Introduction to Restaurant Revenue Management
In today's competitive foodservice environment, owning or managing a restaurant is a challenging prospect. To increase your chances of success, you need a proven system of data-driven tools focused on profits, not just costs.
In this course Professor Kimes will guide you through the restaurant revenue management process, providing real-world examples, strategies, and techniques that will help you apply these tools to your own restaurant. You will explore the key inputs of space, time, and price to determine how you make appropriate trade-offs to maximize restaurant revenue. Using spreadsheet tools, you will calculate critical metrics and establish baseline performance levels. Based on these levels, you will identify the most significant challenges and determine which strategies will be most effective in overcoming these issues and optimizing your restaurant's revenue and overall performance.
Who Should Take this Course?
This course is designed for restaurant owners, managers, and operators; foodservice professionals responsible for their organization's financial performance; hospitality professionals, and executive chefs.
Participants who complete this course will be able to...
- Determine how your restaurant meets the necessary conditions of restaurant revenue management
- Calculate critical revenue and occupancy metrics to determine restaurant performance
- Analyze data and graphs to establish a restaurant's baseline performance
- Identify tools and strategies you can use to maximize revenue based on your restaurant's performance
- Sheryl Kimes, Prof Emeritus, School of Hotel Administration