It’s officially Global Entrepreneurship Week!
Global Entrepreneurship Week is a global celebration of entrepreneurship that occurs in the second week of November, from November 14-20 this year.
During this week, people from various countries worldwide come together through local, national, and global events to create solutions for worldwide economic growth.
In celebration, below Bolt Food details a list of the best restaurants’ most coveted secrets for surviving and thriving in the hospitality business. This includes top tips for transforming a restaurant business into one of the most popular places to eat.
If you often dream of owning a successful restaurant, you are not alone. Many who love to cook aspire to be chefs and restaurant owners too.
It is an exciting business to be in but the restaurant industry is not without its challenges.
Successful restaurants are seldom created overnight. Look deeper, however, and you will see some similarities in how they become the big hits that they are today.
Expand customer reach
Unless the restaurant operates in multiple locations or is part of a well-known franchise, it’s a safe bet that a large chunk of the local market has never even heard of it. Partnering with a renowned food delivery service will do wonders to improve visibility and expand the customer reach to thousands of hungry customers daily.
Tweak the menu to offer lunch
If the restaurant typically caters to a higher-end dinner crowd, slightly tweaking the menu to attract a lunch crowd can help the restaurant to tap into a new (and highly profitable) revenue stream. It is important to note that lunchtime customers are looking for quick, convenient options that offer good value.
This can be achieved by creating a small selection of cost-effective meals that can be assembled quickly and offering them at a special, discounted rate.
Another lucrative aspect of offering lunch is it puts restaurants in the running to receive higher ticket corporate orders. All things considered, a well-executed lunchtime menu can mean a midday gold rush for the savvy restaurateur.
Simplify the menu
While it can be tempting to offer an expansive menu to ensure the restaurant offers something for everyone, this “more is more” strategy guarantees sky-high food costs, which will take significant bites out of the bottom line.
A much more effective strategy is to streamline the menu to offer customers a carefully curated selection of only the most popular (and profitable) dishes.
This not only helps to keep food costs low but also makes it that much easier to plan intelligently when it comes to ordering inventory and managing cash flow.
Excel in customer service
A loyal base of customers is the lifeblood of any successful restaurant, not only because they keep coming back but because they are much more likely to recommend the restaurant to family, friends, and strangers on the internet.
Overall, it’s about developing a solid understanding of the customers and keeping updated about their evolving wants and needs.
This will ensure that loyal customers keep returning for more and that the restaurant continues to thrive.
Have you checked out the latest IOL Food & Drinks digital magazine? Read it here.
Now watch: