One of the most difficult aspects about managing a restaurant is deciding your price points. You have to take into account your costs, your competition and your target market. You may have a handful of menu items or dozens. Where do you start? Are there certain strategies you can apply to offer your business an edge?
AmericanExpress.com’s OpenForum recently featured an excellent article on 6 steps to help determine the right price for your product or service. The piece highlights the importance of pricing based on the value you can bring to your customers, what the customer needs, what your competitors are doing, and of course your costs and cash flow.
We wanted to share with you some more great articles to can shed some more helpful insight onto this crucial piece of your restaurant business plan.
- Houston Chronicle: Restaurant Food Pricing Strategies
- FoodServiceWarehouse: A Quick Guide on Pricing Restaurant Menu Items
- QSR Magazine: The Price is Complicated
Looking for professional assistance with menu pricing? Contact Synergy for more information.