How to Stretch Your Food Budget and Increase Sales

Let's face it, a large part of our profit comes from food service. As you have probably noticed, food prices have gone through the roof! The headlines are clear that not only is there a recession but there is also a global food shortage. Top that off with inflation, and you might be wondering how your business is going to survive. Today, let's look at a few tips to stretch your food budget and increase those sales!

Effective Strategies to Implement

This year we have had to face the rising gas prices which have also raised our food delivery fees on top of the ever-rising food prices. It’s like adding insult to injury. These two double-whammies have already begun taking their toll on the food and beverage industry. Don’t worry, there are ways to combat the struggle and even increase your sales. These are ways that you can stretch your food budget:

1. Shop around for the best deals on the food products you order as well as the delivery costs.
2. Find out if it would be cheaper to buy the food directly from local farms, ranches, AG Marts, and farmer’s markets. You can end up cutting a lot of shipping and handling costs from your bill and avoid the typical mark-ups.
3. Create different portion sizes (it’s also known as “refreshing” your menu). For instance, if you have a 4-piece chicken strip platter, you might consider resizing the portion that will give 2 or 3 chicken strips instead but add another low-cost food alternative to be included with the meal.
4. Be sure to keep track of waste. Walk around, monitor what the guests are not eating from their plates, and watch what the kitchen staff throws away because the products aren’t being sold. Cutting out the items that are wasted will save you money.?

Promote Value To Your Guests To Increase Revenue

When you drive up to a fast food restaurant, you can usually hear the person ahead of you order off of the “value menu.” These are the most popular items per day for these fast food chains. Having these types of meals available in your Park or FEC is going to be good for business. Be sure to make them stand out. For instance, some places call these meals “value menu” or “dollar menu” - as long as you are getting the attention of the guests and promoting the “value” openly, you’ll likely get more people buying off of it.?

Create some online offers that people won’t want to pass up. There are a few reasons to do this. When guests purchase deals online, you are able to capture their contact info which is a valuable resource to you for future marketing strategies. In addition to this, create some add-on benefits for these purchases. This will increase the guest’s online spending.?

When you develop these kinds of offers it will not only increase your revenue but keep those guests coming back for more to see what else they can get at a bargain.?

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 ($60B 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 a similar trajectory 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 - Family Entertainment & Amusement Parks, part of The Carlyle Group ($276B 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.