5 Important Business Ratios
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This document lists 5 key factors for a successful business: location, atmosphere, menu, employees, and financial performance. It suggests that business owners should focus on choosing the right location, creating a welcoming atmosphere, offering an appealing menu, hiring strong employees, and carefully managing finances.
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5 Important Business Ratios
- 2. Location
- 3. Atmosphere
- 4. Menu
- 5. Employees
- 6. Money
Editor's Notes
- If you want a certain type of clientele you definitely want to set up a restaurant in a well known area. Location also determines volume and profits. Accessibility and parking is also something to think about in the downtown area. The restaurant also should look good and match the area. Competition in the area is also a major factor.
- The atmosphere of the restaurant should be as important as the service. The first impression is always the one the guest will always remember. You want the guest to come back and spread the word. The lighting, furnishings, décor, and texture all play a part on the overall mood and experience of the guest. Having a theme is also very helpful in having a lasting memory. Everyone know of Hard Rock Café even those who haven't dined there before.
- The menu should not be all over the place. Its great to have variety but not so much that the guest cant classify what type of dining the restaurant is. The cuisine should all be under the same category for example if your focus is south western stay with burgers and tex-mex cuisine. Its good not to over price the food especially if the guest could cook the food at home for way cheaper. You need to keep up with food trends and new ways of cooking the food. Making the food more nutritious but keeping the same great taste.
- Employees are the key to success. If you take care of your employees they’ll take care of the guest and the guest will take care of your business by coming back and spending their money. Employees need to express great service to the paying costumer and need to understand how to be team players. In a business like a restaurant you are as strong as your weakest link so team work is key. I work at a restaurant and we always help each other in any way possible.
- Obviously you opened up a restaurant to make a profit. You need to understand that there is a lot to running it and you need to be passionate and dedicated. A lot of factors can mess with your profit that’s why you need to set it up in a good location, have great atmosphere, the menu has to be creative, the employees have to be on point and, treat the guest as if they were your family. Best place to put a restaurant to generate business is around down town areas and shopping mall areas. Another key of success is management.