method

Value Stream Mapping is especially suited for assessing the Supply Chain Management
of Mangroves View Adventure and Seafood Restaurant. Value Stream Mapping or VSM
is a mapping tool that is used to map a productive process or an entire supply-chain
network (Braglia et al., 2006). According to Rohac and Januska (2014), it provides a
clear visual representation of the entire supply chain process and can help the researchers
trace back the origin of sources, understanding lead times, quality checkpoints, and
supplier relationships; this is especially important for the business to ensure the freshness
and sustainability of the products. Analyzing the workflow can help the researchers
identify areas where labor is underutilized or overstretched; this makes it easier to
recognize zones where manpower may be redundant or areas where there is a shortage to
optimize productivity and efficiency. Value Stream Mapping can shed light on areas of
potential wastage due to overstocking or pinpoint segments vulnerable to stockouts due to
 understocking. Additionally, it also involves creating a future state map. This process of
continuous improvement ensures the business remains adaptable and efficient as it grows
and the market evolves. By using Value Stream Mapping, the researchers can gain a
deeper understanding of its supply chain, identify areas for improvement, and implement
strategies to optimize procurement, manpower allocation, and inventory management.

E. To Improve Marketing and Advertising Strategy

Conceptual Framework

One of the aims of the study is for Mangroves View and Seafood Restaurant to be able to
improve its marketing and advertising strategy. In line with this, The following
conceptual framework will be used in order to identify the methods. The researchers must
first review the existing marketing and advertising strategy of the company to be able to
assess its existing marketing strategy. The researchers will then gather information by
creating survey questions and conducting the surveys to be able to determine what lacks
in the current marketing and advertising of the company. After the collection of data, the
researchers will then analyze and interpret the data. With the use of the interpreted data,
the researchers will find strategies applicable to address the deficiency of the company’s
marketing and advertising. After this, the company will track the progress of the
strategies and adjust as needed.

Theoretical Framework/s

Under the 7 Principles of Persuasion in Marketing, which explores the factors that affect
the decision-making process of individuals, specifically when it comes to purchasing
goods/service, the principles of commitment and consistency can be used in this study
(Cialdini, 2007). According to Tong (2021), in order for businesses to achieve an increase
in sales and brand loyalty, the strategies being used are commitment and consistency. In
addition to this, the study also supports the Consistency and Commitment Principle
(CCP) theory where it states that consistency is highly desirable, and commitment
continues to drive human behavior. This allows individuals to make an immediate
decision based on their past behavior that will guide their future behavior as well
(Cialdini, 2009). The book of Cialdini concludes that the most feasible and effective way
to influence people to build their loyalty to a certain product was to get them to commit
to something consistently. Another theory that can be applied is the Market Segmentation
Theory which involves dividing the customers or the target market into sub-groups, and
these groups usually share common interests and characteristics (McManus, Li, and
Moitra, 2007). Using the market segmentation theory, a business will be able to identify
its potential customers and create or improve the products/services that will allow them to
become loyal to the product/service a business is offering (Learning Market
Segmentation Theory | Tony Robbins, 2019). Lastly, the Marketing Mix Theory which is
used by businesses to formulate marketing plans and strategies in order to effectively
promote products/services to their target market (The Economic Times, n.d.). The
Marketing Mix consists of 4P's, originally, namely Product, Place, Price and Promotion.
However, the 7P's are now being adapted by businesses, the added P's are the People,
Process and Physical Evidence. With the help of the 7P's of marketing mix, the business
will be able to offer the needs or demand of customers, which will give them satisfaction
(Hanlon, 2023).

Method

Current social media platforms foster ways not only to personally connect but also to
market businesses as well. According to Indeed Editorial Team (2022), social media is
important as customers use social media platforms often to search information about a
brand, shop, products, and services. Incorporating social media in marketing strategies
enables the company to reach its target customers. In addition, it also opens opportunities
to create more leads by consistently sharing captivating content across different social
media platforms. Social media not only helps in gaining new customers but also opens
the opportunity to engage with existing ones. In addition, it is a remarkably cost –
effective way to reach customers while providing them with valuable information about
your brand (Small business guide, n.d.). Referral marketing is a strategic approach in
marketing and advertising businesses wherein businesses motivate customers to spread
their services, products, and experience to other people. It is a critical aspect of acquiring
new customers at a very minimal cost According to Plummer (2020), making use of
referral marketing is crucial as it has the potential to enhance company performance. By
developing a solid referral network, the company will be able to retain customer loyalty
as well as create a dedicated community. In addition to that, the use of referral marketing
will enable companies to spark conversations regarding the business which eventually
will foster trust and credibility among customers.
 Benefits

This study is beneficial to Mangroves View Adventure and Seafood Restaurant and its various
stakeholders, particularly due to its focus on addressing issues related to operations management,
marketing and advertising strategy, supply chain management, accounting manual, and land
expansion. Thus, the following will gain benefits from this study:

Mangroves View Adventure and Seafood Restaurant. This study can help them identify areas
where resources are underutilized to improve their operations and save cost. The establishment
of a well-defined marketing strategy will attract a broader target market, which will then increase
the business’ revenue. Introduction of a standardized accounting manual ensures precise
record-keeping, enabling more informed financial decision-making. Furthermore, optimizing
supply chain management holds the potential to reduce costs and ensure a more consistent
product availability for the restaurant. Importantly, the feasibility study about the restaurant’s
expansion will provide valuable insights which will empower the owners to make informed and
strategic decisions about the restaurant’s growth prospects. Thus, this study has the potential to
not only improve the restaurant’s operational efficiency but also foster its growth and
sustainability, benefiting the owners and its various stakeholders.

Business Owners. This study will help small restaurant business owners to be aware of the same
issues that their company is having. With the data that this paper will provide, it will provide
them with sufficient knowledge that they can use in the long term. They may use this paper as a
reference when they want to establish their own efficient accounting manual. If their respective
companies are having trouble with their operational costs, this study can be a guide for them by
giving a proper outline on how to optimize operational costs, and organizing an effective
operational procedure. Moreover, with the marketing and advertising strategies that this paper
will provide, their customers will increase and their profit margin will improve.

Employees. The study’s focus on improved resource utilization and streamlined operations serves
as an assurance of a more stable and favorable work environment. As resources are allocated
more efficiently, employees can expect a more stable and consistent workflow, reducing
unpredictability associated with inefficient operations. This, in turn, can contribute to a
well-organized and efficiently-ran restaurant. Overall, the study’s objectives extend to fostering a
more supportive and secure atmosphere for the dedicated employees who play a vital role in the
restaurant’s success.

Customers. With streamlined operations, customers can expect quicker and more attentive
service, reducing waiting time and enhancing satisfaction. The potential cost savings resulting
from these enhancements may enable the restaurant to offer more competitive pricing, making it
even more accessible to a broader range of customers. Thus, this study’s impact on the
restaurant’s efficiency directly benefits customers by enhancing quality of service and food while
potentially providing greater value for their dining experience.

Restaurant Industry. This study can provide valuable insights and best practices that can benefit
the restaurant industry. Findings and recommendations can be adapted and implemented by other
restaurants, leading to enhanced operational efficiency, increased revenue through effective
marketing strategies, improved financial management with standardized accounting practices,
cost savings through optimized supply chain management, and informed expansion decisions.
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