While great food and service continue to contribute to the success of any restaurant, restaurant owners must do more to ensure that their operations flourish. Successful restaurant owners know that keeping a close eye on metrics is the key to supporting top-notch performance and fat profit margins. With this in mind, let’s take a look at four statistics all restaurant owners should care about.
Statistics to assess employee support of sales initiatives
Restaurant owners know they can make more money by engaging in cross-selling (e.g., asking patrons whether they would like accompaniments to their entrées) and up-selling (like suggesting that a medium-size drink be upgraded to the large size). They also run other types of marketing campaigns on a regular basis.
However, it’s impossible to maximize the profit-generating potential of these initiatives if employees do not fully support them. Reviewing POS data breakdowns by employee is a good way for restaurant owners to determine whether – and how well – staff members follow through on cross-selling, up-selling, and mentioning special offers to customers. Using video to observe customer interactions is effective, too.
Statistics related to loss prevention
Most restaurant owners are loath to think about it, but some employees do steal from the hand that “feeds” them. In fact, according to the U.S. Chamber of Commerce, an estimated 75 percent of employees steal from their employers, and many make a habit of it.
Training and corrective measures can reduce or minimize employee theft—but only if its source(s) can be identified. Exception reporting using advanced business intelligence and/or integrated video/POS technology can help restaurant owners attain this objective by spotlighting patterns of high-risk behavior, such as no-sale “ring-ups,” cash refunds, and low-dollar transactions.
Statistics tied to operational processes
In order for their establishments to be truly successful, restaurant owners must be certain that employees are upholding the standards and following the procedures they have set for their operations. Information about whether this is occurring—and to what extent—can be garnered by reviewing detailed reports that take into account data from the point of sale and labor customer management systems, customer comments, and more, as well as through video analytics. A look at these statistics should bring exceptions to restaurant owners’ attention and afford insight on sales conversions, checkout efficiency, store cleanliness, open-and-close procedures, and more.
Statistics pertaining to customer traffic patterns
Customer counts are only the beginning here. Restaurant owners also need to maintain a handle on the duration of time customers stand in line or remain at tables and how long they will wait for service in a line or at a table before leaving the establishment. The insight gleaned from reviewing these statistics (point of sale data analytics and integrated point of sale/video analytics) can then be applied in several ways that have a positive impact on the bottom line. For example, staffing levels and food preparation schedules can be adjusted to better match traffic patterns—no more risking a loss of business because there weren’t enough servers on hand to take orders in a timely manner or because of a reservations glitch that occurred when the average table turn was improperly calculated. Restaurant owners can also create more effective marketing campaigns when they have a clear assessment of customer traffic patterns.
With competition at an all-time high and customers becoming increasingly demanding, restaurant owners need as much ammunition as they can get to stay in the game. Paying attention to the statistics discussed above remains a powerful, competitive weapon.