Restaurants are forced to temporarily close or cut their working hours. Reopening should have been a peak time for restaurateurs.
6 restaurant’s revenue streams to try out today
Flattening the pandemic curve led to flattening restaurants’ revenues. Overnight, restaurants have been shifting from table service business plans.
Flattening the pandemic curve led to flattening restaurants’ revenues. Overnight, restaurants have been shifting from table service business plans to takeaway as a primary revenue stream.
Currently, we are experiencing a transition period between lockdowns and complete reopening. Keeping your restaurant profitable will require that you both expand and diversify your offering so you can meet your guests' needs and increase your revenue.
The good news is that you don't have to break the bank to grow your service offering. Quite the opposite, new technology and a pinch of creativity can help you increase your revenue streams and help you reach your sales goals this summer.
With the end goal in mind, let's take a look at the on-site and off-site ideas that will keep your kitchen running at full capacity this summer.
Must-haves #1 Mobile ordering
Offering mobile ordering in your restaurant will be crucial this summer. Both for increasing your sales and reducing your labor costs.
Offering mobile ordering in your restaurant means that your guests can access your menu online via a QR-code, place an order and pay for it directly from the table. There are many advantages to digital ordering:
- Higher table turnover - Your guests don’t have to wait to place an order or pay their bill, meaning new guests can take over the table quicker.
- Lower labor costs - you don’t need 10+ waiters to run around taking orders both from tables or over the phone.
- Spread of COVID-19 is reduced from high risk touchpoints such as menu cards and terminals.
- Mobile ordering systems can also be used for takeaway and pre-ordering services.
Yet, one of the features that makes mobile ordering most efficient is the connection to your POS system. Such integration means that all orders that your guests place, will automatically be registered in your POS and sent to the kitchen and bar. This saves your waiters a lot of time, that they can instead use to improve the guests’ experience. It also saves you hours of accounting work every month.
Must-have #2 Delivery
The cool thing about mobile ordering systems is that they can be used both for ordering at the restaurant and for takeaway. Offering a takeaway service without delivery is not enough these days. If people can get their groceries delivered to the door, they should be able to get your restaurant food delivered as well. Else you risk losing potential customers who simply prefer a full service experience when it comes to takeaway.
Offering delivery also means you can get more direct orders instead of getting orders via third party delivery services whose commissions can be quite high.
Must-have #3 Loyalty programs
Building relationships with loyal guests and offering initiatives to increase customer retention have never been more important. Loyal customers spend 67% more than new ones through repeat purchases, larger cart sizes, and frequent upsells.
One of the biggest challenges restaurateurs have been facing with loyalty programs is getting the guests contact information. Mobile ordering systems are the quick fix the industry has been waiting for. Online ordering helps you collect the contact information of the people who order food from your restaurant. Loyalty integrations help you segment your guests by their purchase behavior and reach them with personalized offers.
Nice to have #1 - Outdoor dining space
Sitting outside is considered among the safest ways to eat out during the pandemic. With the days getting longer and temperatures rising, the demand for outdoor dining will be at a new high this summer.
Building or expanding your current outdoor dining space is a big investment. However, it will allow your restaurant to serve a lot more guests, without compromising on safety and social distancing recommendations.
If your restaurant’s location does not have any outdoor dining area, then consider setting up a small bar by the entrance, where people can get refreshing beverages to go.
Nice to have #2 Build-your-own-meal kits
Now is time to really think outside of the box! Are you ready? How do you cater guests who are not ready to go back to your restaurants but are longing a restaurant experience?
Easy! Sell them a restaurant meal kit.
Build-your-own-meal restaurant kits have all the ingredients needed and the easy to follow instructions for people to recreate signature restaurant meals at home.
Such boxes are gaining more and more popularity as they recreate a restaurant experience a lot better than takeaway boxes. In addition, they are the perfect way to impress your dinner guests without slaving in the kitchen all day.
Nice to have #3 Merchandise
Selling merchandise is becoming increasingly popular among restaurants as an alternative revenue stream. Merchandise makes loyal guests feel closer to the brand and gives them good consciousness for supporting the restaurant.
Here is an idea - if you are known for your wide selection of draft beers, you can look into selling branded beer mugs. T-shirts, hats and aprons are other popular types of merchandise that not only bring you extra income but also advertise your restaurant.
Try the millionaires approach
Millionaires are not known for having one big salary. Millionaires are known for having multiple income streams. So get your restaurants in the millionaires club by multiplying and boosting your revenue streams.
A good starting point would be implementing mobile ordering to your restaurant.
Quickorder offers one of the most advanced mobile ordering systems on the market - designed exclusively for restaurants and cafes, integrated to your POS, multiple loyalty features and 24/7 free technical support. Contact us today for a nonbinding offer.