Due to rising cost of food, do u think it's a good idea to raise the the price of my buffet restaurant?

Question

Due to rising cost of food, do u think it's a good idea to raise the the price of my buffet restaurant?

Answer 1

Try to use more local produce and meat.  Keep the quality up. If you raise prices, be gentle.  Your customers have to pay more for gas to get to you.  They can easily go somewhere else.

Drop off items that don't do well.  You should do a cost analysis on each item you put out, exactly what it costs to make plus the time it takes.

Answer 2

You'll have to, food prices are skyrocketing and that isn't going to stop anytime soon.  The price of oil will keep rising on average.  Farm fertilizers (made with petroleum) will get more expensive, and so will transporting food on trucks.  Have you seen what's happening to the price of wheat after the failed crops of the last two years around the world?!

But everyone in the business will have to increase their prices, just keep looking around to see what prices are at other buffets.

You could also look into having less expensive foods.  Some of the tastiest foods are quite cheap.

Answer 3

If you still have a nice profit then no. If you are struggling to make end meets or are not getting a profit then definately yes. If you raise the price of your buffet make sure it is by a small percentage and not a substantial raise to where your customers will go somewhere else. In order to differentiate yourself (if you have competitors nearby) then you would have to provide better customer service (or such) so they can come to you instead of your competitor (if any).

Answer 4

You do what you have to do.

Answer 5

Bad idea, if its cheaper more people will come.

Answer 6

The company I work for is doing our price increases gradually, instead of everything all at once.  Might be something to consider.  I would also train your employee's very well on how to handle customer questions or issues with raising the price.  Normal rational people will be kind and understanding about it, especially considering you're a local business, not part of a giant greedy chain, you know?  A price increase is really inevitable, if you pass on it now, the time will come where it's immediately necessary so I would go ahead and figure out a plan.  Good luck!

* Also, I wouldn't switch to cheaper or lower quality foods.  Personally, I would be more understanding of a price increase than a quality decrease, you know?  And yeah, I'm sure there are plenty of lower priced quality items, but even more lesser quality so I would stick to the same products that are tried and true :)