Profitability and Turnaround
In our first virtual meeting, we will analyze your Profit & Loss statements to identify problem areas. We will discuss opportunities to decrease costs, increase sales, and then set goals for improvement. Tracking and budgeting prime costs on a weekly basis is the key to improving your profit margins. We’ll meet once a week for an hour to evaluate your progress, set your prime cost budget, and implement new systems to improve profitability. This is a minimum four-month engagement.
How do I improve my restaurant's profitability?
There are many ways to improve your restaurant's profit margin, but first, you have to identify the problem areas. I will work with you to analyze the profit and loss statement and the operation, identifying opportunities to improve and then working with your team to implement those improvements. This could include customer service training to improve sales and repeat business, vendor negotiation to reduce costs, or redesigning the menu to impact the buying decision.
We will dig deep on cost savings opportunities. For example, can you embrace digital menu technology, like QR code menus, to reduce printing costs? Does that fit with your brand? Is there a menu item that requires too much labor to be worthwhile? Is it a sales or profit issue? We’ll develop a new marketing plan that makes sense for your concept. Bringing in a digital marketing expert is a must-have for ghost kitchen operations and virtual brands. But maximizing your Google Business page and SEO is critical for brick-and-mortar concepts too.
How is your staff retention? Employee engagement and satisfaction not only save you money on training, it leads to increased customer satisfaction. Saving money on staffing starts with attracting the right people, and then onboarding and training them in all areas of the business. Retention occurs when employees are happy at work. So, not only do you need to be competitive with pay, you need to foster a work culture that makes people feel like their work matters.
Restaurant turnarounds are difficult, but it may be the deep transformation you need to save your business. Probably the most important principle to consider is this: turnarounds are not sprints, but marathons that require time, patience, and investment. But what’s the alternative?