The Importance of Setting New Year’s Resolutions for Your Restaurant

4 Sublime Suggestions to Help You Secure Sustainable Success

 

The Importance of Setting New Year’s Resolutions for Your Restaurant | Tabulate

Research states that almost half of us set New Year’s Resolutions each year, but only 8% of those resolutions are kept. While that low success rate might be acceptable for your personal goals to lose weight or get better with your own finances (the two most common resolutions), you can and should do better for your restaurant or bar.

Tabulate has decades of experience working with all manner, shape, and size of food-related businesses. As a result, we’ve created a clear set of actionable steps that ensures your restaurant starts January on a path to success and follow it through December. And the best part? You can re-use these 4 resolutions every single year – as long as you have access to your financial data and insights into your performance metrics.

1) Improve Your Systems and Processes

It really can’t get more basic than this one. To truly improve the overall efficiency and efficacy of your staff – both in the kitchen and on the floor – you should locate every opportunity to revisit, review, and refresh how you work. This includes:

  • Inventory
  • POS
  • Bookkeeping
  • Payroll
  • Kitchen Workflow
  • Scheduling
  • Placing and Running Orders

And just because something worked last year doesn’t mean it can’t be improved. You can’t afford to sit still on past performance if you want to achieve growth in the future.

It doesn’t mean you have to re-invent the wheel. Simply find ways to improve the day-to-day operations of your establishment, which helps your employees, your books, and your customers.

2) Enhance Your Online Presence

The Importance of Setting New Year’s Resolutions for Your Restaurant | Tabulate

Unless you’ve been around for literally decades serving only regular customers without ever seeing anyone new walk through your doors, your restaurant or bar needs to be on the Internet. Not only do people increasingly place orders online through restaurant websites, but they use the Internet to learn about your business – whether you’re there or not.

A few introductory suggestions include:

  • Create a website that contains your hours, locations, contact information, and menu.
  • Choose the social media platform where the bulk of your audience hangs out and post LOTS of pictures. And by audience, we mean both your current customer base and the people you WISH were your customers.
  • Have an account on the major online review sites and respond to every review – especially the negative ones.

Getting your place online doesn’t have to be difficult, but you must be strategic and pay attention to what’s happening online.

3) Recruit Your Regulars

Yes, this suggestion isn’t new. In fact, you should always seek ways to increase traffic from your favorite customers. But in a digital world where even one bad review can spell doom for a business, you should seek out new and interesting ways to turn your regulars into your best salespeople.

In an age where influencers are the new marketing currency, restaurateurs will find greater success by deepening their relationships with your most loyal customers. 92% of people say a friend’s recommendation is their most trusted source of information. Hence, your restaurant or bar being at the top of mind for your regulars will go farther to increase sales than the most glowing of professional reviews.

4) Create Clear Revenue Goals

The Importance of Setting New Year’s Resolutions for Your Restaurant | Tabulate

Your goals must be specific. They can’t be something vague like “Increase revenue,” “Increase sales,” “Turnover tables faster,” or “Decrease overhead.” You need to dig into your numbers from the past year to determine what worked and what didn’t work to determine how you can be more profitable in the coming year.

We recommend options like:

  • Increase YOY Sales by X%
  • Decrease Food Waste by X%
  • Increase Weekend Bar Sales by X%
  • Decrease Employee Turnover by X%
  • Increase Margins by X%
  • Decrease COGS by X%

As one of our favorite marketing gurus frequently states, “If you can’t measure it, you can’t improve it.” You must know what’s happening in your books if you have any hope of creating and meeting your revenue goals.

This is where Tabulate can help you shine in 2019. As a comprehensive back-office solution, we provide expert bookkeeping, payroll, and financial services designed specifically for the food service industry. Our staff has over 75 years of experience working exclusively with restaurants, bars, and related businesses. We can balance your books, process your payroll, pay your vendors, deal with the TABC, and help you understand your financial and performance data better than ever before.

If you think your establishment needs help setting and achieving its goals for 2019 and beyond, contact Tabulate today!

Happy Holidays!