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Four ways restaurants lose money but don’t have to

Q: I’m losing money and I’ve been trying as hard as I can but I know I need to stop what we’re doing and reinvest/rebrand, we’re just not going to make it as is. What mistakes can I avoid this time around?

Restaurants lose money for a variety of reasons. At the core are improper financial fundamentals. Here are four areas in which restaurants fail and that you must improve to be profitable this time around:

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The advantage of using a consultant in driving your business

Q: I’ve been thinking about using a consultant to help me with my business. How do I know if one is qualified, and what are some advantages of using a consultant?

A: The field of consultancy is a wide open field without regulation. One day it will be regulated, but until then, there are certain qualifications to look for that will help you find a qualified, legitimate consultant who can help with your business. These criteria include certifications, a high level of education, prior experience in a professional services firm, a solid client base, a specialist not a generalist, a thirst for knowledge, a gift for teaching, a decade or more of industry experience in the consulting area, a systematic approach and a high hourly rate.

The following are some advantages of using a trained professional consultant:

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Refresh your business to stay on trend

Q: My concept seems to be getting a little stale and sales are stagnant. It’s time to reinvigorate and reinvest in our restaurant. Where do I start?

A: In 2012 one of the great restaurant brands of the Pacific Northwest failed to make significant change and was sold to a large corporate “brand vacuum.” Regardless of whether you were a fan this restaurant, they were respected for what they did in their heyday. The irony of their demise is that the company was an early adopter and often credited as the originator of happy hour, an innovation that has changed the industry. Yet, in their later years, change was out of reach for the regional giant. You can learn to create meaningful change by following the steps below:

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