What you need to know
- Communications & Technology
Running a restaurant definitely comes with a generous side dish of business hurdles. A highly-competitive market, constantly diminishing inventory (by sale or spoilage) and routine changes in consumer taste represent just a few morsels owners might find hard to digest.
- Sales and Marketing
Methods for promoting a restaurant are as varied as the types of restaurants there are to promote. In any case, the main marketing objective is to attract new and returning customers.
- Customer Service
Selling great food represents only one part of the equation for prosperity in the restaurant market.
- Staffing & Employment
Statistics clearly show that there's no shortage in restaurant industry employees - nor will there be one any time soon. The National Restaurant Association predicts the industry will add approximately 1.9 million jobs by the year 2016.
- Billing and Accounts Receivable
Eateries should make big bucks in 2007, yet owners may continue to struggle for their piece of the pie. The National Restaurant Association predicts the American restaurant industry will rake in a whopping $537 billion this year, up at least 5 percent from 2006 revenues.
- Vendor Relations and Purchasing
The food service industry consists of a lengthy menu of product suppliers. For restaurateurs, selecting the wrong vendor often correlates into a recipe for disaster. Before contracting with a food distributor, industry insiders recommend that owners follow a few basic steps. Doing so could mean the difference between cooking up sales and putting out fires.
Business risk takes on a new meaning in the restaurant industry. Staff must work with knives, fire, hot frying oil - and that's just the cooks. In the dining room, slick floors from spilled drinks present the potential for slips and falls, while food allergies, piping-hot liquids, theft and grease fires pose just a few more dangers.
Social Media Best Practices & Applications
The restaurant industry has always been in the middle of Internet marketing advances and for good reason. Most consumers have embraced the Internet as a way of planning their social activities, including dining out. Whether they are looking for a place to eat on the fly, planning a special event or seeking out suitable dining while traveling, online restaurant listings and services have become a well-used area on the Web.
- Industry Financials