4 Ways to Maximize Restaurant Profits
It goes without saying that profits are vital to a restaurant’s success. With an ever-increasing number of competitors out there ranging from small-time eateries based out of a single location to massive, multi-national chains, you’ve got your work cut out for you in order to squeeze an establishment in and make a profit. Here are four ways you can maximize your restaurant’s profits and stay comfortably in the black.
Capitalize on Trends And Events
See a bunch of hungry Pokémon Go players wandering past your doors often? Is it Stanley Cup playoff season? Put on special promotions that entice them to come in for a break such as discounted drinks or meals for players, unique cocktails from the bar, or even themed evenings, which could draw bigger crowds. Major holidays, local events, and trends can easily be incorporated into everything from temporary décor to menu planning and pricing. Aside from preventing your establishment’s interiors from becoming boring and stale, keeping things fresh and exciting will continue to draw the general public towards your location.
Boost Those Ratings
This one is a no-brainer — people aren’t going to visit a restaurant plastered with low Yelp ratings and discouraging reviews. Try to take everyone’s opinion under equal consideration, as they serve as multiple sets of eyes getting different views of the inner workings of your establishment. Having social media platforms can be enormously helpful here, as comments made by guests can be directly addressed for all to see, demonstrating that your restaurant cares about their experiences individually. Make things right and treat others the way you’d want to be treated, and you’ll likely soon see an increase in business.
Don’t Skimp on Quality
Cutting corners to boost profits while negatively impacting a guest’s experience is a big no-no. Shrinking portions while raising prices and speeding people out the door to make more room is not going to help, and before long your regulars will abandon you for the place across the street. Find alternatives to these more drastic forms of inventory control, such as introducing new dishes that cost less for you to have on the menu, and removing items that aren’t selling. It’s not only a great way to keep things fresh, but guests will usually appreciate a change here and there and spread word of the “newest thing” should their own experience not be soured by sub-par food quality or service.
Maintain a Consistent Online Presence
Promotion via social media ads, postings, and comments by official restaurant pages will generate huge interest. If you can direct web traffic to your restaurant’s page and include detailed information that’s both appealing and concise, you could very well receive more guests. Word of mouth via social media is one of the most powerful tools at your disposal.
A well-managed restaurant can be a wonderful, exciting place and generate happiness as well as income. However, it’s up to you to address issues affecting income and guest satisfaction. Don’t ignore the little details, and don’t be afraid to be different.