|Leading indicators: Measuring the right figures to ensure your restaurant’s success|
By Matt Rolfe
July 21, 2014
With 2014 in full swing, new trends are swirling in the restaurant industry and starting to build momentum. Some will deliver strong success to operators in 2014. The key is determining which trends to implement into your business and what kind of strategy you will need to measure their success.
This article has been designed to allow your business to measure trends as they happen, instead of measuring results at the end of the month, year or quarter. To accomplish this, we want to focus on leading indicators, which are warning flags because they usually change before the economy as a whole changes. They’re great predictors of the economy in the short-term.
So how do we adopt this process, bringing the strategy of measuring leading indicators to our industry? Barmetrix has begun tracking the following indicators in several clients’ businesses, allowing our clients to act more quickly on market trends. We encourage clients to share the results and numbers with managers and staff, increasing engagement and in turn driving these businesses to a more profitable position.