Every restaurant seems to have a month or two every year where they experience a slowdown. Customers stop arriving in droves, employees have a chance to breathe a little more than usual, and you may not have your usual high revenues. Thankfully, there are many things you can do to prepare for those summer months, so you can still pay your expenses.
Utilize Your Time Wisely
You can’t deny that you will have quite a bit of free time during your slow time of the year. When that happens, you can zone out in front of the television, or you can embrace this extra time and get busy creating new ideas and plans.
This is the perfect time to consider new menus and even find a few new options for increasing your revenue. I always recommend using the slow season to work on your business instead of working in it.
Make Adjustments to Your Revenue Models
While you may not see the same higher revenues you are used to during your busier time of the year once the slow season hits, there are ways to increase your revenues. All you need to do is create a plan to bring more people into your restaurant.
The goal is to not discount your services but to add extra value to what you are offering.
There are so many options when it comes to adjusting your revenue models. You just need to be creative and implement innovative ideas your customers will love.
Fund a Slow Season Account
Since you know you won’t see massive revenues during your slow season, I recommend funding a slow-season account to cover your basic expenses. First, start by determining the total of your rent, or mortgage, in-seat, payroll, and other basic expenses. If you are slow for three months each year, you will multiply that total by three. As soon as you have the grand total, divide it by nine and save that amount from your revenues for the other nine months of the year.
Creating a slow-season account will ensure you can cover your basic expenses every year without relying on credit.
Spending your slow season worrying about your restaurant business is no way to enjoy that time of the year. Be proactive, so you can enjoy your family and friends during the little downtime you have.
I am a firm believer in being prepared for anything, including the seasonal slowdowns in the restaurant industry. If you are ready to implement these tips into your business, I would love to chat and get to know your business a little bit better.