Managing your restaurant business, especially multiple locations, means you need to know a lot of information to make the most important decisions. Business intelligence reports can summarize that information into useful reports to make achieving restaurant goals more effortless.
There may be indications your restaurant is doing well financially, but if you don’t understand the facts and figures of how your business is operating, you may be missing out on too many lost restaurant profits. To get a grasp on the actual inner workings of your restaurant, you need to employ business intelligence reporting tools to see all facets of your business in an organized manner. Zip Reporting business intelligence reporting software allows you to do just that, enabling you to create bigger and better short and long-term goals for your restaurant’s success.
What kind of information can be accessed through business intelligence reporting?
Business intelligence is the culmination of every facet of your business – from financials to staff performance, to menu popularity. While you already have access to this data, it’s probably buried deep in complicated spreadsheets, disorganized files, and in the minds of your management staff. With Zip Reporting’s business intelligence reporting capabilities, you can gather all of that valuable data and turn it into useful reports to grow your restaurant business.
Reports can be customized to highlight the performance of your service staff and management team. You can also review your customer’s’ activity on a daily, weekly, monthly, or yearly timeline. There are even hourly reports you can access to get a minute-by-minute understanding of how all your staffing factors are affecting your business.
Financial details can be narrowed down into easy-to-understand figures you can use for making better purchasing decisions and smarter buying decisions when you need to invest in additional kitchen equipment or other big-ticket purchases.
Customizable reports make it possible to investigate specific functions of your business to highlight which areas of your restaurant’s operation need improvement and which are working to your benefit. You can guess all you want about how effective the management of your restaurant is but until you can access real proof of your restaurant’s overall performance, you can’t be confident you’re making the right decision for business’ growth and profitability.
Why does consolidating your business intelligence reporting makes sense?
As a restaurant owner, you have information traveling in from all sorts of places – your POS system, spreadsheets, inventory systems, and more. It can be impossible to track all that data on your own and keep it organized. Restaurants are a busy place and collecting accurate data requires the right tools. Zip Reporting is an ideal consolidation resource for gathering your business intelligence and provides ease of report customization. You have all the data you could ever need right at your fingertips. Information is consolidated into one central location for easy access.
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Information your restaurant needs to track in an organized fashion to increase profits and success include:
1. Guest Activity
To run a successful restaurant, you need to know what your customers want. To gain insight into their dining needs and preferences, you can use business intelligence reporting to follow their activity over a dedicated period. Get to know your loyal customers’ ordering patterns, their preferred time to visit, and how much they typically spend on a visit to improve customer relations. You can move forward by designing promotions, and special deals for you valued customers based on their current buying patterns. Discern what other options you can bring to the table to keep customers satisfied while looking for ways to upsell for additional profits.
2. Slow Business Outlook
Every restaurant has their busy periods and slow times. To boost profits, it makes sense to analyze these slow periods and find ways to increase the traffic through the door. Pinpointing the times when guests aren’t showing up can help you strategize your marketing efforts and achieve better results. Crafting ways to encourage more business during the slow periods based on accurate data ensures your marketing efforts and return on investment will be on target. You’ll no longer have to fear wasting money on pointless efforts.
Once you institute new promotions based on what you’ve learned from your business intelligence reporting tools, you can follow up by tracking the success of each promotion. Data will reflect the success or failure of each idea. Keep the ones that work well and reconfigure the ones that failed to ensure your ROI is worth it. You can also organize your budget more effectively in light of your promotional efforts to get more bang for your buck.
4. Staff Performance
The performance of your staff is critical to your restaurant’s success. If you have an overworked, irritated staff who cannot accommodate your customers’ needs due to poor scheduling, you’re going to lose business. Zip Reporting allows you to view your staff’s performance based on daily activity. You’ll gain insight into the total amount of customers you have on average each day and can schedule shifts accordingly. This will also help eliminate wasted money paying too many staff during the slower periods of the work week. Better management of your employees can go a long way to boosting their morale and productivity, both highly beneficial to the success of your business.
5. Management Competency
Zip Reporting allows additional users access to valuable business intelligence reporting tools without additional cost. You can clue your management team into the data results, so they will also know how the restaurant is operating every day. This data can make your supervisory team more involved in the business operation, and they can see the results of their efforts firsthand. As the owner of the restaurant, you can gauge the performance of your management staff and their ability to lead your team. Hold them accountable for their part in achieving your restaurant’s short and long-term goals.
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6. Multi-Location Tracking
If you are running several restaurant locations, it is essential to know what is happening in every site. Without business intelligence reporting tools, you may be stuck trying to consolidate data from multiple locations through spreadsheets and other paperwork. With Zip Reporting, you can easily consolidate everything in the cloud server to have one central databank. No matter where you are, you’ll have access to real-time data about each location through your smartphone, computer, or tablet device.
7. Operations Optimization
There are so many factors influencing the operation of your restaurant. With so many irons in the fire, it pays to have a reliable tracking method to capture that activity and summarize it into reports. Money leaks can be identified through your business intelligence reporting tools so you can take control of your losses and find ways to turn them back into profits. By optimizing your restaurant’s operations, things will run smoother, and your risk of loss can be effectively decreased. Information that used to fall through the cracks can now become part of your optimization process.
8. Information Sharing
Aspects of your business maintained by third-party individuals, such as your payroll service and your tax accountant, can be more effectively communicated using Zip Reporting’s business intelligence reporting capabilities. Detailed reports can be customized to fit the needs of those who help you do business. Your financials and other data are organized into an easy-to-read report for a more streamlined business process.
9. Growth Potential Analysis
If one of your restaurant goals is to expand your business and open additional locations, Zip Reporting offers customizable financial business intelligence reporting options to highlight the financial and business data a bank lender wants to see before agreeing to a business loan commitment. Professional-looking, detailed reports show your ability, as a restaurant owner, to effectively manage your data and your business. Reports can highlight the consistent growth your restaurant has experienced, proving to a lender you’re ready to move forward.
10. Financial Forecasting
Even if you aren’t interested in expanding to another location, you can always benefit from the ability to predict what will happen in the future at your current location. Every restaurant owner is looking for growth potential. Use business intelligence reporting information from Zip Reporting to forecast your company’s profitability in the future. Rather than guesstimate how successful your restaurant will be, you can use accurate, real-time data to forecast more precise financial figures.
Make Smarter Business Decisions
Business intelligence reporting software gives you invaluable insight into your income and expenditures on a daily, weekly, monthly, and yearly basis. You can customize timelines to see how well your business has been doing in the past and predict how well it will do in the future, based on your collected data. This kind of information is vital to helping your plan for and budget your company’s spending.
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Restaurant owners put a lot of money into supplies, equipment, staff, and facility maintenance. In some cases, they get over their heads in debt trying to improve the viability of their business. However, that debt becomes a heavyweight, taking the focus on what could be done to increase profits and placing it on the fear and worry of living in debt. Restaurants operating under these conditions often don’t survive for very long.
Business intelligence reporting provides a look at the financial health of your restaurant at a glance. You’ll finally know for sure if you can afford to install new dining tables or an updated refrigerator cooler without breaking the bank. You have to power to access information about your staff’s payroll potential so you can base raises and promotions on your financial capabilities. You’ll know how much food inventory is being properly used and how much is getting tossed in the trash. Minimize your expenses and cut down significantly on your financial losses using the analytics found in business intelligence reporting.
Use Business Intelligence Reporting to Revamp Your Restaurant Business
Business intelligence reporting resources offer you the opportunity to revamp a restaurant in a slump. The variety of data available through Zip Reporting allows you to start from scratch with your planning efforts to revive your business efficiently. Because you can customize reports to your needs, they can be a handy tool for designing a restructuring of your business. Identify the areas of your company that need to be fixed to generate more profits based on accurate numbers and not your best guess. You can use the reports as a planning tool for rebuilding a successful restaurant based on historical data you’ve been collecting.
Zip Reporting is a pay-as-you-go service, which requires no contracts and no obligations beyond your monthly payments. Your investment in the business intelligence reporting software is minimal, but it gives you the advantage of significantly increasing your return on investment. The software is delivered through a cloud-based server, so it is always current with the latest updates. You won’t have to invest additional cash for upgrades or to add additional users.
Many restaurant owners refuse to adopt resourceful business intelligence reporting tools due to high cost and confusing platforms. Zip Reporting makes consolidating all of your information from various applications easy, without extraordinary cost. It’s easy to use, allowing you to generate customizable reports with real-time data, so you don’t lose any time learning how to use a new program.
Other benefits of Zip Reporting’s business intelligence reporting tool include:
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It’s a Time-Saver – installation requires no lost work hours. It can be installed in a few minutes, and you can get started customizing reports soon after. Additionally, Zip Reporting cuts out all of the wasted time spent crafting confusing spreadsheets and searching for documents you’ve misplaced.
It Eliminates Confusion – as a restaurant owner, you likely have apps from many vendors to do business. Zip Reporting consolidates data from all the other platforms you must use and displays data in one location.
Easy Accessibility – the cloud server-based program can be accessed through a smartphone app, a tablet, or your computer. If you have to be away from your restaurant or operate more than one location, you always remain in the know about your restaurant data. You can access it anytime, from anywhere, even when you can’t be at work. All data is synced in real-time, so you have the peace of mind the information is always up-to-date.
Staff Communication – restaurant owners can delegate reporting analysis duties to their supervisory staff. There is no additional cost for additional users. Your management team will stay on top of business operations as effectively as you can, putting the whole team on the same page for moving the business forward.
Take your restaurant to the next level by utilizing your ability to access precisely the information you need to rebuild your business and your brand. There are a lot of factors influencing a restaurant’s success. Ignoring that information can be detrimental to your business growth, especially if you’re already struggling.
Outperform the Competition
Business intelligence reporting software can give you the edge over the competition, especially if the competition isn’t investing their time in the same resources. You’ll gain the advantage of understanding your customer base and what they want so you can consistently deliver and meet customer expectations. You’ll also learn how to keep those customers coming back and find new, effective ways to bring new people in.
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Restaurant menus can also be upgraded to provide something new and exciting for your customer base. Sales can be measured consistently to show the popularity of your menu offerings so you’ll always know what is selling and what should be rethought. By providing new menu ideas and additional food options, you can generate more business in a relatively short period. Accurate data helps to eliminate the risk of loss on adding failing menu items.
In addition to increasing profits, you can quickly learn how to cut losses. Areas, where money is not being used effectively, can be identified through Zip Reporting’s business intelligence reporting options. Cutting losses means more money is going back into your business to make it bigger and better than before. Without the BI reporting capabilities, you may be missing out on areas that need to be addressed to prevent lost profits. You’ll streamline your expenditures and understand where costs can be cut to improve the efficiency of your purchasing power.
Zip Reporting is created by Hubworks to help restaurant owners better manage their business. They offer additional software options for streamlining every part of your business, including their Zip Inventory restaurant inventory management system, designed to organize your restaurant’s inventory accounting processes. Click here.