Use These 5 Tools to Increase Restaurant Revenue in 2021 and Beyond

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Restaurant revenue, or sales, describes the total amount of money your operation generates during any given period of time. Most restaurants have multiple revenue centers including food, beverage, merchandise, gift cards, third-party delivery, online ordering, and more. Consequently, revenue can fluctuate tremendously dependent upon various extraneous factors such as seasonality, weather, holidays, etc. Because of this, most operators are continuously looking for new strategies in which they can grow their restaurant revenue.

While creative marketing strategies and honing in on profitable menu items may support growth, there are outside-of-the-box tactics that can help facilitate a steady increase in restaurant revenue. Strategic partnerships aren’t typically thought of as revenue generators. However, they create scale and provide expertise in areas beyond an operator’s bandwidth or knowledgeable scope in most cases. While RASI provides unmatched financial management within accounting and payroll, through our unique network of partners we’ve created strategic programs with premium industry leaders to provide a full-circle approach for restaurants to increase their revenues.

#1. 7shifts

Restaurant Payroll Compliance

Increasing restaurant revenue through payroll compliance is the simplest way to keep money in your pocket instead of losing it on costly payroll compliance issues. Above all, payroll is one of the most critical aspects of any business. Moreover, properly paying your team creates trust and longevity of employment. Thus, our partnership with 7shifts creates security in knowing that proper rate of pay, overtime, meal, shift, and break compliance are accurately tracked and reported!

#2. Adesso

Restaurant Capital Financing

Raising capital is critical for businesses to grow. Additionally, financing helps businesses manage cash flow, purchase new assets and inventory, and make improvements to increase revenue. Unfortunately, large banks decline ~75% of small business applicants, so qualifying for a bank loan can be difficult and it can take months to secure a loan. This partnership can help you secure capital within 2–3 days. From term and merchant cash advance loans to SBA and equipment loans, Adesso will readily assist you to receive that financing.

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#3. BentoBox

Hospitality-Specific Websites

BentoBox is a hospitality platform that empowers restaurants to own their presence, profit, and relationships, directly through their website. Restaurants can grow revenue through the creation of an online experience that converts website visitors into paying customers! This partnership provides tools to drive high-margin revenue like gift cards, online ordering, merchandise, tickets, and all directly through your restaurant’s own website!

#4. Branch

Digital Banking & Accelerated Employee Payments

The need for contactless experiences and digital transitions has never been more in-demand. An indirect strategy to increase restaurant revenue is the ability to move money faster and accelerate payday via digital banking. Restaurant managers can leave paper checks and pay cards in the past and create immediate cost savings with Branch. This partnership provides digital banking opportunities for restaurants to better control their cash flow and capitalize on time savings with the ability to lower their overhead costs as managers no longer need to cut and deliver paper checks. Additionally, employee turnover is lowered as they experience easy, digital access to wages up to 2 days early, without the traditional fees associated with brick-and-mortar banks!

#5. Efficient Hire

Modern On-Boarding For Restaurants

Efficient Hire offers a proven suite of human resource software solutions that allow restaurants to streamline the hiring process from recruiting to onboarding while maintaining HR compliance. This partnership assists to eliminate the manual paper-driven frustrations with a fully automated process, ultimately saving valuable time and money. Restaurants can increase revenue by engaging with qualified candidates faster; remaining in ACA compliance; and, increasing employee retention through ease and simplification of the employee journey from start to finish. Moreover, considering Efficient Hire’s Work Opportunity Tax Credit (WOTC) Solution, restaurants can take advantage of this federal tax credit for employers who hire and retain individuals with significant barriers to employment.

 

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