May 24, 2021

Financial Literacy In Restaurants Matters

Busy Restaurant

“Knowledge is Power” is among the most cliche business axioms, but it’s rooted in fact.

Particularly in the restaurant industry, empowering your employees to perform by providing them accurate and timely sales, labor, and purchasing data is essential. Without that, it’s challenging for managers to make informed operational decisions. Non-management staff are also less engaged when they’re disconnected from the performance of the restaurant.

Quicker Access To Restaurant Data

There’s always been a demand for this data. The problem is that while point-of-sale systems collect and store transactions, it’s not easily accessible. It often takes hours of reporting and spreadsheet gymnastics to make sense of the information, identify trends, and after all that, you still have to take meaningful action. There just isn’t normally time for all of that.

These types of cumbersome admin tasks kill morale and lead to burnout. They also take managers’ attention away from driving better customer experiences.

Top-performing restaurants understand the value of making this information available, creating dashboards to analyze their performance, and sharing this data with their people.

Reports on top-selling menu items, top-grossing servers, peak sales periods, product sales mixes, sales vs. historical averages or projections, and individual sales metrics should be available at a moment’s notice.

When this happens, employees can make quicker decisions, managers can be more decisive, and restaurants are able to meet the needs of their customers faster. Information availability creates a feedback loop that improves and accelerates results.



The Byproduct Of Fast Data

Restaurants that benefit from automated data and reporting not only enjoy time savings and improved decision making. They also notice a change in their workforce.

Improved retention. Higher accountability. More enthusiasm. Better service.

When staff feel like they have the tools and resources to be successful – and there are opportunities for ongoing learning and development – they become more engaged.

It works the other way, too. It’s difficult to manage what you can’t measure, and by tracking the performance of each employee, restaurant managers can easily identify their all-stars, diamonds in the rough, and those that are struggling. This insight highlights coaching and development opportunities that are objective and constructive.

All of these benefits contribute to a better employee experience, which is the No. 1 factor in determining the success of a restaurant.

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