For many restaurant owners, growth is a top priority. But in order to grow, your business needs to be flexible to evolving consumer behavior. Sometimes that takes rethinking your restaurant business model.

Take Woon Kitchen, a homestyle Chinese restaurant, for example. When the restaurant first launched, founder Keegan Fong wanted to focus on in-house dining, believing it was essential for creating a memorable customer experience. However, consumer behavior changed after the pandemic, prompting the team to go online. “We always wanted online ordering. That’s the future,” Keegan Fong explained in a conversation with Eric Wareheim for the Square video series, “Running a Restaurant is No Joke.” “But the first year we really wanted to bring people into the restaurant and experience it here first. Once the pandemic [hit], we obviously had to fast forward that timeline again.”

With the help of Square tools, Fong quickly built an online ordering platform and introduced wine delivery — decisions that proved to be lifesaving. “I built the online site literally in a day,” he shared. “And then, we launched wine ordering the next day… That saved us.” Fong’s experience underscores the importance of thinking beyond the counter and building a flexible business that adapts to new dynamics. If growth is on your radar, here are the key strategies that can unlock more profit for your restaurant.

Innovative Strategies for Growing Your Restaurant Business

These actionable strategies can help boost revenue, reduce costs, and maximize profitability.

1. Explore new revenue streams.

Expanding your restaurant’s income streams is one of the most effective ways to drive growth. By introducing new offerings, you can attract new customers, retain existing ones, and optimize profitability. Ninety percent of owners surveyed in the Square Future of Restaurants report intend to start up new revenue opportunities outside their core offerings. The good news is that consumers are on board with the idea — 40% of customers say they would love to try a new type of offering from a business known for something else.

2. Transform your business concept.

Once you’ve tested new offerings and identified what works, consider adopting successful ideas as parts of your business concept. Why stop at being just a diner or wine bar when you can be both or more? A multi-concept strategy enables you to adapt to different moods, times, and customer needs. You could operate as a coffee shop during the day and transform into a cocktail lounge at night. You can also take a multihyphenate approach, like a sandwich shop that offers catering, wholesale, and nationwide dropshipping. Flexible setups like these help you maximize space and make the most of your resources. And the best part is that you don’t need to tear down walls or hire extra staff to make it happen. With tools like the flexible Square point-of-sale (POS) system, you can switch concepts without added complexity.

3. Optimize labor costs with smart technology.

With the right technology, you can do more with less, keep more revenue in your pocket, and ensure customers stay happy. Here are some essential tools to help you cut labor costs and boost efficiency.

Self-service kiosk: You can set up a self-service ordering solution and keep the front and back of house seamlessly in sync. Both sides get real-time menu updates and sales data without the need for third-party software. One kiosk can handle the workload of multiple cashiers, especially during peak hours.

Handheld POS: The ultimate line-busting gadgets are handheld point-of-sale devices like the new Square Handheld. These devices allow servers to take orders and process payments tableside, cutting down on time spent running back and forth to a stationary POS system. This means quicker table turnover and happier customers.

QR codes: QR code tools make contactless payments and online ordering easier and faster. Customers can scan, order, and even pay right from their phones, so you can deliver a great experience without hiring extra staff.

Building a flexible and profitable food business

Increasing your restaurant’s revenue isn’t about working harder. It’s about working smarter. By adopting modern restaurant technology, you can optimize labor costs with kiosks and QR codes, diversify your revenue streams with eCommerce solutions, and transform your space into a multi-concept powerhouse. These strategies open up new possibilities to grow your bottom line while delivering exceptional customer experiences. With Square tools, you can stay ahead of the competition, adapt to evolving customer needs, and create a business that thrives in any environment.