Learn More

Recession Proof Restaurant Accounting – Ways to Get through Tough Times

Profitable Financial Advice

With all the talk about recession and the economy, owners are working to find ways to recession proof their restaurants just like many business are.  There are many ways to do this, but in the end the basic principle is the same, knowing what people want.  What the majority of people want is more for the dollar. They want to pay less and get more.  So how can one adapt this principle into their restaurant operations?

Resturant Accounting Services Navigating Through Tough Times

Rent, electricity and such things all still need to be paid even if there are no customers!

One way is by offering services that one might not have offered before. Offering a service such as home delivery to customers can make them feel as if they are really getting something extra. This is also beneficial for the restaurant owner as it is one way they can recession proof their restaurant.

Whenever times are tough, people will tend to try to cut out the luxuries they normally enjoy.

Eating out can be one such luxury, but by offering to bring meals to them you can help to decrease the number of people who are eliminating the expense of eating out.  Bringing the food to them, can be a wonderful benefit to someone who works all week and is something many cannot resist.

Offering coupons and price discounts on selected food items can also be helpful in recession proofing your restaurant.  Many people cannot resist a discount or a coupon.

If one is careful and offers discount on items that are not in high demand or that one can make for a good price, then it can only help the profits of the business.  There is also the fact that whether customers are in the establishment or not, there are some costs that will continue.  Rent, electricity and such things all still need to be paid even if there are no customers.  Another thing to think about is if there is food that will go bad, selling it before it does so, even at a discount price is better than just watching it waste away.

It is important to publicize the restaurant.  This can be more difficult when money is tight, but with social networking it is possible to advertise a restaurant without any monetary investment.  Posting on blogs, websites and networking with people online can bring a great deal of interest in ones business.  This can be quite helpful in recession proof your restaurant.  Take the time and post about events, news, new menu items, discounts and other such items on your social networking site, it won’t cost you anything and can be just what your business needs.