One of the big topics of conversation buzzing around the industry lately is increasing prices. The facts: commodity prices and fuel costs are rising. This comes in conjunction with the last two years of economic recession, when it was hard, if not impossible, for restaurants to raise prices.
Here are some tips on how to strategically raise prices:
- Don’t wait too long to begin raising prices. Once you get behind, it’s difficult to catch up and get your prices in line to where they need to be to earn an adequate profit.
- Don’t raise prices across the board. Start by surgically raising prices on a few menu items at a time to avoid “sticker shock”. You’ll just need to evaluate your prices more often, possibly once a quarter.
- Use a menu format that can be changed quickly and inexpensively.
If you decide to raise prices, remember to check your online menu. This is where NetWaiter becomes advantageous, because making menu changes online with NetWaiter is a very simple.