Restaurant Revenue Management

Description

Restaurant revenue management is a proven system for increasing profitability by leveraging meal duration, pricing and occupancy to greatest effect. This five-course series was developed with world-renowned revenue management pioneer and Cornell faculty member, Dr. Sheryl Kimes.

The courses outline the basics of revenue management and offer practical guidance on implementing revenue management strategy. Use a service blueprint to improve service delivery and improve the customer service experience. Learn how to manage variables such as client flow, menu planning, dining time, optimal table mix, meal duration and pricing.

Use powerful analytical tools to diagnose problems and remove obstacles to positive revenue generation.

Learn how to implement your own revenue management system efficiently and effectively in five steps to increase your market share and boost your overall bottom line.

Who Should Enroll in This Certificate?

Enrollment

Courses in this Certificate

• Meeting the Challenges of Foodservice Management

  • Restaurant management is among the most challenging of professions. Customer retention, shifting demographics and economies, high workforce turnover, sweeping trends, passing fads, and wildly variable business costs are just a few of the challenges foodservice managers face every day.

    This course prepares foodservice managers for success by teaching the fundamentals and practical skills involved in planning, opening, and managing an operation. You’ll find out exactly what makes an operation successful and develop a holistic approach to restaurant management while learning about food systems, labor management, equipment and technology, revenue management and market position.

    Benefits to the Learner
    After completing this course, you will be able to:

    • Identify the factors that drive a restaurant’s success or failure
    • Discuss current issues and challenges affecting foodservice operations
    • Employ strategies to manage trends and fads
    
    
• Introduction to Restaurant Revenue Management

  • In this course you’ll learn how to assess a restaurant’s revenue capability and how to maximize its profitability. With the Restaurant Revenue Management (RRM) system, you can create conditions and manipulate factors such as meal duration and price to bring in more revenue. Learn key the concepts of Restaurant Revenue Management, examine methods of measuring revenue-management success, compare those measures to traditional indicators of success, and learn the five-step approach to establishing a revenue-management system.

    You can determine a restaurant's revenue capability by calculating its "revenue per available seat hour", and discover the value of identifying and modifying business practices to accommodate hot, warm, and cold revenue periods.

    Learn the five steps of the revenue management process and examine the conditions necessary for proper implementation. You’ll also review case studies of restaurants around the world that have used the RRM system and have seen two to five percent revenue increases.

    Benefits to the Learner
    After completing this course, you will be able to:

    • Develop detailed plans for improving revenue.
    • Modify business practices to accommodate for hot, warm, and cold revenue periods.
    • Analyze the potential return on investment associated with implementing restaurant revenue management strategies.
    • Measure improvements made by restaurant revenue management strategies.
    
    
• Managing Revenue with Service Cycle

  • If you're wondering what might be inhibiting your ability to generate revenue, this course shows you how to find solutions in your standard service cycle data. Learn what data to collect and how to run a proper analysis.

    Through an examination of two case studies, the course illustrates how service cycle durations are measured and how "revenue per available seat hour" (RevPASH) is calculated. Combined, these measurements enable you to generate revenue and profit more efficiently.

    This course introduces you to several additional tools used to identify and rectify the underlying causes of operational shortcomings. Together, service blueprints, bottleneck analyses, and fishbone diagrams can help you isolate and solve those pressing issues. You’ll learn hands-on how to use these tools and how to leverage RevPASH to the greatest effect.

    Benefits to the Learner
    After completing this course, you will be able to:

    • Analyze service cycle data to identify and rectify potential problems in operations using the RevPASH system.
    
    
• Managing Revenue with Table Mix

  • Building on concepts learned in Restaurant Revenue Management, this course further explores the correlation between meal duration, occupancy levels and revenue. Learn how to create an optimal table mix and and increase revenue by using formulas to balance occupation, reservations and meal duration.

    Position your business for greater profitability by using formulaic approaches and time-tested methods to quantify demand and manipulate table mix.

    Benefits to the Learner
    After completing this course, participants will be able to:

    • Calculate demand.
    • Develop strategies for improving table mix.
    • Implement strategies to manage arrival patterns and meal duration.
    
    
• Managing Revenue with Pricing

  • This course teaches foodservice managers how to increase revenue through strategic pricing. Explore concepts in revenue management and implement a strategy built on variable pricing, price discrimination, price elasticity, price customization, demand-based pricing, rate fences, and menu engineering.

    Learn how to calculate costs and estimate the payback period for potential investments associated with implementation. You also examine related staffing, management and training issues as they relate to pricing and revenue management.

    Benefits to the Learner
    After completing this course, you will be able to:

    • Select and implement pricing strategies to increase revenue.
    • Assess the financial impact of restaurant revenue management strategies.
    • Calculate implementation costs and return-on-investment periods.
    • Address implementation issues associated with staffing, management, and training.