Too many restaurants/market saturation combined with scarcity of labor and the resulting inflationary impact on hourly wage rates have created a financial nightmare for many restaurant groups. Declining sales and significantly higher labor costs are materially impacting their bottom line. Despite this perfect storm, there are groups that are prospering and growing their profitability.
How do they do it?
- Renewed focus on the guest – adding value in tandem with raising prices.
- Improving their systems AND knowledge of how to use these systems to bring out waste in labor and COGS.
- Beyond loyalty, communicating with their guests constantly to stay top of mind and drive their intent to return.
- Doing more with less – investing in areas that are ripe for a solid return – such as reducing accounting costs through technology –
- Removing duplicative & low value add costs.
- Becoming obsessed with operations – seeing the stores through the guests eyes.
- Watching, Watching, Watching – utilizing analytics to quickly assess, decide and effect.
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