The Hours, Days, and Months during 2020 were not so good for restaurant owners – Things got a lot worse before they got better. So you also think the last year was the hardest one for operating your business and its expenses? Never be disappointed! With 2021 just here, you can look forward to new beginnings and growing opportunities.
We agree that the previous period might not be a profitable one for many restaurant owners out there. Due to the economic impact of COVID-19, both the revenue and profit lines have been hit badly. Those from the restaurant industry are pretty familiar with the statistics- Nearly 50% of restaurants failed or were no longer in business since the beginning of lockdowns, whereas 70% are still struggling in the current time to keep up with the customers. In simple words, the failure rate is higher.
Now the question that arises here is – how to give your business one more chance to succeed? Just by lowering your restaurant operating expenses. Rising operating costs are one of the primary reasons why most restaurants are on the edge of shut down. Once you start managing your expenses well, you will be able to run the most successful business.
Although there are so many expenses that can be reduced, the primary ones are – the labor and food cost. These costs can be significantly cut down with the help of powerful restaurant management software. Food delivery app development companies like Suffescom have the experience to develop advanced software that can help in more than one way. By automating the entire restaurant operations, it becomes easy to reduce manual efforts and costs.
RESTAURANT MANAGEMENT SOFTWARE AND HOW MUCH IT SAVE OPERATION COSTS?
As the name suggests, the restaurant management system is a kind of software application that allows restaurant businesses easy management of operations. With the help of such software, restaurant managers can perform better, reduce operating costs, and deliver better experiences to customers.
Below are a few solutions offered by the restaurant management software and how applications can cut operating costs.
INVENTORY & STOCK MANAGEMENT SYSTEM
With inventory being the most crucial part of restaurant management, it is highly recommended that one starts automating the process. Such a must-have step also helps increase the business efficiency, which further boosts the profits sharply. Restaurant owners must consider investing in advanced technology solutions for the easy and efficient management of day-to-day operations.
Automated Inventory management ensures a proper track of the restaurant’s ingredients, and one always has enough on hand. Having restaurant management software in place means you have more visibility into the inventory – so you always say yes, whatever the consumer demands. A powerful restaurant management system for inventory management helps significantly in reducing labor costs.
Have a look below at a few of the exciting ingredients
Inventory Tracking In Real-time:
Monitoring the merchandise is a diligent task. This is where the inventory management system helps streamline the operations. Such a feature allows you to track the availability of stock, beginning and closing inventory details regularly, etc. With the help of detailed inventory reporting related to stock consumption, one can more easily make data-driven decisions. Whenever the items in the stock are about to finish, the system will automatically send real-time alerts for the fulfillment.
Restaurant Kitchen Management:
It is essential to have a proper kitchen management system for those running a restaurant. All the materials are processed in base and then further distributed to outlets. An automated system minimizes the control of the entire process manually, which further reduces human mistakes. All in all, it is recommended you should go with an inventory management system that helps simplify your operations. Most activities that can be handled with the automated system are
- The system allows you to view all the stock requirements.
- The system helps create orders for each outlet and manage stock.
- The system helps keep track of stock consumption across outlets.
Point of Sale: or you say – POS gives the restaurant staff all the tools that provide detailed reporting of inventory. From the most selling items to the least ones, the reports contain everything based on the sales and the transactions. And with the help of that data, restaurants can modify their menu accordingly, bring the most selling items in focus, and generate good revenue. These automated solutions help increase business efficiency and enable owners to deliver the most pleasant experiences.
ACCOUNTING & FINANCE (AUTOMATED BILLING)
Restaurant managers come across many accounting and finance challenges. There is a need to keep proper cash flow monitoring and ensure you get the best price for items you sell. For the best management of accounting and finance, restaurant management software proves to be magic. With no room for errors, the software helps you manage everything with ease with its in-built automated billing system.
An automated billing system comes with a variety of finance-related capabilities. That means one can drastically reduce mistakes while easily balancing checkbooks. There is an opportunity of getting the financial reporting in real-time with the accounting management system. You can easily customize things as per your desire by having the best information at your fingertips, like the total number of bills generated and so more.
There are several tasks that restaurant staff handles, like updating item prices, quantities, table management, and many more. At this point, an order management system works well for the team to minimize the efforts. They can perform quickly and manage all the duties efficiently, like controlling refunds, tracking order status, etc. On the other hand, it is arduous to complete simple tasks without software, which further slows down the operations and increases the risk of errors.
Running a restaurant is not that easy, one thinks to be. With multiple employees working within the specific restaurant, it’s essential to keep track of each of them. A robust restaurant management software comes with a feature of employee management. It enables you to keep track of staff right from the clock in to clock out, handle the payroll, schedule, and much more.
With the help of automated software, it is effortless to prevent scheduling conflicts and assign shifts easily. The software is also in-built with additional employee management options that further increase the business and workers’ security. Also, monitoring the performance of staff becomes an easy job if one has software in place.
The software with the staff management feature allows identifying the strong and weak areas of the employees. Restaurant owners can also avail the data via software to better train the staff for more efficiency. This further helps in increasing the business revenue plus minimizing the labor expenses.
Getting accurate business reporting is crucial than ever for restaurants as it is an integral part of business growth. There are specific reports to track, like inventory reports, sales reports, and labor reports as a restaurant owner. The automated software provides you with all the reports that are vital for your restaurant. If the reports delivered by the software aren’t up-to-mark, then it is an indication for business trouble, and you need to make a necessary change.
When you are running a restaurant, having all the necessary information at your fingertips helps you better control everything. In simple words, detailed reporting allows you to know the concerns with staff productivity, food cost issues, fewer selling items, and the best times to offer discounts. It is recommended that restaurant owners have timely access to reporting via software and find out the improvement areas for your business growth.
EXCEPTIONAL 24/7 SUPPORT
With restaurant management software, businesses can provide clients with the best possible technical support 24 hours a day. What can happen if you are not available to assist your customers? You might be causing immense trouble to your business and loss of revenue. That’s where powerful automated software helps save your labor efforts by delivering quick support to its customers with the help of AI technology.
The exciting news is that restaurant owners now understand the importance of providing customer support. They are increasingly considering software for this purpose. With the robust system, they can immediately find out what one expects as a customer. Plus, they are quickly responsive and friendly to one’s questions which further saves the manual efforts.
In the restaurant industry, knowing how applications can reduce restaurant operating costs is vital for entrepreneurs. And restaurant management software is the best way to control such expenses. It is a technological revolution that changed the way restaurants operate. From the productivity boost, cut down operating costs, to the elimination of manual efforts, the software can do more than one magic.
To develop the best on-demand mobile applications for businesses like restaurants, grocery, and pharmacy, get in touch with the most knowledgeable IT engineers at Suffescom Solutions. They help you build a powerful, feature-rich, and most robust application aimed at enhancing customer experiences. Contact today to discuss your business needs and objectives.