The current economic climate is challenging. Pressure on consumer spending, devaluation of the Rand and significant hikes in energy, fuel and food costs makes this a tough trading environment. However, while some restaurants are struggling, other restaurant chains are reporting significant increases in turnover and profit – how are they doing it?
In simple terms, consumers have become more selective and are demanding more of the restaurants where they spend money. Retail Capital can provide you with business funding, ensuring that your restaurant remains first choice for your customers.
In his keynote opening at Hostex 2013, Clem Sunter, one of SA’s leading business strategists, detailed three successful strategies that businesses should follow in this environment.
1. Innovate. Creating something new that people want, will always generate additional turnover.
2. Value for money. Providing something that offers higher perceived ‘value for money’ will always result in a higher proportion of a consumer’s spending.
3. A cheaper alternative. Offering a reasonable alternative, at a lower cost, will generate additional customers.
Implementing initiatives that support these high level strategies will mean that your restaurant is able to prosper,despite the challenging conditions as demonstrated by Famous Brands, Spur and Scooters.
However, these initiatives typically require investment, and at a time when the need to invest in your businesses has never been more important, accessing money from banks has never been more difficult. What if there was another way?
Well there is. As proud supporters of SA small business entrepreneurs, our business cash advance isquick, simple and accessible. With over 80% approval rate, flexible payment terms and no requirement for security,we can offer you a funding solution that is tailored to your specific business needs.
We’ve successfully partnered with many restaurants and people like you, helping them to achieve their full potential;providing more than R150m in the last year alone. Follow the example of the market leaders; invest in your business today!