7 Tips For Restaurant Profitability in 2020
Hopefully, you have learned some bit from my 2 part episode on Restaurant Trends 2020. If not, you can catch up on
Episode 128- Biggest Restaurant Trends 2020- What you need to know for your restaurant
Episode 129-Restaurant Food Trends 2020
before you jump into this episode.
We discuss these 7 tips that can make your restaurant as profitable as possible this 2020
1.Review your Personal Goals
What are your goals? Where do you see your restaurant in 5,10 years’ time? You should set your goals and write them down. Having it written down will give you something to constantly think about and drive towards it.
2.Cost Your Menu
If you have not costed your menu yet, then you are not driving your service people to sell your most profitable menu item.
3.Engineer That Menu
You can not have a menu that is not properly costed out. Have a listen to a recent episode about the BCG Matrix to help you decide which products to discontinue, invest or develop
4.Build The Team That You Want
You do not want to be the only smartest person in the room but you’d rather have a team that can come up with ideas. You want your people who share your vision and culture. These people are the ones who dealing with your customers on a daily basis. The more they are engaged in your business, the more they will be engaged with your customers. You need to hold people accountable for what they need to do.
5.Innovation and Creativity
This can be a part of your menu engineering. With customers, tastes and dining experiences changing, you need to keep up with the demand and recreate. These involve your restaurant process, concepts, and your menu items.
6.Online Ordering
Online ordering may not be suited to all restaurant models but should you consider it then think about an order direct campaign. You should drive people to order directly from you and save money on commissions.
7.Review Your Website and Marketing
A regular website gets 11,000 visits per month, that ‘s a truckload of people. Your website is one of your key salespeople that works 24/7 that can bring in more customers. You can be ranking as the best restaurant in a particular suburb but you have to cover all bases. That means you should be ranking on major niches as well like functions, vegan gluten-free and family-friendly.
For more information on this podcast, check out our show notes.
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If you want to learn more beyond the 7 tips for restaurant profitability in 2020 give us a call and we would love to hear from you.
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