Having systems to collect and assess data are critical for large businesses — but the payoff is significant for small operations too. Wouldn’t it be helpful to know, for example, the exact price point that maximizes guest demand and profit for a popular product you sell? Or which promotions generate the most interest? In fact, a BARC research report found that businesses that harness data effectively saw their profits increase 8 percent and costs decline 10 percent. The systems can be just as helpful in predicting what’s ahead as assessing what you have already done — predicting that your past guests want to order burritos for takeout on Friday night and might be tempted to tack on some caramel flan if you suggest it. Or predicting where you should place a promotion on your website, based on how visitors navigate through your pages. Finally, in an age when information breaches no longer make front-page news and businesses are blamed less for experiencing a breach and more for how they manage the aftermath of one, having systems in place can help you pinpoint where and when problems happen in different areas of your business so you can respond and address red flags more promptly. If your data management practices need a boost, take stock of your needs. An Entrepreneur report advises you determine which five or six pieces of information are most critical to the success of your business. Choose technology that addresses those critical needs and determine whether the cost can save time and money, in addition to generating more revenue.
Consumer demand for transparency extends from the origins of the food you serve to the environmental friendliness of your packaging. To address the latter, many operators have embraced recycled packaging, but according to a Food Safety Magazine report, that isn’t without its own risks. The report indicated that recycled fiber may carry lacquers, printing ink and adhesives that may be harmful to humans if used in food packaging. While the FDA makes recommendations to manufacturers regarding the chemical contaminants found in recycled items used for food packaging, these guidelines aren’t legally enforced. While policy catches up, foodservice operators can simply be aware of the potential for contamination. If you use recycled packaging or are considering it, talk to your suppliers about how they manage these concerns.
What’s your challenge? Whether you need help developing recipes and concepts, analyzing food costs, fine-tuning purchasing, planning a marketing campaign or managing another aspect of your business, we can provide guidance tailored to your needs. Contact Team Four at email@example.com or 888-891-3103 for more information.
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Food For Thought And Profit is brought to you by Team Four Foodservice/Value 4. We offer the latest foodservice trends, news, safety, and technological advances in the industry. We are an outsourced purchasing and logistics company that provides comprehensive supply chain solutions to our customers. Our executive team has many years of foodservice experience and we bring that experience to work for you. We have expertise in all areas of the foodservice sector.