Opening a new independent restaurant is an exciting venture. To create and realize your own vision can be a dream come true, but most new restaurant owners will have that lingering thought in the back of their mind…
What are the odds of my new restaurant surviving?
The scary truth is, the chances aren’t good.
The Restaurant Brokers’ study concluded that up to 90 percent of independent establishments close during the first year, and the remaining restaurants will have an average five-year life span.
Seventy percent of those that make it past the first year close their doors in the next three to five years.
What can I do to ensure I don’t end up like the majority?
Most are aware of reasons for failure, such as a poor location or one with too much competition.
According to researchers at Cornell University, restaurants that are able to “identify trends and change rapidly to meet consumers’ needs tend to thrive, as do those with solid management and accounting.”
Don’t underestimate the power and importance of your POS. Sintel Systems software features powerful management, accounting, CRM tools and more. Prepare yourself for the fight of your life and don’t become just another statistic. Contact Sintel Systems today for more information.