5 Traits of a Successful Restaurant Owner
Whether you’re just starting out or are a seasoned veteran of the restaurant industry, it’s helpful to know what your peers are saying brought them business success. We did some research to nail down 5 important traits of a successful restaurant owner. Do you fit any of the below?
- They Know how to Market Themselves
It’s not necessary to hire a professional marketing firm if you already have a solid strategy in place. However, successful restaurant owners know the value of quality marketing plans—and they realize that if done correctly, great marketing can pay off in spades. In staying updated on the latest marketing tactics, staying relevant in your messaging, and staying the course, you’d be surprised at just how quickly your efforts will prove a major success. Don’t forget to keep an eye on your analytics, either: today’s marketing is so data-driven that you’d be remiss to ignore what’s working and what’s not (especially when all of this data is at your fingertips these days).
- They Know their Customers
This goes not just for restaurant owners but retailers and marketers as well. Knowing your customer base is the most critical way to be successful. Unfortunately, you can’t just open up shop and decide who your clientele will be. Consumers are tricky and unpredictable, which is why you can’t really define your customer until you’ve been in business for a stretch of time. It’s helpful to have a set of data you can access, likely through your POS system. These numbers can help you distill popular dining times, order sizes, and check totals. This knowledge makes it easier to drill down to your best customers and market to them effectively.
- They Listen to their Customers
The importance of customer feedback cannot be overstated. Some can be hard to stomach, but it’s helpful nonetheless. Using social media, your website, or comment cards on tables allows guests to rave about their experience or let you know—politely or not—where there’s room for improvement. One key thing successful restaurant owners also do is respond to negative feedback in the timely, professional manner. They understand how much of an impact it can make when a patron feels as though their frustrations were heard and addressed.
- They Know How to Build Relationships
In business, one of the most essential things you can do is have a great relationship with the people you do business with each day. We’re not talking about your customers (even though they are big-time important to be friendly with), but your vendors. Successful restaurant owners have stellar relationships with everyone from the delivery drivers to the suppliers themselves. Why? Someday, you’re going to be in a bind that only your supplier can fix. If you’re on solid footing with them, they’ll be willing to help. Suppliers are also able to cut you deals or give you first dibs on the newest culinary trends.
- They Know When to Reach for Financial Help
In any small business owners’ life, there will always be times when money is tight. Something breaks, food prices rise unexpectedly, an unforeseen bill lands on your desk. Whatever the case, staying out of the bill collector’s way is paramount. This is why successful restaurant owners always have a little extra cushion in their bank accounts through a working capital loan or line of credit. Read all about these loan products at ARF Financial, take a look at our client success stories, and understand how the security of a rainy day fund can help you through your toughest times.