Many entrepreneurs choose to go into the restaurant industry these days, and for good reason: it’s attractive, people always need to eat, and the prestige of having a reserved table can sway more than you think. So for all those restaurant entrepreneurs: you’re running a successful business, and have enjoyed a steady stream of loyal clientele, but when was the last time you implemented specific strategies to improve your profitability? Consider the following tips to make sure your restaurant excels and profits rise in the coming months!
- Boost Alcohol Sales
Profits made from alcohol sales make up a bulk of restaurant revenue, and if you’re not currently offering alcohol on the menu, or only offering wine and beer, you may be missing out on a huge stream of income. If you are looking to capitalize on alcohol sales, make sure you have a license that will allow you to serve exactly what guests are looking for. If you currently have a limited permit, check out LicenseLocators.com determine whether the investment in a full license may be worth the expanded inventory you can offer to alcohol-drinking patrons. If you already serve a bevy of liquors, spirits, beer, and wine, train your staff to upsell alcohol sales. It could be suggesting wine-by-the-bottle sales instead of by the glass through too-good-to-pass-up bottle discounts.
- Improve Weekday Sales
Most restaurant sales occur during the weekend—just two days out of a seven-day week. If you want to make your restaurant more profitable, attracting a weekday crowd is essential. There are a variety of ways you can draw in after-work patrons depending on your neighborhood and target demographic. If you’re looking to attract young professionals, host events like trivia and singles nights where neighbors can come in and meet new people. Drink specials can do wonders for drawing a boisterous happy hour crowd, and offering daily food specials can see guests clamoring to get in and try the new recipe before it’s gone tomorrow. Also be sure to ramp up your social media efforts; offer daily discounts for fans, and see more patrons come flowing in—it’s truly as simple as a few dollars off on Tuesdays.
- Offering Events
As aforementioned, hosting events in your restaurant is sure to bring in more customers, and see you finding your profits exponentially increased within a few weeks’ time. Many restaurants have gotten into the trend of trivia nights, during which locals can come out and prove their wit and knowledge with some fun, often themed questions. There are numerous local companies in almost every major city that will come in and host the night for you; they take a portion of the profits and you find a packed restaurant on a night when you might have otherwise only see a slow trickle of guests. You might also choose to take advantage of a company that will host painting sessions. Guests come in, follow an instructor’s painting lesson, and can choose to order food and drinks from a menu during the multiple hours they practice their brushstroke—rest assured nine times out of 10 a guest will take advantage of grabbing at least an appetizer and a glass of wine. Now multiply that by say, 30 guests, and you’ve got yourself a handsome profit.
- Excel at Customer Service
Dining out is about more than the food, it’s about the experience. The huge make-or-break factor behind an experience? The customer service. You may serve an excellent menu, but if your wait staff is underperforming, the food is getting delivered to tables late, and guests consistently complain about wait times, you’ll find your profits taking a nosedive immediately. Make sure you always have enough staff on hand to reduce waiting time, train new staff extensively to ensure their performance is up to par with your and your customers’ expectations, and always be sure to take customer complaints seriously.
- Offer Delivery
We’re a nation of convenience, and takeout these days is appealing to busy individuals and families who don’t want to spend the time grocery shopping and cooking after a long day of work. Offering delivery sets you apart from competitors, and will endear your restaurant to patrons to secure better customer retention. Prepare a separate takeout menu if you won’t be able to offer all of your menu items, be sure to schedule the right workers appropriately, make sure you’re covered with the right liability insurance, and be sure to work with great POS software like that from NCRSilver.com.