By optimising your operations at different stages of your business’ cycle, a restaurant can keep growing and not fall into common business traps. In this module, you’ll learn that:
- Maximising efficiency involves fine-tuning internal processes.
- Maximising sales involves creating positive external influences.
- Both maximising sales and efficiency are aimed at increasing your profit.
When should you start thinking of this? Let us look at the different development stages of a restaurant:
- Start of operation: Activate effective marketing to bring in customers and sales.
- 1.5-2nd year: Work towards breaking even. You should be breaking even before your lease is up.
- 3rd year: Work towards maximising profit. A benchmark for a restaurant’s profit margin is 20-30%.