Village Inn Restaurants
What next?: How to survive in a tough economy restaurants
Restaurants such as Bennigan's, Posadas Village, Old Country Buffet Bonanza, Black Angus, and have Fatburger all went bankrupt U.S. in the last 18 months. This is an ordeal that the restaurant industry is not immune to current economic crisis. This crisis has left independent, chain and franchise operators not knowing what to do now?
Before addressing the question we will consider what we know about today's business climate. We know consumers are spending less. Given the lack of easy credit, the substantial loss of wealth and massive job losses, consumers simply do not have the buying power they once enjoyed. Accordingly, we conclude that total expenditure will result unless a combination of restaurant visits less frequent and less spending on each visit.
Given this reality, there are three things that restaurant operators do now to improve their ability to survive and thrive: (1) Set the noise (2) Adjust market opportunities, and (3) Adjustment of its operations.
Tuning-noise
Most of us are inundated with negative information about the economy. It is difficult to ignite a media source without getting a bad report economic news. While it is useful to monitor industry trends and relevant news is important to avoid trapped in depressing economic hysteria.
The fate of AIG, General Motors and Chrysler, is not something that can impact likely. Spending too much time on such macroeconomic concerns may become a distraction. In the current circumstances, our operations of the needs of our comprehensive, focused, and sober attention. muting some of the noise sources can be useful.
Tuning in your market opportunities
In his book, 2008, in line: Discover the unique opportunities leading to business progress, Craig Stull describes a powerful "in tune" Process for the delivery of products and services that resonate with consumers. The author believes that by understanding their customers and their development needs, which are more able to create products and services that succeed in the market.
Now is the perfect time to look to new market opportunities. You may want to consider how the needs of their customers have changed in recent months, if their current job promotion, or if your marketing channels are reaching the intended customers. The hope is that by focusing on your guests and potential customers, you can discover new ways to increase traffic and sales.
Tuning up your operation
Nobody can afford to leave profits on the table today. So, once you know what your market wants and how to reach them, the next step is to ensure that your restaurant is operating efficiently. Assuming you have identified some new ways to increase sales by focusing on maximizing margins and control costs will help you better understand the benefits. Your menu recipes, production practices and service standards are good places to start.
Did you analyze the performance of its menu lately? Has consider removing the slow-selling items? Have you thought of replacing low-margin items? Got a feature or promote popular articles high margin? These are just some easy ways to improve their bottom line.
When it comes to recipes and production practices, has proven no new product recently? Have you looked at the size of the batch recipe and routines to reduce waste production. By producing batches more often small can improve quality and reduce waste? Finally, have minimized waste associated with over portioning and service failures. I admit that these nuts and practical aspects of the company are not sexy. However, sources are often overlooked benefits of exploiting.
Was Winston Churchill who said: "It is a mistake to look too far. Only one link in the chain of destiny can be handled at once," As much as I am in favor of an approach strategic for the company, I must agree with Mr. Churchill. Times like these force us to Tune-noise, join the market opportunities, and fine tuning our operations.
About the Author
Shed Wallace is the founder of www.EateryCoach.com and the www.EateryTribe.com blog. His career highlights include culinary and food & beverage director roles with leading hospitality companies like Darden Restaurants and Royal Caribbean Cruise Line..
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