As the winter season continues to linger, you may find business in your restaurant a bit slower. On blustery days, there’s less foot traffic as your customers hibernate indoors. Some may still be recovering from their holiday spending, and eating at home. But as the days get longer, warmer and brighter, you’re soon to have a full house again. When winter slows you down, here are five things you can do to refresh your restaurant, just in time for spring.
Consider a winter wish list of renovations
While you may have got caught up in the rush of holiday bookings and parties at your restaurant, the rush of the season is over. With fewer dinners around, you’re suddenly noticing the kitchen floor that needs repair, fresh coats of paint, restaurant upgrades and other business renovations. Take advantage of having fewer customers; it's a slow season for contractors, too. Add winter renovations to your wish list to save on project costs and timelines. Learn more here.
Update machinery and equipment
We're well into the New Year, and you may be asking yourself if this is the year you can commit to upgrading your small business' equipment and machinery. While every business owner hopes this decision is one that will propel their sales forward, you'll also want to ensure it's one that doesn't break the bank. Consider if 2018 is an appropriate time for you to replace or upgrade your kitchen equipment and, in turn, see a healthy return on your investment. Learn more here.
Revitalize your website
As a restaurant owner, your website remains as the virtual storefront for your business. It’s often one of the first (and only) touchpoints a client may have before making a dining decision. And, if it’s not up to date, speed or even functioning at all, your prospects may quickly click through to your competitor. Consider some web design elements that you can easily address this season to ensure your website is the one diners click on. Learn more here.
Create a buzz with marketing
With so many snow birds still relaxing beach side, some restaurants will notice a decline in profits, which can ultimately hurt your bottom line (if you’re prepared). There are marketing tactics you can try, as a restaurant owner, to ensure the sun keeps shining for you and your business all winter long. Learn more here.
Revisit small-business success strategies
Restaurant owners have a busy job, and a challenging one. Managing all aspects of an operation can be overwhelming. But, as strong supporters of small-business owners, we at iCapital want to see our clients excel. So, we created this ebook of small-business success strategies to help ensure that your restaurant journey is a prosperous one. Learn more here.
Even if the above investments aren’t on your to-do list, it’s likely that other purchases are. Consider a quarterly evaluation on your upcoming projects to remain one step ahead. Ultimately, it’s best to borrow funds before you need to pay off a purchase upfront. In addition, you may find it beneficial to organize your cash flow projections at the beginning of each year. In doing so, take into account your anticipated inflow and outflow month by month. This can help to ensure you’ll get the funding you need, when you need it, and prevent a potential lender from predicting any poor financial planning on your part.