Magnificent Money Making Menus
Your Menu Can Be Both Magnificent & A Money Maker
Greetings!
Have you been looking at your menu thinking, “This is a fantastic menu – why aren’t we making money?” You’re not alone. But – there is a way to get back in the green!
In her workshop, “Menu Mistakes and How to Avoid Them” Irene Li, Founder of the iconic Mei Mei restaurant in Boston, says the path forward to a profitable menu is to:
-
Know the Basics of Costing
-
Make Data-Based Menu Decisions
Irene offered a very straightforward process to make this happen. In fact, she believes her process can help many restaurants which is what led her to launch PrepShift.
Chris Carr
Founder & CEO, Launch Mechanic’s Village
Here are my Cliff Notes!
Popularity vs Profits
Your most popular item may not be your most profitable item.
Stop. Analyze.
You must stop and analyze which items are making you the most profit.
Cost of Goods Sold (COGs)
Stop & analyze by calculating your COGs and knowing your COGs percentages
Irene's Secret Sauce
What's a Star-Dog Analysis??
A Star-Dog Analysis help you create a balanced menu. The goal is to first understand how much each item on your menu costs, and then plot those dishes on the chart. If your sirloin steak is a big seller but the profit is low – you’ve got a plowhorse. But if your lobster plate is popular and profitable, you’ve got a star.
While it may be tempting to simply create a menu of stars, it’s important to understand who your customers are, what will sell, how you can keep them coming back, while still making a profit.
A careful analysis of all of your items on the menu results in decisions based on data, versus your “gut feeling” or what you think you know about what’s making money. The bottom line is: know your bottom line. 🙂
Prepshift has more terrific and free workshops coming out soon. On April 24th, you can join “Buy Local Without Breaking the Bank!”
P.S. Don’t miss our favorite partnership that brings free content & resources to small business owners like you.
Ready to grow? We’ve got the perfect program for that.
- FREE content, coaching, networking AND a $10K Grant Opportunity for your small business!
Our most exciting project right now is Verizon’s Small Business Digital Ready Program, which offers all of these to small businesses. The program includes personalized content, coaching, networking and so much more. AND these online tools are in one place, so it’s very easy to use. All funded by a Verizon grant which is why… It’s FREE!
Here’s how it works:
- First: register here!
- Second: Check your email inbox for confirmation. Do this within 10 minutes or the link will expire.
- Third: Click “Confirm” and you’re in!
- Tell the platform what you’re interested in and based on your answers a Learning Dashboard with content will appear to match those needs.
The Verizon Small Business Digital Ready program is part of Verizon’s commitment to provide support for 1 milion small businesses over the next decade. Your business definitely deserves to be one of them!
It’s all free, so be sure to register below!
