As 2016 ends and 2017 begins, as owners and operators we must take a hard, yet optimistic, look at how the business is operating how profitable the business is doing. While the month of December trends positive and typically brings in the most revenues of the year, January can hit with uncertainty and a looming feeling of instability. But, you did it, you survived another year and you business is still up and running!
January can bring a sense of new, honestly and a time to assess strengths and weaknesses. If you able to positively assess what should be done to your establishment to improve its well being. Fresh starts can be as simple as analyzing your layout, purchasing new furniture, assessing your food/beverage costs, hiring/training your employees. You can take this time to refresh your reservation systems and renew the your community outreach to embrace the neighborhood.
This assessment can help you stand out amongst the numerous new establishments that probably opened up around you in the past year. As an operator you have the ability to use the new year as a chance to renew your business and create a new draw to your business. This time should be spent improving what you already have to ensure you stay relevant and continue to reap the benefits of hard work and creativity.
As mentioned before, revising your numbers, assessing your costs, especially your labor can be a profitable maneuver to gain additional revenue that may other wise be lost. By focusing on your organizations numbers, streamlining a single financial goal and running as lean as possible the new year will absolutely be profitable. By standing by your core values and having you management and staff behind you, you will find your establishment running profitable.
By ensuring that your management team has detailed weekly labor and cost reports, along with cost goals you will find your team working towards a general goal. Empower them to make decisions that will benefit the business and listen to their ideas and suggestions. Those who are in the restaurants on a day to day basis typically have ideas that can provide sustainable bottom line growth.
Remember, a new year does not need to change everything. The changes can be minuscule, but can lead toward financial stability and a loyal customer base. Be honest with yourself and do not be afraid to admit if something is not working the way it should be. A new year can be the start of a leaner business that is more profitable and more focused on customer engagement.
