These are the top 5 statistics that all restaurant owners should be keeping track of, we know it can be hard keeping track of everything that can affect your business, so here are the top 5 statistics that you should be keeping track of to make sure everything is functioning smooth and your seeing improvement all in areas.
• Social media engagement
owners measure social media success in different ways, not paying attention to your online customers is pretty much ignoring potential customers. A Harvard Business Review research report contained information that backed restaurants, a one-star increase in Yelp rating leads to a 5-9 percent increase in revenue. A restaurant’s online presence and reputation does have an effect on potential success. Monitoring likes, shares and follows is important, but so is Knowing what the public is saying about your competitors, can provide very needed information, along with reviews of competing businesses. Restaurant owners have always relied on key numbers to determine whether they are succeeding, but as the industry evolves, so do the metrics that help steer operations and marketing in the right direction.
Is your presence on a restaurant ordering platform worth the cost? Does owning or renting a food truck and having a presence for your restaurants at events make sense from a sales standpoint? How many people order by phone calls? How much of your business is takeout? Knowing the sources of your revenue can help you allocate resources, structure workflows or even redefine the design of your restaurant to better accommodate a new ordering system that is most beneficial to you and clients.
• Delivery cost
Closely related to sales by channel is delivery cost. Delivery is certainly in demand, but it doesn’t always make financial sense for a restaurant. Handling it in-house means additional labor, insurance and vehicle costs; outsourcing the service means paying and trusting a third party to ensure the food arrives intact, on time. Knowing the costs either way is key to any informed decision about fees and logistics. And running the numbers on your options – such as limiting delivery to larger orders or a subset of your menu – can also help with profitability.
• Staff turnover
With low unemployment, high turnover is an even bigger problem these days. Paying attention to retention trends across a restaurant system or within a market and comparing them to individual performance is a good way to measure whether you are taking the right steps to keep good team members loyal. Turnover is notoriously high in restaurant jobs, and it’s nothing to sneeze at: TDn2k, which benchmarks HR statistics and metrics, estimates the cost of restaurant turnover last year ranged from $1,902 for a back-of-house employee to just over $14,000 for a manager.
• Drive-thru times
Fast food orders that take too long to prepare, especially for drive-through guests, contradicts the definition of “fast.” McDonald’s, for instance, saw its average order increase last year to 239 seconds, up more than half a minute from the year before and slower than its competitors. Systemwide, that’s a recipe for many unhappy customers and potential lost business. In McDonald’s case, the inefficiency could be a symptom of a larger problem—asking workers to do too much—that is contributing to turnover from burnout.