staff turnover – Growing Forward

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There’s much to love about having your own restaurant, but it’s just a fact of life that it’s not the easiest industry to be in. Competition can be fierce, and operational costs always seem to be high. That’s why it’s super important that restaurant owners find ways to boost their profits, beyond the usual evening dinner crowd. In this blog, we’re going to take a look at a few tried and tested methods that other restaurants have utilized as a part of their operations.

Inviting Offers

It’s likely that you’ll find plenty of people coming through your doors on a Friday and Saturday night, but not so many people coming in throughout the week. People usually save their money for fun at the weekend, so that makes sense. As such, it’s worthwhile giving the people an incentive to visit your restaurant in quieter periods. You could run a special offer during the first half of the week, for instance, where prices are lower than they are at the weekend. It’s also worthwhile looking at appealing to the lunch crowd. Profits won’t be as high as they are for evening meals, but it will make a difference.

Reducing Waste

You’ll spend a lot of money on ingredients for your meals, but what percentage of your ingredients actually end up on the plates of your customers? All industries produce waste, and it’s no different for restaurants. It’s important to know that this waste doesn’t just have to go in the trash can, however. There are companies that will pay for this waste. Gfcommodities.com, for example, will pay restaurants for their yellow grease. There are other companies that will take your waste food to make fertilizer. Though the amount will vary, you can end up getting paid for all that your restaurant produces, not just what ends up on the plate.

Hosting Events

If you haven’t been hosting events at your restaurant, then what are you waiting for? There are a lot of people out there looking for spaces to host wedding receptions, corporate events, and parties. If you have a well-designed space, then your restaurant might just be the perfect place. This works especially well since people will pay for the exclusivity of your establishment, and will spend money when they’re there, too.

Reduce Staff Turnover

You probably already know just how important staff can be for the success of your restaurant. There’s a big difference between poor waiting staff and outstanding staff, and it really makes a difference to the bottom line. And of course, it’s also expensive to hire employees — both when it comes to advertising the jobs and the lost productivity during the training stage. As such, it’s recommended that you take steps to reduce staff turnover. This will involve developing a robust hiring policy so that you always bring the best talent on board, which will reduce the need to rehire when an employee doesn’t work out, and also treating your staff well so they will stay with you.

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All businesses must spend money to make money. We call this healthy harmony of financial spending and revenue ‘cash flow,’ and this allows companies to develop themselves even when operating at a loss for the time being. This can also be quite common for smaller businesses just trying to get their footing. But no matter the size of your business, big or small, centralized or decentralized, raised or flat in terms of hierarchy, and no matter what assets you’re sitting on or how well known you are, avoiding unnecessary business spending is always key.

Overblown spending can affect your bottom line deeply. It affects your cash flow to the point where expenditure is not longer replenished by the revenue you gain. It can lead to you defaulting on other bills that need to be paid, or can often lead you to an ineffective solution. Often, when budget is a factor, you look for the most efficient means forward. When somehow justifying unnecessary spending, you might actually be harming your productivity.

But how do you prevent this from happening? Let us explore that:

Repair Your Equipment

It can often be that business leaders wish to run their operation from only the most pressing and new equipment needs, especially when it comes to an IT network or when securing the manufacturing line. But in reality, it can often be the case that repairing existing goods can help them remain perfectly functional for a longer time, helping you gain the most value out of them. But of course, maintenance isn’t something you just click your fingers and expect to happen immediately. This also takes effort and time to perfect. Using an CMMS service such as Maxpanda.com can help you implement ticketing solutions to ensure internal and external maintenance priorities are kept in order, helping your staff apply their prioritized skillset to the right task at the right time. This leads your firm to reduce the wasting of precious assets, and instills company pride.

Recuperation

Sometimes, a business will spend money trying to fix a mistake it didn’t need to make in the first place. This can be a true pain, and quite upsetting for those who managed the initial project. Let’s say your marketing effort was a blunder. This is because you decided to arrange this campaign yourself, despite having no marketing hires and little marketing experience. Because you’re not quite up to date with current trends, it might have fallen flat on its face. Only then do you need to hire professionals to once again restore your PR and then acquire the services of a good marketing firm. Consult with the professionals first and foremost, and realize, expert knowledge is priceless.

Staff Turnover

If staff aren’t happy, they will leave, taking the training and development you have invested into them, both in time and budget. You’ll also need to replace them using the same investment. This means that investing a little more in the staff experience, giving them a competitive package and treating them well can help you avoid losing money on your labor engagements over time.

With these tips, you’re sure to avoid the waste of unnecessary business spending.