Does your restaurant have what it takes to thrive, or will it be just a flash in the pan? With this advice from ICE’s industry experts in American Express’s four-part Restaurant Success Series, learn how proper employee training and responding to customer feedback can help build a stable, profitable business. Plus, understand how to create a cost-effective menu that sells and discover how getting your manager out of the office and onto the sales floor can give you a leg up in this competitive industry.
For more tips on staying ahead of the curve, we consulted with ICE Culinary Management Instructor Vin McCann. Below, see his 7-step strategy for developing a marketable product and building customer loyalty:
- Research: Learn about your market—for example, are there already restaurants like your concept (potential competitors) nearby?
- Concept: Differentiate yourself in the market by developing a unique product.
- Strategy: Develop a business plan, taking into account costs, product, design and more.
- Funding: Raise at least 30% more money than you think you’ll need.
- Train: Your staff is the primary factor in whether or not new clients become regulars. Ensure they understand and can execute your vision through thorough training.
- Guests: They are your indicators of success, so take their feedback seriously.
- Observe: Monitor your costs, profits and losses and adjust as needed.
Learn more about the logistics, design and execution of restaurant success at ICE’s School of Culinary Management.