In any kind of business, there's really only one way to tell if you're profitable––and that's if you're making more money than you spend.
In the restaurant business, it's no different. That said, there are a few ways restaurant owners can ensure they're on the profitable side of this time-tested business equation.
Are you opening up, or have you just opened up a new restaurant? Here are three ways to make your new establishment more profitable:
1. Keep Your Customers Coming Back
Repeat business is the calling card of profit. Of course, it goes without saying that you should always focus on getting new customers in your door, but don't forget about the tried and true way to earn a long-lasting sustainable income: repeat customers.
The best way to keep your customers coming back is to deliver good food and service. And you can amp up this strategy by employing a few tactics to keep your customers wanting to come back.
One way to do this is by introducing a customer loyalty program, where prizes and points are earned through frequent purchases. This is a sure-fire way to engage your customers and excite new customers to continue coming back, giving you the repeat business you need to keep afloat.
2. Hire the Best (and Keep Them Around)
Just because you have to "pay" your staff doesn't mean they can't make you money and do their part to ensure you're running a profitable restaurant.
That's why you have to seriously vet the people who are representing your business as members of staff.
Make sure you hire quality people, smart people, go-getters who will make your business look good and your food taste great––and once you do that, treat them right so they stick around.
The cost of training an employee is a major revenue suck, and the longer you can keep quality employees around, the less time and resources you have to spend on-boarding and training new ones. Make sure to create a good work-life balance for your employees and give them all the tools they need to succeed.
3. Tap into Tech
Speaking of tools, if you invest in the right ones for your restaurant, you can save the time and money needed in order to turn a real profit. For instance, the right point of sale system can do wonders when it comes to staff training, communication, inventory, and more. And if you really want to future-proof your restaurant, tools and integrations for your POS system are there to lend a helping hand.
One of the best and most technology-forward decisions you can make for your restaurant to be efficient and profitable is the adoption of a Kitchen Display System.
A Kitchen Display System, or KDS, is a digital screen in a restaurant kitchen that connects directly to the point of sale system wait staff uses to ring in orders. This eliminates the need for printed or handwritten tickets and the lag-time involved in getting the order from table to server to cook.
There are multiple ways a KDS improves the daily operations of a restaurant, from streamlining communication between staff and reducing wastage, human error and the amount of orders returned to the kitchen. AKA more money in your pocket.
Experience the Future of Food Service
Contact Epos Now today for a free 15-minute demo of point of sale software and see how a cutting-edge, award-winning Kitchen Display System can ensure your restaurant is profitable and efficient for years to come.