As of 2015, Canadians have increased their spending on dining out for 25 consecutive years. Scaling your restaurant business helps you to increase its revenue exponentially and take advantage of this long-standing trend. Before you decide to scale your restaurant, make sure you have a steady customer base, positive cash flow, and business acumen to make the venture a success.
Streamline Your Processes to Increase Efficiency
You can streamline your operations to assist in scaling your restaurant business. Systemizing processes helps improve your restaurants efficiency to increase its output. Consider revising your menu to improve the efficiency in the kitchen and give you more buying power with food suppliers to reduce costs. For instance, you could offer primarily beef dishes, allowing you to purchase your meat in larger quantities. Think about streamlining your staff scheduling by using apps that assist with managing shifts and time off requests. As your restaurants transactions increase, automate your reoccurring expenses, such as regular inventory payments.
Open Additional Restaurants
Once your restaurant business is operating efficiently and making consistent revenue, you can scale it by opening in multiple locations. Before you open your new restaurants, work with an accountant to determine if it is economically viable to do so. Think about opening additional restaurants that target a specific demographic. For example, you might open a fine dining restaurant in a high-income suburb or a childrens restaurant in a family area. Make sure you have a loyal customer base that would dine at your new locations.
Recruit Staff to Manage Your Restaurant
As you scale your restaurant, you want time to work on your business plan, establish key performance indicators, and conduct market research. When you are making enough sales to justify the expense, consider hiring staff to manage your restaurants day-to-day operations, such as organizing chefs, ordering supplies, and handling customer requests. Try to hire staffers who complement your skill set, if you are an expert in negotiating deals with suppliers, hire employees who have skills in other areas, such as marketing and customer relations. Having experts working in every facet of your restaurant makes it easier to delegate responsibilities.
Increase Revenue Streams
You could scale your restaurant business by increasing its income streams. Consider offering diners a new lunchtime service. You might launch an express half-hour lunch that targets office workers. Shorter sitting times increase the number of customers you can serve while meeting the needs of busy professionals, creating a win-win situation. Apart from offering dining services, you could generate revenue by having your chefs give cooking demonstrations or featuring cheese and wine tasting evenings. At these events, think about promoting your dining services. If a customer attends a cooking demonstration, you could give them a 10% restaurant discount. Scaling your restaurant business may help you achieve your dream of becoming a respected restaurateur. Think outside the box, and use some creativity when choosing ways to scale your restaurant. With determination and sound strategies, you have every chance of becoming a larger player in the restaurant industry.