Running a restaurant day to day is never easy.
Even before the pandemic, nearly 60 percent of new restaurants failed within the first year. And nearly 80 percent forced to close before their 5th anniversary.
An increase in wages, food costs and high rents mean tight profit margins for restaurants or even worse, a Negative cash flow.
This is when your business has more outgoing than incoming money.
Not even a Sizzler can survive a prolonged negative cashflow.
So if you are you always trying to pay last month’s bills with next month’s sales, then you could become another statistic.
Your solution could be just changing your business model.
Most restaurants use the Transactional Business Model.
A customer comes into your restaurant and orders a meal.
They receive their food and drinks.
Then they pay the bill and walk out of the restaurant.
Now you are using “Hope Marketing” that your customer will come back again one day.
The Recurring Busines Model is to invest in building your database to bring back customers on demand.
New customers cost 5 times more than bringing back your existing customers.
When you consistently attract new customers and bring them back with predictability, your business will experience exponential growth – that’s is a Positive Cash Flow On Steroids.
The blueprint for exponential growth is using social media. It’s not about getting Likes – you can’t pay your bills with LIKES, but you can guide your customers on a journey… from awareness to loyal fans promoting your business. And to can track each of the 9 steps.
If you want to avoid being a negative statistic, download your FREE Social Media Guide For Restaurants below.