This is a familiar scenario for all restaurant owners: you have a limited marketing budget with which you are supposed to increase the restaurant’s profitability. Do you spend it on attracting new customers to your restaurant or on nurturing relationships with your existing customers so they’ll come back for more?
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According to the Straits Times, Mr Kim Soomin, a partner at Unison Capital, stated that they have had "multiple enquiries since the news broke, from potential business partners ranging from individuals to food and beverage companies that already have business operations in Singapore and some financial investors too."
If your goal is to expand beyond one outlet, understanding your business’ needs at different points in time is crucial.
The challenges you’ll face at each stage of your business growth are very different. While it is tempting to work on things like optimising workflow or reducing food cost, they may not necessarily be what requires your attention most at that time. This article gives an overview of the problems faced by F&B businesses at each stage and suggestions on the type of POS system that can help to counter them.
Much of a food business' revenue comes not from new customers, but from people who have already been there before. Assuring customer satisfaction is hence equally, if not more, important than creating awareness of your F&B joint. So how do you make sure that your have a healthy, growing number of returning customers?
According Japanese government records, the average profit margin of Japanese F&B outlets is 8.6%. Even large restaurant chains struggle to reap profits of more than 10%.