Collaborative post – may contain affiliate links
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.
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.
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.
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.