Revenue Management KPIs for Hotels

Hotel pricing is definitely not a “set it and forget it” matter. It takes a lot of effort to sell the right room to the right guest at the right time and the right price. This effort is called revenue management. When it comes to developing a revenue management strategy—and adjusting it to keep it optimized—you’re going to need lots of data. To get that data, you’re going to want to track some key performance indicators or KPIs. Here are some of the KPIs that will be the most relevant… (continue reading)

Using The Balanced Scorecard Can Help Your Business

Relying on financial metrics alone to tell you how your business is doing and guide management decisions is kind of like trying to drive a car forward while looking in the rearview mirror. Financial metrics can only tell you where your business has been, not where it’s going. For a more complete picture of how your business is performing on your strategic goals and objectives, you need more information. The Balanced Scorecard can help. In the 1990s, Robert Kaplan and David Norton of Harvard Business School developed The Balanced Scorecard… (continue reading)

Tips for Evaluating Foodservice Vendors

In the foodservice industry, you simply cannot survive without good vendors and suppliers. After all, food and beverage vendors are supplying the key ingredient for the dining experience. Without quality food ingredients, restaurants cannot deliver the quality meals their customers expect. Other vendors, such as signage vendors, POS vendors, and equipment vendors also have an impact on the overall customer experience. Finding the best vendors and maintaining good relationships with them is obviously critical for success. Often, companies turn to foodservice consultants for help setting up the initial vendor relationships…. (continue reading)

How to Make Your Store Audits More Effective

No matter what kind of retail store you are running, chances are you depend on audits and checklists to ensure key procedures are being implemented correctly and consistently. But are you maximizing the potential of the auditing process? Or are you missing opportunities to generate actionable insights and improve your business? First and foremost, if you’re still using pen-and-paper questionnaires and checklists, you need to digitize your auditing process. Digitizing will save tons of time for the staff doing the audits, as well as improve the quality of the data… (continue reading)

The Future of Food Safety is Digital & Mobile

Complying with food safety regulations can be a huge challenge. The laws are numerous and ever-changing, and there may be a high turnover amongst the employees that need to be trained and monitored—especially if you are concerned about food safety compliance across multiple locations. Typically, Quality Assurance managers are responsible for ensuring food safety by walking through the facility with a printed list of safety and quality measures in hand. Then, they have to enter data into a system—often just a spreadsheet—and create reports by hand. All this work is… (continue reading)

Improving Vendor Accountability as a Foodservice Consultant

As a foodservice consultant, your relationship with your vendors should be mutually beneficial. When vendors provide superior service, they make the foodservice consultant look good, and the consultant gets more clients. The consultant then recommends the vendor to the new clients, and the vendors get additional business. If all goes well, this will be a self-perpetuating positive feedback loop that grows both the foodservice consultant’s business and the vendor’s. However, sometimes things don’t go as planned and vendors don’t perform as expected. When this happens, it can have a big… (continue reading)

Improve Outcomes in Foodservice Consulting with One Tool

As a foodservice consultant, the success of your business is highly dependent on your reputation as an experienced professional who can help clients achieve their goals regarding the design, implementation, operation, and management of foodservice facilities. A great reputation means clients beating down your door, while a poor one could leave you twiddling your thumbs. Obviously, keeping your clients happy and making sure they only have excellent things to say about you—and the vendors you connect them with—is critical for maintaining and growing your reputation as a superstar foodservice consultant…. (continue reading)

Comparing Customer Satisfaction at Branches and Franchises

Any time a business has more than one location—whether these locations be branches of a single corporation or franchisees—there are going to be leaders and losers among the different locations. So how do you identify them? While there are many metrics that can be measured as part of the effort to identify the “best” and “worst” performing locations, customer satisfaction may be one of the most important. You may be surprised to discover that what you think is your “best” location (because it brings in the most gross revenue) isn’t… (continue reading)

3 Ways Dashboards Can Improve Employee Engagement

A healthy work-life balance is great, but all the same, you don’t want your employees to see their work as “just a job,” something to trudge through until they can get back to “real life” on evenings and weekends. It’s important for employees to not only enjoy the work that they do, but also feel that that work is important to the company as a whole. As the Corporate Leadership Council puts it, “engaged and satisfied employees feel a profound connection to their company, and are driven to help their… (continue reading)

Don’t Let Bad Data Spoil Your Analytics

Analytics can be a powerful tool for change at your business—provided, of course, that your analytics is based on quality data. Unfortunately, in today’s data-saturated world this isn’t always the case. Here are some tips that will help ensure you’re using good data to draw sound conclusions about your business. Relying on a data pool that is too small can lead you to draw incorrect conclusions and make unnecessary or even detrimental changes. For example, you wouldn’t want to change a franchise policy based on the results of a site… (continue reading)