Winning indicators for food service business



Join Balanced Scorecard Group 

Practice-based Balanced Scorecard Trainings

Online KPI Dashboard Sign up with web-based KPI Dashboard:

  • Access your KPIs online;
  • Measure your success;

Navigation: All Balanced Scorecard Articles > BSC Training

This article will discuss some of the important winning indicators required by restaurants to analyse their daily performance. Check additional information about Winning indicators.

Every business needs to keep a track of how they are doing. If you cannot judge if you are winning or losing then your business will never be able to give you profits a very long time. Food industry winning indicators are a perfect tool which will not only tell you how you are doing in your business but they will also tell you how you create and implement creative strategies in your business to ensure constant and long lasting success.

Winning indicators are not as complicated as they sound. In Fact they are just plain and simple financial and non financial tools in the form of metrics that tell you if your business is performing according to the goals and objectives set by you in advance.

Lets study how winning indicators work by taking an example of a school. The winning indicators consist of many small indicators which will show you the rate of success or failure. In the case of a school if the institution is not doing well then it will show that performance is on a good scale. However, trouble starts when the performance level goes below average. This is an indication it is time that the school revises their strategy of operation or do something which will not let the kids fail. But on the other hand, if the winning indicator shows the only a small percentage of the students are failing then it means that the school has achieved their target and they are definitely winning.

It is not only the educational industry which has winning indicators in fact they are also present in the food service industry. they are total nine different kinds of wining indicators available in food service businesses. The best approach to understand how these winning indicators work is by taking an example of a restaurant.

The objectives that a restaurant strives to achieve are similar to all the businesses available in the food industry. This is why it is a good place to discuss the winning indicators. Now let's understand the major food service winning indicator to get a better idea how it works in the competitive environment of a restaurant.

First let's learn who the real customers are. Whoever comes to dine in a restaurant is a customer for a restaurant. However, if it is a catering company then the person who has ordered for their services is the client while the ones that eat their food in the party are customers. The company needs to keep a track of how many customers they serve in each party or gathering.

After knowing how many customers you cater to each day analyse what is the average amount they are willing to spend on your food. Then divide this number with the amount that you believe that the customer should pay in the future. This assumed amount in your goal and it will tell you as how many customers should visit your restaurant daily and consume your services. Every night, before closing the restaurant you can calculate the number of customers that came to your restaurant and how much money they used to buy food and then divide it with the assumed amount. Like this, every night you will know how far you are from your goal.

If you are interested in Winning indicators, check this link to find out more about winning. Also, you can check other articles in BSC Training category.



 

10 steps self-education plan for Balanced Scorecard.

Subscribe to BSC Articles newsletter to learn more about how-to articles, BSC development and implementation.

Balanced Scorecard Toolkit 
Balanced Scorecard Toolkit includes step-by-step manuals, documents, presentations, check lists designed to help business professionals with successful development and implementation of Balanced Scorecard. Learn more about
BSC Toolkit.

Free Balanced Scorecard Templates

 

Balanced Scorecard Software - BSC Designer



Copyright © 2000-2010 Scorecard Report. All rights reserved.