Running a succesful small business is no easy task. It is both an art and a science that it is difficult to describe but, when you see it you know it. Statistics show that 80% of new businesses fail with 2 years. Why? The #1 reason is that the owner usually runs out of cash. In the restaurant industry you need to drive sales and loyalty as fast as possible. Because there is such a huge upfront investment to open most small businesses you need to work your way to the break even point and start making profits. This is no easy task.
I really think the biggest question for SMB owners is; how do I increase foot traffic to my small business? And the answer is 5 key components.
1. Customer Service- Most small business owners open up shop because they have a passion for their product and/or service. Most do not quite grasp that they need to beoverly- focused on service.
5. Communicate with customers- Customers are used to an amazing level of service these days. 75% of customers that refer a friend to a restaurant lead with a story of a great experience there. Have a manager stop by to ask how everything is, it goes a long way. Because competition is on every corner you need to nurture these customers with loyalty programs and email marketing.
3. Be Unique- Living in Boston it is so common for people to open another another bar with so-so food next to 10 others that are dloing the same. Figure out your cor competencies and stick to it.
4. Don't undersell your product- Price is one of the hardest things to nail. There are a ton of cool dishes that you can create
There is no specific way to increase foot traffic to your business, the equation is up to you but, it is a combination of quality, service and being engaged with your customer. Any successful restaurant really know how to do this.
