Remove 2023 Remove Cash Management Remove Operations
article thumbnail

How Interchange Fees Are Reshaping the Restaurant Industry’s Bottom Line

Modern Restaurant Management

For restaurants, especially those operating on thin margins, these fees can influence pricing strategies, profitability, and even operational decisions. As of October 2023, Visa charges restaurants between 2.1 This includes higher prices and reduced cash flow. and represent a percentage of each transaction.

article thumbnail

2023 Outlook: Trends and Challenges Restaurants Will See, Part Two

Modern Restaurant Management

Modern Restaurant Management (MRM) magazine asked experts for their thoughts on trends and challenges that will affect the restaurant industry in 2023. In 2023, we can anticipate businesses really focusing in on value and doing what they can to attract and retain both employees and guests. For part one, click here.

2023 493
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why Restaurants Should Embrace Technology in 2023

Modern Restaurant Management

Between supply chain issues, staffing challenges and increasing operation costs, restaurants have had to re-examine roles and responsibilities for employees and lean into technology to increase operational efficiency. Redefining the Role of the Manager. Automating the Front of House. Simplicity Is Key.

article thumbnail

Back of House, Yet Front-Facing Priority – Restaurant BOH Trends to Monitor in 2023

Modern Restaurant Management

Is your restaurant up to speed with the latest best practices for back of house (BOH) management? So, even if your customers are unaware of what’s going on behind the scenes, any operational inefficiencies will eventually surface – with potentially dire consequences for your business. Two primary methods are involved.

article thumbnail

Expanding Your Business? Seven Tips to Improve Cash Flow to Fund a New Location

Modern Restaurant Management

Restaurant365’s State of the Industry Customer Survey shows that 60 percent of surveyed customers plan to expand their businesses in 2023 despite expected increased labor and food costs. It is important to consider if the first location has the cash flow to help financially carry the second location for a period of time if needed.

article thumbnail

2024 Outlook: Restaurant Trends and Challenges, Part Three

Modern Restaurant Management

Modern Restaurant Management (MRM) magazine asked restaurant industry experts for their views on what trends and challenges owners and operators can expect to see in 2024. During peak seasons, considering outsourcing certain services becomes a practical solution to ensure seamless operations. Read the first part, here.

2024 539
article thumbnail

TGI Fridays Files Voluntary Chapter 11

Modern Restaurant Management

In a statement, the owner and operator of 39 domestic restaurants in the casual dining chain, says its expects to use the time and legal protections made available through the Chapter 11 restructuring process to allow the company to explore strategic alternatives in order to ensure the long-term viability of the brand. "The

2024 221