Restaurant management is among the most challenging of professions. Customer retention, shifting demographics and economies, high workforce turnover, sweeping trends, passing fads, and wildly variable business costs are just a few of the challenges foodservice managers face every day.
This course prepares foodservice managers for success by teaching the fundamentals and practical skills involved in planning, opening, and managing an operation. You'll find out exactly what makes an operation successful and develop a holistic approach to restaurant management while learning about food systems, labor management, equipment and technology, revenue management and market position.
In this course you'll learn how to assess a restaurant's revenue capability and how to maximize its profitability. With the Restaurant Revenue Management (RRM) system, you can create conditions and manipulate factors such as meal duration and price to bring in more revenue. Learn key the concepts of Restaurant Revenue Management, examine methods of measuring revenue-management success, compare those measures to traditional indicators of success, and learn the five-step approach to establishing a revenue-management system.
You can determine a restaurant's revenue capability by calculating its "revenue per available seat hour", and discover the value of identifying and modifying business practices to accommodate hot, warm, and cold revenue periods.
Learn the five steps of the revenue management process and examine the conditions necessary for proper implementation. You'll also review case studies of restaurants around the world that have used the RRM system and have seen two to five percent revenue increases.
If you're wondering what might be inhibiting your ability to generate revenue, this course shows you how to find solutions in your standard service cycle data. Learn what data to collect and how to run a proper analysis.
Through an examination of two case studies, the course illustrates how service cycle durations are measured and how "revenue per available seat hour" (RevPASH) is calculated. Combined, these measurements enable you to generate revenue and profit more efficiently.
This course introduces you to several additional tools used to identify and rectify the underlying causes of operational shortcomings. Together, service blueprints, bottleneck analyses, and fishbone diagrams can help you isolate and solve those pressing issues. You'll learn hands-on how to use these tools and how to leverage RevPASH to the greatest effect.
Building on concepts learned in Restaurant Revenue Management, this course further explores the correlation between meal duration, occupancy levels and revenue. Learn how to create an optimal table mix and increase revenue by using formulas to balance occupation, reservations and meal duration.
Position your business for greater profitability by using formulaic approaches and time-tested methods to quantify demand and manipulate table mix.
This course teaches foodservice managers how to increase revenue through strategic pricing. Explore concepts in revenue management and implement a strategy built on variable pricing, price discrimination, price elasticity, price customization, demand-based pricing, rate fences, and menu engineering.
Learn how to calculate costs and estimate the payback period for potential investments associated with implementation. You also examine related staffing, management and training issues as they relate to pricing and revenue management.