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Run you restaurant like a company
Run you restaurant like a company
Running a profitable restaurant involves keeping track of the most important key metrics. Many restaurants operate professionally and have full control over their KPIs.
Consistent monitoring and analysis of your restaurant’s KPIs can provide valuable insights for making strategic decisions, ensuring that the business remains profitable. Here are some standard KPIs you should keep track of. (It’s also worth noting that while these are standard KPIs, additional KPIs may be necessary depending on restaurant type and market.) We have listed the key metrics that should be checked regularly to create conditions for higher profitability, cost control, increased efficiency, and higher customer satisfaction, as well as to provide a clear decision basis for the upcoming day, week, or month.
Daily key metrics:
• Today’s sales
• Average transaction value
• Foot traffic (number of guests)
• Number of guests at different times
• Table turnover
• Labor costs
• Waste tracking/food loss
Weekly key metrics:
• Weekly sales
• Performance of different menu options
• Customer feedback (verbal, Google reviews, etc.)
• Stock status
• Employee performance
• Booking frequency
Monthly key metrics:
• Monthly sales
• Gross profit margin
• Cost of goods sold
CUSTOMER CASE
Kung Carl’s restaurants wanted a reliable partner with a wide product range
Kung Carl began working with KPIs as a strategic step to promote business development and improve internal efficiency. They started by defining and measuring specific key figures. Kung Carl wanted to get a clearer picture of their performance and identify areas where they could grow and improve.
Three Tips for Getting Started with KPIs, According to Kung Carl:
- Define Relevant KPIs: Start by identifying which KPIs are most relevant to your business. For Kung Carl, this included, among others, sales per worked hour, the guest’s average bill, cost of goods sold (COGS), and of course, soft values like customer and guest satisfaction. It is important to focus on the key figures that directly affect your business model and goals.
- Set Goals and Comparisons: Set specific, measurable goals for each KPI
and compare them with industry standards or previous performances. Having clear goals makes it easier to evaluate progress and adjust the business when needed.
3. Follow-up and Analysis: Implement regular follow-ups of KPIs, such as weekly or monthly reports. Analyze the results to identify trends, successes, and areas that need improvement. This can provide valuable insights into customer behavior and operational efficiency.
The Importance of Monitoring Key Figures: By closely monitoring KPIs, restaurants can quickly identify problem areas, optimize resources, and improve overall profitability. It also creates a culture of data-driven decision-making, which can lead to more informed strategies and increased customer satisfaction.
What is Needed to Work with KPIs
1. Data Collection: First and foremost, a reliable method for collecting and storing data is required. This can be done through POS systems, accounting software, scheduling and payroll programs, or customer feedback systems.
2. Integrations: Many restaurants can benefit from various programs and systems integrated to simplify data collection and analysis. For example, integration solutions can link POS systems, accounting, and inventory management to provide a comprehensive view of the business.
3. Analysis Tools: Invest in software for data analysis and reporting that can help visualize KPIs and identify trends over time. This can range from simple spreadsheets to more advanced solutions.
How can Trivec help you?
MyTrivec (our cloud-based back office), provides real time data access to your restaurant’s data, including sales figures, through intuitive dashboards. This new feature is designed to offer better insights and greater control over your business.
Advantages of Trivec dashboards
Smart Insights: Obtain a comprehensive overview of sales, revenue, and performance with powerful KPIs such as sales revenue, revenue per guest, and average seating time.
Flexible Filtering: Compare data across different time periods and locations. Customize your view by filtering by location or excluding VAT to suit your needs.
Real-Time Monitoring: Track your daily sales and monitor your progress towards targets with a clear progress bar.
A tip is Trivec’s partner, Guestrix, which takes all data from the point-of-sale system and combines it with data from the reservation system, staff management system, etc.
Kontakt os
Når du har fylt ut dine opplysninger vil du bli kontaktet av en av våre dyktige eksperter, som forteller mer om våre produkter og viser hvordan de fungerer i praksis.