Setting Restaurant Resolutions for 2021

By Robert Whited Day-to-Day Business Operations Restaurant Financing November 27, 2019

Setting Restaurant Resolutions for 2020Setting Restaurant Resolutions for 2021

New Year’s Resolutions are fascinating. We recently read on Forbes that not even 25 percent of people continue pursuing their resolutions after 30 days, and just 8 percent actually accomplish them. Those are pretty grim statistics, but they’re the norm. That’s why we’re talking resolution strategy today, particularly for your restaurant. How can you take your small business to the next level? Let’s learn some ways to set attainable resolutions for 2021—and reach them!

To start off, we’re going to nix the word “resolution.’” It’s scary and conjures up feelings of panic and stress. Instead, we’ll call these “goals.” In order to reach the goals you set for your business, they need to be SMART: Specific; Measurable; Attainable; Relevant; and Time-Based.

Specific goals have details, data to back them up, and are well-defined. In other words, these goals leave no room for interpretation. They are straightforward and easy for your team to comprehend.

Measurable goals are a must. How else will you judge success? You may have technology incorporated in your restaurant that makes measuring your goals easy (think a POS system that tracks sales or average wait times). If one of your goals is around employee development, you can measure that by the amount of servers you promote or managers who earned a raise. Measuring doesn’t always mean you need fancy tracking devices-it’s all dependent on your specific goal.

Attainable goals are just that—attainable. It’s nice to aim for the stars, but you need to be sure you can at least come close to landing on them. That is to say, your goals should not be out of reach. The less likely you are to reach your goals, the more quickly you’ll get frustrated at your progress (or lack of) and give up. This isn’t to say your goals should be a cinch. They should fall somewhere in between “easy-peasy” and “nope, not possible.” If you do happen to have a rather lofty goal for your restaurant, think about setting smaller incremental goals that will help you achieve your ultimate results over time.

Relevant goals are those based on what is happening in the industry currently. Think about the realities of the market and how your goals fit in. Embrace those realities—don’t fight them, and make sure your goals will be applicable to the climate you’re working in.

Time-Based goals have a timeframe. A delivery date. An end. Without this timeframe established, it’s easy to just keep pushing your goals off into the future. Hold yourself accountable with a date!

What are some great goals to consider for your small business as we head into the new year? Check out these suggestions:

  • Improved customer service
  • Enhanced marketing strategies
  • Increased online orders
  • Improved survey responses
  • Employee development
  • Better digital engagement

Remember the rule: Goals need to be SMART in order to be successful. We hope you’ll take some time this season to think about how you’ll bring your restaurant to the next level, whether it’s through increased awareness or higher profits. The growth opportunities are endless, provided the goals are SMART.

As always, the industry experts at ARF Financial are here to help you realize your ultimate goals with a small-business loan. We’ll help you customize the loan that’s just right for your business—the loan that meets your needs and funds your success. Visit us today for an offer. And happy New Year!