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Business key figures are more important then ever
Business key figures for restaurants are more important than ever
Business key figures are now more crucial than ever, especially in the restaurant industry where profitability hinges on precise numerical management. Currently, many restaurants operate without utilizing a professional business approach that focuses on monitoring key performance indicators (KPIs). They often depend on outdated methods and practices, which are insufficient in today’s business environment. Restaurant owners need to embrace a mindset akin to that of a conventional businessperson and rigorously track the essential KPIs that are critical for their success. Regular monitoring and analysis of these KPIs provide valuable insights, helping to make strategic decisions to keep the business profitable. Below are some fundamental KPIs that every restaurant should monitor, though additional indicators may be needed based on the specific type of restaurant and its market.
Daily KPI:s to keep track of
Daily Sales, Average Transaction Value, Foot Traffic, Table Turnover Rate, Labor Costs, Waste Tracking
Weekly KPIs:
Weekly Sales Growth, Menu Item Performance, Customer Feedback, Inventory Usage, Employee Performance, Reservation Rates
Monthly KPIs:
Monthly Sales Growth, Gross Profit Margin, Cost of Goods Sold (COGS), Labor Cost Percentage, Customer Retention Rate, Operational Expenses, Net Profit Margins.
What you can do?
To effectively manage these figures, it’s advisable to integrate your Point of Sale (POS) system with core operational modules like staff management, inventory, accounting, and loyalty programs. Such integrations offer a unified view of business operations, reduce administrative burdens, and facilitate more informed decision-making. Trivec offers a robust partner ecosystem with tailored integrations for restaurants, exemplified by our collaboration with Kung Carls restauranger, who sought a reliable partner with a comprehensive product portfolio.
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