The hospitality industry is one that continues to thrive even when the economy is going south. Many people rely on intelligence their managers in ensuring that they are able to not only control the losses, manage the crew, but also make sure that all aspects of the restaurant go not only well, but to be successful as well. Learning some strategies in management will enable you to not only continue, but see your organization thrive.
The first area that many restaurants have issues with loss are labor and food. Making sure you’re not paying too much for the stock, but also keep tabs on things like theft and common stock losses are key to the survival of your business. Keep your eyes open for waste and inventory control will help keep costs low, as you cut the losses of those areas. Balance your timing allows you to cut the cost of labor; make sure you have enough staff for those times when things are busy, but also that you are not overstaffed in lulls, as well. Being able to pay attention to the patterns in your own business, you must do this more effectively. Do not be afraid to pare down staff during slow times, as this is one way that many managers fall short and end up costing themselves much more than they need to be. Also pay attention to employees who may not be doing all they can to give the best customer experience- these are members of a team that can cost you customers and their creating another area of loss.
Promotions are other areas where some restaurants find that they have trouble losing money and not bring in enough business to cover the cost. Using the Internet is an intelligent way to get the word out there cheaply and well. Social networking sites are booming bigger than ever these days and what deals you may have can be easily updated- this also has the added benefit of your company to be marked with a green business, as you are not wasting paper fliers that may end Littering the ground. It’s a great angle to play when promoting, and it should not be overlooked as a great business sense. Play “green advertising” also gets you into the development departments environmentally conscious minded people and really allows you to stand out among the other places that you can still make use of more expensive and less earth friendly way to advertise.
In short, care costs and ensure that you are monitoring developments in customer traffic and timing accordingly as to keep abreast of your inventory can definitely make a world of difference in cutting costs in your restaurant. Stay afloat in these tough economic times by managing a restaurant in clever and innovative way, but also prevent the loss.