Monitor Your Expenses You need to keep track of your restaurant's expenses. This is important because if you don't, they will get out of control. Luckily, there are a lot of ways to track expenses, like how much money you make from selling different items on your menu or how many people come in and out of your restaurant. This information shows how healthy your restaurant is financially and can help you make responsible decisions that will help you make money.
Schedule Smart Since much of your money goes to payroll, it is important to ensure that your staff is scheduled efficiently. This means that you should not over-schedule or under-schedule your staff. It is also important to know when your restaurant is busiest so you can schedule accordingly. You can do this by creating a smart restaurant scheduling solution with your restaurant manager. This will save you time when scheduling and will also reduce your labor costs because you will be matching the staffing levels to the projected sales.
Embrace Technology A POS system is an expense that can be worth the cost. A POS system helps with many different things in a business. It inputs and tracks payments, makes sure orders are correct, improves efficiency, it increases security, and more. There are many different technological tools that a business can use. Online ordering has become very important lately because of COVID. Another tool to consider is restaurant-specific accounting software, inventory management software, or other types of software that can help with the financials or operations of a restaurant business.
Online Presence It can be expensive to do traditional marketing. But now there are ways to do marketing online that are much cheaper. You can use social media to reach a lot of people. A lot of people use their phones to look for information about restaurants, so it is a good way to market your restaurant. You need to have accounts on Instagram, Facebook, and Twitter. You should keep them up-to-date with information, good content, and pictures that make people hungry. People should be able to easily find your website from any of those platforms if they have a good image or review to share. LinkedIn is also a good platform for you to use. It lets you connect with other people in your industry and even find employees.
Reduce Waste It's a shame to waste food when it already costs so much. The first step to reducing waste is to not order too much food. Look at your inventory and make sure you're not ordering more perishable ingredients than you can use in a week. You can also make the most of what you have. Be creative when it comes to planning your menu, by developing dishes around the bones and skin from your proteins, the peels and cores from your fruit and vegetables, and even the grinds from your coffee.
Employee Turnover Restaurants are facing one of the most severe labor shortages in decades, which presents all manner of obvious problems for owners. But did you know it also actively costs money? The average cost of turning one hourly restaurant employee is $5,864. So with a 73% annual employee turnover rate, poor employee retention can stand to cost your restaurant $428,072 or more each year. There are many things you can do to reduce employee turnover. You can provide on-the-job skills training so that employees can learn new things. You can also develop a safe workplace culture. This will make employees feel good and want to stay. Finally, you should encourage constructive feedback from employees. This will help them feel like they are a part of the company and want to stay.
Safeguard Against Ebb & Flow Even a profitable restaurant experiences constant fluctuations in traffic. You'll start noticing when there are more or fewer customers. This happens sometimes for weeks or months at a time. If you want to keep your customers coming through your door all year long, and to give your business a competitive edge, consider starting some sort of loyalty program or extending special offers, reduced menu prices, incentives, and promotions during identified slow times.
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