New Year, New Ideas
Simple Ways to Generate More Income
Starting a new year is always a good time to take a step back and evaluate your revenue. The restaurant industry tends to fluctuate up and down. In a recent blog on etundra, Riding the Waves: 5 Ways to Boost Your Revenue, Andrew Call highlights some simple changes you can make to help build your business.
First, cut food costs. Establish a report to narrow down the ten foods that you spend the most on each month. Talk to your distributors, or shop around for a new one that can save you money on those products. Remember, that buying in bulk can often save money in the long run as well.
Second, give your employees the power to make you money. They are the face of your restaurant, and have the ability to make, or break a customer’s experience. Continually have ongoing trainings, to update and review procedures with them, and to set goals. Provide your employees with incentives to perform well. Happy customers usually buy more, and return in the future.
Third, educate yourself on your restaurant equipment. It will save you unnecessary expenses if you can service and maintain the equipment yourself. Labor and repair costs can add up quickly. Use your resources including the manufacturer’s customer service line to attempt to fix something on your own, before calling a technician.
Fourth, be sure that you are utilizing today’s technology. It is now 2013! Customers are more often going to the world wide web to look up information such as menu’s, deals, reviews, etc… before even stepping out of the house. You don’t want to miss out on business from being behind the times. Be sure to get involved in the conversation, including social media outlets, digital newsletters, and even text messages sharing daily specials.
Lastly, diversify your income. Your revenue can become monotonous, and when you least expect it, it could drop. Be prepared by changing things up a bit. You can add retail items such as hats and t-shirts. You can offer take-out or delivery, if you don’t already do so. You can also start catering special events. It is necessary to be aware of the changing ways of the industry. Be flexible with your ideas and business practice. It might not hurt to re-evaluate the way you have always done something, and to try something new, after all, it is a new year!