Last updated 3 years ago
Here are ten tips from Jordano’s FoodService on building your restaurant revenue through creativity rather than simply raising the menu prices. Let's look at each one and see how it stacks up.
1. Make sure all of your food costs are in line. The average food cost in restaurants hovers around 33 percent. There are some fine dining houses that creep to 40 percent while some great, well-run operations can maintain a 28 percent food cost. Remember, this is an average. The key to a perfect menu is perception, value and food cost balance.
If you aren't tracking it, you won't know if you are in line or not. If you are tracking it, you should be on the constant lookout for prices going up and always asking your vendors for the best possible deals and viable alternatives.
2. Analyze profit margin as closely as you analyze price. If one of your menu items is priced at 40% food cost, then another menu item needs to be at 20% to maintain your average. That's one of the reasons many restaurants mingle reasonably priced pasta on the menu with a high priced lamb sirloin. The pasta will deliver more profit to the bottom line at $14.00 that the lamb will at $25.00. This is why you plan your menu pricing structure at the same time you develop your menu - so you have balance in your margins and for the palate.
3. Add items that tantalize taste buds and increase profits nightly. Make your specials, special.
4. Appetizers, desserts, soups, salads and side dishes all bring joy to the table and profits to your pocket. There are some very simple recipes that you don't need pastry chef to create that are highly profitable. Not only should you offer exciting, tempting and new dishes with good margins, you should also make sure your staff is properly promoting them to your customers.
5. Remember, remind your servers what business they are in: Sales. They work on commission. And, depending on how they do, they also realize increased revenue while you realize more profits. Figure out who your best servers are and ask them to mentor the weaker performing ones. Anyone who really doesn't get it needs to be replaced as they are costing you money.
>>READ TIPS 6-10 HERE
Last updated 3 years ago
Business Processes and Systems
Datum takes a holistic management approach focused on aligning all aspects of an organization with the wants and needs of clients. We promote business effectiveness and efficiency while striving for innovation, flexibility, and integration with technology.
Datum looks at the sum of all experiences a customer has with a business of goods or services, over the duration of their relationship with that business. From awareness, discovery, attraction, interaction, purchase, use, cultivation and advocacy.
Datum works with customers on transferring day-to-day related management responsibility as a strategic method for improved effective and efficient operations inclusive of Production Support and lifecycle build/maintenance activities.
Datum looks at how software can improve business efficiencies, maximize best practices and allow a business to improve the customer experience.
Datum works with customers in building a cohesive system of organizations, people, technology, activities, information and resources involved in moving a product or service from supplier to customer.
Datum applies best practice and our proven methodology to each customer to ensure that critical business functions will be available to customers, suppliers, regulators, and other entities that must have access to those functions.
Datum is a full-service provider that can implement best-of-class technology in order to provide the infrastructure to implement strategic solutions.
Loyal customer relationships are the ultimate competitive advantage for sustaining a profitable business in the long run. With ongoing changes in technology, markets and price-point, Datum looks at loyalty as a steadfast differentiate in customer transactions and product/service experiences.
Regulatory and Compliance
Datum has helped customers adhere to regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls.
Last updated 3 years ago
Don't get eaten by the Sharks!
If you had to prepare and go on Shark Tank, would you get the funding? If you are a watcher of the ABC show, you know it isn't easy, and Mr. Wonderful certainly would rip you a new you-know-what if you're not crystal clear on the specifics of your business.
What specifics? Well you certainly better know your revenue numbers, where your customers come from and customer acquisition costs to name a few, or you could kiss any potential investment goodbye.
So what if you're not pitching an investor or seeking private equity funding, but simply want to grow, thrive, add a new location, hire more staff, buy that new service truck, treat your spouse to a cruise, put your child through college?
Get familiar with data
If you want to beat your local competitors and achieve the things you dream about, you have to start thinking strategically, and when it comes to boosting customer acquisition, you have to get familiar with your business data and Lifecycle Marketing.
What does Lifecycle Marketing even mean?
It's essentially your ability to turn consumers into customers across all stages of the buying funnel and keep tighter control of the process. We've simplified the consumer buying journey into 3 simple stages:
(click to enlarge image)
>>Be sure to download How Consumers Buy Today: Harnessing the Buying Journey to Get More Customers<<
It's 2014...good technology is not just for the big guys anymore
The first thing you have to realize, is that for the most part, practically all new consumers are going to filter through the web (unless you're a tourist shop or bakery relying on walk-by traffic...I'm talking Home Services, Doctors, Schools, Attorneys, Accountants, Auto Repair Shops, Health Clubs, Spas, Salons...). Even any offline advertising or word-of-mouth referrals will trickle through online (consumers need your contact information, look up reviews, read testimonials, search for good content, watch informative videos, elicit feedback from their social networks, etc.). You'll need to get used to leveraging modern digital tools and compliant with the web's best practices.
>>Also read 5 Common Website Mistakes That Can Kill Your SEO (and Tips to Update It!)<<
The second thing you have to realize is that there are leaks in every business' marketing funnel. To maximize the best return, you need to address and fix these leaks along each stage. The easiest place to start is to incorporate a smarter website, functional technology and marketing automation.
So let's get down to it. If you're a small- or medium-sized business that operates in a local marketplace and want more customers, clients, patients, students, residents or members, you need to be able to answer all of these questions. I can guarantee the top local business in your industry certainly can!
How easy do you make it for people to discover you when consumers Search, Surf and Socialize online (desktop & mobile)?
How many of your website visitors turn into a customer?(By the way, the average small business in the U.S. only gets 6 customers for every 1,000 website visits, Source: Marketing Sherpa)
Which advertising source provides the strongest ROI and how do you measure that?
How long does it take your business to respond to initial inquiries?
Are you 100% confident your employees are saying the right things on the phone to potential customers?
How many leads are slipping through the cracks?
How do you stay in front of those “missed opportunities?”
What is your current cost per lead, and what are you doing to drive down that cost each month?
Then, once you have them as a customer, retaining them begins a whole new process. That will be a future topic.
Last updated 3 years ago
One of the most important touch points in the customer buying journey is the phone call. After searching for your products or services on Google (or Bing, Yahoo, etc.) and visiting your company’s website, a prospect’s next likely step is to call you. In the case of a personal referral, a phone call from a prospect can be the very first touch point with your business.
Prospect expectations are very high at the phone call stage because they’re calling to see if you have the products or services they need. If you can answer the phone quickly (or reply immediately to a call you couldn’t answer) and provide the information prospects seek to determine if you’re the right company for them to do business with, you have an excellent chance of winning new business.
Not sure how you’re doing at the phone call stage? Check out these five signs of you might be suffering from phone failure and what you can do to improve your call handling and get more business.
1. You play hide and seek with your phone number.
Phone failure can start even before a prospect or customer calls your business. Excellent phone service begins with the phone number itself and how easy it is for your prospect to find.
The ideal place for your company phone number is at the top of every page on your website. But if you’ve buried the phone number somewhere on your website, you’re making it too difficult for prospects to call you to begin with. So don’t send prospects on a hunting expedition! Make sure your phone number is visible and easy to find on every page of your website.
2. Your phone number is no longer current.
When your customers call, do they hear, “The number you have reached is no longer in service” or do they reach a voicemail that is not assigned to your front desk? Even worse, do they reach a different company altogether?
These scenarios can occur when a company moves or if there are multiple company locations. So it’s important to audit all of your company phone numbers to see who’s answering the other line. You might be surprised to hear who answers.
3. No one answers the phone when it rings.
According to Consumer Reports, 71% of its survey respondents said they felt “tremendously annoyed” when they couldn’t reach a human on the phone when they called a business. And 67% of customers have hung up the phone out of frustration after not being able to talk with a live person.
Does your phone just ring…and ring…and ring…? If so, try to determine why. Then, you can take steps to catch these all-important calls. For example, are you too busy to answer the phone and it’s time to hire a receptionist? Or, would a third-party phone service be helpful in taking after-hours phone messages for you? At the very least, ensure you have an easy-to-navigate voice messaging service in place so your prospects know they’ve reached the right company and that you will follow up with them.
Then, don’t leave them hanging; assign someone to call back those prospects as soon as possible to answer their questions.
4. You’re not monitoring how employees speak with prospects over the phone.
73% of consumers give up on a business because of rude or incompetent staff. However, if you’re not sure how well your employees speak with prospects over the phone, you could be losing prospects. One solution is to invest in call-recording software that helps you monitor calls between employees and prospects.
Call monitoring will help you assess employee performance in terms of professionalism and knowledge of your products and services. With this information, you can then determine if employee coaching or additional product training is necessary. You will also have a deeper insight into your prospects’ needs and concerns so you can devise and carry out successful strategies to win their business.
5. You’re not collecting prospect email and phone number information.
It’s important that you ask every prospect for their email address and phone number and store it in a centralized system or database. When you’ve collected this information, you have the data you need to follow up with the prospect if you’re not able to speak with them at the time of their initial phone call to your business.
Plus, collecting email addresses gives you the opportunity to follow up with them after they’ve bought from you when you have a special, event, or new product or service that may be beneficial to them.