Business Finance Lifestyle

How to Make (and Save) Money in Your Restaurant

As a business owner today, you face unique obstacles that haven’t existed before. A lot of these challenges have emerged since the onset of the COVID-19 pandemic, and even as the world begins to open back up, these issues still persist. Restaurant owners in particular were hit especially hard by the pandemic and stay-at-home orders. Hundreds of small businesses were at risk of shutting down, and many of them did.

Now that there is open access to the vaccine and businesses are able to reopen, it’s now a great time for aspiring entrepreneurs to pursue their passions. Now more than ever, there are intelligent tools to help retail and restaurant business owners with their specific needs. If you’re considering opening your own restaurant, the following are some great tips for getting started. If you’re already a restaurant owner, these tips can also help you grow your operations and profits.

The Best POS Software and Systems

Point of sale software and hardware have come a long way in recent years. It says a lot about your business if your register and payment processor are outdated. Modern POS systems are faster, more reliable, and offer greater protection for your customer data. Newer point of sale systems offer ease of use for your business processes that cash registers of the past could provide. Your credit card reader and POS terminal should also be able to accept contactless payments like Apple Pay in order to keep up with customer expectations.

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Depending on the type of business, your POS system can offer different levels of automation and accommodations. In the restaurant industry, these features are particularly beneficial. POS systems can be a great asset for inventory management, which is essential for small businesses. Merchants can utilize their POS software to access their inventory management systems right at their fingertips. Your customer service team can monitor inventory analytics and stock levels at all times, which means you’ll always know exactly what’s available to your customers. This also means you can easily set items to “out of stock” in your POS system, which results in less loss of business due to lack of inventory.

Cleanliness and Sustainability in Your Commercial Kitchen

All commercial kitchens use some sort of cooking oil in their business operations. Whether it’s vegetable oil or animal fats, commercial kitchens use gallons of cooking oil on a daily basis. The used cooking oil and grease need to be properly disposed of in order to keep your kitchen clean and running smoothly. Grease traps and reservoirs need special attention and regular cleaning so that you can maintain the quality of your food and the integrity of your kitchen equipment. What many restaurants don’t know is this used cooking oil can actually be repurposed—and for a profit.

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By collecting used cooking oil from your restaurant’s kitchen, you can actually help create energy resources for your local community. The biodiesel industry has been thriving since the ability to reuse cooking oil products has emerged. Sustainability is an important practice for all businesses, especially small businesses. Not only is it important as a business owner to do everything you can for the environment by practicing sustainability, but these practices can also help you grow your revenue and profits in the long run.

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Restaurant owners can partner with cooking oil collection service companies to have their cooking oil disposal and grease trap cleaning completely outsourced. This means while you’re making a profit on the used cooking oil you’ve sold, you’re also saving your team from having to do the dirty work. Many collection service providers also offer thorough inspections and cleanings to ensure your restaurant equipment is always working properly and compliant with health code regulations.