How Spending Money Will Increase Your Profits Over Time
Running a restaurant takes passion, dedication and a willingness to embrace change. There may be times when you need to get creative and expand into new territory. This will likely mean making an investment with the goal of improving profits in the future.
Make More Space
The more people that you can get moving through your restaurant, the more meals you’ll sell. Increasing the turnover rate for tables is one way to get bigger numbers, but as your location becomes more popular, you’ll need to add more tables. Don’t just rearrange the interior to make extra room. Instead, add an attractive feature such as a patio, covered porch or balcony. Take advantage of the surrounding scenery to maximize appeal and entice customers to come in and experience the new area. One of our restaurant clients needed $75,000 for some renovations she was able to conduct after business hours. After receiving the funds from a bank within our network she was able to complete the renovations in less than a month, and increased her sales by over $900,000 in one year!
Expansion into the mobile realm takes your restaurant beyond its physical location and opens it up to a whole new set of potential customers. Create a mobile version of your website to make it easier for visitors to find you on their smartphones and tablets. Having a mobile app built is also a good idea. Both of these investments can drive significant growth by increasing the accessibility of your menu and improving the visibility of your brand. Putting in time to increase your social media presence is another way to support growth in the modern market. Make sure that listings for your restaurant appear on Google My Business, Facebook Pages and Yelp. Include all contact information so that your location shows up whenever someone performs a search. Pay attention to ratings and reviews that appear on these sites, and engage with customers to answer questions whenever necessary.
Make Over the Menu
Determine the popularity of the current items on your menu. Drop anything that’s not profitable, and use the feedback you get from diners in your establishment and online to brainstorm ideas for new offerings. Try out your ideas as daily specials and note which dishes get the best reactions.After finalizing the new menu, you’ll have to invest in a design that includes your chosen dishes. Use special text and images to highlight fresh offerings as well as popular picks that have the highest profit margins.
Reach Out with Takeout
Letting customers place orders for takeout brings your restaurant to local businesses and corporations without the need for physical expansion. Add an online ordering option to your website and app to make it as easy as possible for customers to grab a bite when they’re busy. These new daily diners won’t take up tables, so you’ll be able to utilize your existing space to serve a greater number of people.
Don’t be afraid to spend a little money to expand your restaurant. Customers like fresh and interesting ideas. By paying attention to feedback and responding accordingly, you’ll be able to deliver what they’re looking for and create a more unique dining experience. If you need to finance the growth of your restaurant, use our FREE online loan calculator to see how much you qualify for, then fill out our no-obligation quote form!