The options are infinite for restaurant owners looking to improve business. But stagnancy can smack your restaurant in the head when you least expect it, forcing you to make a decision for your next move as soon as possible. A slow period must only be viewed as a notion for an exceptionally strong performance in the months to follow. Once you realize all the strategies your restaurant could be taking advantage of, however, you will come to view stagnancy of more of a blessing than a curse.
It also helps to know that alternative business financing companies like United Capital Source exist almost exclusively for dilemmas of this nature. We offer short-term restaurant business loans that allow such businesses to keep customers satisfied as their competitors strive to stay relevant along with them.
Here are some ways restaurant loans can turn stagnancy into a stepping stone:
Makeovers Far And Wide
You know what your customers like, so consider this: Did they really get sick of your menu, or were you just not giving them enough of what they wanted? Now imagine all the new menu items you could add if you were able to purchase more raw ingredients, even those that have gone up in price as of late. Every restaurant aims to find its specialty so it can know exactly which ingredients to order in bulk. A specialized menu will not only foster customer loyalty but also attract new customers looking for the niche items filled by your business. After all, research has shown that customers now associate variety with a lack of identity and are more interested in menus that communicate a specific theme. Yes, eliminating certain items that do not coincide with this theme is a risk but such items were not created for the loyal customers any restaurant needs to survive.
New Life, New Digs
A restaurant’s new identity must extend far beyond its menu. The new items must be accompanied by something else that stands out, whether it be in relation to drinks, appearance, entertainment, etc. As for the first option, think of how popular craft beer has become over the past few years. Younger customers in particular are willing to pay more for better quality beer, especially if it is served alongside something equally satisfying. Appearance and entertainment tend to go hand in hand because a restaurant instantly becomes more appealing when you are greeted by a series of flat screen TVs posted all throughout the space. Additional decorations, on the other hand, can solidify an atmosphere that complements your menu so much that it influences the choices of customers.
Getting The Word Out
Restaurants should choose their advertising strategies based on their target demographic. For example, a restaurant that caters mostly to older customers or families would be wise to feature itself in coupon booklets or sites like Groupon whereas young adults are more likely to base their decisions on social media. Either way, it’s important to figure out which strategies are most effective early on so you can devote more attention to them all throughout the year, since there is never a slow season for social media or Groupon.
What Does It All Mean?
The purpose of these changes is to overcome stagnancy, which means your restaurant is currently taking in just enough revenue to keep the lights on. But the busy season is around the corner, so the bare minimum cannot take you where you need to be to stay competitive. United Capital Source, however, can do just that by providing restaurant business loans with terms that will ensure your investment is carried out without impeding your ability to pay your employees, bills, and other regular expenses on time. In fact, time is a major element of alternative business financing, since our restaurant business loans can put cash in your bank account in just a few days in order for you to complete your investment right on schedule.
Food suppliers, for example, have been known to offer discounts if you buy in bulk during certain times of the year. You could test out different variations of your desired items on customers and perfect them by the time business starts to pick up just a few months later. New furniture must also be added as soon as it becomes necessary because customers will immediately notice an outdated, shoddy appearance.
Believe It: A Program Exists For This Exact Situation!
At UCS, we understand that it takes time for new efforts to produce results, making traditional monthly loan payments detrimental to cash flow. This is why we offer funding programs that either feature no fixed payments at all or payments low enough to ensure that your revenue stream will not be disrupted. The former option is accessible via credit card factoring, or Merchant Cash Advance. In this case, you would receive a lump sum to be paid back in the form of a fixed percentage of future credit card sales. Without fixed payments, you wouldn’t have to pay set monthly payments that could hurt your cash flow when you need it most.
Aside from growing your business, the primary goal of our restaurant business loans is to build a long-term relationship with you so that when the time comes to take out that second, larger round of funding, you know who to call. And we’ll know your business is fully capable of paying it off while expanding into a whole other level of competition. We’ve dealt with way too many restaurant owners to be unfamiliar with any sort of problem related to stagnancy. We came up with solutions for them, and, as long as you are ready to commit to the investment you’re looking for, we can do the same for you!