Growing Your Restaurant Profits.
Growing your small business restaurant profits with Roger Beaudoin, an entrepreneur, restaurateur, consultant and author. He shares his interesting entrepreneurial journey, his initial inspiration for his first highly-successful restaurant, and valuable tips & advice on growing the profits of your small business.
Roger is a successful restaurant entrepreneur and restaurant industry consultant. He serves restaurant clients worldwide. He is the founder of the Sales Stars Server Training Program and the author of “Rock Your Restaurant“, a game-changing guide to restaurant finances, and creator of The Restaurant Rockstars Academy. He is also the host of the “Restaurant Rockstars Podcast“.
Roger founded and operated four restaurant & hospitality companies over the past 18 years. He recently sold the Matterhorn Ski Bar in Maine, a seasonal restaurant and bar which generated over $1 million dollars in sales in just four months (with about 300 seats).
Roger is a classic car enthusiast, skier, and passionate mountaineer & alpine climber with numerous ascents to his credit, including the Matterhorn in Switzerland and Grand Teton in Wyoming.
Host Henry Lopez discusses how to grow your business profits with restauranteur Roger Beaudoin.
10 Tips to Increase Profits in Your Restaurant Small Business
- Optimize Menu Pricing: Regularly review your menu pricing to ensure it reflects the current costs of ingredients and labor. Consider implementing psychological pricing techniques (like price anchoring and charm pricing) to encourage spending.
- Reduce Food Waste: Monitor food waste and adjust inventory accordingly. Implement practices like batch cooking and just-in-time ordering to minimize waste. Measure food waste and keep your staff focused on the goal of managing and avoiding preventable food waste. On average, for many restaurants, food cast should run approximately 30% of revenues.
- Upsell and Cross-Sell: Train your staff to upsell and cross-sell items effectively. For example, suggest appetizers, desserts, or premium beverages to complement meals
- Streamline Operations: Use technology to streamline restaurant operations, from reservations to point-of-sale systems and hand-held ordering and payment devices. This can improve efficiency and reduce labor costs, as well as help with turning tables.
- Offer Special Promotions: Run limited-time offers, happy hours, or special events to attract customers during off-peak hours.
- Diversify Revenue Streams: Consider adding catering services, event hosting, online ordering, or merchandise to diversify your revenue streams.
- Improve Customer Experience: Focus on providing excellent customer service to encourage repeat visits and positive reviews. A loyal customer base can significantly boost profits.
- Monitor and Analyze Data: Use analytics tools to track key performance indicators like table turnover rates, average check size, and customer demographics. Use this data to make informed decisions about your menu, operating hours, and other services you may offer in your restaurant business.
- Invest in Marketing: Utilize social media, email marketing, and local partnerships to increase your restaurant’s visibility and attract new customers.
- Employee Training and Retention: Invest in training programs to improve staff performance and reduce turnover. Happy, well-trained employees can contribute to a better customer experience and, in turn, higher profits.
Roger Beaudoin, founder of The Restaurant Rockstars Academy and host of the “Restaurant Rockstars Podcast,” emphasizes the importance of staff training for profitability. He says, “Your staff are your salesforce; they can either make you a fortune or cost you a fortune. Train, train, train your staff to maximize your profits.”
By implementing these tips and focusing on continuous improvement, you can significantly increase the profitability of your restaurant small business.
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