Latest AMP News

Reel in New Guests to Spur Growth

Q: My business is growing sales at 2-3% annually only because of price increases. As I’ve raised prices guest counts are dropping.  I don’t think I have any room to increase prices and the cost of running my business continues to escalate. What is the next move to make? 

A: While the economy continues to expand, the workforce has gotten more expensive, commodity prices are on the rise and inflation is knocking at the door for nearly everything else. Add to that the noise a restaurant is competing against such as grocery store prepared food programs, box and delivered meal programs, in home third-party delivery, and new restaurants sprouting up, competition for guest counts is stiffer than ever. If 20-40% of sales come from new or infrequent guests it’s time to yell louder and drive new guest acquisition which, if attracted and converted to regulars, replace lost guest counts. To acquire new guests consider the following:

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Forecast Accurately to Take Control of Your Business

Q: With the recent shifts in the economy my business has become unstable. As we navigate into the next season how do I create more stability?

A: Every The business landscape is changing for restaurants. As the economy shifts pressure has increased while creating new opportunity. Grocery stores continue to offer more hot, prepared foods, third party delivery has put more pressure on meal periods and high performance, and minimum wage along with a tight labor market has led to increased wages. We’ve come to a point where the best operators will survive and thrive while less experienced or poorly placed concepts will struggle. With a keen focus on the guest and employee experience a requirement, forecasting and planning is a discipline that implemented or improved.

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Four Financial Trends Offering a Rare Opportunity

Q: As we start a new year I’m looking at trends in many different areas. I’m curious, what are the major issues in the financial areas?

A: Every year starts fresh with new ideas, energy, hope, interest and challenges. As we begin a new year, the restaurant industry has a rare opportunity to address and fix some issues.

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