We often make resolutions to get gym memberships, to start running, or to give up something cherished. But, how often do we make resolutions for our business?
As another year comes to an end, restaurant owners should be taking the time to honestly reflect on their business and how it can improve in the next year. Doing so can have a beneficial effect on the bottom line.
Here are three resolutions for restaurant owners that can help grow their business and increase their bottom line.
- Focus less on dimes and more on dollars
Owning a restaurant and being a volunteer firefighter share a kinship in that both compel individuals to put out several small fires upon a moment’s notice. However, owning a restaurant can cost that individual money.
Paying too much time to insignificant problems is like fishing for dimes when there are dollars in the water. Dan Bronson, general manager at SingleCut Beersmiths in Astoria, New York told National Restaurant News that he “finds it so easy to fall into the hole of questioning glassware brands and light bulbs, while getting complacent with much more important issues like payroll, our place in the market and the big vendors we use.”
In the New Year, don’t get fixated on trivial day-to-day operations that go awry. Mistakes and headaches will always happen. It’s part of being human. Instead, focus on the big picture, and develop an executable plan for growing your business. Doing so will help you reap more dollars than dimes.
- Utilize available data to make decisions
Big data is driving the restaurant industry into the future. Customer and sales data is a goldmine for restaurant owners and should be consulted for every major decision.
Want to make a favorites list on your menu? Create a list of your top selling items organized by profit margin. Want to increase your ticket average? Sales data can show you what some of the most common customer pairings are.
Making changes based on available data rather than gut or intuition is critical to keeping customers coming back. Not only does it show your customers that you are listening to them, but it makes them feel welcome when they decide to return.
- Optimize your website and SEO
Online and to-go sales are revolutionizing the way new restaurants are constructed. Time-in-motion studies and location technology are becoming more necessary to accommodate the increased volume of orders. Restaurant Business Online reports that 86 percent of restaurant customers use off-site services such as online and delivery order platforms at least once per month.
If your business already has a great website, then you’re in a good place. One way to kick your sales into overdrive is to add a blog to your website. The reasoning to do so is three-fold. First, adding a blog gives you a place to educate your market about your brand and the food you serve. Second, blog content can optimize your search engine ranking and boost your visibility. Third, it gives your customers a way to interact with your business other than purchasing something from you. Have a touching story you want to tell them? Put it in your blog.