{"id":27896,"date":"2015-12-02T12:34:25","date_gmt":"2015-12-02T12:34:25","guid":{"rendered":"https:\/\/www.arffinancial.com\/development\/?p=4227"},"modified":"2021-02-24T16:42:31","modified_gmt":"2021-02-24T21:42:31","slug":"big-plans-for-your-restaurant-in-2016-be-financially-prepared","status":"publish","type":"post","link":"https:\/\/www.arffinancial.com\/development\/big-plans-for-your-restaurant-in-2016-be-financially-prepared\/","title":{"rendered":"Big Plans for Your Restaurant in 2016? Be Financially Prepared"},"content":{"rendered":"<p><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/11\/budget-plan.jpg\"><img class=\"alignnone size-full wp-image-4260\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/11\/budget-plan.jpg\" alt=\"budget-plan\"><\/a><\/p>\n<p>Being financially ready to make big changes to your restaurant isn\u2019t just about understanding your budget. Current trends, shifts in customer behavior and the restaurant experience itself all play a role. If you have something big planned for 2016, these tips can help ensure success.<\/p>\n<h2>Assess Readiness<\/h2>\n<p>Take a look at your current income, expenses and resources. Do you have enough to realistically move forward with changes to your restaurant? If not, how much more would you need to cover all the bases?<\/p>\n<p>Going forward with any kind of change is risky, and you don\u2019t want to take that risk if you\u2019re not sure your business can support it.<\/p>\n<p>If you feel certain that changes will help your restaurant reach new heights, <strong>consider taking out a <a href=\"https:\/\/www.arffinancial.com\/development\/loan-products\/working-capital-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">working capital loan<\/a> to cover the cost of renovations without hurting your cash flow<\/strong>.<\/p>\n<h2>Do the Math<\/h2>\n<p>An in-depth understanding of your budget is a key part of determining whether or not your restaurant is ready for change. <strong>Make a list of all the things you\u2019re envisioning, including<\/strong>:<\/p>\n<ul>\n<li>Moving to a new location<\/li>\n<li>Opening a second location<\/li>\n<li>Expanding your current location<\/li>\n<li>Adding a bar<\/li>\n<li>Obtaining a liquor and wine license<\/li>\n<li>Updating your&nbsp;menu<\/li>\n<li>Changing theme or design<\/li>\n<li>Adopting a more sustainable approach<\/li>\n<li>Changing your advertising<\/li>\n<\/ul>\n<p>Depending on what your desired changes will cost, you may need a <a href=\"https:\/\/www.arffinancial.com\/development\/loan-products\/lines-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">business line of credit<\/a> to cover the expenses. If so, loan payments must be taken into consideration when working up a new budget. Also consider the money you\u2019ll need to put toward rent, new staff, expanded inventory or increased supply prices when budgeting.<\/p>\n<h2>Check the Trends<\/h2>\n<p>What people expect from restaurants is always changing, and <strong>your restaurant needs to move with the times to remain profitable<\/strong>. Whether it\u2019s offering the organic and local food your customers demand or installing point-of-sale systems that accept NFC methods, be sure to make the latest trends part of your plans for change.<\/p>\n<h2>Update Your Business Plan<\/h2>\n<p>In many ways, a major change is like a new start for your restaurant. Work up a business plan accordingly using the same methods you did when first starting out to give you a clear picture of your business landscape.<\/p>\n<p>Be as clear and detailed as possible, outlining all the intended changes and the associated financial requirements. Make projections based on current performance to show the potential growth that the proposed changes will bring to your business.<\/p>\n<h2><a href=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/11\/lady_server.jpg\"><img class=\"alignnone size-full wp-image-4262\" src=\"https:\/\/www.arffinancial.com\/development\/wp-content\/uploads\/2015\/11\/lady_server.jpg\" alt=\"lady_server\"><\/a><\/h2>\n<h2>Focus on Customer Experience<\/h2>\n<p>How customers feel about your restaurant has a direct impact on every important financial metric. Without satisfied customers, you won\u2019t bring in the money necessary to continue growing your business in the long term.<\/p>\n<p><strong>Whatever changes you implement, make sure that customer satisfaction doesn\u2019t get lost in the shuffle.<\/strong> Maintain a clean, inviting atmosphere, train your staff well and stay focused on the vision that made your restaurant popular in the first place.<\/p>\n<p>If all the numbers check out and customer attitudes are positive, you should be right on track for the changes you want to make to your restaurant. Do all of your research before forging ahead into new territory, and watch your business grow in the coming year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Being financially ready to make big changes to your restaurant&#8230;<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[13,690],"tags":[],"class_list":{"0":"post-27896","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-news","7":"category-restaurant-financing"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Big Plans for Your Restaurant in 2016? 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