Focus On Sales Forecasting For Future Success
There’s so much more to sales than just actually selling a product or service. A lot of thought, planning and problem-solving goes into being successful, and there so many important aspects of a proper sales process. One of those is forecasting. While it’s impossible to know exactly what the future will bring, it is important to be aware of what might happen. In the restaurant industry, things can go wrong out of the blue. But there are also indicators that can help you prepare for potential pitfalls, as well as opportunities to grow.
“Savvy restaurateurs understand they aren’t the only hands controlling the purse strings,” writes Jessica Reimer for Restaurant Insider. “Failure to accurately forecast your sales and labor (or deluding yourself into believing it’s a set-and-forget process) can wreak havoc on your bottom line.” She shares eight things that restaurateurs should keep an eye on to help forecast future sales:
This is a big trend that is affecting the industry. “Food delivery is on the rise: 12 percent over the next five years, to be exact,” Reimer reports. “If you’re signed on with a service provider like UberEats or DoorDash, look out for provider promotions.” You’ll not only be privy to new trends with delivery, but also be prepared for an influx of business if these providers offer a special promotion.
Viral Instagram photos
Are you keeping track of the photos posted online of your restaurant? You could be missing major opportunity to drive even more business and be ready for an influx of business. As Reimer points out, “If a post goes viral, whether the photo was taken by you or, more likely, a guest, it’s a safe bet customer will flock to your storefront.”
When something big is happening in your town, it will pay to know beforehand. Plan ahead for the possibility of boosted business, not only from tourists, but also locals who are heading out for the event, too.
The better you forecast, the more prepared you will be for the ebbs and flow of business. By focusing on these factors (along with the other five in her article), you’re setting yourself up to tackle any potential roadblocks and ensuring you’re able to hop on any revenue-generating opportunities that come your way. “Despite there not being a magic formula for profitability, there are some sales forecasting hacks that will help give your restaurant the best chance of predicting long-lasting success and profitability,” she adds.”