We have focused a lot about cutting costs in your restaurant on this blog. And keeping costs down is important. Restaurants, especially independently owned restaurants, tend to have a much slimmer profit margin than other industries.
This time, however, we are talking about ways you can help boost your revenue and increase the profit your business takes in.
Better Wine Pricing
When restaurateurs think about culinary artistry, they think about caviar or steak tartare; when they think about profits, they think about their wine list.
Unfortunately, many restaurant owners think that they can take any bottle of wine and overvalue it endlessly in order to make a profit. While it may be possible, it's not entirely ethical. Besides, you want your clients to know you respect them. Egregiously overpricing bad wine is a great way to ensure clients never return.
When pricing wine the typical rule of thumb is that with wine by the glass, a single glass should pay for the bottle. But with bottles of wine, a 200-350% markup is more often considered fair, with the most expensive bottles receiving a lower markup.
Offering More Shareable Plates
While the tapas game is old news by now, it remains a viable way for your business to increase what the average customer spends. Tapas and shareable appetizers are easy ways to get your customers to enjoy more food and stay longer, which can hopefully increase the amount of their beverage consumption.
Additionally, many of these item can be made with equipment you already have. A small flatbread appetizer can be made with the same commercial dough sheeter machine and spiral dough mixer as you make your pizza, your charcuterie for your cheese board can be cut with the same electric meat cutter.
Make Your Own Dessert
Given that bakeries are exploding across the U.S. -- their income raising over $4 billion from 2008 ($26.2 billion) and 2014 ($30.9 billion) -- it may be tempting to outsource your dessert needs. It seems like a good idea; less time being spent to make the dessert, less hassle. Unfortunately, dessert has a razor-thin margin in the best of circumstance. Outsourcing it can all but make your dessert sales a wash.
Making money is important in any business, but for restaurants, it is even more important. From finding more ways to use your existing equipment like the electric meat cutter to better sourcing and pricing your wine, you can give your restaurant the edge it needs.
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