3 Tips for Making Your Park or FEC More Efficient

Now that the pandemic is more or less in the rearview mirror, and we face economic uncertainty going into 2023, the family entertainment industry struggles to find simple, affordable solutions to some of the challenges that we face.

Ask yourself a question. "What creates trends in our family entertainment industry?" If you answered, "consumer behavior,” then you are correct! What customers want and what they value are what opens the doors to new opportunities for us. In order to increase revenue we have to be on top of the shifts in customer behavior.?

Let’s look into 3 tips that will help you capitalize on what people want. If you are not already engaging in these areas you might want to consider doing so in the near future.?

#1: Improve Your Operation?

Learning to streamline your processes can improve overall efficiency. As theme parks and FECs cut back on staff due to the recession in this economic downturn, leaders are looking for ways to make the processes run smoother with limited labor.?

Some of the more lucrative family entertainment businesses have a budget that will allow for an industry consultant. If you do not have excess in your budget to hire one of these professionals, you can always make improvements on your own.?

• First, evaluate your business and identify what you'd like to make more efficient. Where are there areas that need improvement?
• In a comprehensive manner, draw out the current process that you have been using. It should include: each and every step in the process, what the prompt is for such steps, how long it takes to complete each step, and how many staff members are involved in the process.?
• The next step is to identify waste. This includes any time and resources that are wasted during your processes.?
• Finally, it's time to redesign your current system of operations to be more efficient. In order to do this correctly, you must test and thoroughly document new ideas. Once you have a better system in place, it needs to be published in a manual depicting standard operating procedures (aka SOPs). This will help keep everyone on the same page.?

#2: Short-Form Videos On Social Media

It's no surprise that social media is a trending aspect of all businesses. Using these platforms to maximize efficiency and increase revenue can enhance your operation by taking it to the next level.

What are the best ways to do this using short-form videos? TikTok has become a top-rated source for these types of videos, and many businesses are taking advantage of it.?

The reason it is so popular is that people enjoy watching funny and entertaining videos. Let's face it, by using these types of videos you can gain a lot more exposure! It can be experiential marketing at its finest. By doing this, you won't have to hire expensive marketing producers to create these videos. You can literally do it on your own using any staff member that can hold a phone and capture a video.?

#3: Self-Service: Enhancing the Guest Experience?

Not only do self-service procedures make the guest happy because they can get what they want on their own when they want it, but it also helps you reduce labor costs.?

There are plenty of technological advances out there that we can take advantage of. Whether it is in the form of kiosks located throughout your family entertainment center or theme park, or user-friendly ways to book parties,? check availability online, or use mobile apps, we need to employ more self-service options for our guests.?

These are trends of convenience. Our guests appreciate the convenience that we give them by using self-service technology. Yes, it does cost money to start, but think of the purchase as an investment. The good news is that it will pay for itself quickly as you won’t have to pay out in excess labor.

It is vital to the success of our businesses to leverage consumer trends and continually move forward toward innovation. The old ways of doing things have passed since covid. This is a new era of prosperity. It’s time to capitalize on all that technology has to offer and embrace consumer desires.

?Have you read an article I’ve published here on LinkedIn and want to talk about the topic a little more? If you’d like to book a call with me regarding the Family Entertainment Industry or Private Equity, please feel free. I enjoy connecting & collaborating with others in the same professional space.

?Tim Murphy is CEO of APX Operating Company, dba Boomers Parks, under the ownership of Cerberus private equity ($55B assets). Boomers Parks owns six family entertainment centers and two water parks with locations in California, Florida, and New Jersey.

As CEO of Boomers Parks since 2020, Tim took these eight parks from bankruptcy to profitability in just a year – in the middle of a global pandemic. When Boomers acquired these parks, they were operating at a $10 million loss. Tim transformed the customer experience and added new revenue streams to generate a 180% increase in revenue in 2021 (and on track to be a 250% increase in 2022).

Tim launched his 35+ year career at Walt Disney World and has since served more than 150 entertainment, restaurant, and food & beverage brands across more than 10,000 locations in C-suite and senior positions.

Additionally, Tim is a Board Director with Coney Park, Happy City and YuKids - Family Entertainment & Amusement Parks, part of The Carlyle Group ($275B assets), a private equity firm that operates 150+ family entertainment centers and amusement parks in Latin America.?

Tim has worked with top-tier entertainment and restaurant brands including Disney, Rebounderz Trampoline Parks, Darden Restaurants (Olive Garden, Bahama Breeze, etc.), Red Lobster, Jimmy John’s, Applebee’s, Sonny’s Bar-B-Q, Denny’s, El Pollo Loco, Hardee’s, Golden Corral, and Firehouse Subs.

Tim has overseen more than 35 purchase transactions involving over 1,200 restaurants, stores, and park locations.? With extensive experience in buying and selling businesses, handling negotiations with buyers and sellers, and creating strategic partnerships to build strong brands, Tim has facilitated deals ranging from $11 million to $350 million+.

Tim is a member of International Association of Amusement Parks & Attractions (IAAPA), California Attractions and Parks Association (CAPA), Florida Attractions Association (FAA), American Amusement Machine Association (AAMA), National Restaurant Association (NRA) California Restaurant Association (CRA), World Waterpark Association (WWA) and International Franchising Association (IFA). He is a licensed commercial real estate broker in the State of Florida. Tim earned a BS/BA in Accounting from the University of Central Florida and an MBA in Finance from Orlando College.