In theory, a restaurant should be recession proof. In fair weather or foul, people with hungry bellies will always need food. And in an era where the average American spends over $3,000 a year on dining out, a restaurant seems like a pretty safe bet. Yet at the same time around 60% of restaurants fold within their first year. Why the disparity? Because it seems like more and more people, especially younger generations are turning to chain restaurants when they’re too tired to cook. Why? Is it because they offer better service, a better customer experience or better food? While local competitors may have the upper hand on the quality of products, the bigger chains have experience building a brand. And, as we often see from companies like Apple, Starbucks, and Coca-Cola, branding is everything.
Deliver Consistency
In an era of political upheaval and economic uncertainty, if there’s one thing people don’t want its unpleasant surprises. And it appears that mediocrity is a small price to pay for stability. Show customers that you can deliver a consistent experience and food that far surpasses what they’ll get in any chain and you’re on to a winner.
Of course, the way to deliver consistency is through operational excellence. Pay your employees well and keep them motivated. In addition, make sure that your ingredients are of high quality. Finally, use software that’s designed by restaurant accounting specialists. This will help to facilitate a healthy cash flow so that you’re never late paying bills, employee wages or shipment of ingredients.
Mission Statement
A mission statement is not an add-on that you tack onto a business for PR purposes. It’s the foundation upon which your entire business is based. Sure, you want to feed people and make money, but if that’s your only mission, you may join the 60% of restaurants that fade into obscurity. In order to stand out in an extremely competitive field, you need a mission statement that clearly defines who you are, what you do, and why you do it.
Do you want to educate people about vegan food? Do you want to be the world’s first completely gluten-free burger chain? Whatever your mission statement is, it’s a defining piece of your restaurant’s branding.
Know Your Look and Voice
Your brand is the personality of your business. It needs not only a distinctive look but a distinctive voice. The best way to find a voice that’s unmistakably yours is through content marketing. Regular social media posts, images, blog posts and videos are a great way to get your customers on board with who you are and start to build a personal relationship with your brand.
Be sure to hop into the Savvy Entrepreneur Private Facebook Community to collaborate, learn and grow with your fellow entrepreneurs and business owners.
Similar Posts by Savvy Entrepreneur:
10 Income Reports by Entrepreneurs for Entrepreneurs
https://savvyentrepreneur.co/10-income-reports-by-entrepreneurs-for-entrepreneurs/
Get More Customers Using Your Website, Email Marketing, and Social Media
https://savvyentrepreneur.co/get-more-customers-using-website-email-marketing-social-media/
Mastermind Groups for Entrepreneurs Foster Accountability
https://savvyentrepreneur.co/mastermind-groups-for-entrepreneurs-foster-accountability/
This is a Collaborative Post
