Restaurant Bookkeeping: Would it be better to open multiple venues or focus on just one?
Owning and running a restaurant requires hard work but many still dream of opening a second venue or more. However, in today’s volatile market, would it be better to just focus on one restaurant?
Some see the value of running multiple venues instead of putting all their eggs in one basket. If you have more than one venue, it would help with consolidating and pricing from suppliers. You will be able to utilise support across all venues and there will be discounts from various suppliers because of bulk buying. Food and beverage costs will be reduced.
Proximity is also an important factor when managing different venues. Staff can’t be in two places simultaneously but if the venues are closely located, they would be able to move between establishments easily. You can cross-train your staff to work in all of your venues and it would help with rostering and holiday leave. Your team will have variety in their work life which would help with staff retention. Work with your restaurant bookkeeping or finance department to find out how you can make the best out of this practice.
However, the challenge of venues being far apart should not deter you from expanding your group to new precincts. Just remember that opening a tried-and-tested venue does not necessarily guarantee success. While the goal is to open more restaurants, don’t forget to focus on good food & service, quality and guest experience.
One of the biggest benefits of running several venues is that you can use the procedures and resources across them all. Manage different personalities and utilise the drive of team members in different venues. To avoid weakening the quality of the original venue, each restaurant can specialise in different cuisines. It is important to trust your own ideas and start your own concept rather than lifting concepts from other cities. You should also know when it is time to rework a successful venue.
Bookkeeping for restaurants
Need a bit of assistance with your hospitality business? Contact a Sky Accountants representative today and learn more about our fixed fees. You won’t regret it.
Some of our clients include Buckley’s Entertainment Center, Ballarat Leagues Club, Daylesford Hotel, Bacchus Marsh Golf Club, Campbell Point House, Midlands Ballarat, The Urban Newtown, Maryborough Midland Society, Brink Drinks, Dontek, UV Wraps and many more.
Aside from business consultation, we also offer small business accounting, restaurant bookkeeping, back office, SMSF and POS services designed to help you achieve greater financial success.
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