According to reliable statistics, three out of every four restaurants fail within the first year. The lesson here is that setting up your restaurant is not particularly difficult. The challenge is running the restaurant and making it a commercially viable business. The key ingredients for a successful restaurant are finances, customer service and staff training. Below are some tips for restaurant management.
Manage Your Restaurant Finances
The best way to manage restaurant finances is creating a detailed and sensible financial plan. This plan should cover the amount of capital you need, how to manage the cash and a contingency plan in case things do not go according to your plan. Get the finances right and your restaurant will grow.
In addition, you should have the ability to analyze your daily cash flow and look at the business from the profit and loss perspective. You should audit your accounts at the end of each so that you know if your plan is working or not.
Market Your Restaurant
Advertise your restaurant as soon as you open it and keep advertising. The benefit of advertising is that it gets you new customers and helps you keep the old ones.
Offer promotions sometimes and find innovative ways to make customers aware that your restaurant is great.
You can get more customers if you offer catering services. Talk to corporate clients and offer your service at weddings, parties and other social events. When you do this, you make more money and create a larger customer base.
Maintain Your Restaurant Menu
Your menu is vital to the success of your restaurant. Serve traditional foods but do not be afraid to experiment. Add new items on the menu and offer your customers exotic cuisine sometimes.
Offer Good Customer Service
Good food is great but excellent customer service is vital to restaurant success. Treat your customers and they will keep coming back for more.
Use Restaurant Resources
Take advantage of resources like books, TV shows and magazines. You can get excellent tips on restaurant management from these resources.
You should also watch TV shows to get more inside knowledge about running a restaurant.
Finally, buy classic books on restaurant management and apply the tips in these books to your business. These are some ways to make your restaurant a huge success.