Being a wildly successful food entrepreneur is the dream for many, but some business owners are left struggling just to break even. Unfortunately, the hard truth is that for every success story, there are many more failing businesses. Be it inexperience, a bad decision call, the wrong location, or simply a menu for a wrong audience — there are so many ways things can go bottom up, but that doesn’t mean it has to happen to you!
There are things that can be done for a failing food business to turn things around.
Make your menu better by focusing on what people like the most. Check what makes the most money and keep those on the menu. Look at which dishes make more profit and which ones don’t. Change the prices or sizes to make better profit. Take off things that aren’t available and fix any mistakes. If your menu is online, make sure it looks the same everywhere. Texas Chicken Malaysia did this too. They added new items seasonally and brought back popular ones during their recent update, showing how an appealing menu helps during tough times.
Establish a feedback mechanism to understand customer preferences and areas of improvement. You can use Google Forms, or physical feedback chit to help you gain these valuable feedback – even if they are negative. Encourage customers to share their thoughts on the menu, service, and overall experience. Analyze this feedback and make necessary adjustments to enhance customer satisfaction and tailor your offerings accordingly. If done correctly, you might even find the main reason that your business is not doing well, and fix them right away!
Make your presence known and actively promote your business through advertising. This step is crucial in attracting customers. Be it online through social media or offline using flyers and brochures, they will help your business to reach more people. The investment required to implement new advertising strategy can vary, but it’s worth noting that Burger King in the United States recently allocated a whopping $400 million to revitalize its declining US sales, showcasing the potential impact of strategic advertising investments.
Conduct a thorough financial analysis to identify areas of overspending and inefficiencies. Create a budget that aligns with your revised business approach. Explore cost-saving measures without compromising on quality. Start from analysing your inventories, suppliers, and other fixed costs. Monitor expenses regularly to ensure financial stability and allocate resources wisely.
Trim down unnecessary team members— when going for a delivery and pick-up only approach, you don’t need floor staff to take orders anymore. Alternatively, retrain front staff to be able to adapt to different roles. If you find yourself struggling for manpower at certain times of day, consider adjusting worker shifts or hiring part-timers, especially for peak periods.
Get involved or team up with your local community by hosting events, workshops, and more.They can be local groups, schools, or non-profits, so be sure to explore. These efforts not only make more people aware of your food business but also show that you care about your community, building positive relationships and loyal customers. Engaging with your community helps your struggling food business by bringing in more people and encouraging them to come back again. The Kampung Buatan Malaysia event held recently by ZUS Malaysia is a great example. The local coffee chain brought together local brands and their unique products to uplift the narrative of Buatan Malaysia products.
A facelift can also bring a sense of newness to your customers! Consider to refurbish to interior, brighten the lights, play suitable background music to enhance dining ambiance. Don’t forget to add an Instagrammable spot too if your budget allows! Create a pleasant atmosphere to encourage customers staying longer. It is also a good idea to offer free WIFI for the same reason.
With this, we hope we can guide you to revive your business. Remember, it is never too late for a change. For more tips and tricks, sign up as an Ajinomoto Food Biz Partner today.
Ajinomoto Food Biz Partner
