Owning a restaurant is lovely, but restaurant management can get overwhelming. According to Perry Group, 70% of restaurants that make it past their first year close down within three to five years. In total, 90% of independent restaurants restaurants close during the first year, with five years the average live-span. On the bright side, 90%…
You’ve spent countless hours setting up your business, from the very product that you sell to the site that you sell it on. Now it’s time to come up with an effective marketing strategy. You’ve likely done a bit of research and have found countless blog posts promising to bring in more organic traffic through…
Restaurant management is not easy, and it is tough to find the formula for how to run a successful restaurant. Managing a restaurant, bar, or cafe is tough – and it involves a broad array of skills, from managing inventory and suppliers, to managing finances and running marketing, as well as hiring, motivating and firing employees. Hospitality consultants The…
Restaurants – and in particular, dining chains – are slowly but surely dying off. According to restaurant industry tracker TDn2K, 2016 was “the worst year for the restaurant industry since the recession.” Big names like TGI Friday and Chili’s, for example, faced significant sales slumps. And, as usual, the millennials took the blame. In a…
Starting your own small restaurant or cafe can be a dream – but you’ll need help along the way, along with some starting capital. Our friends at Fundera offer some answers to the funding question with this guestpost below, answering frequently-asked questions about restaurant financing. Whether you’ve always dreamed of opening your own restaurant or…
Red Robin offers some of the best burgers in America and its sales are very impressive. BusinessWire reports that its total revenue was a whopping $315.4 million in the second quarter of 2018! Aside from some truly delicious burgers, part of their success can be attributed to their loyalty program which incentivizes customers to keep…
This post was shared by our friends at Upserve POS – a restaurant management platform built by restauranteurs. Many new restaurant owners make the mistake of focusing too much on acquiring new customers rather than working to retain the customers they already have. Harvard Business reports that increasing customer retention rates by 5% increases profits by 25%…
Your customers are online – you should be too Just like F&B businesses can take on many different forms and styles, there is no single solution to online engagement for food-related businesses. That said, there are a handful of steps any F&B business owner can take to boost engagement over digital channels. Consider this checklist…
Avoid the banana peel of common loyalty program pitfalls Harvard Business Review says that businesses find it 5 to 25 times harder to get a new customer than to keep an existing one. Another research from consulting giants, Bain & Company supports the HBR findings. It argues that retaining just 5% of your customer base can increase profits by…
Reviews reveal what your customers see; often, the little details you’ve missed Word of mouth marketing has gone digital.These days, online customer reviews work the same way as in-person word of mouth, with 84% of people trusting reviews as much as a personal recommendation. With that kind of percentage, F&B businesses would do well to…