Author’s bio: Jillian Schumaker is a freelance writer based in Washington State and is currently working with Linen Service. Jillian has worked extensively in the Service industry and enjoys discussing the merits of a successful restaurant.

A successful restaurant owner has to determine where to cut costs to save money but also when to shell money and not skimp on quality. It can be a tricky path to navigate and too many mistakes can seriously hurt your bottom line.

Save a buck

Perhaps the most obvious way to save money is by carefully monitoring food costs, and while this seems up front, it can actually be quite challenging.

Be selective with your vendors. It can be a fatal error to stick with a single vendor, instead shop around for the best product from the best vendor for your wallet. Be extremely thorough when looking over inventory lists. Vendors are notorious for double charging, charging for products that weren’t actually delivered or charging for items that you didn’t request. It is in your best interest to build a solid business relationship with the individuals you deal with on a regular basis and form an open line of communication so you can quickly and effectively deal with these issues when they crop up.

- Don’t ‘borrow’ from your kitchen supplies. Sure, you may be the owner, and food can be more cost effective when you’re getting it at a wholesale price, but taking home steak on a semi-regular basis without paying your business back will skew your inventory, costs and profits.

- Portion control is an essential element to a well-run kitchen. Not only does it guarantee consistency for your customers, but you will also be able to ensure your profit margin week after week, and it cuts down on waste in the kitchen.

Carefully tracking food sales and consumption is just one of the many ways to manage your business and when done correctly, save you money, but other supplies can be just as critical.

Shop around

Especially in an upscale establishment linens can cost an extravagant amount, especially if you constantly have to replace them. The cost of tablecloths, napkins, towels, aprons and even uniforms (if you supply them for your staff) add up quickly, but don’t be quick to do away with them all together.

- Cut costs by shopping around for an industrial linen service that can manage your inventory and maintain a high level of cleanliness. The cost of maintaining your own linens can get out of control quickly, but sacrificing regular washings to save money can result in the spread of bacteria and severely harm outward appearance of your establishment.

- Buy linens, menu jackets and utensils at wholesale cost. Some vendors will try to charge full price, and if you buy your supplies from a magazine you are also likely to be paying inflated costs.

Value your staff

Finally, your employees can be your biggest asset or most extravagant cost.

Unfortunately, employee theft, especially when left unchecked can run rampant in the restaurant industry.
Sometimes the problem is staff outright stealing food, and other times staff helps themselves to food while on the clock, at the cost of the business. Many food service training experts recommend offering a free or discounted shift meal to employees to deter them from helping themselves to more high cost items.

It can also be in your best interest to invest in a quality POS (point of sale) system and inventory software to track food costs and track every item from the moment it hits your kitchen to the point of sale to a customer. If you already have a POS, take advantage of your vendor and make sure you are using it to your full advantage. Most vendors can provide you with training guides so you can become educated on all the features included with your system. Ask your vendor if they provide free training and tips to help you get the most from your investment.

If you don’t already have a system installed, just as you would with a food vendor, shop around. Don’t make a hasty decision and ask if you can try a free downloadable version before committing to software and make sure the company you ultimately has great customer support, chances are you will need it at various points during service.

Ultimately, you never want to sacrifice quality, customers will notice and often it can be the details that make or break a customer experience.

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Being a businessman, you should be aware of the fact that all businesses whether big or small require effective promotion to reach the zenith of success. Adopt unique and creative promotional tactics to give your business a cutting edge. The challenge lies in implementing effective advertising strategies with minimum expenses.

Here’s a list of effective promotional strategies which can give you maximum output with minimum budget:

Develop Informative & User-Friendly Website

Best way to promote your brand is to create a strong online presence. Invest in developing a highly interactive website which is user-friendly. Use interesting plug-ins, online chat options, feedback column and more to engage clients visiting your website. Regular updates about your products and services will enhance your credibility.

YouTube, E-Books and Webinars

Another inexpensive way of promotion is upload a video on YouTube. You can include some exclusive interviews of eminent clients. This will help you in gaining trust of new customers. Webinars refer to video conferencing done on a large scale. These webinars allow you to connect with global clients from your workplace without the need of going anywhere. Gone are the days of brochures and pamphlets, upload an informative e-book on your website containing info-graphs, pictures and graphs.

Participate in Business Events

Trade shows and exhibitions attract thousands of exhibitors and visitors from all over the world. It offers a common platform to know your competitors and compare their products. Seize this opportunity to meet global leaders in your niche through regular participation at related events. Get a list of business events which suits your niche and agenda from event-listing websites like exhibitioncentrehotels, zevents, yelp and more.

Social Media

Don’t underestimate the power of social networking sites. It offers best promotional platform for various products and services. Also, you get to meet several people sharing same interests and passion as you. Simply make a profile page of your company on popular websites like Facebook, Google Plus, LinkedIn and Twitter. You will be flooded with queries and contracts. Upload the information about your webinars, new products, reviews and increase interaction with consumers. Active online presence on these websites will widen your market reach with leaps and bounds.

Content Marketing

Write informative blogs and articles based on your products or some interesting topics useful for readers on popular websites. This is another promotion strategy which costs you nothing. Enhance the popularity of your products and services by making people aware of its benefits. In this way you are not forcing them to buy your products or hire your services but here you are giving them good reasons to buy it from you.

There is no rule book for successful business and same strategies don’t work for all. So, be creative and follow your instincts while planning your strategies.

Author’s Bio:

Avee is an associate writer with exhibitioncentrehotels. This website gives information on diverse range of universal trade shows and exhibitions. Also, find great accommodation deals with finest hotels close to global venues.

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