Three Occupations In The Culinary And Hospitality Industry Are What to Do Now? How Restaurants Survive in a Tough Economy

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What to Do Now? How Restaurants Survive in a Tough Economy

Restaurants such as Bennigan’s, Village Inns, Old Country Buffet, Bonanza, Black Angus, and FatBurger have all filed for US bankruptcy in the past 18 months. This is a stark proof that restaurants face financial problems these days. The crisis has left independents, chains, and franchisees wondering what to do now?

Before answering that question, let’s take a look at what we know about the current state of business. We know that consumers are spending less. Considering the lack of easy credit, the loss of wealth, and the loss of employment; consumers no longer have the spending power they once enjoyed. As a result, we can also say that spending less money leads to more frequent restaurant visits and more spending per visit.

With these facts in mind there are three things that restaurant owners must do now to improve their ability to survive and thrive:

1) Prepare the sound

2) Look for market opportunities, and

3) Organize their activities.

Fix-up noise

Many of us are inundated with bad news about finances. It’s hard to turn on a media source without finding a financial report. While it’s helpful to monitor industry trends and important news, it’s important to avoid getting caught up in a falling financial crisis.

The future of AIG, General Motors, and Chrysler is beyond your control. Spending too much time on these big financial issues can be confusing. In today’s environment, our jobs require our full, steady, and intelligent attention. Eliminating other sources of noise can be helpful.

Preparing for your market opportunity

In his 2008 book, Tuned In: Unlock the Amazing Opportunities That Lead to Business Success, Craig Stull describes the powerful “Tuned In Process” of delivering products and services that are customer-focused. The author believes that by understanding your customers and their evolving needs, you can create products and services that are successful in the market.

Now is a good time to check the market for new opportunities. You may want to consider how your visitor’s needs have changed in recent months, if your marketing is working, or if your marketing strategies are reaching your target customers. The hope is that by looking at your visitors and potential visitors, you can find new ways to increase traffic and sales.

Prepare your work

No one can afford to leave profit on the table today. So, after you know what your market wants and how to reach it, the next step is to make sure that the restaurant is working properly. Assuming you’ve found new ways to increase sales, focusing on increasing margins and controlling costs will help you generate better profits. Your menu, recipes, production processes, and service standards are a good place to start.

Have you analyzed the performance of your menu recently? Are you thinking of getting rid of items that are not selling well? Have you considered changing the bottom edge? Do you display or promote popular high-end products? These are just a few ways to improve your subconscious mind.

In terms of recipes and design, have you tried anything new lately? Have you looked at recipe sizes and production systems to reduce waste. By making small batches you can often improve efficiency and reduce waste? Finally, you’ve reduced the waste associated with over-distribution and service errors. I agree that the nuts and bolts of business are not fun. However, they are often overlooked sources of unused profits.

It was Winston Churchill who said “It is a mistake to look too far ahead. Only one link in the chain of fate can be managed at a time” As much as I like the way business is run, I have to agree with Mr. Churchill. . Times like these require us to change the noise, pay attention to business opportunities, and improve our practices.

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