Opening a new restaurant brings on a huge financial burden. But implementing the Pilot PoS system enables you to manage costs more accurately and run an efficient business. That’s good news for restaurant owners, especially as we try to overcome the effects of the pandemic.

Reach your restaurant goals through good financial planning

The main priority for every restaurant is to deliver delicious cuisine in an efficient manner within an attractive setting. While focusing on these deliverables will ensure you create a loyal customer base, you also need to focus on the fundamentals of finance to back them up. The key difference between a thriving establishment and a run-down restaurant is good financial planning.

Many restaurant owners often don’t fully appreciate that a strong financial plan is as important to their business as their food and service. To be successful, restaurateurs should have a strategy that includes not only their daily cash flow but also their long-term finances. Take advantage of the new year to thoroughly plan how you will be moving forward and be proactive when it comes to financial planning by implementing the following strategies. 

Confirm your destination 

You can’t expect your restaurant to grow if you haven’t decided the direction you would like it to grow in. While your overall goal for your restaurant may be to improve bottom-line profit margins, you need to plan how you will reach your bigger goal by setting several strategic smaller goals. Turn to your profit and loss statement to see whether expenditure stayed within limits and cut costs in areas where it didn’t. In addition, set specific targets you would like sales to reach in the next year.

Get ready for takeoff

Don’t be that person who goes fishing without bait and make sure that you possess the necessary equipment to catch the fish you want. You need to have the right tools to accurately track your progress and other key metrics like sales and labour cost percentage. Use a PoS system that will intuitively assist in identifying specific aspects of the establishment that drive sales or negatively affect your bottom line. PilotLive is a cloud-based reporting tool that will empower your establishment to eliminate revenue leakage and stock wastage, compare the performance of outlets in geographical groups for analysis, and use powerful visual reporting to better understand business information. Also equip your establishment with a PoS system that integrates with accounting software to give you a comprehensive overview of your financial planning and enable you to conduct accurate reports with ease.

Implement restaurant tools that will help grow revenue and cut costs

Financial planning isn’t the only tool that will help you grow your establishment’s revenue and decrease costs. Investing in initiatives like loyalty programs, online ordering and mobile PoS could deliver impressive ROI.

  • Mobile SmartPoS devices
    You can boost efficiency and accuracy by equipping your servers with mobile PoS devices which will eliminate the need to keep returning to one central system. This will, in turn, boost your revenue.
  • Loyalty programmes
    Restaurants that use mobile loyalty programmes see an increase in the frequency of customer visitation and consumers often spend more to unlock loyalty rewards. Find out more about our PilotMiles loyalty program which can be integrated with your Point of Sale software and make it easy to earn points and redeem rewards.
  • Online ordering
    Online ordering has revolutionised the industry and greatly boosted profits for restaurants that are already implementing it. One of the glimmers of hope in the South African restaurant industry during the pandemic has been the rapid adoption of food delivery technology but apps, including UberEats and Mr D Food, can take up to 30% in commissions. Mr Yum is undoubtedly a more affordable option because its fee starts at 4.9% on dine-in and pickup orders and 10% on delivery orders.

In addition to good financial planning, you can also boost efficiency and revenue in other ways. Click here to download our e-book and find out more about future-proofing your restaurant.