90% Restaurants Fail In Their First Year- A Myth Or A Fact?! - Petpooja

A popular notion in the restaurant industry states that 90% or 9 out of 10 restaurants fail in their first year. This belief was accepted as the ultimate truth, so ultimate that it was never challenged until a study done by two economists named Philip B. Stark and Tian Luo who gave concrete evidence to support the claim that restaurants do not fail in the first year. Rather, the percentage of restaurants who failed was far less than 90%.

Only 17% of restaurants failed in their first year as compared to the fake 90% statistics and this was concluded from the data of almost 19 years (1992-2011) of restaurant operations in eight states of USA. But we as restaurateurs, budding and matured ones, are very well aware of another fact that long before a restaurant closes its doors for good it is the struggles that led to the closure which haunts the very best.

Given the current technological advancements, it is no myth that restaurants who have taken the assistance of technology are benefiting far more than the ones who did not. It is also no myth that restaurateurs who did not adapt to the changing customers’ needs and trends are more prone to suffer financial blows.

If you would want to avoid the firepit of 17%, increase the morality of your restaurant and nurture the ideas unique to the flavors of your restaurant, then avoid making these two common mistakes:

• Online Orders- One of the common customer trends that have been on the rise are online orders. Restaurants have benefited significantly, sometimes even made most of their daily/monthly profit through online sales, that for restaurant big or small online management has become part of their daily operations. Restaurants on daily basis are making their online presence felt and engage with their targeted audience as more people get connected with restaurants directly through social media platforms; which in turn has helped them market their brand.
• Customer Wait Time- Whether it’s delay for home delivery, or over the counter, making a customer wait is never good for business. When a customer walks into your restaurant they walk in with more than the need to fill up their bellies. They walk in for an experience, good service and to make worth of every penny spent. With today’s customer running on a time crunch, making them wait can prove to be fatal in losing a long-term customer no matter how good F&B services you offered.

Enters the Technology:

• Restaurant POS software
• POS stands for Point of Sale. It is a digital cash register which helps you process orders faster.
• Restaurant POS software is equipped with features which cater to both online and over the counter order through a centralized system tailored to your restaurant needs.
• Over 80% of restaurants have turned to the assistance of technology which includes analytics, online ordering, integration of online ordering platforms and much more.
• Restaurant POS software has helped restaurant eliminate fraud, theft, and manipulation of data.
• Restaurant POS software has also helped restaurants track material wastage, improve inventory management, process orders faster, access sales reports at the click of a button and much more
• Restaurant Interactive Kiosk
• Built for the toughest, Kiosks are a new age in-restaurant ordering method.
• Simply put, customers order for themselves at your restaurant through the touch-screen Kiosk whose functionality is similar to ordering online from your website. Only when they order through your restaurant’s interactive Kiosk they are present at your restaurant.
• Restaurant interactive kiosks do not require different software and can link up fluently with your restaurant POS software.
• A restaurant’s interactive Kiosks help handle rush hours and long queues which often leads to losing customers. Thus a restaurant can see an increase in sales by simply placing a kiosk for fast, easy and convenient transactions.
• Restaurant’s interactive kiosks do more than be interactive with customers. They help your employees be more efficient in processing orders. How? Since the majority of customer inquiries are not directly related to sales they can be handled by kiosks, which allows your employees to focus on tasks which matter the most: quality consistency.

What differentiates the best restaurant from a good restaurant is in its sheer ability to address the needs of its customers long before the customer realizes it themselves. When you help your customer at your restaurant dwell in an experience like none other, that is when you have acquired the loyalty of your customer and technology lets you achieve that.

Petpooja Restaurant POS Software was built to address the challenges faced by the unorganized restaurant industry and to counter any possible or impossible situation, it was loaded with an artillery of features such as social media management, integration of online platforms to directly accept or reject orders, Live Table feature, Captain Android App, Recommendation Engine, more than 30+ reports and much more. Petpooja succeeded in launching India’s first ever restaurant self-service interactive Kiosk as it succeeded in becoming India’s #1 restaurant POS software by currently serving more than 5000+ restaurants, in more than 25 cities, with 1,00,000 + bills printed on daily basis!

To be part of the technological revolution sweeping customers off their feet, visit us at www.petpooja.com.