This post originally appeared on the Swipely Blog, by Theresa Navarra. Visit Swipely to find additional insights and content for restaurant owners, to help make better decisions and grow your business.
What business owner wouldn’t want to find an extra $10,000 in profit hiding in their back office? For most business owners, profitability is a moving point – we always want to be better than the day before. We’ll always want another $10,000 after we find the first 10. Figuring out how to move that profit needle upward infinitely is sometimes more difficult than finding a needle in a haystack.
Believe it or not, the insights you need to increase revenue are right inside your business.
Big Data = Big Insights
Where do these elusive insights you speak of live?
In data (your restaurant’s data).
Over 90% of the data in the world was created in the last two years. In fact, for every individual who comes into your business, you hold an incredible amount of information about them. Information that, when used properly, can take your business to new heights.
“Data? But what do you mean, where does it come from?”
- Every time your staff enters an order into your point of sale system, you are creating data.
- Every time you swipe a credit card, you are creating data.
- Every time you close a check, same thing.
- Every review on Yelp is data.
- The weather is data.
- Every interaction on social media is data.
Now, any of these individual pieces of data might not tell you very much, but in aggregate they tell you an incredible amount about your business… an incredible amount of insights (the result of raw data analysis) that can make you big money.
Big Data = Big Money
The data in your restaurant can solve your challenges and improve your strengths, from food costs all the way to server performance.
Insights help you answer the questions that can improve your business. They can tell you which server is best at delighting guests, which menu items are most popular, or even which menu items can safely have their prices raised. The insights created from data can help you solve a lot of problems with simple changes.
There’s money hiding in your back office (seriously). And when you understand the big insights that the data can provide, you can find that $10,000 extra profit hiding in the back office that we were fantasizing about earlier.
Big Data = Big Questions
Data for the sake of having data is useless. 75,000 pieces of information about an individual means $0 in revenue when you don’t know how to find the information you need and use it. That’s where our latest eBook comes in.
You’ve got big questions about your business: how can you increase revenue, retention and reputation? It’s time you take advantage of the valuable data that is hiding in your restaurant’s operations to answer those questions. This guide will show you where to find this information and how to turn it into actionable insights that will increase your revenue.