Sitting in a nice restaurant with friends and family ordering food good food and drinks is always a mood changer. Eating fancy without having to prepare everything yourself is a luxury that people love to give themselves now and then. They don’t mind going a little extra by looking out for a nice restaurant or cafe and pay a certain amount to eat their favorite meal cooked by the others. But have you ever thought about how the restaurant owners forecast their sales or predict how many customers will be visiting their food joint to increase their profit in the F&B business?
There is no proper way to foresee the sales and it keeps varying according to how they manage the information. For small businesses like a restaurant or café, assumptions of sale could be made by keeping a track of the items cooked in the kitchen or by counting how many items are sold per day.
There are however a few tricks of the trade which can be helpful with your sales forecast to see if you are actually getting into the bandwagon of profit or just getting by to remain in the business.
Also Read: Tips For Becoming A Good Indian Restaurant
- Using traditional forecasting tools such as watching the overall growth trend of the business tapping monthly to yearly growth, weekly fluctuations, and seasonal changes.
- The predictions made by other variables are also important
- Weather – snowfall or rains may hamper the sales in the restaurant
- Public events – festivities or local and national holidays can also bring a change in the business
Also Read: Best Practice For Dine-In Restaurant
- Developing a planning process:
It is difficult to go by traditional methods always to track every sale that takes place every day or month. Instead, focusing on developing a method that can manage, evaluate and can be modified as per demands should to taken into action. It should be updated on a regular basis ensuring that the sales forecasts are taken care of properly and not just taking an average over a time period.
- Setting a specific time for the review:
As it is said ‘a watched pot never boils’, keeping tabs on the forecast constantly won’t do much good for the business. Hence, it is vital to set a specific time (weekly/monthly) to review the estimate. A comparison made after that can bring you real and better results.
- Be consistent with the forecast model you are using:
Although there is no one way to forecast and track your sale if you have zeroed on one model, it is prime that you stick to that one instead of trying and testing different ones at the same time. Every model will be showing different data or statistics and instead of doing good it can confuse you.
- Set your expectations straight:
It is never bad to have high expectations for your business. But, it is important that you focus on expectations that are doable and are necessary for the business to receive a better forecast. Expecting five hundred customers for a twenty tabled restaurant might not be a good idea as it will be a big hassle for management and the staff to administer. Trying to constantly improve instead of doing it in one single day is a better way to get a proper sales report.
- Having the right eye for the level of details:
Summarizing and totaling the right amount to make a useful forecast works well than randomly making every effort to up the business. The right level of detail and revising it from time to time is needed to work well in the real world of business tracking.
Planning and forecasting take months or years of tweaks, adjustments and learning to get correct forecasting. In this unpredictable market of today’s world, change is the only constant and the whole business planning depends on how you are coping with the competition and trying to make yourself better than them.
Your restaurant business has its own specific requirements. Be it marketing, hiring more staff, purchasing new equipment, setting up the restaurant, or just managing the daily expenses, without a steady flow of funds your business can severely suffer amid the growing competition. With the flexibility to choose your loan tenure and repayment schedule, your search for the best loan for the restaurant business in India is sure to end at Indifi. Apply online to know more about unsecured business loan for the restaurant business.
and repayment schedule, your search for the best loan for the restaurant business in India is sure to end at Indifi. Apply online to know more about unsecured business loan for the restaurant business.