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The restaurant industry is incredibly interesting. Constantly evolving, restaurant owners across the globe understand that in order to succeed they must continuously improve, consistently think outside of the box, and always have a finger on the pulse of new ways to increase profits. Competition is seriously steep in the restaurant world and that means that gaining a competitive edge is critical to keeping the business running successfully. With annual sales reaching nearly $800 billion, the restaurant industry is a powerful force in the economy. As such, the 1 million plus restaurants in the United States alone are challenged with the task to outshine their competitors and build revenues. So, how do restaurant owners differentiate and then capitalize in order to grow their business? The solution may be as simple as maximizing their restaurant space to make room for big profits in the year to come.
Growth projections are high for the restaurant industry, as seen in the upward trend for the last several years. However, nearly 60 percent of restaurants either fail or change ownership within the first 3 years of opening. With this in mind, keeping profits stable and growing is absolutely essential. From understanding your customers’ preferences to making the most of your restaurant space, maintaining a steady stream of sales is entirely achievable with the right plan. That’s why we have outlined the most notable aspects of how to transform your restaurant space for big profits. Grab a plate and get ready to take a big bite out of these restaurant tips:
Thoroughly understand your operational costs, particularly in regard to food and alcohol. How much food do you order for the week and where does it reside before getting on your customers’ plates? Purchasing fresh, local food is critical to not only maximizing your kitchen space, but to increasing your profits. Establish a relationship with your vendors to ensure a cost-effective plan while eliminating food waste.
Make sure your front of house is stellar. First impressions are everything and second chances are seldom seen in the restaurant business. The host or hostess should greet patrons with a big smile and a warm hello. In addition, too much clutter and chaos sends a negative message to hungry customers. So, make sure your front of house is designed in such a way that is spacious and inviting for the ultimate first impression.
Develop a special experience for your patrons. Restaurant experiences must bring out a number of emotions for diners. Something as simple as a lighting upgrade throughout your restaurant can create an unforgettable ambiance. People remember great tasting food paired with an incredible atmosphere and both of those elements must be working correctly to be successful.
Pay close attention to your outdoor space. Are you currently seating a sizable portion of your customers outside? If not, you’re really missing out on sales. Adding tables is as simple as installing beautiful retractable patio covers & pergola covers or a rotating louver roof system. Not only will this increase profits with additional sales, but will add overall value to the restaurant’s ability to provide a multitude of settings to sit and dine in.
Consider a paint job and general style revision. Even the most well-established restaurants update their surroundings every few years. Thinking only short-term, some restaurant owners ignore this type of investment. However, revamping the design of your restaurant will keep regular customers intrigued and bring in an entirely new set of potential patrons. Think of this as a long-term investment and watch as profits rise over time.
Plan a special event. From big sporting events to a release of a new menu item, there is always an excuse to make a party. Using marketing outlets like social media can provide a special type of buzz around your restaurant. Consider throwing a private party for social influencers in your community. These types of unique events will draw a new crowd and highlight different aspects of your restaurant that may get lost in the daily shuffle.
Create eye-catching, awesome signage. Never underestimate the power of walk-in customers. Your restaurant can increase foot traffic dramatically with a dazzling awning or window cover that displays your logo and brand beautifully. Not only will this serve as an attention-grabber, but signage has been known to solidify brand recognition that translates into repeat customers.
Build or rebuild a bar that attracts thirsty patrons. There is always room for improvement when it comes to the bar space. Are your bar stools maximizing the number of people who can sit down for a drink or quick bite? Do you have an additional bar outside for your patio guests? The bar can easily be covered with a retractable bar awning, which will go a long way in generating revenue and keeping customers coming back for more.
Owning a restaurant is no easy feat and keeping profits up is even more difficult. However, if you are gutsy enough to tackle the restaurant business, making these simple changes to transform your restaurant space can truly impact profits. At RetractableAwnings.com, we provide unmatched quality and customer service to our commercial, residential, institutional, and governmental clients, all while transforming their outdoor space. Contact our retractable awnings experts in the USA or Canada toll free at 866-438-2964 or outside the USA or Canada at (305) 628-2424 or use the live help chat tool for more information on growing your profits with an amazing retractable awning!