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Critical Success Factors for Restaurant Business
critical success factors for the restaurant business that are considered features of a good restaurant business. Successful restaurants recognize these characteristics and work accordingly
As stated by the MAC, a business accounting intelligence agency, there are 5 fundamental success factors specific to restaurant industry. If you succeed in those 5 factors you are guaranteed to have a very successful restaurant.
Access to niche market
You don't want to be a jack of all trades, or offer food that is already offered by the majority of restaurants in your area. Pick a distinct and unusual cuisine, and corner the market on that product, and cultural experience. Research is a critical success factor here for your niche choice, and it is vital to check what is currently trending.
Effective quality control
You must always strive for the best quality of service and product. Without the right systems in place it is easy to make a mistake. Remember – it only takes one bad experience to damage your reputation. How can you ensure that your service and food is of the highest quality possible? One critical success factor for restaurant quality control is the mystery shopper.
Access to multi-skilled and flexible workforce
It is already hard to find a skilled and motivated staff, something which may become even harder after COVID-19. It is good to have access to the pool of workforce at any given time to reduce the cost of hiring and reduce any interruptions to your everyday business.
Having a loyal customer base
This guarantees good cash flow management as well as plenty of word of mouth recommendations. So how can you build such a base? First you need to reach out to your potential customers. Then provide exceptional service. Finally foster your relationship with them, try to recognize returning customers, and make them feel special. The first and the last point in the process can be accomplished with the use of online marketing.
Effective cost controls
Make sure each portion you serve is of the same size. Also, make sure that every item in your menu is costed and updated on a regular basis. At MAC we help our customers cost their menu and set appropriate cost controls.
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