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Golden Corral's August 2023 network breach affected 183,000 current and former employees, with hackers accessing everything from Social Security numbers to health insurance details. Yet many restaurant operators remain underprepared when it comes to integrating legal and insurance considerations into their cybersecurity response plans.
Businesses that benefited from PPP loans were required to meet the “necessity certification” requirement and consider alternative sources of liquidity, while also taking into account “affiliated” businesses, prior to submitting a loan application. Many of them received it in the form of PPP loans.
In some ways, you’d be correct: choosing the right partners for your business is very important when it comes to ensuring security. In this article, we'll look at why cybersecurity is important in the restaurant business, and how you can protect yourself from cyber attack. So how can you make sure your business is protected?
Fixed costs like rent, property taxes, insurance, and utilities are all part of your occupancy costs. A quick audit of your operating costs can uncover easy ways to save money and tighten up your systems. These small adjustments can have a big impact on your total costs month after month, giving you breathing room financially.
All restaurant businesses face these risks, even those with a dedicated human resources staff. However, the risks are further amplified for many small and independent restaurants that are navigating the employment law web alone without the benefit of experienced human resources professionals. Why Compliance Matters.
As of June 15, there were nearly 140,000 total business closures on Yelp since March 1. Of all business closures on Yelp, 41 percent are permanent closures. Since May 25, we’ve seen a 1785 percent relative increase in searches for Black-owned businesses, compared to the three weeks prior.
Smart Foodservice operates 70 small-format cash and carry stores across California, Washington, Oregon, Idaho, Nevada, Utah and Montana that serve small and mid-sized restaurants and other food business customers with a broad assortment of products. (NYSE: APO) (the “Apollo Funds”) for $970 million in cash.
Your restaurant is different so ensure you find your ideal food cost (discussed later) Labor cost : Roughly 30% of revenue including management salaries of 10% Insurance varies by provider and type. Fixed costs include rent, mortgage, salaries, loan payments, license fees, and insurance premiums.
Every department and all the operations around those departments need to work together seamlessly to ensure the smooth running of the business. You know how it is with smallbusinesses. Then, out of the blue, these labor audit folks showed up, and man, did they find a heap of issues. Payroll is a web of its own.
Whether they're in school, have kids, or need time for auditions, restaurant workers can live the lifestyle they want outside the traditional 9-to-5. They don't feel connected to the larger business. This can be as large as supporting a social mission or as small as a commitment to creating a great place to work.
While most restaurateurs are experts in hospitality and customer service, payroll makes many savvy business owners scratch their heads. Understanding the ins and outs of paying employees, observing labor laws, and complying with the tax code is critical to running a business. Calculating how much the business owes in payroll taxes.
Whether you’re a seasoned operator or just getting started, understanding the numbers behind your business can mean the difference between breaking even and breaking records. Even if you hire a professional to handle all the financial aspects of your business, you need to understand what is involved.
Bookkeeping is one of the most essential aspects of any restaurant business. After all, a small, honest mistake can accumulate over time and turn into bigger operational problems— 17% of restaurants even fail in their first year due to mismanagement of finances. If that isn’t possible, then go for alternatives.
As many restaurants are struggling with turnover, the pandemic has shined a light on the issue—and the people and businesses are building a new restaurant culture. And at its foundation lies your business' core values. The Play: Do a culture audit and examine your core values. Real ways to tackle restaurant retention problems.
With restaurant taxes , you have some special tax considerations that are different from other business types. A permanent tax deduction is now available for equipment for smallbusiness under Section 179. Explore Business Tax Credit. Compensation and Taxes. Mileage Deductions. Employee Meals. Charitable Deductions.
Unfortunately, even small mistakes in payroll and HR can be costly for business owners. Learning the basics of restaurant HR and payroll can help you prepare a plan that works for your business. There are some general areas to focus on when starting to audit your human resources information systems (HRIS) and payroll systems.
Overhead costs are fixed costs including rent, utilities, equipment leases, and insurance. Control food costs Small changes in food costs can significantly impact the revenue you bring in. Even small savings on individual ingredients can add up to substantial improvements in your overall profit margin.
Unfortunately, even small mistakes in payroll and HR can be costly for business owners. Learning the basics of restaurant HR and payroll can help you prepare a plan that works for your business. There are some general areas to focus on when starting to audit your human resources information systems (HRIS) and payroll systems.
Tech could be as simple as introducing virtual business phone systems for more flexibility. Many businesses are learning the hard way. 66% of small to medium-sized businesses have been victims of a cyberattack in the past 12 months. You might be wondering ‘why do so many smallbusinesses get targeted by hackers?’.
When the Autumn Budget landed, food and drink leaders warned ministers that the tax increase would cost the British Hospitality industry 3 billion and force businesses to reduce investments, cut jobs, and raise customer prices. Encouragingly, UK food price inflation has dropped to a manageable 2%, offering businesses some breathing room.
TL;DR: The Revitalization Fund will kick off after the SmallBusiness Administration conducts a seven-day test run of the application portal over the next two weeks, the agency said in a release over the weekend. Small operators who maxed out their credit cards will be able to take care of that debt as well.
It’s a busy commercial drive, a preferred route of ambulances and fire trucks, on which no one ever fantasized about dining al fresco. Dirt Candy’s average check size has shrunk to a small fraction, with revenue hovering around 35 percent of where it was a year ago. “If I’m clearly not doing the amount of business I was.
The chef, Iliana Regan, has seemingly never done anything half-assed or half-hearted in her life; obviously she owns a small army of Game of Thrones dolls, and if she was bothering to cook a menu about it, there was going to be a chest of handmade dragon eggs next to the duck press near the kitchen. People noticed.
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