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This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features the present and future of AI use in F&B, The Splintered Path to Purchase, the Datassential 500 Awards, and where chefs are earning six figures. At the same time, U.S. chain sales grew just 3.1 percent in 2024 — falling short of the 4.1
They started their first business with cash, but when it came to building The Icy Spot GA, they tapped personal credit for some of their startup costs. Strong business credit gives you access to better financing options precisely when you need them—to manage those purchases or maintain cash flow during seasonal fluctuations.
A tarp, tent, or other quickly erected structure is a good remedy for now, but not a long-term solution. In the future, restaurants will need outdoor dining spaces that satisfy consumers’ changing needs for safer in-restaurant dining experiences while maintaining their comfort. Easy Control of Outdoor Spaces.
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.
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. Managingcash flow can be difficult for seasonal businesses. Plan for Gaps in Your Budget.
When the pandemic shifted consumer behavior overnight, off-premise became mission-critical, and at Olo, we were grateful to support restaurants as they navigated unprecedented challenges. Now that need is less, so I'm finding other ways to help my neighbors, who have been so good to me all these years.
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. This trend reflects the growing popularity of drive-thru and fast-casual dining, coupled with the demand for digital technologies such as QSR digital signage and QR codes.
By Tracie Johnson, Contributor Running a restaurant requires more than just a good idea, a great menu, and determination. Securing more resources guarantees that your restaurant can manage more demand without compromising quality, whether it comes to equipment upgrades, automation investments, or production facility expansion.
Technology such as kiosks and mobile apps increasingly had become cornerstones of the new business model prior to the outbreak. Nowadays, though, owners and managers unable financially to bring back their full complement of staff are relying on the technology to facilitate almost everything with a food order, except make it.
As the world of hospitality attempts to recover from the impact of Covid-19, maintaining cash flow and slowly building up revenue are key elements to any establishment’s ability to survive. It’s a delicate balance of cash flow and savings on overhead costs that has restaurant owners scrambling for solutions.
With more states lifting sanctions on dine-in options, Modern Restaurant Management (MRM) magazine reached out to Yelp's Small Business Expert Emily Washcovick to learn about ways restaurants can successfully make the transition and slowly ramp up operations, while keeping guest and staff safety top of mind.
Modern Restaurant Management (MRM) magazine asked experts for their thoughts on trends and challenges that will affect the restaurant industry in 2023. " – John Oakes, Revenue Management Solutions CEO. Slow movers tie up inventory -and the cash needed to by that inventory. For part one, click here.
Due to the Covid-19 outbreak effect on the restaurant industry, Modern Restaurant Management (MRM) magazine is compiling a list of resources available for restaurant owners, operators and managers. To be added to this guide, reach out to Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com. More than 2.45
For example, the Christmas period typically brings with it increased sales, whereas January signifies a downturn in disposable income for most consumers. It will help you manage your finances more efficiently and put you in a better position to ride out those quieter months. Restaurant financial statements are no exception.
Sixty-five percent of consumers say dynamic pricing would make the decision of where and when to eat more difficult; 63 percent say it would make it harder to budget their restaurant spending. Modern Restaurant Management (MRM) magazine asked Molly Burke, senior restaurant analyst, Capterra, for additional insights on the survey results.
Historically, restaurants have been slow to adopt innovative technology. It’s no surprise that the adoption of technology is what kept many restaurants afloat during the pandemic, and the acceleration of that adoption saved others. Being found by consumers who live, work, or drive by your locations will be incredibly important.
More than just a rental solution, EaaS can turn those big-ticket pieces of equipment restaurants rely on into services fully managed by a third party provider. The benefits include: Operational consistency – EaaS providers are motivated to keep your equipment in good working order at all times. EaaS for Big Business.
By Heather Langley, Contributor The hospitality environment evolves at a rapid rate, and bars and restaurants must continue adapting to the ever-changing needs of the consumer. A modern point of sale (POS) system utilizes modern technology that can help streamline your business operations and improve the guest experience.
Modern Restaurant Management (MRM) magazine asked restaurant industry insiders for their views on trends. This includes raising wages, boosting benefits such as offering early wage access, and leveraging technology to improve scheduling, automate processes and streamline operations, ensuring a seamless shift every time.
Will they be able to capitalize on the good will and traffic boosts as the weather gets cooler? Neiman highlights the role of technology-powered tactics such as upselling menu add-ons and optimizing digital ordering in addition to using collected data to better meet the needs of the still-value conscious guest.
Modern Restaurant Management (MRM) magazine asked restaurant industry movers and shakers: "What do you feel is going to cause disruption in the restaurant industry over the next decade?” Restaurants can prepare for this disruption by investing in agile technology platforms that connect every restaurant touchpoint to work seamlessly.
Feature-rich mobile POS systems have evolved to processing orders, sending tickets to the kitchen, providing detailed reporting and offering thorough inventory and business management. Cash registers are a technology of the past as business owners now focus on greater flexibility and control. The Evolution of POS.
US Foods Holding Corp.entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores from funds managed by affiliates of Apollo Global Management, Inc. NYSE: APO) (the “Apollo Funds”) for $970 million in cash.
and will enable TouchBistro to fully integrate customer loyalty and guest marketing into its all-in-one point-of-sale (POS) and restaurant management platform. “Consumers can now enjoy TYGA BITES at home through our partnership with Grubhub, offering contact-free delivery for everyone’s added comfort and peace of mind.”
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features consumers' dining desires, the power of personalization and the untapped opportunity in localized marketing. COVID-19 Consumer Dining Trends. Mixed take-out bag. Can't touch this. Restaurants vs. delivery services.
More than 9,500 consumers were polled for the study , which ranks the brands on three factors –consumers’ satisfaction levels with their most recent visit, their likelihood to return to the brand soon, and their trust in the brand. Since COVID, the dynamics of consumer decision making have changed.
Modern Restaurant Management (MRM) magazine asked restaurant industry insiders for their perspection on 2020: What lessons did you learn and what do you feel the restaurant industry learned this year? They are comparing the experience to Amazon, and anything that falls short of that level of ease and experience disappoints consumers.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features news of dramatic Valentine's Day shift, best food scenes, and the evolution of c-store foodservice. As they grapple with rising costs across their supply chain, 71 percent of restaurants plan to increase prices this year.
This instability will push operators to trim costs by shortening menus and investing in labor-saving technology to free up cash for wage increases. A short menu can slim down the food costs through streamlined inventory management, as well as reduced food waste. Delivery Options.
.” Those words from Katherine Pendrill, Senior Manager, Content Marketing at TouchBistro, should be quite telling for restaurant operators as they point out the opportunity that exists to reach a valuable audience. Diner Report found Gen Z diners are willing to cash out for immediate gratification.
In this edition of MRM News Bites, we feature the Takeout For Good Effort on June 2 and a host of products designed to help restaurants keep guests and staff safer as they reopen. Takeout For Good. GroupRaise is inviting restaurants across the country to join their Takeout For Good initiative happening on June 2. Motion sensors.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features news of Drinksgiving and Thanksgiving trends, FSR challenges, and "out-of-the-box" dining habits. One strategy for reducing costs has been the increased use of technology. AI usage has also skyrocketed, primarily in the back-of-house.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. The National Restaurant Association-managed site also provides a direct connection to the industry’s grassroots engagement platform.
Uncovering consumer confidence and preferences in an ever-shifting market as a result of COVID-19 restrictions, Restaurants Canada is shining a light on what restaurateurs and chefs can expect with the release of the 2021 Discerning Diner Report. . Despite these struggles, Alignable also learned in its poll that the No.
Modern Restaurat Management (MRM) magazine is collaborating with the team at MarketScale on The Main Course , a podcast that aims to explore the intense and competitive modern restaurant industry. "We Brad Duea – CEO, Restaurant REVOLUTION Technologies. Barbara Castiglia , MODERATOR – Modern Restaurant Management.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features Grubhub's State of the Plate 2020 trend report, the fragility of "open," di g ital resilience and brand intimacy. 65 percent of consumers ordered food and 11 percent ordered alcohol over the past two weeks. Financial Trends Insights.
A good operator looks back on their Business Plan on a monthly or quarterly basis to gauge where they are in terms,” says Mark Moeller, president, and owner of The Recipe of Success , a national restaurant consulting firm. The management team. Management team. Are they an island, or do they have good connections?
By tracking metrics like customer retention and employee turnover rate, contribution margin, and menu item profitability, restaurant managers can identify each area’s strengths and what areas need improvement. To keep your restaurant in good financial standing, you should aim for at least 70%.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. Best practices for calculating cash flow. MRM Restaurant Survival Guide Updates and COVID-19 Resources for Restaurants. Tips for pivoting to retail.
As a server my job was not only to prepare drinks and run food, but to assist customers in navigating the technology, troubleshooting when it didn’t work, and explaining, repeatedly, why exactly our restaurant did things that way — and I didn’t exactly have a good answer.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. Best practices for calculating cash flow. MRM Restaurant Survival Guide Updates and COVID-19 Resources for Restaurants. Tips for pivoting to retail.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features COVID-19 crisis statistics and surveys about third-party delivery, guest expectations, QSR reliance and more. Consumer interest in restaurants dropped by 52 percent from March 10 to April 19. Restaurant Industry Consumer Perspectives.
In this edition of MRM News Bites, read about efforts to help the restaurant industry and heroes as well as "new normal" restaurant technology and products. Contactless Order & Pay provides operators with a safe, contact-free solution for in-service experiences, helping them manage labor costs and keep their employees safe.
It can help streamline cash flow and reduce overhead costs, all while ensuring compliance with ever-changing NYC tax regulations. By optimizing cash flow and improving cost-efficiency, outsourced bookkeeping can boost profit margins and reduce unnecessary expenses. The benefits are clear.
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