The formula for maintaining a successful restaurant has changed quite a bit as of late. Customers have new expectations and therefore tend to gravitate towards restaurants that clearly cater to their needs. Luckily, there are only a few requirements the average restaurant must fulfill in order to stay relevant and competitive in the eyes of the customer. Smart restaurant owners understand that even though the changing landscape might seem intimidating at first, the expenses involved have the potential to generate unprecedented amounts of revenue and popularity.
These owners are also likely aware that alternative business financing companies like United Capital Source specialize in restaurant business loans that give such businesses the means to take advantage of their industry’s most promising investments.
Here are three strategies utilized by successful restaurants all over the US:
1. Company Culture
Labor costs are on the rise, so you’ve got to make sure every employee is worth every penny you pay them. But recruiting better talent doesn’t just mean searching for the most qualified or experienced candidates. In 2010, Sir Richard Branson revealed at a business conference that he doesn’t hire employees based on their résumés. Instead, he hires the candidates who display the highest capacity to learn and the most positive attitudes. An abundance of friendly and outgoing workers is the foundation of company culture, which has significantly increased the appeal of businesses such as Starbucks, Chick-fil-A, and Outback Steakhouse, just to name a few.
Today’s restaurant owners must take an active role in searching for and training new talent. They cannot simply post ads on the Internet and expect the best candidates to respond. It’s also not wise to only take action right you need your new hires because this will drastically diminish your pool of candidates. You probably don’t have time to devote so much attention to the hiring process but with the right funding program, you can recruit the best candidates while running your business smoothly.
Among the most suitable programs for taking on new hires is a Working Capital Loan, which supplies an amount approximately equal to the cost of regular expenses, or more if you need it. Operations and revenue might slow down while you seek out new hires and teach them the necessary skills but a working capital loan would allow you to cover bills, rent, payroll, etc for several months without risking bankruptcy. If you plan on recruiting during a rough patch for your industry, or if you’re experiencing slow period, it is possible under the right circumstances to adjust your terms accordingly and accept smaller payments until business picks up.
2. Social Media
In addition to standout traditional employees, successful restaurants often possess in-house social engagement specialists who enhance their online presence more every day. Many restaurants use social media solely to advertise a new offer or menu item but you can’t just do the bare minimum if you intend to compete with the giants of your industry. Your social media accounts must be updated on a constant basis and foster dialogue with your followers.
Some great ways to do this include posting educational content about your items or videos applicable to The Big Three: Facebook, Twitter, and Instagram. You could film your chefs having a blast at work, your guests discussing their experience at your restaurant, or your high-energy, cheerful team in action on the floor.
Such content could also prove very helpful when it comes to attracting new talent. Potential candidates will examine your social media accounts when considering your opening in order to determine if your restaurant contains the company culture they thrive in. Making videos is time-consuming but remember, that’s what additional funding is for.
3. A Menu That Reflects Your Brand
Not too long ago, restaurant owners were under the impression that the most eclectic menus were the most attractive to new customers. In 2017, however, customers associate variety with a lack of identity. They are more attracted to menus that communicate a theme or specialty. Your menu is the first thing new customers will look at when they visit your website, so it’s important to make sure you are showing them that no one does ___ better than you.
Restaurants that specialize in a specific type of cuisine likely have to order excessive inventory, which can be an issue thanks to seasonality. Numerous investments must be made to capitalize on the busy season but the busy season comes after the slow season, when sales are down. United Capital Source has lifted dozens of restaurants out of this dilemma with credit card processing loans, a.k.a Merchant Cash Advance, a funding program that provides a lump sum of capital today in exchange for a percentage of future credit card sales. You could order all the inventory you want without having to worry about fixed, monthly payments or struggling to pay your bills because as sales go up & down, so does the amount you pay.
No Time To Waste
At United Capital Source, we understand that investments like new hires or excessive inventory are time-sensitive. They must be paid for by a certain time in order to produce the highest ROI. This is why UCS is able to approve restaurant business loans in just 24-48 hours and distribute funding in a matter of days. You could start your social media campaigns immediately, maximize the likelihood of you recruiting the best candidates, and receive discounts for ordering inventory in bulk ahead of the busy season. These investments aren’t exactly easy but our application process is as simple as it gets. You can focus on growing your business while we develop funding arrangements that are right for you!