How Spending Less Can Cost You More
Avoid these mistakes to increase the ROI of your restaurant although it may seem expensive on the surface, taking the cheapest option can actually cost you a lot more.
Spending money and saving money is often a question of mindset. We’ve all been there, trying to save a dollar except it ends up costing us ten. It’s like when you buy a fast fashion pair of shoes for $60 only to have them fall apart in a couple of months instead of investing $600 in an amazing pair of shoes that will last you 10 years. What restaurant owners need to remember is that quality over quantity will always win and that you need to spend money to make money.
Here are a few examples of how spending less, will cost you more in the restaurant industry.
Not investing in a photoshoot
We know you think you can take great iPhone photos, but what if you can’t or just don’t have the time? Each passing day is a day missed on posting quality content for your customers. There’s nothing worse than an ugly or empty Instagram page.
Saving money on food costs
Sure, you can choose to order the cheapest ingredients but that can backfire when you’re guests choose not to return or tell their friends and family not to even bother going, or worse a terrible one-star review.
Not training staff
We get it, training staff is time-consuming but what if that’s the excuse you gave a customer who just had her server eye roll at her with a side of sarcasm? Invest in your staff so they invest in YOU!
Not investing in a proper website
Think about it, what’s your first reaction when you come across a website from 2001? Thank you, next.
Not investing in a flawless digital media presence
Whether it’s because you think you don’t need social media because you’re already busy enough or because you just don’t understand how it works, not using the technological advances out there to your advantage will not only cost you money but exposure as well. If you don’t put yourself out there, who’s going to know you exist?
Not using quality materials during construction/design
This ends up being a money pit, you will have to consistently put money back into repairs and maintenance.
Using subpar equipment.
This also ends up being a money pit, you will have to consistently put money back into repairs and maintenance.
We are not preaching that you should be spending frivolously, we are just saying that when you invest in something, do it right so you get a ROI on it versus getting the cheaper option that will end up costing you more over time in both money and time.
Do you experiencing some of these mistakes?
Obviously, it's normal to make some of them but tell us which one you made. Or let us know if one missed one, we're curious.