How technology can help restaurants beat inflation
From creating new revenue streams to using the right booking platform like TableCheck, restaurants can find creative ways to deal with rising costs and still maximize profits
With restaurants still reeling from the impact of COVID-19 coupled with the impending threat of global inflation today, restaurants have to find out ways to counter these challenges to remain profitable and in business.
Finding the right balance between being cost-effective, efficient and innovative is crucial for any dining establishment if they want to succeed in this sort of economic climate. If they can do so, then navigating through strenuous business circumstances and fighting inflation, becomes easier.
Here are certain ways in which hospitality operators can fight inflation during tough times.
1. Use technology to optimize business
The use of technology is key to the future of every business.
Be it using the right online reservation system to manage restaurant bookings, launching digital email marketing campaigns, or even just offering the menu using QR codes, there are many ways in which technology can be used to optimize restaurant operations. For instance, the right restaurant reservation platform should be able to capture guest data, with which restaurants can use to improve their guest experience and drive more repeat guests back at the venue.
With TableCheck, restaurants manage and control their own guest data so they can create more personalized guest experiences.
RELATED NEWS: Fuel your success with your own restaurant guest data
2. Reduction in food wastage
This is the pet peeve of every restaurant and most will swear by it. No restaurant wants to have a shortage of any item on their menu but that results in a lot of food wastage. The best way to control food wastage is to track the consumption behavior of customers and regulate the inventory in accordance.
Daily tracking of inventory and going to extreme details is critical for any business to understand where it is going wrong. Sometimes, a small yet concentrated period of detailed analysis can produce results that benefit companies massively in the long run.
With TableCheck Insight, which is part of the TableCheck core package, restaurants are able to see guest spending and see what the guests' preferences are. With this information, they can reduce food wastage and tweak their menu for maximum profitability.
3. Add online delivery to your business
Ordering food online is going to be the norm across the globe with the advent of technology. It allows restaurants to create a second revenue stream, in a cost-effective way. With online ordering, restaurants can also be protected in case of COVID-19 lockdowns.
How to start? Restaurants can inform their existing dine-in customers about this new online ordering feature by offering codes, referrals or special discounts to get them onboard. Not only does it help in generating more revenue, it ensures that more customers come on board with minimal effort.
TableCheck has a feature called Pickup & Delivery, which allows restaurants to create a new revenue stream for their business.
4. Optimize menu for profit
Too many cooks spoil the broth, they say. The same, with certain caveats, holds true for restaurants that have a huge menu, which results in elaborate operative costs, be it in terms of staff or inventory. A reduction in the number of dishes or even cuisines can go a long way in helping a restaurant.
Focusing on things like seasonal food items and highest selling cuisines helps in optimizing operations for a restaurant. In addition to this, even customers prefer fresh menus and seasonal foods; and some creative thinking can help in fighting inflation.
5. Pick the right software
Restaurant software that doesn't really add value can be one of the biggest costs incurred by dining establishments, especially those that focus on online ordering and application-based sales. That's why it is important for restaurants to choose a restaurant platform that answers all their needs while also overall being cost-effective. These are some of the questions that hospitality operators need to answer before onboarding a new online booking platform:
Can it manage my bookings effectively?
Does the service run 24/7?
Can it capture guest data?
Who controls the guest data, the restaurant or the platform?
Does it include maintenance service?
6. Study and observe market trends
The internet age allows businesses to study trends, economics, and forecasts from different sectors quite readily. Keeping updated with recent trends and business reports before taking into consideration any major decision will help a restaurant in keeping strategies in check.
TableCheck Insight is a powerful analytics tool for hospitality operators. They can access data analytics and can see patterns and trends in their industry, analyze different segments so they can make smarter business decisions for their restaurant.
Inflation, economic crisis, and combating market difficulties are big challenges for restaurants in the modern-day scenario. However, with the right strategies, techniques, and implementation, restaurants and eating establishments should be able to tackle inflation.
What we do
Let TableCheck manage your restaurant while you focus on growing your business and delivering what you do best – creating magical moments for your guests.