The end of the year is coming to a close, which means you’re most likely gearing up for your New Year’s Eve party. But in the midst of all this, it’s also the time to assess your business and set your venue up for even more success in the coming year. This, of course, means you need to know how your venue performed in the first place.
The key to measuring the success of your venue is by analyzing critical data. If you’re cringing at this, that just means there’s a huge opportunity for you. Analyzing data doesn’t have to be a chore. In fact, solutions like Vēmos automates data from all areas of your venue and displays the information in one central spot. This means you’re able to identify:
• How much money you made or lost over a given time period
• Which days of the week are your busiest
• What type of liquor you sell the most on a given day
• How many VIP tables are reserved a night
• Which promoters are bringing in the most guests (and the highest-spenders)
• Which servers are upselling the most and making the most tips
• What types of promotions or events bring in the most traffic
If you aren’t able to rattle of the above points, it’s time to put an analytics system in place. Don’t cut yourself short by only turning to your point of sale system to provide this data. While it’s true that most POS systems collect data, it’s oftentimes presented in convoluted way. It’s nearly impossible to get a glimpse of your venue’s employee performance, promoter performance, or individual guest sales. That’s why it’s more important than ever to turn to a system that not only collects, but also analyzes and reports the data you need in meaningful ways. After all, the more you know, the more you can do. And with a new year approaching, it’s time to garner even better results and higher revenue than the previous year.
Whitney Larson is the president and director of marketing at Vēmos. Contact her at whitney.larson@vemos.io.
