While the stock market may be up, things keep looking down on Main Street. Restaurants as hurting worst of all as people often turn to eating out as the first expense they can cut. But this isn’t the end of the world for restaurateurs; small businesses in America are resilient. There are a few simple steps you can take to reduce the operating costs of your restaurant and help boost your profits:
Your customers are increasingly using online services like Yelp, Google Local, Seamless and social media to discover new restaurants and events in their area. Combined with the decline in traditional print media as a viable advertising channel, this means now is the time to begin maintaining an online presence. Best of all, this can be a free or low-cost way to bring in new, younger guests with minimal time and effort.
Target Your Regulars
Restaurants thrive on repeat business, and your regulars are the “bread & butter” of your clientele. Focus less on trying to please everyone all the time and instead tailor your dining experience to the valuable patrons who keep coming back. Note what your regulars order, ask them what they value most about your restaurant, and trust in their taste. What they value most is the same thing that will draw others in.
Make House Calls
People love eating out, but they aren’t always in the mood to go out to eat. Introducing home delivery will expand the reach of your business into a market of customers who might otherwise never set foot inside. It also helps increase the size of your customer base without having to expand your dining room. A old bike is the only “new equipment” it would take for one of your employees to make your business mobile.
Learn Menu Psychology
According to the New York Times, the wording you use on your menu can have major effects on its perceived value. One particularly interesting instance is the age-old tradition of ending prices like “$9.99”. While this does give the perception of value, it has the negative effect of being equated with lesser quality. Using simple, whole prices can allow you raise your prices to reflect the increased perceived quality.
Looking for Funding for Your Business?
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