It’s no secret that all of us are in business to make money. Most of us are looking to increase return on investment, and for that businesses need to grow. This can come in a number of different ways including through profits, value added, sales and people. With growth comes both challenges and rewards. Once our business is alive, it will grow just like a living thing and changes will occur.
If you’re not putting in the energy to grow your restaurant business, then you’ll be vulnerable to the competition as they slowly take away some of your market share and your business may decline. Here are a number of approaches that can be applied for business growth.
Growth in your market
Starting-up and establishment will usually involve taking some of the business from established competition. Using sales, advertising and promotion can build market share. However, it can be difficult to maintain growth achieved in this manner. It’s important to reach out to new clients and maintain growth through enhancing facets of your business.
Increase the spend of your existing clients. This is a common and effective approach used by the hospitality trade. Increase profit by offering associated products and services in addition to securing return visits.
Communicate to existing clients.
If they’ve already been to visit you, they know what you offer and the experience that you deliver. Provide regular reminders so that they can remember you when they want to go out to eat. You might want to offer incentives to visit such as loyalty cards and discounts.
Develop your menu
Adding new ‘features’ to the menu of your restaurant or even to your business’s unique experience of dining can generate return or addition clientele. Those who previously only offered lunch or dinner can also offer breakfast. Live music or a comedy show can be offered.
Although you may seek to grow your restaurant business every day, how this is achieved, is sometimes not always obvious. It’s a matter of selecting the growth path that will be sustainable over time.