Tips on How to Manage Your Restaurant to Ensure Growth
Most people that want to own restaurants typically never see that opening a restaurant is simply the starting point. There is so much more to owning a restaurant and being able to find the right balance to make the restaurant successful can be quite difficult to attain. so difficult that statistics state that 3 out of 4 restaurants typically fail within their first year. This is a pretty glaring statistic, especially when you consider just how many restaurants pop up every year. It shows that only 1 out of 4 are able to work out what is necessary to have extended success. One of the numerous reasons why restaurants fail is because the owners fail to plan. The key to helping a new restaurant grow is to understand restaurant financing, daily issues, training of staff and customer services. Below are the things a restaurant management consultant would tell those looking to open a restaurant to do.
The greatest problems that numerous new restaurants struggle with are typically around finances. Before you begin your restaurant business, you have to ensure that you have a sufficient line of credit. Most people tend to focus more on having sufficient capital to launch a new restaurant, but there is much more to sustaining a restaurant in the long run. One of the major things you should focus on when managing a restaurant’s finances is being able to discern when and where you should spend. It is also imperative that you are aware of the steps to take in the event that a problem arises. This helps to prevent the problem from escalating.
For instance, when it comes to restaurant financing, being able to understand the intricacies of a profit and loss statement, as well as analyzing daily cash flow can help you identify issues as early as possible, enabling you to take the required steps to ensure your restaurant remains on the path to sustainability.
You have to market your restaurant
The ultimate dream of any restaurant owner is to have a restaurant that is so successful there is no need for advertising. While this is theoretically possible, it is a goal that very few establishments are able to achieve. Advertising is an essential part of running a business and any restaurant management consultant would state this. While advertising an already running restaurant might not be as aggressive as the early day, it is still imperative that you advertise your restaurant. You should search for ways to put your brand at the forefront of your customers’ mind. They should be aware of how amazing your restaurant is. When they think of going out for dinner, your restaurant should be the first place they think of.
Advertising could involve creating a solid link via social media platforms such as Twitter, Facebook and Instagram. You should also create a restaurant website as this can be an inexpensive way to advertise your restaurant. Running marketing campaigns can also be a great strategy to advertise your brand and this is something a restaurant management consultant would have as their top priority. The marketing campaign could consist of radio or print adverts around special dates or holidays on the calendar. Leveraging on these dates is a great opportunity to increase your business without affecting your bottom line or your ability to source restaurant financing.
Ensure that your restaurant menu keeps its standard
The menu of a restaurant is an extremely visible part of a restaurant. It is for this very reason that patrons return to a restaurant. Typically, when a restaurant grows, it can be quite easy to have its quality slip, and that is why it is imperative that your menu maintains its standard. Asides from that, it is imperative that the menu is regularly updated. This can be taking the time to occasionally review which menu items are good performers, and those that aren’t. You should never be afraid to refresh your memory, finding a balance in keeping the favorites of your patrons whilst still introducing new dishes to them. When you constantly review your menu, you are also able to review your prices ensuring that your charges are able to cover your food costs.
Ensure that your customer service is of the highest quality
It is imperative that your customer service is of the highest quality. While great food can bring the customers in, providing great service ensures that they keep coming back. In the hospitality industry, there is a saying that the customer is always right. as a restaurant owner, you have to be able to properly handle complaints, as well as show appreciation to your customers. These are very important factors in creating a powerful client base. There are numerous forms of promotions that you can engage in to show your customers that you appreciate them choosing your business over your competitors. These promotions could happy hour, seasonal discounts and other specials.