The food industry has been one of the most badly-hit sectors of the economy by the Coronavirus pandemic. With fewer people eating out, restaurant owners struggled to keep healthy foot traffic. But now that things are looking up, with restaurant renovation practices, restaurants are getting ready and thinking of making some changes to their stores’ look and feel.
Some of the challenges experienced by restaurants in India due to COVID were high operational costs (65%), lower margins (54%), rental cost (52%), hiring and retaining staff (41%), and competition (22%), according to Statista’s report. However, things are going to improve very soon as regulations loosen. Given the constraints and uncertainty, business owners are starting to see the importance of financial management in the food industry more.
But interior design is still important for restaurants as it’s usually a strong selling point for many businesses too. So if you’re looking to make any changes to your stores, here are some tips for restaurants to update their restaurants’ designs on a budget.
Have a Plan in Place
One of the biggest hindrances to restaurant renovation with a tight pocket is the tendency to go over the budget. So the first step to getting your restaurant a fresh look without breaking the bank is to actually plan out your renovation ideas. That’s where financial planning for restaurant owners comes in handy.
Be as rigid about your vision and every nut, bolt, and nail that it will take to achieve it. The more detailed you are about your plan, the more confident you can be that your project will not go over budget.
Design for The New Normal
If you’re thinking that things will still go back to the way things were anytime soon, it’s time to start facing the facts. Things are never going to be the same anytime soon. So it’s best to make renovation plans around the new reality we now face.
One important consideration to deal with the new normal is to have restaurant billing software that offers a QR code based contactless delivery and contactless ordering system at your establishment. So a few useful ideas would be to have a waiting area for food delivery riders and to create an extra lane for deliveries if you have over-the-counter ordering.
One trend we’re seeing in the food industry is the rise of outdoor spaces as it’s safer when trying to avoid virus contamination. For indoor spaces, have negative air that allows the most circulation possible while still providing good ventilation and room temperature.
COVID-19 isn’t the only factor that’s changing the restaurant industry as we know it. Mass digitization has also been affecting businesses but in a good way. At least that’s if you keep up with the trends. It’s important that your business becomes digital-friendly.
In fact, social media platforms are essential for restaurant businesses. Sixty-nine percent of diners take photos of their food before eating it. Meanwhile, 30% of millennial diners don’t go to restaurants with a weak online presence.
One tip would be to focus on creating an Instagrammable spot so you can get free marketing online when you have people post photos of your space. You don’t have to spend a fortune on renovations. It just has to be memorable.
On top of the visual aspects of your shop, you might also want to consider getting your business more adaptable to cloud-based franchise management system if you own a franchise business. Otherwise, you can have a robust POS solution for solo food entrepreneurs like Billberry that can effectively manage inventory management, production management, supply chain management and more. Set aside a budget to update your restaurant technology if you haven’t in a while when renovating.
Using the best franchise software or a restaurant management system that can actually help you save on manpower hours because it removes many repetitive tasks like taking reservations, checking inventory, and so on. Moreover, it’s also proven to improve customer experience, thus building an avenue to increase your customer base.
Renovate in Phases
Practicing proper restaurant financial management means trying to look more mid to long-term as well. So remember that you don’t have to change everything in one go. You can always choose to renovate in phases. This consideration is even more crucial for businesses that might have to close their shop to make changes. By renovating in phases, you can still keep some parts of your restaurant open so that you can continue to serve customers and still make money.
You need to stay on top of your finances. That’s why you should have accounting software in place to help handle your numbers.
Focus on Resourcefulness
Entrepreneurs know best that the key to business success doesn’t lie in one’s resources. It relies on their resourcefulness. You don’t have to mess up your restaurant financial statements just to get a space revamp. In fact, even with just a few creative ideas, your space could become a whole new space without having to cut corners.
Try to visit inspiration websites like Behance, Pinterest, or other interior design websites to get ideas for interior design updates. Work with a designer to select the best ideas that fit the theme of your restaurant without having to do any major restaurant renovations. Creativity comes not when we have all the money in the world, but when we work to achieve the same or even a better result.
Improvement Is an Investment
Practicing good financial management in the food service industry is a must. But that doesn’t mean we should hold on to every dollar. Remember that improvements are investments. Whatever renovations you make could potentially bring in more customers. And with more customers, your restaurant will generate the money you spent on updates and hopefully even more.