Be in Business for yourself, not by yourself
There has been significant growth in the past 30 years in the restaurant and takeaway market. For many consumers, dining out at a café or restaurant is no longer just an occasional treat but a regular part of their life. According to market research specialists Horizons, nearly 70% of adults surveyed during early 2016 had dined out during the previous fortnight and those that had done so ate on average 1.8 times during that period (Horizons QuickBite Survey). In London alone, 179 new restaurants have opened this year, up from 148 in 2015 (Harden’s London Restaurants).
However, the bad news is that recent research shows that 60% of new restaurants don’t make it past the first year. There are many reasons for this, but the study identified five common factors contributing to business failure, namely inexperience, bad people management, lack of robust accounting procedures, patchy customer service and sub-standard food quality and execution. The Fabulous Group specialise in helping businesses in the restaurant and takeaway industries and we can offer a range of services to ensure your business succeeds. In an increasingly competitive environment, the range of services you potentially require on a day-to-day basis is quite extensive; accountancy, advisory, payroll, finance, compliance, insurance, HR, IT, legal, marketing, property management to name a few. The Fabulous Group offer a one stop solution, adding expert resource to support and help develop your business when you need it most; all managed and delivered on your behalf.
We utilise the latest in cloud-based business solutions to help you run your business more effectively and obtain the necessary data to help you make the right decisions for your future. The cloud is an efficient and customer focussed service which we utilise to ensure you get the best-in-class service. As we specialise in your industry, we can benchmark your business performance against similar businesses to ensure that you’re hitting the right targets at the right time. And this isn’t just financial measurements; we’ll help you measure your success using other indicators. You can reach your customers through your website, social media, PR and in-restaurant storytelling and using the latest in analytical tools, engagement on social media and digital ad tracking, we can help come up with the right strategy to drive business to your door.
In the increasingly competitive restaurant environment, you also need to be able to manage your costs efficiently to stay ahead of the game. The rise in the minimum wage and the introduction of the living wage will present significant challenges for the industry in the future. Likewise, the potential impact of rising food prices following the Brexit vote may also squeeze your margins. In these difficult times, it is more important than ever to look at taking advantage of the tools that are available to remain competitive. We work with a number of IT software providers who specialise in the restaurant and takeaway sectors, meaning that you do not have the overheads of managing this all in-house and can keep costs under control.
Many businesses choose to grow organically, but this generally requires some deep pockets. Through our network of contacts, we can put you in touch with the best organisations to help you finance your growth accordingly. We have also helped businesses grow through crowd-funding, which is an alternative option to traditional finance.
Many businesses however prefer to go down the franchise route. We specialise in assisting these businesses in formalising a franchise structure, marketing and selecting the right franchise partners to work with and administering the franchise going forward. With this comprehensive support network behind you, you can establish and grow a successful business whilst benefiting from the knowledge and experience we will provide. Indeed, one of our directors was the CFO of a nationwide retail franchise business with 240 outlets.
Even at the mature stage you cannot afford to be complacent. You need to be able to adapt to changing trends. For example, healthy eating has become much more prevalent in recent years and many restaurants are now offering vegetarian and vegan options. Complacency is the death of a restaurant so you should honour the past whilst also preparing for the future. Always keep evolving, including your menu, service and space so that the customer experience is always improving. And don’t be afraid to share and celebrate your success!
Our core services provide all the essential functions you’re likely to need. Delivered via our in-house resources and a network of carefully selected delivery partners. Our innovative solutions enables us to provide a smart, efficient and customer centric service, reducing administration without compromising quality and allowing you to focus on running and developing your business.
Running your own business can be enormously rewarding. It can also feel very lonely without the support necessary for you to make it work. Our advice – be in business for yourself, not by yourself. We will work hand-in-hand with you to help you achieve your business and personal goals. Regardless of what size business you are or what requirements you have why not choose an accountancy and business service provider that takes the hassle out of supporting your business, allowing you to feel Fabulous!
Note : If you have any general questions or queries about any aspect of your business that we may be able to offer advice on, then we are always happy to have a free consultation with you without obligation.