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| Name | Restaurant Menu Pricing Strategies That Work for Independent Operators |
| Video Uploader | Video From David Scott Peters |
| Upload Date | This Video Uploaded At 23-02-2021 15:30:11 |
| Video Discription | Restaurant Menu Pricing Strategies that Work for Independent Operators - How do you decide what to charge for your menu items? Do you just look at what your competitors are charging? Do you think about what people would be willing to pay for an item? Or do you literally just ask your chef or kitchen manager to give you a price based on their own idea and their own gut? I want you to stop using your gut to price out your menu now! To help you, here are some restaurant menu pricing strategies that work for independent operators. #menuengineering #restaurantmenupricing #runningarestaurant ****Why Your Restaurant Is So Challenging: https://dsp.coach/transformation-opt-in 📖 I wrote a book for restaurant owners and managers: https://amzn.to/2ZYlL7Y 🔔 Be sure to subscribe to this channel to get alerts when I post a new tip: http://bit.ly/2Yk484P 🎧 Take me on the go and listen to my podcast: https://dsp.coach/podcast ********************************** Welcome to my YouTube Channel. I am David Scott Peters, a restaurant coach and speaker who teaches restaurant operators how to cut costs and increase profits with my trademark Restaurant Prosperity Formula. Known as THE expert in the restaurant industry, I apply my no-BS style to teach and motivate restaurant owners to take control of their businesses and finally realize their full potential. Thousands of restaurants have used my formula to transform their businesses. To learn more about me and my coaching program, visit http://www.davidscottpeters.com. ********************************** Restaurant Menu Pricing Strategies That Work for Independent Operators Here's the process you must follow if you want to price your menu correctly, giving your customers what they want and still be able to make the money you deserve. Number one, you need to implement recipe costing cards. What are recipe costing cards? They literally map out every ingredient, how many ounces of it and what the cost is. Then when you total it up use divided by sales, we know how much money we're going to make on an item both by food cost percentage and by taking the cost of the recipe subtracted from the menu price. We know how much money we're making. By the way, what pays your bills? Cash or profits? Cash. So sometimes a higher food cost is OK because we're going to have a higher cash contribution, which lowers our labor cost. Number two, you have to have a POS system and pay attention to your product mix. With recipe costing cards and the product mix report, which is how many items you sold during a period of time of each one of the items. By doing a little arithmetic, I can tell you what your ideal food cost is. If your kitchen ran perfectly, no waste, no theft, no spoilage, perfect restaurant – which does not exist, it’s a goal – this tells you what your food cost is right now. Number three, with your ideal food cost all laid out, you can implement menu engineering strategies such as raising prices, dropping items, adding items, merchandizing items to change the mix, changing ingredients, and/or changing portion sizes. All of this gives you the power of profitability at your fingertips because you have all the right information to truly menu engineer. If you really want to price your menu properly, you need to start working on recipe costing cards today because they're critical. Put them into a spreadsheet to sort that information out and then make changes to see results. When you can do this, you're on your way to pricing properly instead of using menu pricing strategies that aren’t based on real numbers. You will see exactly where you need to put things on the menu and make the right decisions to ultimately make the money you deserve. ********************************** Find more about how to run a restaurant business on my other platforms: 👍 Facebook: http://www.facebook.com/davidscottpetersbiz 📸 Instagram: http://www.instagram.com/davidscottpeters 📱 Twitter: http://www.twitter.com/restaurantxpert 🔔 Subscribe to YouTube: http://bit.ly/2Yk484P 🎧 Podcast page: https://dsp.coach/podcast nPwtzq6bflk |
| Category | Education |
| Tags | Restaurant Menu Pricing Strategies that Work for Independent Operators | restaurant menu pricing ideas to lower food cost | how to price your independent restaurant menu | how to price your menu based on the needs of your restaurant | how to stop using your gut to price restaurant menu | restaurant menu pricing resources for independent restaurant owners | independent restaurant menu pricing | restaurant menu pricing for independent restaurants | david scott peters |
