Tracking and Calculating Key Performance Indicators for Buffalo Wild Wings Franchises

Introduction

The Buffalo Wild Wings franchise provides excellent customer experiences with their famous buffalo wings and beer. They have a number of metrics to measure success and ensure their customers are getting the best service.

The Top Seven Best Buffalo Wild Wings franchise metrics are:

• Operational efficiency
• Client satisfaction
• Average waiting time
• Sales growth
• Employee retention rate
• Food cost management
• Food safety and quality compliance

It is important to know how to track and calculate these KPIs if you own or operate a Buffalo Wild Wings franchise. By tracking and calculating these data points, you will be able to make informed decisions about your business and keep your franchise running smoothly. Read on to learn exactly how to track and calculate these seven important metrics.

Operational efficiency

Definition

Operational efficiency is a KPI used to measure the efficiency of business operations. It provides insight into the performance of various departments, processes and activities within the organization. It helps managers assess the effectiveness of their operations and identify areas where improvements can be made.

Benefits of Operational Efficiency Tracking

• It helps identify areas for improvement, such as process bottlenecks and inefficiencies.
• It can be used to measure and compare the performance of different departments and processes.
• It provides insight into the effectiveness of the organization’s resources.
• It helps to optimize costs, improve customer service and increase profitability.

Industry Benchmarks

Industry benchmarks for operational efficiency vary by business type. Generally, a higher operational efficiency rate is considered better. For example, a restaurant may have an operational efficiency of 80%, while a software company may have an operational efficiency of 95%.

How to Calculate Operational Efficiency

Operational efficiency is calculated by dividing a company’s total output by total input. The formula is:

Calculation example

For example, let’s say a restaurant has a total production of ,000 and a total contribution of ,000. The operational efficiency of the restaurant would be:

Tips and Tricks for Tracking Operational Efficiency

• Track and monitor your operational efficiency over time to identify areas for improvement.
• Set specific goals to improve operational efficiency and track your progress towards them.
• Identify the processes and activities that contribute the most to your operational efficiency.
• Compare your operational efficiency with competitors to get an idea of how you stack up.

Client satisfaction

Definition

Customer Satisfaction (CSAT) is a metric that measures the degree of satisfaction a customer has with a company’s product or service. It is usually measured on a scale of 1-5, where 1 is very dissatisfied and 5 is very satisfied. It is used to assess how well a company meets customer expectations.

Benefits of Tracking

Tracking customer satisfaction can benefit businesses for several reasons. It allows companies to better understand customer needs, preferences and expectations. This information can help businesses make decisions about customer service, marketing, product development, and more. Additionally, measuring customer satisfaction can help companies identify and resolve customer issues quickly.

Industry Benchmarks

The average customer satisfaction score for the Buffalo Wild Wings franchise is 4.1 on a 5-point scale. This score is in line with the industry average of 4.2.

How to calculate

The formula for calculating customer satisfaction is:

Calculation example

For example, if the Buffalo Wild Wings franchise has 200 customers and 180 of them are satisfied, the customer satisfaction score would be:

Tips and tricks

• Encourage customers to provide feedback about their experience to get more accurate CSAT scores.
• Track customer satisfaction over time to identify trends and potential issues.
• Use customer satisfaction scores to inform marketing, product development, and customer service strategies.

Average waiting time

Definition

Average Wait Time (AWT) is an important Key Performance Indicator (KPI) for franchises like Buffalo Wild Wings. It is a measure of how long customers wait for their order to be ready or for their table to be ready. It is also a measure of the efficiency of restaurant staff in providing services to customers.

Benefits of Tracking

AWT tracking is important because it can help a franchise identify areas for improvement. When AWT is too long, customers can become frustrated and not return to the franchise. By tracking AWT, a franchise can identify areas for improvement and take steps to reduce wait times.

Industry Benchmarks

The industry benchmark for AWT is 3-5 minutes. This means customers shouldn’t have to wait more than 3-5 minutes for their orders or for their tables to be ready. If the AWT is above this benchmark, the franchise should take steps to reduce it.

How to calculate

AWT is calculated by dividing the total time customers wait by the number of customers. The formula is:

Calculation example

For example, if a franchise had 10 customers waiting a total of 50 minutes, the AWT would be calculated as follows:

KPI Tips and Tricks

• Set goals for reducing AWT. For example, aim to reduce the AWT by one minute per month.
• Train staff on how to reduce wait times. For example, train them on how to take orders quickly and efficiently.
• Watch AWT carefully and act when it is higher than the industry benchmark.
• Track AWT over time to identify trends or changes.

Sales growth

Definition

Sales growth is the indicator of how well a business is doing and helps track the performance of the Buffalo Wild Wings franchise. It is an important key performance indicator (KPI) used to measure the success of the business in terms of revenue and profit.

Benefits of Tracking

Tracking sales growth is important for Buffalo Wild Wings franchise owners because it allows them to monitor the health of the business, identify trends, and take corrective action if necessary. It also provides an accurate measure of business profitability and allows owners to properly allocate resources.

Industry Benchmarks

The industry benchmark for sales growth depends on the type of business and the specific industry. Buffalo Wild Wings franchises should aim for a minimum of 5% year-over-year growth, but some companies may be able to achieve higher levels of growth.

How to calculate

Sales growth is calculated by taking the current year’s sales and subtracting the previous year’s sales, then dividing by the previous year’s sales.

Calculation example

For example, if a Buffalo Wild Wings franchise had sales of ,000,000 in 2019 and 0,000 in sales in 2018, sales growth would be calculated as follows:

Tips and tricks

• Compare sales growth to industry benchmarks to gauge how well the franchise is doing.
• Regularly monitor sales growth to identify any negative trends.
• Identify areas of the business that need improvement in order to increase sales growth.

Employee retention rate

Definition

Employee retention rate is the percentage of employees who stay with an organization over a period of time. It indicates how well the organization is doing in retaining its workforce and can be an indication of employee satisfaction and loyalty to the organization.

Benefits of Tracking

Tracking employee retention rate helps identify and address issues that may be causing employees to leave. It is also a good indicator of corporate culture and employee satisfaction with the organization and their work.

• Provides insight into employee satisfaction and loyalty.
• Enables employers to identify and resolve issues that may be driving employees away.
• Gives employers a sense of their company culture.

Industry Benchmarks

The average employee retention rate across all industries is typically around 70-80%. However, some industries have higher retention rates than others. For example, the banking, finance and insurance industry has an average retention rate of 85%, while the hospitality and travel industry has an average retention rate of 70%.

How to calculate

Employee retention rate is calculated by dividing the number of employees who remain with the organization after a certain period of time (e.g. one year) by the number of employees who were with the organization at the start of the period . The result is then multiplied by 100 to obtain the percentage retention rate.

Calculation example

For example, if a Buffalo Wild Wings franchise had 20 employees at the start of the year and 18 employees at the end of the year, the employee retention rate would be calculated as follows:

Tips and Tricks for Tracking

• Track employee retention rate over time to identify data trends.
• Encourage employees to provide feedback on their job satisfaction and take action to resolve any issues.
• Offer incentives and rewards to employees who stay with the organization for a certain period.
• Provide employees with training and development opportunities to help them stay engaged and motivated.

Food cost management

Definition

Food cost management is a key performance indicator (KPI) used to measure the cost of goods sold (COG) of food and beverage items such as those served at Buffalo Wild Wings. This KPI is used to track the cost of raw materials, labor, and other expenses associated with the production of food products.

Benefits of Tracking

Food cost management tracking is important for any food business because it helps identify and control the costs associated with food production. This KPI allows companies to assess the efficiency of their operations and determine where costs can be reduced. By monitoring food cost management, companies can also identify areas for improvement to help increase profits.

Industry Benchmarks

Industry benchmarks for food cost management vary by business type, but typically range from 20-30%. This means that for every dollar spent on food, the company should expect to receive between 20 and 30 cents in profit.

How to calculate

Food cost management can be calculated by dividing the cost of goods sold (COG) by the total sale of food and beverage items. The formula for this calculation is:

Calculation example

For example, if a restaurant’s cogs are ,000 and the total food and beverage item sales are ,000, the food cost management is 20%.

Tips and tricks

• Track food cost management on a weekly or monthly basis to ensure costs are managed effectively.
• Analyze data to identify areas for improvement and potential cost savings.
• Implement strategies to reduce food and beverage costs, such as using fresh ingredients and reducing waste.

Food safety and quality compliance

Definition

Food safety and quality compliance is a key performance indicator (KPI) used to measure the effectiveness of a restaurant’s food safety and quality control program. This KPI tracks the time food is properly stored and prepared, as well as adherence to food safety regulations. It is used to ensure the safety and quality of food served to customers.

Benefits of Tracking

Tracking this KPI is essential for a successful restaurant franchise. It provides insight into the effectiveness of the food safety and quality control program, ensuring food is safe and of the highest quality. This KPI also helps identify areas where improvement is needed, allowing the franchise to make changes to improve their processes.

Industry Benchmarks

The industry benchmark for this KPI is a score of at least 90%. This means that the restaurant must have at least 90% of their food prepared and stored correctly, and that food safety regulations are followed.

How to calculate

To calculate this KPI, you will need to track the number of times food is properly stored and prepared, as well as the number of times food safety regulations are followed. The formula for this KPI is:

Calculation example

For example, if a restaurant has a total of 500 foods and it has properly stored and prepared 450 times and followed food safety regulations 480 times, then the KPI would be calculated as follows:

Tips and tricks

• Be sure to follow all instances of food stored and prepared properly, as well as all instances of food safety regulations being followed.
• Regularly review the KPI to ensure it meets the benchmark.
• If the KPI is not meeting the benchmark, take action to improve the food safety and quality control program.

Conclusion

The Buffalo Wild Wings Franchise KPIs provide valuable insight into a company’s performance. Tracking and monitoring these metrics is key to understanding business performance, as well as boosting employee morale, customer satisfaction, and profits.

The Seven KPIs The seven Buffalo Wild Wings KPIs to track and calculate include Operational Efficiency, Customer Satisfaction, Average Wait Time, Sales Growth, Employee Retention Rate, Food Cost Management and food safety and quality compliance. All of these steps must be managed and followed closely to ensure that the franchise remains successful and profitable.