If you’re someone who does a lot of research on start-up businesses, then you probably already know it’s been reported that approximately half of all new companies end up closing their doors within a five years of opening them. And while there are several reasons why this is the case, one of the main ones is due to the fact that business owners weren’t able to make enough money to stay out of debt.
And if you happen to own your own restaurant, we certainly don’t want this to happen to you. That’s why we’ve provided you with a list of five ways that you can increase your restaurant’s revenue so that you can stay out of the red and keep your doors open for years to come.
Be flexible with your business plan. Something that all business owners need is a solid business plan. In fact, it’s a good idea to have a one, two and five-year one. However, being that the restaurant industry is ever-changing and new ones are always opening up, make sure that your plan is flexible. You might need to update your dÃ©cor, revisit your approach to customer service or even totally change your menu. The key is not to be focused on what you want so much as what your customers need.
Offer some delightful specials. As more people patron your restaurant, they are definitely going to have favorite dishes. However, in order to keep things new and fresh, it’s also a good idea to offer specials from time to time. This is a really smart thing to do around holidays like Christmas, Valentine’s Day and Mother’s Day—times when you’re sure to get more traffic.
Be creative with your marketing. There are some businesses that need to do one simple thing in order to increase their revenue and that is to be more creative when it comes to their approach to marketing. Even if you have taken out a radio ad and you have an amazing website, don’t forget that social media accounts have a lot of influence too. So, hold contests, do giveaways and offer exclusive deals via Facebook and Twitter. That is a surefire way to get more people into your establishment.
Reduce your rates. We know that it might seem a bit odd to recommend that you reduce the prices of some of the items on your menu in order to increase your profits. But if you realize that certain dishes are not selling or if customers are telling you that they’re interested an item but they feel that it’s too high, consider taking a dollar or more off of it. Some people really do see a big difference between $10.99 and $12.99 in their minds and if that two dollar difference can get you more business, then ultimately it’s worth it.
Offer unbeatable customer service. If the National Grocers Corporation were to pen an article on how to increase restaurant revenue , we’re pretty sure one of the things they would advise is that you provide the absolute best in customer service. When customers know that they are going to get professional, friendly and extremely attentive wait staff, that will already establish a level of customer loyalty. And the more consistent your customers are, the more money you will ultimately make.