OTHER • February 19, 2014
1 minute Read
Restaurant Week is Here: Is Your Business Ready?
New York City’s annual Winter Restaurant Week begins on February 17th (through March 7th), and that means restaurant owners should already be preparing for all of the necessities that come with increased demand and traffic.
An influx of traffic to your restaurant can be a good thing, but is your business ready to handle it seamlessly? Some important preparations to consider include: developing beverage specials to add to your menu; increasing inventory and equipment; and planning marketing promotions or other activities to capture your new customer base. Perhaps most important is adding manpower to impress customers with impeccable service, ensuring their return to your restaurant after the promotions have ended.
Restaurant Week is about trying something new, so have fun with your plans for the event and brainstorm creative ideas to engage customers. For example, since diners will be spending less on their meals, you can generate additional revenue by offering special beverage options and cocktails. As another option, you might consider developing a promotional activity (like a raffle) to secure new customer names for future marketing. Keep in mind—additional plans often mean additional costs—like adding alcohol inventory to cover the anticipated increase in beverage purchases, or hiring more staff to manage marketing initiatives during and after the event.
Being the best you can be during Restaurant Week is important in order to ensure that you take full advantage of the opportunity to reach a new audience and to retain those customers. You can develop a tight plan for success based on the new insight and opportunities afforded by Restaurant Week, but having the capital to make it happen is critical. Monetary concerns can become a major setback at a time when your ability to take on additional costs is the most necessary preparation of all. With Restaurant Week around the corner, there is not enough time to undergo the traditional bank lending process. Instead, pursuing alternative providers to access capital can provide the best and fastest way to secure the funds to facilitate growth when you need them most.
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