Three ways Bartercard can help grow customers and maximise cash flow
Do you want to boost cash flow in your restaurant or bar? Empty seats to fill?
In a constantly shifting industry where new venues are opening regularly, staying at the top of your game isn’t always easy. Bartercard has the tips to stay ahead and think outside the wine box to attract new customers.
1. Don’t just list with food delivery services, deal sites or third party booking site, attract new customers with Bartercard
Food delivery services are become ever popular and while they’re putting restaurants in the mix, not all restaurateurs are opting for the paper bag approach that can come at a cost. If your restaurant is at the higher end, consider the impact on waiting diners, the presentation of the food when it reaches the customer, and whether the approach is on brand with your restaurant. Ensure you have the resources and space to prepare extra orders too.
If you’re looking to list on deal sites, consider the impact of discounting prices which can devalue a brand and attract one-off customers shopping at a specific price point. Similarly, third party booking sites can capture the details of bookings to remarket to, instead of the restaurant doing so.
Bartercard attracts new customers without discounting or third-party booking sites for more control in business. Few restaurants and bars are at 100% capacity around the clock, and Bartercard can fill that downtime. These customers are actively looking to spend their Bartercard Trade Dollars and are more likely to return in the future.
There are many options to attract new customers in the market and you might find a mix of different approaches works.
2. Instead of spending cash on business expenses, offset cash expenses with Bartercard
Bartercard doesn’t just attract new customers, it also saves valuable cash. Many restaurant owners use their Trade Dollars to purchase wine which they on-sell for cash in their restaurant. This effectively turns downtime into cash sales. They also use Trade Dollars to offset cash expenses like kitchen equipment, furnishings and renovations. To earn this digital currency, they welcome customers on Bartercard when they have spare capacity to keep their restaurant full off peak.
3. Build your business network
Building a network of local restaurateurs and businesses owners lets you continually learn, stay in the loop, think outside the box and canvass solutions to industry hurdles. Bartercard is a business network with thousands of hospitality members worldwide and year-round events at a local level so that you can stay front and centre of the industry.
For more information about maximising customers and cash flow in your hospitality business, visit bartercard.com.au
20th June 2019
