Published on November 3rd, 2022
In today’s fast-paced, digitally obsessed world, it’s becoming harder than ever for businesses to stand out.
Consumers have more options than ever before when it comes to where they spend their money, which means they’re spoiled for choice.
In the conditions that operators currently face, having a solid financial strategy is more important than ever.
If you’re the owner or manager of a Quick Service Restaurant (QSR), then you probably know about the struggles that this industry has faced recently.
New technologies, growing competition, and shifting consumer tastes are just some of the trends affecting QSRs today.
If you want your restaurant to thrive in this new era of the quick food industry, there are plenty of steps you can take to increase profits and give your business the edge you need. Read on and take a closer look at five ways to increase your profit.
1. Improve Your Menu
If you’re not improving along with your customers’ tastes and preferences, you’re falling behind. Customers want healthier, more wholesome options on the menu, and they’re willing to pay more for them.
Take note of what your customers are craving, and make the necessary adjustments to your menu. You may even want to consider creating a new menu that better reflects your customers’ tastes.
This is exactly why many food franchises are successful, whether it’s a donut franchise, pizza, or burger, they always make sure to continuously improve their menu and be able to maintain high customer satisfaction.
However, this is a big investment, but it’s one that will pay off in the long run. If you need help deciding what items to add to your menu, consider running a survey asking customers what they would like to see on the menu at your QSR.
There are plenty of survey companies online that will help you get started, or you can create your own survey with SurveyMonkey.
2. Offer In-Store Events
If you have an open area in your restaurant, you can use it to host events for your customers.
Hosting events like trivia nights, gaming tournaments, kids’ birthday parties and more can help you increase foot traffic and boost sales.
Events can also be a great way to get your name out there and draw new customers to your store. Keep in mind that you will likely have to pay to use the space for these events, but the returns may be worth it.
You may also want to consider hiring a caterer or partnering with another restaurant to make hosting these events easier. Not only can hosting events increase foot traffic, but it can also improve customer loyalty.
When you host events for your customers and make an effort to engage with them, it shows that you care and that you appreciate their business.
Plus, customers tend to be more likely to return to a store that hosted an event they enjoyed, so hosting events can help increase your repeat business.
3. Add New Food Items
This tip may sound similar to the previous one, but it’s worth emphasizing. As we mentioned, customers are craving healthier and more wholesome options, and they’re willing to pay more for them.
That said, if you’re not offering any healthy options on your menu, you’re losing out on a large portion of your potential customers.
And if you’re offering healthier options, but they’re too expensive, you’re also missing out on a good chunk of business. Make sure that you’re offering healthy, affordable options that appeal to a wide variety of customers.
You may even want to consider building a new menu from scratch that better reflects your customers’ tastes.
4. Increase Promotions And Offers
Once you have a better idea of what your customers are looking for and a menu that caters to them, you can start planning promotions and offers that will bring them in.
Quick food shops are in a fierce battle for customers, and one of the best ways to stand out from the pack is through promotions.
Without a strong promotion strategy, you’re likely to fall behind. One way to start planning promotions is to look at what your competitors are doing.
What are the other QSRs in your area offering? What promotions are helping them stand out? Once you have a good idea of what’s out there, you can begin to brainstorm ways to set your business apart.
These kinds of businesses with takeout and delivery services, like any particular successful ice cream franchise, often host promotions that encourage customers to order takeout or delivery. This is a great way to increase foot traffic and boost sales.
5. Add ADrive-Thru Window
Drive-thru windows are a staple of the QSR industry, but not all QSRs offer drive-thru service. If you don’t currently offer this option, you’re missing out on a huge chunk of potential customers.
To find out if adding a drive-thru would be a good fit for your restaurant, you’ll first want to make sure that it’s both legally permitted and logistically feasible.
Once you’re sure it’s an option, you’ll want to think about ways to make it unique from other drive-thru services in your area.
This could mean offering different menu items or special sides for the drive-thru customers only. A drive-thru window can be a great boost for your restaurant’s profits.
However, you’ll want to make sure that you have the right equipment and space to accommodate a drive-thru.
This is a big investment, so make sure you’re ready and able to make the necessary changes before diving in.
Whether you’re an owner or manager at an established QSR or you’re just dreaming of opening one, these tips can help you increase your profits.
Take note of current trends in the industry and make adjustments to your business accordingly. If you don’t know where to start, it may be helpful to speak with someone who works in the industry.
The more you know about your customers and the competition, the better you’ll be able to position your business for success.
Image Source: unsplash.com
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