As we approach the end of the year, many F&B businesses are already getting concerned about consistent cash flow issues. When it comes to keeping a business running, cash is king. When cash is poorly managed, the business will grind to a halt. Managing restaurant cash flow can be tricky, especially if you have some other demanding issues that you have to attend to. Here are some of the best practices and tips to solve your most challenging cash flow concerns.
Restaurant businesses come up with different strategies to reach their goals, get good ROI, footfall, etc, but somehow, things don’t seem to work out. This could be because they are making or overlooking some mistakes that are hurting the business. If you are new in this business, you need a restaurant strategy with specific goals and objectives that are customer-centred to drive revenue. Some strategies may seem good on the surface but they are not entirely profitable. Let’s have a look at these types of strategies.
Fast food chains are a common reference for F&B Consultants when they are giving success tips to start-ups or businesses. The food chains can teach your brand a few things about how to be successful in an economy that has cut-throat competition among businesses in the same industry. But why is the food chain industry booming? To succeed in the fast-moving industry, the mastery of a different set of parameters is required unlike those in the fine-dining sector. Clients in this industry are looking for predictability, affordability, convenience and speed rather than a memorable eating experience.
Running a restaurant is no easy task. There are a lot of moving parts that have to be working correctly and in sync to ensure the success of your restaurant.…
The menu is one of the best marketing tools that a restaurant has at its disposal. Yet this remains a secret of a few successful restaurants. When customers walk in, the menu is the first actual interaction they will have with your restaurant. Many establishments offer generic, fold-out menus with a simple list of the dishes that they serve. This may indeed save you some money on printing, but that's about the only favour such a menu will ever do you.
The hospitality industry can be very fickle. You have to do everything right most of the time, or you or you may face bankruptcy and closure. This shouldn't discourage you though, for there are many restaurants in the Middle East region that have overcome the storm and have been reaping for years. You may be wondering what you would have to do for your restaurant to succeed. Well, for sure you've seen restaurants that were opened but barely lasted a year in business.
It is estimated that many restaurants close about 5 years from their opening due to poor management and other factors. In the UAE, restaurant failures are not uncommon with an excess of restaurants announcing their closure every other week. Seeing as to how easy it is for restaurants to fail and close in the UAE, restaurant owners and managers have come up with the following ways to ensure the success of their restaurants.
An ideal restaurant concept is key to the flourishing of your restaurant or hospitality business. It will help you attract plenty of new customers while keeping the regular ones coming. Expressed in the menu design, style of service, interior décor and even the type of targeted customers, the right concept promises a boost in profits all year long. For a new restaurant, you could take up some of the latest trends in concept development whereas an old restaurant that hasn’t been doing so well, can give the place a little sprucing up to go a long way in helping you improve your business.
Slab over a slice Slab over a slice A little or a lot? That is the question that is seemingly being answered fervently by the new restaurant on everyone’s lips…
Finding the top restaurant consultants in Dubai is not an easy task. Find out what to do before doing your search and what to look for in an F&B consultant.