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5 ways to start saving a failing restaurant:
1. Crunch the numbers. Take the time to review your daily cost of operating; find out what direct costs can be cut.
2. Read online reviews. Yes, we know that you must take some reviews with a grain of salt, but it’s imperative to look for any negative or positive trends.
3. Focus on food costs: DO IT! If you feel your chef is not on it, get on it. Review invoices and compare them to the previous year to understand what is costing you more today. Find some tips here.
4. Evaluate your staff. Review your daily labor costs during lunch vs dinner, look for overstaffing and understaffing. Labor cost for many F&B outlets have different numbers throughout the week.
5. Stop just looking from the inside out and start looking from the outside in; Remember to take a customer’s view point.
New Restaurant Checklist:
Identify what makes your restaurant different.
Develop a clear business plan.
Understand basic accounting.
Research vendor options.
Choose your market for your location.
Research necessary permits for your location.
Invest in marketing.
Identify second in command for FOH & BOH.
Develop a unique & tailored menu.
Conduct soft openings before your grand opening.
Consult with professionals who have experience in the areas you are not familiar with.