Restaurants and food joints are a profitable business on a normal day. However, the pandemic has disrupted the industry. But the industry is bouncing back with a vengeance during the new normal. Coming up with a variety of ways to attract customers, the restaurants are once again trying to find a firm foothold in the economic sector. And how wonderful would it be to get sound and precise advice from someone like India’s one of his kind astro strategist Hirav Shah, who combines his business acumen and astro knowledge to make your businesses thrive
“If more of us valued food and cheer and song above hoarded gold, it would be a merrier world,” JRR Tolkien. And this is exactly what the restaurants strive to provide for their customers – good food, cheer and merry-making.
Restaurant business was considered to be a good investment, till the biggest disruption in restaurant happened, probably since the world wars, due to the pandemic.
But again, with vaccines on the horizon, the hopes of those distraught are rising. Restaurants are operating in new normal and people are doing their best to boost the industry, so that jobs are not lost and the industry sustains itself till things become normal.
Of course, the best of places are being shut down, but there is still hope as restaurant owners are trying to innovate to keep their businesses afloat.
Why restaurants is a safe business
■ For starters, it is recession free. Even during tough times, people like to wine and dine out and enjoy a few moments of joy. They may not spend lavishly, but they still spend on eating out from time to time.
■ In today’s lifestyle, people rarely have time to cook and this makes the restaurant business lucrative. From drive-ins, to ordering food home, to fast food joints, there are a lot of options that drive business.
■ Fast food, Asian takeaway or Chinese, pan-south east Asia takeaway, pizza, smoothies and juice bars are all part of the big restaurant business and rake in money for the owners.
■ Then of course, there are the coffee shops. The warm memories of times spent at coffee shops often bring in repeat customers to the same joint. This inevitably means money.
■ Then there are the franchises. Research shows that restaurants or food trucks or coffee shops or juice bars that have franchises do well for themselves. The best part is you can start small and then ramp up operations as demand grows.
“Restaurants need vital support,” says Hirav Shah.
What can go wrong with restaurant business?
Despite being a money-making business in most cases, certain factors can mar the profits
1) Wrong location. While people love quaint places, places away from city limits do not attract consistent customers.
2) Unclear about what food to offer. There are niche restaurants like seafood restaurants and then there are general multi-cuisine restaurants. Whichever one you are, make sure you have an interesting mix of dishes. Else, the customers will begin to trickle.
3) Problems with supply chain and logistics. It is an industry that thrives on trust and long-terms associations. If one link in the chain is broken, then the whole business experiences the damage.
4) Employee retrenchment. It is best to take care of employees by motivating them to work and giving them little treats once in a while and provide a healthy work culture. Else, the best of the best leave even top restaurants.
5) Finances: Diversification is good. But not having a proper plan of revenues and expected revenues can turn the business upside down.
6) Moving or establishing franchises across cities. The intention could be good, the plan might look wonderful on paper. Still, it is important to understand the various loopholes and the finances before taking the final plunge.
7) Access to good produce. The primary reason customers return to a joint or restaurant is because of their food and its quality. The more you are particular about the ingredients you use, the better business you will have.
8) Experimentation. It is pertinent to experiment once in a while, though not always. However, testing a recipe before presenting it to the clients is very important. Else, the whole idea can boomerang.
9) Number game. No restaurant can predict that they will have the same business as yesterday. While today you may have full occupancy, while on the other, you could have minimal occupancy.
How does revenue forecasting help to Restaurants Business?
Revenue forecasting is key to restaurants, both big and small. You might be a chain of highly acclaimed restaurants or a small joint, money management plays a big role in the scheme of things.
1) Money is necessary to lay your hands on the best products.
2) Finances are required to open franchises.
3) Revenue is required to spread into other geographic areas.
4) Good financial planning will keep the management flush with money. This will help them to go through low phases.
5) Thorough understanding will also help in hiring or firing of staff.
6) Having a fair amount of money will help resolve supply chain and logistics problems as and when they pop up.
How Hirav Shah can help strategize your success…
Hirav Shah is one of India’s top astro strategists, who is also well-known in countries abroad. His client base includes industrialists, big businessmen and women who are looking at broadening their ventures. Hirav Shah is one of his kind astro strategists in the country who can precisely study your situation and take guidance from your personal astro chart to give out precise, concise and clear-cut guidelines for your businesses.
It is not about astro jargon, but highly thought-out and well-read prospects regarding your business. These insights into your financial forecast will help you ride through tough times and make the most of your resources, to have the best possible outcomes. He guides you through times that suit you best and warns you about times when you must lie low. So, decisions regarding expenditure, profits are just a chat away!
“Timely guidance and revenue forecasting from an astro strategist likely to reboot the restaurant industry,” concludes Hirav Shah.