3 Essential Steps for Success for New Restaurant Owners

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StrategyDriven Entrepreneurship Article | 3 Essential Steps for Success for New Restaurant Owners

The first year is the most critical one for any new restaurant, and if you make mistakes during that time, there is a strong chance that you will put your business in a financial hole that it can never get out of. This is why you need to take your time before you start one and know as much as you can about the restaurant landscape in your area. You may also have to dispel some ideas you have about the restaurant business so you can avoid mistakes. Here are some of the essential steps for new entrepreneurs in the restaurant business.

Increase Foot Traffic with Efficient Signage

Big restaurant chains take a lot of time choosing their colour scheme and signage, and there’s a good chance that restaurants like McDonald’s would not be as successful as they are today without theirs. This is why you need to learn what makes good shop signage and make sure that yours is as eye-catching as possible.

This is not something that should be glossed over as an unimportant detail. Just spending a little bit more time and money on signage could make a world of difference in your foot traffic and it could even affect the way the quality of your food is assessed, so take your time and pick signage that will attract the attention of passers-by and help you establish a brand.

Keep it Small

If you are thinking of opening a huge sit-down restaurant as a first venture, you should reconsider the idea. Big restaurants cost a lot more to manage, and you will need to make a lot more sales to stay afloat. Not only that, but bigger restaurants have a lower cap on the number of clients they can serve and will never be able to beat the volume of a smaller takeaway. So, take the glamour factor out and focus on sales and low overheads first.

Another thing you have to be careful with is to not go overboard with the menu. Restaurants like Five Guys only have a handful of choices, and it is one of the major reasons for their success. This allows them to streamline their inventory, buy what they need in bulk, and avoid waste. There are also very few advantages to having an unnecessarily long menu as most of your sales will come from a couple of items. This is why you need to concentrate on your specialities and only try adding a few menu items later if you feel like it needs more variety.

Hire Well

Staffing issues are one of the greatest struggles for restaurants, and if you can’t manage to find employees who will be loyal, efficient, and trustworthy, you will have trouble in this industry. If you are thinking of doing the hiring on your own, you should consider working with a third-party team instead. A good team will be able to help you find great talent fast, form them, and help with other things like payroll. All of this will simplify your operation, allow you to retain more of your employees, and help you focus on what matters.

All of these tips should increase your chances of making a profit in your first year as a restaurant owner. Take the time to look into them in detail and consider speaking with a consultant before you start so you can avoid pitfalls and build your business on a solid foundation.

Best Career Advice For Aspiring Product Managers

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StrategyDriven Professional Development Article | Best Career Advice For Aspiring Product Managers

Product management is a high-demand job prospect, with immense growth and lucrative income potential. Not surprisingly, more and more young professionals are keen to explore it to get a career head start. Likewise, seasoned ones are also ready to switch roles to reach the next level. But the field is still nascent, and the role of a product manager may differ from organization to organization. So you may need some guidance as a beginner in the niche, even if you are an experienced professional. Here is the best career advice for aspiring product managers.

Understand the Responsibilities

You may come from a software development, business, or even arts background to start a career as a product manager. But you must understand the responsibilities of the role to prepare for it. Typically, you will need to determine customer needs, define product vision, develop its road map, and work with the product development team. You will also need to collaborate with a cross-functional team as a part of your role within your organization.

Develop Your Skills

Another tip is to develop your skills according to the product you need to manage and the organization you work for. Hard skills like a clear understanding of programming, UX, and content creation give you a good start. Likewise, you must work on soft skills such as good communication, critical thinking, and flexibility to achieve success in the role. The skills may differ organization-wise, so be ready to learn as you go.

Dig Deep Into Financial Prospects

Once you understand your responsibilities and develop the necessary skills, you are all set to dive in. But you must dig deep into the financial prospects before embarking on a job search. Start by researching the entry level product manager salary in the specific niche or market you want to target. You can also consider your skills and experience if planning a career switch. Knowing the numbers puts you in a better place to negotiate the salary for your first job in the role and later.

Survey the Job Landscape

Although the demand in the product management domain is high, you must survey to job landscape to know about the opportunities and competition. Check the options to decide on a perfect fit according to your skills, experience, and preferences. Also, understand the competition in the landscape as it enables you to prepare to beat the competitors and land the best opportunities.

Set Long-term Goals

Starting a career as a product manager sets you on the right path, but you cannot stop chasing growth from here. The best piece of advice is to plan long-term goals in the role, as it is likely to get bigger and better. More and more companies will need experts to boost sales and drive customer retention. You can make the most of the opportunity by setting goals, planning a roadmap, and defining milestones.

Becoming a product manager is an excellent career choice, but you must plan your growth route to maximize growth. Follow these tried and tested tips from experts to get a good start and grow from here.

5 Simple Ways to Increase Business Revenue

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StrategyDriven Marketing and Sales Article | 5 Simple Ways to Increase Business Revenue

Business revenue is the money the business makes over a set period before expenses are subtracted. Revenue is generated by selling goods and services, earning interest on investments, or other core operations. Increasing business revenue is a key way to drive profits. To be a successful business, it’s important to find workable strategies to increase business revenue and, therefore, profits.

In this article, we’re going to look at the simplest ways to achieve this.

Target Existing Customers

Finding new customers is resource intensive. It’s a lot easier to concentrate your efforts on existing customers since you already know they are interested in what you sell. The likelihood of a sale is between 60% and 70% when you target an existing customer, compared to 20% or less with a new customer. Not only can you sell them new products, but they’ll also be receptive to upselling and cross-selling.

There are several ways to target existing customers. Offering discounts is a tried and tested way to encourage people to make repeat purchases. Email marketing is inexpensive and can yield excellent results, but it’s important to segment your list so emails are better received.

Loyalty campaigns are equally effective with B2C and B2B customers. B2B loyalty software such as this one helps businesses segment and target customers using specific campaigns via SMS, email, and an onsite inbox.

Review Your Prices

It is worth reviewing your prices regularly, to ensure you are charging enough for your products or services. However, be careful not to raise prices across the board without testing small increases first.

If demand isn’t there or your brand is perceived as too expensive or charging unfair prices, it will negatively impact your brand and, therefore revenue. That said, if your expenses have increased, as is the case currently with the high cost of utilities, it is sensible to increase prices before your revenue and profits are impacted too badly.

Review Profit Margins

Markets change all the time. What’s in demand now might not be in a few months. Continually review your product ranges and work out the profit margins for each item. If profit margins fall, either because supplier prices have increased or demand for that product has fallen, decide whether it’s worth increasing prices or removing it from your inventory.

Identify New Products

Carry out regular market research and monitor market trends. You might be able to identify new products in a less saturated niche. If you can beat your competitors and stock items before anyone else, it’s an excellent way to generate significant revenue when demand is high.

Incentivise Your Sales Teams

Revenue will increase if your sales teams are working harder, but they won’t do this without incentives. Offer bonuses to employees hitting their targets, so they are incentivised to go the extra mile. Your best-performing sales teams should always be rewarded, as they are a valuable asset to the company.

Increasing business revenue requires a multi-faceted approach. Pour resources into tackling each area on this list and you’ll see dividends in no time.

A Beginner’s Guide to MIG Welding

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StrategyDriven Professional Development Article | A Beginner's Guide to MIG Welding

Metal Inert Gas (MIG) welding is a popular welding process used in a variety of industries. It’s an efficient and cost-effective method for joining metals together, making it ideal for both industrial welders and DIY projects. Let’s explore what MIG welding is, how it works, and the types of materials it can be used on.

What Is MIG Welding?

MIG stands for Metal Inert Gas; the “inert gas” part refers to the type of shielding gas used in the process. The shielding gas protects the area being welded from oxidation and other contaminants that would otherwise weaken or diminish the weld. This makes MIG welding ideal for outdoor settings where wind or other environmental factors could affect the quality of the weld.

MIG welding uses a wire electrode that is fed through a gun, creating an arc between the base material and itself; this arc melts both materials together until they become one piece. The wire electrode also acts as filler material, which means there is no need to use additional rods or powder like with other forms of welding. This process makes MIG welding faster than many other forms of welding and allows for precise control when joining two pieces together.

Types Of Materials That Can Be Used For MIG Welding

MIG welding can be used on a variety of metals including steel, aluminum, stainless steel, copper alloys, brass alloys, nickel alloys, titanium alloys, magnesium alloys, zinc alloys, cobalt alloys, cast iron and iron alloy steels. It can also be used on plastics such as PVC or fiberglass reinforced plastics (FRP). Proper setup is key to successful MIG welding; different types of materials require different settings in order for a successful weld to take place. Additionally, some materials may require preheating before they can be successfully joined with MIG welding.

Advantages of MIG Welding

MIG welding has several advantages over other types of welding. It’s fast, easy to learn, produces high-quality welds, and can be used on many different materials including steel, aluminum alloy, stainless steel, copper alloys, brass alloys, and nickel alloys. It also has low levels of fume production compared to other types of welding processes like stick or TIG welding. All these benefits make it ideal for beginners or experienced welders alike who want a reliable way to get their projects done quickly.

Safety Considerations When Using MIG Welders

When using any type of welder there are certain safety considerations that should always be taken into account before beginning any work—especially when using high voltage equipment such as a MIG welder. Always make sure you wear proper protective gear including flame resistant clothing as well as safety glasses or goggles with side shields (or better yet—a full face shield). Make sure you are aware of your surroundings when working with large pieces of metal; look out for sparks flying from your work piece or from other nearby machines that could potentially cause injury if not properly contained or shielded off with fire retardant materials such as sand bags or sheets of thick plastic sheeting.

MIG welding is an efficient way to join different types of metals together quickly and easily without having to use additional filler materials or rods like you do with other forms of welding. It’s also suitable for outdoor settings due to its shielding gas protection against oxidation or contamination. Whether you are an experienced welder looking for something new or just starting out with your first project – MIG welding may be just what you need! With proper setup you can join almost any type of metal – giving you endless possibilities for your next project.