By David Scott Peters

Restaurant Tip of the Week

 Happy hour pricing
Restaurants that offer happy hour specials usually lower the sales price of well liquor and/or domestic draft beer. The sale prices of all other products remains unaffected. This gets customers in the door, while keeping your profit margin high on the expensive items. And since not everyone is going to drink well and domestics, you’re still going to make money.

For more pricing tips, check out Set Prices to Avoid Mistakes – Part 1, Part 2, Part 3 and Part 4

David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in systems for independent restaurant owners. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.

By David Scott Peters

Restaurant Tip of the Week

Pricing doubles
A double made with twice as much product as a regularly prepared highball is extremely potent, costly and steeped in liability. It is therefore a sound business practice to charge twice the price. Better yet, don’t serve doubles at all.

For more pricing tips, check out Set Prices to Avoid Mistakes – Part 1, Part 2 and Part 3.

David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in systems for independent restaurant owners. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.

By David Scott Peters

Restaurant Tip of the Week

List the sale prices for each product in the operation’s liquor inventory with a corresponding portion. For example, the listed sale price for an Absolut and tonic made with 1 ounce of Absolut is $4. An Absolut Martini made with 1 ½ ounces of Absolut should be listed at $6. 

Don’t miss Part 1 and Part 2.

David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in systems for independent restaurant owners. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.

By David Scott Peters

Restaurant Tip of the Week

Maximize your profit potential

Pricing is a critical decision for any operator. So how do you figure out what to charge? It’s up to you to decide the best way for your restaurant because when it comes to pricing, you have three choices.

1. You can undercut everyone and hope to make it on volume
2. You can charge the same as everyone else (often the safest route)
3. You can charge more than everyone else because your place is better than anywhere else

Decide which option fits you best, and you’ve got your answer.

David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in systems for independent restaurant owners. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.

By David Scott Peters

Restaurant Tip of the Week

Use a market survey to check your business 

When deciding what to charge for your menu and drink items, it’s helpful to know what others around you — at least your competition — is charging. Take a market survey to help you benchmark your prices. Go out and gather data. You can hire a survey company to do it, you can do it yourself through patronizing your competition, or you can just call your competition and ask them. However you do it, a market survey helps you check your pricing and menu items, gauge how your competition is behaving and possibly provide you with new ideas for your restaurant. 

David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in systems for independent restaurant owners. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.