If an operation practices cost control in all of its activities, the cost of operation will be lower than that of the competition. Profits will be above average even if the operation charges the same prices as the restaurant down the street. In fact, it could even charge lower prices than the competition and still make as much or more profit. Imagine the competitive advantage if your prices were lower and the quality of your food and service was equal to or better than that of your rivals.
Cost control needs to be ingrained into the culture of your restaurant. When such a business philosophy becomes ingrained, it is said to be "institutionalized." It is critical that your staff place a premium on absolutely, positively getting the greatest value for the least cost in every aspect of your operation.
I have always been a proponent of sharing the financial performance of the restaurant with employees. Financial knowledge allows them to become a partner in the success of the restaurant.