Whether you are nestled in a college town or a big city, spikes and lulls are normal for every business. That’s why successful dining establishments prepare for these fluctuations.
What is the best strategy for survival in an ever-changing industry such as food service? How can you navigate the positives and negatives of foot traffic and revenue? To help answer those questions, take a look at a few ideas worth considering:
- Expand your service delivery. Certain times of year will naturally discourage consumers from visiting restaurants. Whether it’s a tourist town, inclement weather, or another circumstance that slows down business, you could benefit from offering carryout or delivery. Promote your delivery services so potential customers know they can order in for Super Bowl Sunday or the finale of their favorite show. This, at least, can encourage purchases and improve cash flow.
- Capitalize on events and promotions. Sometimes running promotions can be just the draw to new customers – whether it’s half-price happy hour appetizers or a free donut with coffee. Promotions don’t need to just be discounted. Other strategies to market your restaurant include trivia, live music, or any appealing event that gives people an opportunity to converse.
- Think lean. Lowering expenses is also a great way to create profits. Ask yourself where you can cut costs for the slower months. This might mean reducing hours of operation, automating sales and labor reports, and/or doing research on more affordable food providers to lower overhead. The more you save, the less the expenses eat at your revenue. However, you’ll want to make sure that you’re spending money in the right areas and on the right things such as quality restaurant supplies, for example, appliances, utensils, cutlery, work surfaces, and more like those on Nella Online. These are not the purchases you’ll want to scrimp and save on as they define the quality and premium nature of your restaurant.
To learn more about how to make it through slower months as a dining establishment, take a look at the accompanying resource.
Infographic created by TouchBistro, a provider ofrestaurant booking systems.