Modern Restaurant Management

FEBRUARY 27, 2023

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. Below are seven tips to improve the cash flow and make the most out of a current location to ensure a steady stream of revenue to serve as a buffer through those first months.

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Modern Restaurant Management

FEBRUARY 9, 2023

For example, with an uptick in business comes an influx of cash, especially with higher interest rates motivating consumers to utilize cash versus credit cards. Whether you own and operate a large establishment or a small one, there is always an increased chance of risks for cash management when dealing with more cash.

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7 Shifts

AUGUST 24, 2022

And for those who do show up in-person at a quick-serve restaurant , they're paying in cash less than one-third of the time. Cash Tip Jar Ideas. Cash Tip Jar Ideas. Cash tip jars don't require any credit card reconciliation or POS taps - just a split of the funds among all eligible staff at the end of the shift.

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Modern Restaurant Management

AUGUST 2, 2023

Inventory, Ingredient Costs, and Seasonality Inventory management and controlling ingredient costs are critical for any restaurant's profitability. Employing efficient cash management software can help you track expenses and optimize cash flow.

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Embrace the Suck

APRIL 26, 2020

To get you started down the KPI Mastery path, let’s start with the basic metrics: Cash Flow. Cash flow is simply the amount of money going in and out of the restaurant. It’s essentially how much cash you have on hand. Cash flow = Cash input - cash output. Allow me to help you manage your KPIs.

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Culinary Cues

MARCH 26, 2022

Every business requires controls in pricing, consistency, quality, and cash handling. All of the tools are available for inventory control, purchasing systems, cash handling, costing templates, and quality assessment. Social media is very inexpensive, but someone needs to effectively manage it every day and every way.

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Modern Restaurant Management

FEBRUARY 9, 2022

Events like the Super Bowl bring an influx of cash to establishments of all sizes, some of which might not have the right cash logistics system in place. When managing an influx of cash, there is an increased chance of risks for cash mismanagement. Identify the amount of time you and your staff spend handling cash.

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EATER

SEPTEMBER 8, 2023

The disruptions also affected phone support, online stores, and appointment management. Square, which was started in 2009 by Twitter co-founder Jack Dorsey, allows restaurants to not only process payments but also manage tables, inventory, marketing, and staffing.

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7 Shifts

NOVEMBER 18, 2022

More tip management resources. tip credit, meaning the minimum cash wage for overtime hours increases at a higher percentage than regular wages. leaves a minimum cash wage of $5.76 ($10.88 - $5.12). Therefore, the minimum cash wage for overtime increases by $3.63, and the restaurant must provide $57.60 ($5.76

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7 Shifts

AUGUST 2, 2023

Restaurants without team management tools may miss out on top talent, like those who value tech: Gen Z. Reporting and tracking: These capabilities allow managers to analyze tip distributions, identify trends, and generate comprehensive reports for internal auditing and tax purposes—all without having to make their own spreadsheets.

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Modern Restaurant Management

FEBRUARY 13, 2020

Small business owners in nearly every industry struggle with cash flow and how to best utilize their working capital. Nearly 60 percent of failed businesses cite cash-flow issues as a primary reason for their failure, which shows how cash flow management can make or break your business. Get Paid Faster.

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Culinary Cues

AUGUST 22, 2022

There were no sophisticated profit and loss statements or cash flow charts, no point-of-sale systems or computer analytics to pour over and make decisions by; these were not the type of operations that required that level of analysis. This was a lean, fine-tuned machine that worked from the premise of being manageable and comfortable.

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Modern Restaurant Management

JANUARY 27, 2023

It takes a lot to become an entrepreneur including learning actively from mistakes, understanding operations, and managing finances. Many entrepreneurs who are new to the business might not consider issues like cash availability, inventory costs, and overhead costs. A business plan is necessary to clarify everything in the beginning.

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Modern Restaurant Management

APRIL 7, 2023

A 2020 Harvard Business School study reported that 74 percent of businesses do not have the cash on hand to cover an equipment-related expense. JPMorgan Chase found the median small business holds 27 cash buffer days in reserve. The restaurant industry falls behind the median with an average of only 16 cash buffer days.

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7 Shifts

NOVEMBER 17, 2021

Enter 7shifts , a scheduling and team management app that simplifies the payday processes that typically run restaurateurs ragged. Any owner or manager running payroll manually understands the complexity faced each pay period. The downsides fall on management—weekly pay dramatically increases paperwork and admin time.

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Modern Restaurant Management

APRIL 1, 2020

Last year, one of the first brands to go cashless, Sweetgreen, changed its policy to accept cash at all its locations. The quick-service restaurant (QSR) started accepting cash after Amazon confirmed it would take cash payments in all of its previously cashless Amazon Go stores. To eliminate cash is to eliminate customer choice.

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Modern Restaurant Management

FEBRUARY 22, 2022

These platforms utilize point systems and integrations with communications platforms to make it easy for managers and fellow employees to give out kudos. There are two types of bonuses: cash or non-cash. A cash bonus is simply a sum of cash awarded to an employee for superior performance.

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Modern Restaurant Management

SEPTEMBER 1, 2023

Inefficient restaurant inventory management practices, improper storage, gaps in inventory logs, theft, and waste can cause even the most successful kitchens to struggle or fail. Below are the top seven inventory management mistakes restaurants are making, and how to correct them. Always date and label everything.

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Culinary Cues

MAY 13, 2023

Each of those “departments” will require some level of unique kitchen management (sous chef) and specialists to support the uniqueness of function. As long as the checkbook has a credit balance they are in good shape (until predictable sales slump and cash flow turns the corner).

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Modern Restaurant Management

APRIL 17, 2023

Mobile Order Applications Mobile smart order apps for waiters help to speed up the service and manage the orders right at the guest’s table. A mobile order app will enable the clients to conduct restaurant management and delivery systems automatically, faster, and completely online with the help of new innovative solutions.

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Modern Restaurant Management

APRIL 21, 2023

Because restaurants and bars can accumulate a large amount of cash during daily operations, they are attractive targets for criminal activity. Enact Smart Money Management Policies Even though debit and credit card payments are popular payment choices, restaurants and bars still ring up a fair number of cash transactions.

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Modern Restaurant Management

DECEMBER 10, 2019

According to a study, 82 percent of small businesses fail due to cash flow problems. A cash flow shortage occurs when more money is flowing out of the business than is flowing into it. During a cash flow shortage, you might not have enough capital to cover your payroll or other operating expenses.

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Sculpture Hospitality

JULY 7, 2021

Since the beginning of the COVID-19 pandemic, bar owners around the world have learnt a number of lessons about managing their businesses during challenging times. Perhaps no lesson, however, has been as important as understanding cash flow.

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Modern Restaurant Management

JANUARY 16, 2023

. ” At all times the employee must retain a sufficient amount of tips to make up the difference between the minimum tipped cash wage paid and the minimum wage. 00, the minimum cash wage for tipped employees at $5. Under the U. For 2022, the minimum wage was set at $13. 13 and the maximum tip credit at $7. 87 respectively.

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7 Shifts

JULY 21, 2020

From small business loans to microgrants to business credit cards, cash is available; it just takes a bit of application work and a little know-how. Best for: Businesses who need cash to keep their doors open and their staff employed. Best for: Small businesses that need substantial cash to do big things.

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Modern Restaurant Management

SEPTEMBER 25, 2023

The rate of people moving away from using cash is rising steadily. In 2018, 29 percent of Americans reported that they made no cash purchases in a typical week; by 2022, that figure had risen to 41 percemt.

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Modern Restaurant Management

MARCH 20, 2023

It will help you manage your finances more efficiently and put you in a better position to ride out those quieter months. Cash Flow Statement The term cash flow describes the money moving into and out of your business. A cash flow statement details what this flow looks like for your restaurant.

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Modern Restaurant Management

NOVEMBER 9, 2021

To recruit new talent and alleviate strains on current staff, restaurant managers are looking for new ways to streamline their operations and enhance the employee experience. A mobile employee experience has now become table stakes in seamlessly recruiting, onboarding, training and managing staff. Embracing Digital Transformation.

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Restaurant365

AUGUST 25, 2020

Comprehending your restaurant cash flow is essential to running your restaurant business. Cash flow refers to the amount of cash coming into your restaurant minus the amount of cash going out on a daily, weekly or monthly basis. Common factors that cause cash flow issues. Too much inventory. Unexpected expenses.

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Sling

APRIL 2, 2023

We’ll answer those questions in this article and introduce you to an app that can help you manage your workforce better. Casual incentives can take the form of anything from recognition to cash to a catered lunch. This is just one example of how you can use cash to motivate your team to achieve any goal you set.

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Restaurant365

DECEMBER 11, 2020

As 2021 begins, there are many restaurant management best practices that can be applied to strengthen your business, in the short and long term. Manage cash flow by creating a cash flow forecast. Your total cash flow is your cash inflows (for restaurant. over a certain period of time.

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7 Shifts

MARCH 31, 2021

In general, lenders will want to see at least five years' worth of cash flow projections. From there, they will help you work through the numbers and provide an estimation of your future cash flow. Dedicate a section to show off your management team. Be sure to stick to realistic estimations.

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7 Shifts

SEPTEMBER 28, 2020

Keep reading to learn: Server side work your FOH team should be doing Best practices for executing these side duties of a server How to build server side work into shifts 4 Server Side Work Duties to Add Alongside Primary Server Duties The most important server side work duties are cleaning, restocking, organizing, and managing safety.

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Modern Restaurant Management

DECEMBER 30, 2022

Redefining the Role of the Manager. This issue can be particularly problematic when it comes to retaining restaurant managers, with many feeling under-compensated and overworked. The best managers recognize that they have an ever-changing job and in the current landscape, this has never been more true. Simplicity Is Key.

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7 Shifts

SEPTEMBER 10, 2021

Tips are a huge part of restaurant compensation and tip pooling is often so complex it becomes a part-time job worth of work for managers. Restaurant managers can spend up to 8 hours a week calculating tips with traditional methods. Ready to save up to 8 hours a week on tip pooling with 7shifts team management platform?

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Modern Restaurant Management

NOVEMBER 24, 2020

Restaurant owners are being forced to find a way to make it through winter with vastly reduced revenue, and many operators are scrambling to reallocate budgets and manage staffing to survive COVID-19. Managing cash flow can be difficult for seasonal businesses. Plan for Gaps in Your Budget.

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Culinary Cues

DECEMBER 17, 2020

A reduction in restaurant business leads to crop waste, unplanted land, and serious cash flow problems for farmers. Here are some of the other businesses that suffer when a restaurant closes, sometimes they too cannot survive as a result: [] Regional Farmers: A significant percentage of farm crops are dedicated to restaurants.

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