How To Increase Your Restaurant’s Chances Of Success
Starting a restaurant can be challenging. While many restaurants are not successful without challenges, being prepared increases your chances of smoothing the ride.
This mini-guide provides insight on key areas that will help you research, brainstorm, and devise your unique strategy for success.
Begin With Enough Capital
Many new restaurant owners underestimate the amount of capital they’ll need to put their best foot forward. To avoid making this mistake, it’s important to do your homework, plan wisely, and think ahead.
- Create a Business Plan. A well-researched business plan fleshes out costs, creates a blueprint for success.
- Be Prepared. Have a safety net of cash in reserve to cover expenses and emergencies for the first 12 months, so you can concentrate on making your restaurant profitable.
Get Control Over Your Financials
Mastering your financials after the start-up phase will help you take a proactive (rather than reactive) approach to managing your finances.
Integrated Point-of-Sale (POS) systems make this task easier, by providing consolidated data that gives you business insights to help you cut costs, make more informed decisions, and improve efficiency.
- Access a Financial Hub. Grubhub for Restaurants integrates all financial data into one place to track expenses, analyze sales, plan for future expenditures, manage cash flow, and more.
- Plan Intelligently. By analyzing sales data stored in your POS system, you can schedule staff based on historical data, plan inventory expenditures intelligently, and track the performance of promotional programs.
Manage Inventory Carefully
Managing inventory wisely will help you control expenses, avoid waste, and help your staff become more efficient. Grubhub offers the following suggestions to help improve your inventory process:
- Designate an Inventory team. Train one consistent team of staff members to check supply levels routinely and organize the kitchen on delivery day so that existing inventory gets used first.
- Use Inventory Technology. Mobile inventory management software can make it easier for you to manage inventory and make adjustments based on trends and historical usage data.
- Establish Inventory Control Practices. Create quick reference guides, pre-portion, train staff to curtail wasteful food prep, and recycle usable scraps into garnishes, soups and sauces.
Make Marketing a Priority
To maximize the success of your marketing efforts, start off with a solid marketing plan that effectively and consistently promotes your brand. Here is a quick mini-marketing to-do list:
- Identify your Differentiator. Establish your restaurant’s unique selling proposition and create a menu that reflects it. Upload a searchable text version on your website, and expose thousands of diners to it on Grubhub.
- Create a Winning Website. Since 77% of online restaurant searches are from a smartphone, make your website mobile-friendly and responsive. Add an online ordering link to Grubhub to help convert visits into orders.
- Use Social Media: Maximize your effectiveness on Instagram, manage reviews, and get your customers involved in helping you market your brand through social media and review sites.
Creating and Maintaining the Right Staff
No restaurant can be successful without a well-tuned and efficient staff, yet turnover can be a restaurateur’s biggest challenge. Focus on these tips to help assemble and retain the best team:
- Begin with the Hiring Process. Lessen turnover by finding good matches in the first place. Ask friends and colleagues for recommendations, hire trainable personalities, and establish consistent hiring practices.
- Stay In-Tune with Staff. Check in periodically with your staff for feedback, show your support by being flexible, offer training, competitive salaries and opportunities for advancement.
By prioritizing these critical areas of your business and providing fresh and delicious food on a consistent basis, you can greatly increase your chances of success and profitability.
Learn how to create a loyal customer base with these 5 Things That Make Diners Come Back.