7 Survival Strategies For Small Restaurant OwnersJune 7, 2023
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By Greg Garner
The recession has changed the way people spend their money. When markets are down and money is hard to come by, people choose to stay home and not eat out as much. This is one of the ways people choose to cut their costs. No wonder it is a hard time for small restaurant owners. They need to devise new plans for attracting customers and staying afloat. If you are a small time restaurant owner looking for effective strategies to survive in this tough period then here are some useful tips for you.
Revamp the menu
Have a close look at the menu. There may be some costly items that are not selling. Sort out the expensive items and minimize their number. Replace them with less expensive items that may appeal to customers on a budget.
Continue to advertise
Most restaurant owners decide to stay out of advertising when there is a crisis. However, it is essential to maintain a steady advertising campaign. Explore various economical options like online advertising. Utilize various social media sites like Twitter, Facebook and MySpace. Make sure to get noticed. It is easier to create a greater impact with a low advertising budget under such conditions.
Offer early birds discounts daily for ensuring a steady flow of customers. Many patrons are inclined to take a chance on such discounts and enjoy their lunch or dinner. Offer such discounts to nearby schools and offices. Try to arrange promotional events with them and offer attractive packages for hosting parties using your restaurant. This is a win-win situation for all. Students and parents enjoy discounted meals, office workers enjoy discounted parties and restaurant owners get business.
There is nothing like building relationships with customers. Allow your customers to leave their business cards, email address and contact details. Provide them with regular updates, and special discount coupons. You may be surprised to find how frequently your loyal customers return to taste the new dessert and cocktail.
. Do not let the shadow of recession fall on the restaurant. You may trim the expenses related with sales blitz, outdoor events, special lighting, and reduce the number of expensive dishes. However, saving money should not mean sacrificing essential expenses like cleanliness, advertisement or decoration. Make a list of expenses and arrange them according to the amount. Deducting unnecessary small costs may eventually help you in saving a large amount of money. Speak with suppliers and ask about better payment terms.
Keep an eye on competitors
There is no harm in learning good lessons from others. If your competitors have a strategy that brings in more customers, consider using it. Business is a dynamic process where you need to learn and evolve in order to survive.
Focus on local delights
You may offer a special menu for special occasions. There are events year round. Each event is associated with some special local dishes. Make sure to include them in your list.
A small time restaurant owner needs to have patience, work hard and follow a planned approach to overcome a crisis period.
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