No matter what business you’re in, profit is naturally linked to efficiency. One of the easiest ways to improve efficiency is by installing an online booking system.
RECIPE FOR SUCCESS INGREDIENT CARD
Ingredient
Cooking for Cash-Ideas
Question:
How to improve efficiency and boost profits?
Answer:
On-line booking systems for restaurants
No matter what business you’re in, profit is naturally linked to efficiency. And when restaurants operate on tight 3-5% profit margins you’ve got to be as efficient as possible, whether that means changing your ordering to reduce kitchen costs, installing an online booking system to cut labour, or establishing a payments system to prevent diners from no-showing. There are various methods that you can use to scale your business operations to improve efficiency.
One of the easiest ways to get more efficient is by installing an online booking system. These can save you time and money, and it means you’re able to take bookings 24/7. There’s no need to employ someone to answer phones, respond to emails or confirm bookings – it’s all done for you. Many restaurants in Australia are now taking more than 50% of their bookings online, you can literally be taking bookings in your sleep.
Prevent yourself from bleeding revenue; if a diner no-shows on a Friday night, that’s revenue lost. No-shows cost restaurants major dollars each year, and preventing them is a sure way to keep your revenue rolling. Secure each booking with credit card details to deter customers from no-showing. You’ll have the ability to charge diners if they don’t show up or cancel last minute. You can also take deposits (for example $100 per person) or charge a full payment at the point of reservation. Restaurants using payment systems have eliminated no-shows completely and this is a sure way to pump up profits.
And that’s just the start. Scale your in-house activity by using technology to your advantage. Become a fully integrated business using a POS system before, during and after service, to deliver a flawless customer experience time and time again. Various POS networks can sync with your Res system, providing live updates throughout service allowing you to make the most out of your inventory, coordinate staff, and monitor live table statuses.
The industry really has come a long way. But despite all the changes, one thing is and always will be true, your customers are your very best asset. By developing a solid customer database, you can drive revenue and scale your business choices accordingly.
Build detailed guest profiles, send targeted messages about upcoming events or specials, nurture and develop a relationship with your database, and turn customers into repeat diners.
Whether you’re a small or large venue, restaurants need to look after themselves and scalability is the way to do it.
Method
Imagine how good it would be if your business gave you the money, time and freedom you always wanted…
You are (or will be) investing a lot of time and money into your new food venture, so for your success, it is vital to gain business management knowledge and, of course, discover ways to ‘cook for cash’ from home cooking to small-scale catering to opening a restaurant, cafe, coffee shop…and other eateries.
