Diversification for Foodservice: one restaurant, multiple sources of revenue

One of your top employees is seeking a new challenge to rise to? That means Opportunity. You’re sitting on a temporary monetary surplus? Opportunity. Your kitchen is underutilized and operates only a few hours a day or only during the tourist season? Opportunity. An acquaintance offers you the chance to invest in a new project? Opportunity. Operating and growing a restaurant entails having to meet the challenge of hiring and retaining qualified staff, fine-tuning the logistics of perishables, and other supplies, adjusting to shifting consumer trends, and implementing innovative information technologies. The day-to-day management of a restaurant is extremely demanding; competition and climate pressures are numerous and sudden. Unfortunately, the heavy burden of daily operations management pulls the manager’s attention away from longer-term strategic issues, such as diversifying one’s sources of revenue. Managers should consider taking more time for strategic thinking! Yet, revenue diversification is a question of survival. The…