Having great food doesn’t mean having a successful restaurant. It is true that great food can lead you to a successful restaurant but it’s only one composition. Besides focusing on good food and good service from trained employee, as a restaurateur, you also need to learn how to increase the restaurant’s ROI or return on investment. Here are 4 ways how to increase a restaurant’s ROI!
Innovative is an important key to increase restaurant’s ROI
If you think that all innovation is created by money, you are wrong. Yes, innovation doesn’t always have to cost money. Once you think of building a new restaurant, you have to make it a priority. It could be anything from the choice of foods and drinks, promotion material, marketing planning, and many other things.
innovation is considered as one of the best and fastest ways to increase ROI. All you need to do is be more creative and find great resources to create a good environment. And of course, you will need to have steady planning to do this.
Looking for innovative opportunities is not difficult but doesn’t mean it is super easy. Try to find the best design, communication methods, and system to achieve it. You will be surprised by the time you see the result.
Find out your market to increase restaurant’s ROI
We know that you need to invest a lot of money to have great marketing strategy. On the other hand, good businessmen are who can measure and adjust their marketing hence they can optimize spending. It’s needed as they need to understand their restaurant’s ROI.
There are many effective ways to attract customers. Try those that you think will suit your business plan. Check and monitor how effective they are to increase the restaurant’s ROI. You can keep the successful ones and eliminate the ones that don’t work at all.
Once you get your metrics, study them and try to compare them with your competitors. You can improve your metrics standard to see whether you’re successful. By learning it, you can determine how effective your strategy is in the market. You’ll also begin to view your spending as your business investment.
Maintain and optimize your website
We know that these days smartphone has a big role in our daily activities. According to The National Restaurant Association stated in Restaurant.org, there is 83 percent of adults use smartphones or tablets when they’re looking for restaurants and its detail like locations, directions, and opening hours. There is also a 75 percent look-up menu, 55 percent read reviews, 51 percent takeout, and delivery order, and around 50 percent use special deals through websites.
These numbers prove how important is it to keep an eye on your website in both PC and mobile versions. Maintain your website and adapt to any changing to keep your customers visiting and ordering through it. This way can easily increase your restaurant’s ROI.
Implementing ERP System
Implementing an ERP system into your business will cost you a fortune. However, we know that it is one of the best ways to invest. Because of the high cost of the implementation, ROI will mostly range from 4 to 8 years.
However, you can find many other ERP systems that can help you fasten the ROI. According to the HashMicro customers that using software F&B, they have reduced the IT spending from 3-5 percent of revenue to 0.1 percent by using it. It also offers a better license structure and lower costs for implementation and maintenance. Therefore, implementing ERP System for a restaurant business is a must.
Do you want to improve your restaurant business?