PROFITS INCREASE

All the organizations, no matter sector, aim to maximize their profit. Below, we will present some basic actions that are able to be applied to the dining industry.

• Prices increase. The most common way for someone to try to increase his profit. However, acting in blind in this way can lead to a reversed outcome, especially if this action is applied in wrong timing and under unstable circumstances.
• Sales increase. Here, there are two ways of achievement; through cover increase or through focused sales policy to existing customers.
• Focus on selling items with a larger margin of profit, either food or beverage.
• Promotion, marketing and advertising improvement.
• Holistic approach for your service. Starting with a warm welcoming, till the appropriate farewell, all together a unique experience.
• Taste boost. Each bite for your customer should be stuck in his memory.
• Pay the appropriate attention to your presentation. In Greece, we use the expression “eyes should be full first”. Here, we are not referring to quantity, but to well and careful presentation, a total perfection.
• Rely on quality. Quality products give a superior taste difference in each dish or beverage, which is something that your customer will pay his respect to.
• Timing! A real science! Timing is the ultimate task to be done in the perfect way. Operation timing, appropriate time margins regarding ordering, food delivery or anything else while a customer steps in at our premises. Delay and early actions are both forbidden. 
• Hygiene and cleanliness must be obeyed and accurate according to plans and HACCP. A careful, well maintained and clean area includes all this that we called before holistic approach, but also to an image that shows health, which is the ultimate necessity nowadays.
• Correct staff choices. Staff selection is crucial and should be done only by professional standards. A mistaken choice might lead to many cost issues, wasting money and salaries and many more unpleasant situations.
• Aim to trends and flexibility to each guest dietary differentiation. Healthy food is finally a must and classic differentiation, such as vegetarians are necessary to exist, in order to extend your menus and be able to satisfy each need.
• Market research for quotes and suppliers, in order to maintain the minimum cost available for each item’s purchase. Organization and experience are key success factors among market knowledge and vendor range, so that this project can be called successful and accurate and be able to find powerful bonds between the customer and the supplier.

At the end, we must point out the fact that it is really painful, time needs to be sacrificed without any relaxation, but always to be aware and always seek for learning and improvement, in order to make a true business plan and constantly monitor it, even if it refers to a restaurant or a retail shop.

FnBpedia Team

ORGANIZATION SUSTAINABILITY OF DINING BUSINESSES AND NOT ONLY

An organization should be called sustainable when it is able to achieve monitoring many administrational tasks and run multiple obligations. Numbers are always the factor that leads and makes the difference, they present reality, trends, relevance, forecasts through an accurate procedure that makes their monitoring able to prevent and recall any mistaken decision or even correct them. It is crucial to mention though that numbers and ratios should be analyzed and studied by specialists and experienced professionals so that they can pass over the correct “reading”. 

Nowadays, we have to take under serious consideration the below mentioned Critical Points that lead to success and maintain an organization sustainable:

• Numbers and Ratio monitoring, such as: number of covers, cover distribution and division, average income per cover (separately in food & beverage or blended), sales of items, income comparison between budget and actual figures.
• Social Media Analysis & Review. Social Media Analysis is already a science that is based on ratios, trends, algorithms and numbers that indicate a clear view for the e-success of each business. Key factor here is the take over of such an action by specialists and professionals. Each one of the business owners should be aware of the cost of advertisement, promotion, marketing and so on, needs to be added to monthly expenses and get a generous acceptance by all means.
• Food & Beverage Cost. Should be finalized before and tuned during the operation. Food cost must be accurate, correct, because through this procedure the final selling price will be born, always under each business strategy policy and maintained stable as a fixed cost, till a change will be necessary to be applied.
• An outlet property should be able to earn from each furniture unit its maximum return. It should be operating in a way that will allow tables to be available for as many times as it is possible for new guests within a day. This may be contradictory for some occasions, but it should exist as a philosophy to each business owner as a beginning point, always being followed by critical thinking for each occasion.
• The amount of staff is also a crucial factor. Allows money to be saved in some over-wasted situations, but the most important is a professional to estimate the efficient amount of staff, in order to give the maximum outcome to your guests. As we can understand, flexibility is an essential ingredient for this point among the previous that will provide success.

FnBpedia Team

Cross-functional management is the one that we will be referred at this article that we present below. It is natural for a capable manager to have the will to climb onto the success ladder of a company and through the hierarchy for satisfy both personal and professional needs. To be able to use manager as cross-functional and multi-functional purposes can be crucial in results and a huge asset. Therefore, is very difficult to build this kind of culture in an organization, but the outcome will bring success and positive atmosphere.
Read more in the below link:

https://hbr.org/2021/08/let-your-top-performers-move-around-the-company

Source: hrb.org

Each company that aims to gain profit, should be aware of its brake even point, the moment that below this point creates profits. The definition in entrepreneurship language can be set up as follows: “brake even point is called this point that the company is balanced with fixed and variable cost and starts create profits above it”.
Read in the below link how brake even analysis can be calculated:
https://www.factorfinders.com/startups/how-to-complete-a-breakeven-analysis