Fourth Quarter is Here! Plan for a Productive 2027

Once you have collected feedback from your team, utilize that information and begin taking steps to build your 2027 plan. Consider the following objectives to prepare an effective strategic plan.

• Operational Improvements

  • Menu Engineering/Offering/Product Mix

  • Pricing Strategy

  • Labor Productivity

  • Hours of Operation

  • Staff Training Updates

  • Evaluate Current Food and Beverage Cost Controls

  • Technology Improvements
    

• People Development

  • Evaluate Current Leadership. Do you have the right people in their most productive roles?

  • Implement Ongoing Leadership Development Programs

  • Building Bench Strength
    

• Marketing Opportunities

  • Who is your current customer? Where are they coming from?

  • Evaluate Current Marketing Programs: What should you continue? What could be improved?

  • Identify Opportunities for Growth Study Week-Part and Day-Part Traffic

  • Discuss Marketing Strategies and Spend
    

• Capital Improvement Needs

  • Major Expenditures That Need to be Addressed

  • Building Improvements

  • Equipment Needs
    

• Financial Plan

  • The above factors will be part of preparing your financial budget.

  • Evaluate your current customer traffic when forecasting sales, along with seasonal sales trends and the previous year’s sales for the same period.

  • Are there any business interruption activities such as road construction? If so, when will that take place?

  • What events will take place in your market that could increase sales, and when they take place? For example, consider upcoming events if your location is close to a convention center.

  • The reverse is also true. What events take place that will distract/deter sales, and when do they take place?

  • What are your current food and beverage costs? Will they stay the same? What have been the pricing trends from your purveyors? Revisit purchasing contracts. Consider any pricing increases.

  • Will there be a minimum wage increase that will affect your labor cost? When will it transpire?

  • Are there salary increases due for your leadership team?

  • What are your labor optimization opportunities?

  • When do your insurance policies renew? Will there be increases in the cost of property, liquor liability, and workers compensation?

  • Does your lease have an increase in base or percentage rent in the year of 2027.

    
    
    
    

These steps will help you and your team build an effective strategic plan for 2027 that you can execute and use to measure your performance. Prioritize the objectives above and determine what you will accomplish each period.

To learn more, please reach out to me at david@therestaurantclinic.com.