There is always a lot of competition when it comes to making high profits in a restaurant and bar. This coupled with the fact that there are also plenty of poor strategies like terrible control and pricing of liquor that could be adding to the downfall of such restaurants means that there is much room to improve. Here are some of the most effective ways you can go about increasing profits for your restaurant and bar:
The first big mistake you would be making is ignoring your existing customers. As a restaurant/pub, the greatest factor working in your favour would be a loyal customer base. These people would also be your greatest marketers since they’ll be directly spreading word about your business either by mouth or through pictures! Work on retaining them by giving discounts for special days like birthdays or anniversaries or giving them complementary items on occasion etc.
Happy Hour is usually targeted towards the younger crowds and has a history of working remarkably well! This is because people between the ages of 18 to 30 usually look for the most affordable spots to get alcohol and happy hour usually doesn’t just have cheap drinks but also has offers like 1+1 or 2+1. This is a great way to grab the attention of new groups of people and let them decide if this could be their new favourite spot!
Marketing is an extensive task but the best hand for you to play. Needless to say, social media has an extensive reach for bars and restaurants. With the right content and pictures, your platforms should just ooze appeal for potential customers. Also remember that people will be reviewing you and if you want bonus points, you’ll engage in such reviews- acknowledge the negatives and be grateful for the positives.
Your servers can be your greatest selling points if you train them right. If a customer looks indecisive about what they want, the server can slowly go about upselling the items in your menu. This is why they have to be trained on what makes each brand and product unique so they’ll have all the descriptions they need at their fingertips to persuade the customer.
The most prominent amount of wastage will always come in the form of liquor costs. Wastage and stealing is a common annoyance in this line of work so you need to have strict control over your inventory. Using your hotel POS systems, keep an eye on each night’s activity so you’ll have a good idea about the inventory when the day starts off and when the restaurant has to close.
If you plan on increasing your prices, don’t bombard your customers with a drastic change all at once. This is a one-way road to them ditching your bar for something they feel is more affordable. A better way to go around it is to have small increases in price that will definitely not shock your customers as much.
It’s a competitive world out there, but these are some of the best ways you can go about reaping those profits when it comes to your business!