Did you know that the KPI restaurant, KPI food safety, and the KPI food and beverage industry can hugely affect your food business? If not, AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION ;wholesale market in Bangkok is here sharing everything to help you and your food business easily succeed in a nutshell.
First thing about the Key Performance Indicators or KPI restaurant owners should know is that it’s a group of crucial measurements to help you understand the overall performance of your business. Also, the KPIs–such as the KPI food safety, the KPI food and beverage industry, and many more–are like essential data to further help you achieve a bigger success and a longer run for your own food business.
So, if you want to learn more about its categories, recommended KPIs you can use, and how you can apply it to your business, please stay for more!
Categories of KPI restaurant
After learning about the overview of KPI food and beverage industry entrepreneurs should know, it is now time to dig deeper into the details. Let’s start with the categories of KPI restaurant and other industries have set as their 2 standardized measurements, which include…
- Direct Measurement
- Indirect Measurement
- It is a numeral set of KPIs, basically in a ratio scale, that you don’t need to interpret.
- It will indicate factual data of your own business and can be easily checked.
- For example–in the case of the KPI food safety–it will include cleaning recordkeeping, temperatures and humidity in the kitchen, or sanitation storage.
- It is not a set of data shown very clearly, basically in an interval scale.
- It is a set of KPI restaurant owners should collect and further interpret.
- The results will depend on the evaluators’ satisfaction that you might need a more thoughtful analysis to improve your business afterwards.
- For example–in the case of the KPI food and beverage industry–it will include customers’ reviews, or feedback from staff and stakeholders.
Key KPI restaurant Must Take Notes
At the moment, you might be wondering which KPI food safety and KPI food and beverage industry are essential to your food business. So, we are sharing the 4 most important KPIs that restaurant and bar owners must know.
- Food Cost
- Beverage Cost
- Labor Cost
- Retention Rate
1. Food Cost
Without thinking much, you might have a feeling that it is very easy to predict, calculate, and analyze. However, this is the KPI restaurant owners should be very careful of since there are many hidden and invisible costs you might overlook. But please don’t be worried because here are some tips to effectively manage the food cost and gain a bigger profit.
- For the beginning of each week, you need to mindfully list each supply received.
- You also need to calculate the price of each item and sum them up.
- Don’t forget to note down every purchase at the wholesale food market you have made during the week.
- Regularly track your inventories and recheck with the records.
- And the other key KPI food and beverage industry entrepreneurs need to understand is the formula to calculate the food cost for each week.
- Food Cost Percentage = (Beginning Inventory + Purchases – Ending Inventory) ÷ Food Sales
- Important Note: If you want to gain a bigger benefit, you must keep the percentage below 32%.
2. Beverage Cost
- Do you know that general bars and restaurants are operating with a 20% beverage loss and waste?
- To make a bigger profit, the KPI restaurant owners should follow this Beverage Cost formula to effectively set the drink prices in your restaurants.
- Beverage Cost = Cost of Goods Sold ÷ Total Alcohol Sales
- Important Note: The Cost of Goods Sold (COGS) is everything involved in making drinks. (COGS = Beginning Inventory + Purchases – Ending Inventory)
3. Labor Cost
- To be clear, this Labor Cost KPI restaurant owners should collect includes wages, taxes, discounts, and the benefits.
- Normally, these costs are around 30-35% of the restaurants’ total income.
- However, the labor cost can vary according to the size and the type of restaurant. If you’re running a ghost kitchen or a small restaurant with few staff, these costs will then be lessened much lower than 30%.
4. Retention Rate
- This KPI will help you check the number, and the frequency customers keep re-visiting your restaurant.
- If you can keep this rate continuously high, it can help lessen the overall costs for your restaurant since the costs to acquire the new customers are much higher.
- Also, to keep this rate high, you might need to be concerned with many KPIs at a time, including KPI food safety, KPI restaurant cleanliness, and more.
- If you want to calculate the retention rate of your restaurant, you can easily follow this formula.
- Retention Rate = [(Number of Customers at the End of Period – Number of New Customers Acquired During that Period) ÷ Number of Customers at the Start of Period)] x 100
- Important Note: By only having this rate grow about 1-5% can help you gain a more gigantic profit.
Make Everything Easier with Us
After knowing about the KPI food and beverage industry and further key KPI restaurant owners should be aware of, you might become stressed of how to successfully hit these all KPIs. Please stay calm and relaxed because AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION can help to relieve this hardship, especially with the food and beverages costs!
How can we help you?
Firstly, we are proudly presenting you “PhenixBox”, a seamless O2O platform gathering sellers and manufacturers from various industries and countries in one place. As being the biggest one in the Southeast Asia region, you can rest assured that you will be in touch with quality products, coming with the friendliest price and helping you achieve KPI food and beverage industry a lot easier.
Moreover, PhenixBox is also a platform providing you many business opportunities, such as business consultation services, business partner matching, and more. So, if you would like to know more about what the key functions of the platform are, please check out the list below.
- Group Purchase: Allowing you to buy items you want in a smaller quantity, but at the best wholesale price.
- Seller Store: Helping you get in touch with trusted and qualified sellers worldwide in just one click.
- E-Catalog: A professional online catalog from sellers that you can search for any products you want with full information and details.
And the other highlight of the day is “YIWU SELECTION THAILAND SHOWCASE”. It is a showcase to also help you complete every KPI restaurant more conveniently by lessening the cost for food ingredients and beverages. It is simply because countless products will be available at the wholesale center for you to shop that you can touch and try just like visiting the Yiwu Market in China.
Even better, if you are looking for any items that are not presented in our wholesale center, we are also ready to contact the sellers and manufacturers to provide everything you want at the best price. So, if you are interested in making a purchase with us, please continue reading below about how we work.
- YIWU SELECTION THAILAND SHOWCASE’s Work System
- Customers select the preferred products from the internet or our showcase and submit to us.
- YIWU SELECTION THAILAND SHOWCASE calculates the price and makes the quotation and MOQ for the customers.
- Customers and the center make an agreement in terms of price, MOQ, and the shipping.
- Customers receive the ordered product at home.
- Website: https://aectradecenter-th.com
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- Inbox: https://www.facebook.com/messages/t/aectradecenter.th
- LINE: @aecpantip
- Phone: 061-416-6790 or 065-950-5986
No matter if it’s the KPI food safety or KPI food and beverage industry you need to hit, everything can be a lot easier by visiting us at AEC TRADE CENTER – PANTIP WHOLESALE DESTINATION from both online and offline channels. You will be in touch with loads of items for your own food business at the friendliest price, which can help lessen the overall costs listed in the KPI restaurant you have set. And if you need further business consultation, we are also here to help!