This is probably going to keep happening in the restaurant space.
Free cash is drying up
New cash is very expensive
Labor keeps going up
Unit costs keep rising
If you’re not figuring out ways to manage these costs down, it’ll cause more and more issues. You can’t burn cash forever.
If you want to understand more tools you can use to manage these areas in your business, download my free book linked in my bio 📕✌️
Making a profit doesn't mean you're not losing money!
There are 3 main reasons that Food & Beverage operations lose money:
➡️ Forecasting– Using gut feeling instead of data that you already have! We help you use it!
➡️ Menu Profit – Menu Engineering is not utilized or understood.
We give you the simple tools to see it, use it, and manage it!
➡️ Product Loss – Lack of tools for portion control or identifying waste and theft.
We show you how to empower your teams. Give them a manageable number they can lose, use, waste or give away!!
Not having a clear plan for success could cost you money and time and prevent your business from reaching its full potential.
Send us a DM, comment here, or schedule a free, no-obligation 30-minute consultation at https://lnkd.in/eW655WR to find where you're losing money and how we can manage it better!
How to start a restaurant in 4 easy steps:
1. Get $50K (raise, your savings, whatever)
2. Flush it down the toilet
3. Never think about the restaurant biz again.
4. Take the $250K I just saved you and start a different business.
Unavoidable circumstances forced me to part ways with my father's business.
They say mastery is achieved by walking your own path, not by leaning on the past.
At that point in time I had to decide on a business to start.
I had three options to consider:
managing a scrap shop,
a restaurant,
or a clothing shop.
These options were overwhelming me, and eventually, I decided to run a restaurant business because I had a genuine passion for food.
In the beginning, I didn't even know how to knead dough. My brother helped me learn the nuances of cooking.
From there, I gradually learned the craft and started to focus more on the business management aspect.
I envisioned a simple menu for my first restaurant. When you're starting, it’s better to start simple and then expand further.
Our menu consisted of dosa, idli, parotta, fried rice, and noodles, accompanied by "Teh Tarik", which is known as tea and coffee.
Initially, we didn’t focus on lunch. Our main focus was breakfast and dinner.
Our goal was to provide a fulfilling meal for people commuting to and from work.
A fulfilling meal at a nominal cost was my mission then and now.
#business
🍔 Tired of all the daily restaurant operations? Now 5-Out can automate everything!
It does the hard stuff for you automatically:
1. Makes labor schedules & budgeting
2. Purchases orders
3. Plans daily prep lists
All automatically! More free time for you, more money for your business. Win-win! 🏆
Want to see how? Watch our video👆
Interesting one minute read on how brands dig out their grave and nail the coffin by ignoring consumer shout out for evolving...no matter how big is the brand you still have to grow it by being consumer centric. Listen to your consumer, identify the insight and build on it..
Little Chef died because they neglected one of the most important rules of business.
Here’s what happened:
At their height, Little Chef had 439 branches.
You couldn't go on a road trip without seeing one on the side of the motorway.
Today, you'll be lucky to see the remains of a restaurant that's been poorly converted into a café.
So what happened?
In short, they failed to evolve.
Times changed, new competition came along, and consumer behaviour shifted to expect faster service and lower prices.
And Little Chef was too slow to change.
By 2005, Lawrence Wosskow purchased what was left of Little Chef (234 restaurants) and tried to salvage the brand by lowering prices.
But by that point, culture had changed.
People didn't want sit-down meals, they wanted take-away coffee and a sandwich.
Then Lawrence got ill and had to step away from the business.
Since then, most of Little Chefs locations have been turned into Starbucks and Greggs stores.
The last one was sold in 2017.
The lesson:
It doesn't matter how big you are or how successful your business gets. You can't afford to take your fingers off the pulse.
Culture, customer needs, competitors etc. are constantly changing.
If you don't keep up, it's almost impossible to catch-up.
Little Chef died because they neglected one of the most important rules of business.
Here’s what happened:
At their height, Little Chef had 439 branches.
You couldn't go on a road trip without seeing one on the side of the motorway.
Today, you'll be lucky to see the remains of a restaurant that's been poorly converted into a café.
So what happened?
In short, they failed to evolve.
Times changed, new competition came along, and consumer behaviour shifted to expect faster service and lower prices.
And Little Chef was too slow to change.
By 2005, Lawrence Wosskow purchased what was left of Little Chef (234 restaurants) and tried to salvage the brand by lowering prices.
But by that point, culture had changed.
People didn't want sit-down meals, they wanted take-away coffee and a sandwich.
Then Lawrence got ill and had to step away from the business.
Since then, most of Little Chefs locations have been turned into Starbucks and Greggs stores.
The last one was sold in 2017.
The lesson:
It doesn't matter how big you are or how successful your business gets. You can't afford to take your fingers off the pulse.
Culture, customer needs, competitors etc. are constantly changing.
If you don't keep up, it's almost impossible to catch-up.
https://lnkd.in/dRcUjEnw
business plan for restaurant
Homework Help
business plan for restaurant
Starting a restaurant can be an exciting venture, but it requires careful planning and execution. A well-thought-out business plan is crucial to the success of your restaurant. In this blog post, we will discuss the key elements that should be included in a business plan for a restaurant.
1. Executive Summary:
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The executive summary is a brief overview of your restaurant business. It should provide a clear and concise description of your concept, target market, competitive advantage, and financial projections. This section is typically written last but should be placed at the beginning of your business plan.
Head of Digital | Scale eCommerce, QSR, CPG, Food & Beverage brands | SEO, paid search, paid social, & email marketing
2moIt's wild out there with restaurants. Seems like businesses in the QSR space are seeing rapid growth or rapid decline.