It takes over 50 vendors to open and operate a restaurant on a daily basis—and that number is before you factor in your food and beverage purveyors. For first-time operators, vendor selection can be particularly challenging. How do you find the best people? Ask a friend? Google?
Neither of these are great alternatives, and the risk of falling victim to the shady business practices of one vendor could lead to irreversible damage to your operation, sometimes even before you’re open for business. For more experienced operators, revisiting your vendor relationships periodically is a great way to increase your restaurant’s operational efficiencies and give a boost to your bottom line.
If you are already up and running, we’d suggest giving your business an annual vendor checkup. Examine your contracts, agreements, and pricing for all recurring expenses to make sure your vendors are doing the best they can to provide you with the most competitively priced services that are aligned to best suit your business’ needs. A little bit of negotiation can go a long way. [Read more…]