August 2020 - Page 3 of 3

Advantages of Using a Restaurant Accounting Software

Posted on 20/08/2020 by inresto

Owning a restaurant, no matter how exciting, can also test your patience in numerous ways. The management and operations of a restaurant demand the highest levels of attention, especially from the owner/manager of the place. Many aspects of restaurant management are often difficult; with accounting being a prickly one among others.

Even though we all love to see soaring profits in the balance sheet, accounting is a daunting task, which is heavily time-consuming and is highly error-prone, especially if done manually. What’s the solution? Accounting management software.

While generic accounting management software can aid in the management of accounts on a basic level, different types of businesses require different types of accounting aid. Hence, a restaurant may demand customized software that precisely fits the requirements of a restaurant. But why should one opt for a restaurant management software, in the presence of a qualified accountant, in the first place? Let’s look at some reasons why you must invest in a decent restaurant accounting software.

1. Elimination of Data Redundancy

Entering financial data manually can be a daunting task. It is not only time consuming, but also leads to a lot of human errors. These errors can lead to mismanagement of funds, miscalculation of profits, and hence, provides/gives room for your staff to make some bucks off of you. A restaurant accounting software can eliminate such errors, redundancies, and ensure correct data entry. Further, it also gives you more access, with lower access to your team, giving you more power over the financial management.

2. Effective Usage of Resources

Employing a restaurant accounting software aids in better management of time and personnel. Instead of hiring a person to handle accounting solely, that same person can be employed at more important tasks in the kitchen or the tables, and help serve customers faster. The restaurant accounting software will take care of financial accounting, where data entry is error-free.

3. Aids in Profit and Cost Management

Menu engineering, which is a part of restaurant accounting software, aids you with information important to keep a balance between your income, as opposed to your costs. This will enable you to figure out your best-selling dishes and elevate profit margins on those.

4. Simpler Reconciliation of Data

Using a restaurant accounting software enables you to reconcile the accounts at the end of the month, with automated calculations already done on your behalf. Further, it also showcases the entire data in a systematic format, enabling you to find all the information you’re looking for in an easier manner. When you incorporate accounting software into the back-of-house network, it can automate the collection of cash, along with sales data from the POS software and reconcile it onto the reporting module.

Along with the above mentioned, there are many other advantages that can help you seamlessly run the restaurant. However, we think this list is enough to convey that every restaurant owner must employ restaurant accounting software.

The Importance of Data in Restaurant Management

Posted on 20/08/202020/08/2020 by inresto

Every restaurateur dreams of owning a popular restaurant chain which is doing well. However, running a successful restaurant is in itself a tough nut to crack, let alone have multiple branches that run smoothly. However, every dream can come true, if chased with practicality and reality-based tactics.

One of the most important factors that contributes to any business’ success is data. And most traditional business owners often don’t lend it the amount of importance necessary. Data has a huge role to play in the making and breaking of a business, especially when it is new.

Now what kind of data are we talking about? We’re not talking about some random numbers in a spreadsheet. We’re talking about relevant data which can be used to review and modify your business operations in a way that promises exponential growth. This can be easily done through a tool called data analytics.

What is Data Analytics?

The Importance of Data in Restaurant Management

Restaurant data analytics is the study of all data relevant to a restaurant business and analyse the loopholes in the system that are bleeding of money or convertible leads. A restaurant analytics tool aids in simplifying the process of such analysis and provides you with a statistical report, based on past data, regarding the growth or downfall of your restaurant business.

This data reveals information regarding your business, which otherwise would have been very difficult to gather. This information can be used in a number of ways like profit analysis, operational efficiency, number of walk-ins, potential leads lost, where most leads are coming in from, etc.

Why is Analytics important?

Restaurant analytics is important because it will support your understanding of how the operational side of your business is functioning. On the other hand, it will also showcase the development graph of your restaurant and point out places that need more attention. It will allow you to break through the ceiling. How?

It will allow you to organize your data and omit metrics that are not relevant to your business or success objectives.
It will transform unstructured data into actionable insights.
It will enable you to monitor your performance, measure the effectiveness of such performance and optimize it by pointing out the exact places that need the most work.
It will allow you to find the latest trends which will cast you on a different pedestal, as compared to your rivals.
Lastly, it will make your business more efficient, saving costs directly and indirectly; which only means more profits!

Using Analytics for Marketing

Apart from using analytics as a tool to figure out an effective approach to your operations, it will also enable you to use such insights into marketing and advertising of your restaurant. Analytics will not only support your strategy for your next marketing campaign but give you a lot of data to boast in front of your customers. Here’s a few things that you can market:

Data with regards to employee satisfaction
Data with regards to new walk-ins
Data that showcases CSR activity
Data that showcases the effectiveness of your internal management

All these above-mentioned points only guide you in one direction: Get data analytics and witness skyrocketed success.

How to Run Restaurant Ads Online to Attract More Customers?

Posted on 20/08/202020/08/2020 by inresto

Running online restaurant advertisements is one of the easiest ways to quickly improve your sales, and build a stronger brand presence.

Here is a list of the Best Online Platforms that make running your restaurant ads easier.

Google Adwords

The restaurant industry is heavily opted for by upcoming entrepreneurs all over the globe. Further, the advent of the internet has made it easy for people to find upcoming and popular restaurants with the click of a button. Advertising enables you to gain a competitive advantage over your peers and subsequently gain more walk-ins. It will also boost your restaurant’s online presence and provide more visibility. Let’s look at the type of advertisements that google has to offer.

1. Search Campaigns

Search campaigns are ads that appear on different partner websites, along with the Google SERPs page. Using keywords that best describe your restaurant business will enable high relevance in your click-through-rate (CTR) and better conversions.

2. Display Campaign

Google also allows you to showcase a picture, or a gif as an advertisement, understanding the importance of visual memory. These advertisements are generally visible on relevant partner websites. Unlike search campaign ads, display ads don’t use keywords. Hence, your targeting of the audience is based on audience interests, and other factors that help define and refine them effectively such as age, gender, marital status, city, locality, etc.

3. Universal App

If you have developed an application for your restaurant and want to promote the downloads of the same, you can opt for the Universal App Promotion. You can promote your application on the search console, google play store, YouTube, and other partner sites on Google.

Facebook Advertisement

India has the largest amount of Facebook users and chances are, most of your target audience can be found on Facebook. Further, when it comes to restaurants, most people prefer to look at reviews before deciding to walk-in. If you have a strong following on Facebook, it will have a major impact on your sales. This following can be easily gained through running Facebook advertisements for your restaurant.

YouTube Ads

YouTube advertising is one of the most rewarding ways to reach out to your target audience. With a powerful CTA, it allows you to use voice modulation and music to lure customers in your restaurant or even plan an online order. Posting smart 5 second long videos will not only allow you to make an impact on your target audience, but also cut down on your marketing spend by a lot.

Running Ads on Instagram

Instagram ads can help you boost your business like no other application. As mentioned earlier, a person can recall visuals much faster than text. This is why Instagram will work as one of the best platforms to market your restaurant’s business. You can not only run discount offers on this platform but also get mouth-watering worthy photography marketed of the dishes catered at your restaurant. A pleasing comprehensive aesthetic of your Instagram page is sure to attract many more customers.

Try these social media marketing tactics today to gain some of the best walk-ins and keep them loyal!

What are the Preventive Maintenance Steps Restaurant Operators Should Take?

Posted on 20/08/202020/08/2020 by inresto

Owning a restaurant is not everyone’s cup of tea. A lot goes into the meticulous planning of the restaurant, leading it to a successful business. Amidst all of the other details, it is likely for an owner to not have maintenance high up on the priority list. However, having a preventive maintenance system in place can prove to be much more beneficial than to tackle issues as an emergency.

Here are some measures that a restaurant owner should take as preventive maintenance:

To Improve Consumer Experience

Consumer experience plays a vital role in turning one-time customers into patrons. A clean environment can improve walk-ins drastically. Along with tasty food, customers also look forward to eating in a hygienic driven restaurant.

Regularly checking customer-facing equipment can bag a lot of patrons. All your software must be up to date and if you have a system failure, the downtime must be as low as possible, to maintain the comfort level of your consumers.

Installing a computerized maintenance system can help you regularize and schedule your maintenance items. A preventive maintenance system can be easily incorporated into your restaurant without any rise in operational costs. The return on investment from a preventive maintenance system will undoubtedly be more than employing a reactive maintenance strategy.

To Reduce Unnecessary Costs

Running a restaurant without a preventive maintenance system in place will inevitably lead to more expensive solutions. Imagine having to shut your restaurant down due to unforeseen equipment failure. This not only leads to a loss in sales but also increases your expenditure. A preventive system initially may come at a high cost, but it saves a lot of your future losses.

To Maintain Equipment & Inventory

Your up and running restaurant cannot afford to indulge in short term equipment investment. Preventive maintenance systems can add years to your equipment be it big or small. Spending a few minutes cleaning, checking, and scheduling repair appointments (if needed) for such equipment can save you a lot of hefty expenses in the future. Keeping your ovens, frying pans, microwaves, and grills clean will help you serve your customers with delicious food on time.

Apart from that, preventive maintenance saves your unnecessary costs also by reducing the energy expenditure. When you have your equipment regularly checked and maintained, the food is cooked at a shorter time. For example, if a well-maintained oven takes 60 minutes to cook something, a poorly maintained oven may take longer and lead to inconsistent cooking results. This leads to higher expenditure, in terms of energy, which sooner or later gets translated to lower sales and eventually, lower foot-fall.

Moreover, the installation of sensor technology can prove to be an excellent investment too. Sensor technology can send an automated alert to your computerized maintenance system as soon as there is any technical error in the equipment. This way you will no longer have to employ a dedicated person, and your equipment and inventory will be efficiently managed.

In summary, a preventive maintenance program, fortunately, or unfortunately, falls under the “necessary” category. Getting it installed will not only drastically improve your restaurant’s efficiency but will also scale up consumer satisfaction. Take a proactive approach and install necessary computerized maintenance systems to save hefty expenditure from unforeseen breakdowns and emergencies.

A Guide to Opening a Casual Restaurant

Posted on 20/08/202023/08/2020 by inresto

Did you know that the casual dining format makes up about 33% of the overall market share of the regulated food industry? And that is also correlated with an expansion of 33% by 2021. It is the second-largest foodservice industry in India. This implicates a large business opportunity for aspiring restaurant owners. Hence, let’s look at it in detail:

What is a Casual Dining Restaurant?

A restaurant that serves moderately-priced food in a relaxed dining experience where the average cost per person is between Rs 250–Rs500 can be deemed as a casual dining restaurant. Contrary to a quick-service restaurant, a casual dining restaurant relies on the quality of the food to be prepared along with a few more value-added services, as provided in this article.

In a casual dining restaurant, you must have your sitting area with a comfortable environment. In this post, you can learn how to open a casual dining restaurant for Rs 15 lakhs just below, step by step.

1. Select the right location

This is one of the most important factors to be considered when opening a casual dining restaurant. As compared to fast service restaurants, casual dining provides better charm and can be garnished with aesthetic interiors. Since most people prefer casual dining restaurants over fine dining restaurants, it is recommended that the location is chosen accordingly. A mall seems like a great location owing to business and commercial buildings nearby. Apart from that, opening one in a commercial area also is a great location for a restaurant.

2. Appropriate packages and raw materials

It is advisable to use new equipment for the production of the dishes you serve. Apart from that, it is important to make your dishes quality-driven yet affordable, hence, shaving costs in other corners would help you stretch your profit margins. For instance, buying packaging that is both cost-effective and functional rather than fancy is a great way to save some big bucks.

3. Build the stellar service area

One of the major differences between a quick service restaurant and a casual dining restaurant is the ambience and the aesthetic. While your customers truly like affordable food that tastes great, they also like ambience that supports the indulgence in such food. Hence, investing a little thought into building a good looking service area will not only attract foodies but also make you popular among bloggers and help you beat your competition.

4. Get the right paperwork done

It is important to get the operating license from the FSSAI, GSTIN number, Police Home License, Local Public Safety and a Fire License. All these makeup for the most significant authorization without which it would be impossible to start a casual dining restaurant.

5. Focus on staff presence

It is important that there are at least 2 staff members at the counter to help your customers find what they are looking for. It is one of the keys to success when it comes to a casual dining restaurant. Further, hiring staff that is friendly to the customers and makes them feel comfortable is a rare sight to see and can set you apart from your competition.

Importance of a Right Software for your Restaurant

Posted on 20/08/202020/08/2020 by inresto

One of the main reasons why restaurants have so often shut down is their rising costs and their inability to maintain liquidity. Even if a restaurant has a strong presence, you can’t operate a successful business unless you manage and monitor the restaurant’s costs well. A restaurant management system will help you in more than one way to find factors that cause bleeding of money and aid in fixing them. Further, it can also help you reduce your reliance on manual work through automation of multiple operations. This will allow you to focus on other aspects of the business.

How can the restaurant management program be integrated to reduce food costs?

Leveraging automation is one of the easiest ways to reduce the restaurant’s unnecessary costs. It is becoming more and more difficult to find trustworthy personnel capable of handling cash and registers. Hence, a software that supports an automatic financial accounting system enables higher transparency while elevating time and resource efficiency.

Track Food Cost

It is important to keep a track record of all your raw materials and other operational costs that will allow you to gain insights into your comprehensive food costs. A restaurant management software will enable you to not only review places where your spending is high but also allow you to figure out the actual inventory used as opposed to the inventory ordered, saving the cost of food that gets spoiled. This will not only aid in better management of inventory but also eliminate the risk of accidental usage of foul food.

Recipe management is another most important factor that will help you cut down costs on food drastically. This process aids you in standardizing your recipes for your staff and across different outlets. Such standardization of recipes allows for the taste to be maintained across branches which leads to customers experiencing the same taste they have grown to love across all branches.

Reduce Labor Cost

Labour costs are another primary aspect towards which restaurants must pay attention. It is important to standardize procedures and regulations when it comes to managing personnel. A restaurant business must make sure that they work on retaining their employees for the long run because it saves the cost of training, turnover, time lost on hiring procedures, and burdens on other employees when manpower falls short.

Retaining employees for longer terms can be done by simplifying manual processes by automating complex tasks and leaving basic and simple process management to the employees. Further, tracking and reviewing the staff’s efficiency is also important to identify places where staff can be more efficient and things that will help elevate their performance. The right software will aid in the implementation and achievement of it all!

The points mentioned above answer some of the trickiest questions that a restaurant owner may have but cannot figure out themselves. To put it simply, it is the right restaurant management software for you if it not only answers all your operational questions but also simplifies your restaurant management by a great extent.

Trends That Will Shape The Food Delivery Industry in 2020

Posted on 20/08/202024/08/2020 by inresto

The only thing constant is the change

The food & Beverage industry has changed manifolds in the last few years. Online food ordering and delivery is one such revolution that has now become an integral part of our lives. The food delivery service has proven to be a boon to mankind, and with the on-going pandemic, their popularity has only amplified.

As per Statista, the revenue of the online food delivery market is expected to witness an annual growth rate of 7.5% (CAGR 2020-2024) annually with a projected market volume of US$182,327 million by 2024. These figures are an indicator of a swelling industry where no food delivery player wants to be left behind.

To withstand the competition and to keep up with evolving customer needs, food delivery startups must embrace the on-going trends and technological innovations in the industry.

1. Take your Restaurant on Cloud-9: Rise of Cloud Kitchens

Cloud kitchens are the best way to reduce overhead costs with no retail footprint. This is the perfect time when restaurants should look at this model. Besides, there are now platforms that provide end-to-end solutions for restaurants to open delivery-only kitchens by providing the required infrastructure and software with minimal capital expenditure. These service providers can house multiple kitchens operating within their infrastructure. Swiggy Access is one such example in India and Kitopi in the middle east, UK and USA.

2. Smart POS for Smarter Management

Traditional POS systems have failed to handle the complexities of modern food delivery requirements, often leading to errors. With a new-age and smart POS systems, restaurants can manage all front & back-end functions from one dashboard. To keep up with the current scenario, a new-age POS like inresto’s Mobile POS (link to google form) can also record the temperature and mask checks of the delivery executive.

3. Big Data Analytics for a Bigger Tomorrow

Like any other industry, Big Data analytics plays a very important part in the functionality of the food delivery service providers. It helps in collecting real-time data, leading to accurate estimation of delivery while eliminating the possibility of food wastage and damage. Restaurants can also analyze the customer sentiments on social media, which in turn can help them to improve their operational efficiency.

4. By Hook or By Crook: Multiple Delivery Channels

With the rise in demand for home delivery services, restaurants need to explore the multiple delivery channels and not just restrict to one. The third-party delivery service providers are already facilitating the job with their strong technology and wide reach. But, it is equally important to have an own-delivery system in place to avoid total reliability on these channels and limit the order related issues.

5. Future of Ordering: Going beyond Apps and Websites

Technology is constantly evolving, and there are already new avenues where customers can order from beyond existing channels. inresto’s latest partnership with WhatsApp now enables restaurants to take orders directly through an AI-powered conversation which is simple and secure.

The future of ordering can also be witnessed in western countries through virtual assistants, smartwatches, smart TVs, and even smart cars. For example,- Grubhub, which is an American food delivery giant, allows its customers to reorder from the last three purchases on its platform through Alexa (Amazon’s Virtual Assistant).

With the ever-growing competition, restaurants should be able to deliver food cheaper, faster and with a better experience. It is a growing industry with room for new technological trends that restaurants must embrace to enhance their delivery experience. With the above-listed trends, food delivery startups can easily keep up with the industry and be prepared for the future.

Virtual Kitchen – The New Fad or the New Future

Posted on 20/08/202020/08/2020 by inresto

The advent of the internet has led to disruptions within many industries. One such prominent industry is the restaurant industry. With online food orders becoming a household aspect of today’s netizens, a new wave of restaurants has entered the scene.

These are known as virtual kitchens or cloud kitchens. These restaurants do not exist in real life, i.e. you can not walk into a virtual kitchen and order food. The only means of ordering food from a virtual kitchen is through the internet.

While people may think of these restaurants as a recent fad, the sheer growth in their numbers proves otherwise. Another aspect that solidifies the stature of virtual kitchens in the restaurant industry is the host of advantages reaped by restaurant owners. Let’s browse through some of these key advantages.

1. Low Establishment Cost

Setting up a virtual kitchen does not require investment in a large space. All you need is a kitchen space and excellent chefs. If your food is good, then you will garner a strong digital following within no time. You also don’t require staff to run the restaurant. It is entirely managed by the cooks and cleaners.

2. Sufficient Incoming Orders

As per the latest reports, 14.76% of the Indian population orders food via apps/websites at least once in two weeks. .Cloud Kitchens have a presence across these apps and websites, which helps them with frequent orders and hence the business aspect is taken care of!

3. Millennials Love Virtual Kitchens

Millennials love experimenting with their food! When it comes to experimental food menus virtual kitchens do it the best way! So, any functional cloud kitchen can make high profits with a food menu that serves the target audience’s needs!

4. Easy to Run Promotions

A regular restaurant needs to put up billboards and run marketing tactics to generate walk-ins, and hence, sales. But a virtual kitchen can simply put up a discount on their app/website or any third party platform they use, and they can attract more sales with ease. Studies suggest that restaurants running promotional offers make much more than regular restaurants.

5. Food Delivery in Minutes!

Take Away or dining out at a restaurant requires a good amount of time at hand. One needs to account for the travelling time to the restaurant; Time taken in meal preparation – which compared to online ordering is way more! However, with cloud kitchens, the food is delivered to the buyer’s home within minutes of ordering food. This single factor has led to the development of cloud kitchens as a prominent aspect of the restaurant industry.

Verdict- Virtual Kitchens Are Here To Stay

Virtual kitchens are only growing larger and becoming more versatile. From cloud-based coffee shops to multi-cuisine restaurants, a person can order anything literally from the comfort of their homes. These restaurants are also often more budget-friendly than their real-life counterparts, thereby catering to a larger crowd.

If you are planning to begin a restaurant business, you should definitely consider trying a virtual kitchen to see how your customers respond to your menu, experiment a little, and then invest in a facility (if the need arises). Not only will it be easier to establish, but you will also ensure higher profit margins.

Effective Ways to do Social Media Marketing for Restaurants

Posted on 20/08/202020/08/2020 by inresto

Social media, the single biggest tech innovation of the last decade, has changed the way restaurants are marketed. In the world of reviews and food delivery being a click away, the modicum of marketing has to take on a completely new persona.

The first step towards creating a social media brand presence is developing a plan. You can’t simply just sign up and start posting content. This will mess up your reach and ruin your marketing efforts.

Here are some quick social media strategy tips:

Firstly, choose the right platforms. There are various platforms out there with different groups of people. Choose the ones that hold your target market.
Don’t just post about yourself. Create a social media schedule around topics on which you can post in order to market your restaurant brand.
Use paid marketing. Using it on the right platforms can really pay-off and get a restaurant huge amounts of traffic.
Hashtags and location pins are important. Find the hashtags that cater to your industry and you will be reaching a whole new range of potential customers. Additionally, location pins help the restaurant be discovered by diners who are exploring those particular locations.
Run promotions. Be it an introductory offer or an end of the year discount, the current generation is heavily decisive in their consumerist choices based on promotions.

Platform-based strategies

While the above-mentioned tips work for all social media platforms, there are certain methodologies to be followed when it comes to individual platforms.

Facebook

A huge amount of the urban population decides where to eat from via Facebook. So if you use it right, your business will surely face a massive boom. Studies show that video content has the best possible reach on FB.

Instagram

The holy grail for millennials. If your restaurant serves fancy and well-styled dishes then you should heavily concentrate on this platform. Food images are some of the most shared posts on this platform, so it is the perfect ground to market your restaurant. Instagram stories also have a huge amount of organic reach. Going live from your kitchen, sharing behind the scenes will also help garner a lot of attention.

Twitter

This is where the idea of the hashtag was originally generated, so by using hashtags related to the restaurant industry you will be able to quickly generate a massive number of followers. It is an amazing platform to engage with diners as well as other brands, and showcase a witty side of a restaurant.

But what has really changed?

These tips above can change the presence of your online persona, but how does it reflect on your real-life business? Oftentimes the online world can be flashier than it actually is. And this is where a lot of restaurants lose out on their customer base.

Don’t use that extravagant filter or add custom animation to make your food look better than what it is. Good food will always win over people and if you serve it with love and care customers will always return to you.

But at the same time, you will need to match the demands of the current generation when it comes to marketing. Run offers, give discounts and provide other benefits and you will surely face success through your social media marketing.