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The proposal fulfills campaign promises from both sides of the political aisle, but for restaurant operators, it raises real and immediate questions. If enacted, it could change how teams are paid, how tips are reported, and how restaurants manage compliance, possibly as soon as 2026. Cash tips must be reported consistently.
Most restaurant operators go with monthly, weekly, or bi-weekly schedules. While it’s simpler for restaurant management, it can lead to cash flow problems for smaller restaurants if they don’t keep their books properly balanced. There’s also a growing trend of daily payouts for restaurant workers.
When gearing up for patio season, holiday rushes, or summer tourism surges, operators rely on a rotating cast of temporary workers to keep the business running smoothly. Develop a repeatable onboarding process that introduces new hires to your team culture, job expectations, and operational procedures.
Instead of cash alone, consider giving the choice of a memorable experience, such as a gift certificate. Offering earned wage access (EWA) can help alleviate this cash crunch by giving staff immediate access to wages they’ve already earned but haven’t yet received in a paycheck.
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
The past five years have reinforced the critical intersection of digital and hospitality in the restaurant industry. Digital not only powers seamless experiences but also unlocks guest data that can elevate hospitality across all touchpoints, both digital and in-person. Technology continues to transform restaurant operations.
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. and Canada.
Festaurant growth done right starts with leaders aligning around operational priorities and smart key performance indicators (KPIs). They must connect to priorities across key operations, marketing, customer service and finance roles. They need alignment with practical operational realities and bandwidth.
In fact, Netspend surveyed more than 900 tipped workers across the restaurant, food delivery, hospitality, salon and spa industries to get a pulse on the financial impacts of COVID-19. According to NPR , average hourly wages in the hospitality industry are nearly 10 percent higher than they were a year ago.
For Rustic Table, a restaurant operating within the hospitality focused district of Times Square in New York City, the impact of Covid-19 seems insurmountable. It’s a delicate balance of cash flow and savings on overhead costs that has restaurant owners scrambling for solutions.
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. This year’s Neighborhood to Nation Contest will double the number of winners to award 20 prizes of $5,000 in cash along with a robust marketing package.
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.
If you've worked in the hospitality industry, you've already had to deal with an aggressive customer or two. Setting up and maintaining a good customer relationship is critical to your hospitality and restaurant industry. Remember, humility is an investment in customer management because they deserve extra personal attention.
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.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. is the first single-vendor solution combining apps to streamline and improve restaurant operations in one fully integrated platform. ” The BOHA!
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.
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. reducing to approximately 3.0x by the end of fiscal 2021.
In response to Coronavirus concerns: Danny Meyer tweeted that The Modern would be closed for a day and every inch sanitized after a guest tested positive for COVID-19, despite being told by the NYS Health Commissioner says no risk of transmission; “Team & guests come first,” the hospitality leader concluded. Cash is dirty.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. " Under the banner of its longstanding “We Help You Make It” promise to foodservice operators, US Foods Holding Corp. Socialincs, Inc.,
Restaurant operators have long grappled with the question, "Should I hire for soft or hard skills?" Both brands take a people-centric approach, intentionally embedding soft skills like communication, teamwork, and resilience into hiring, training, and management practices. " and for good reason.
For now, restaurants are using AI (Artificial Intelligence) and ML (Machine Learning) to streamline operations and improve customer service in a much less tech-savvy environment. Recent technology advancements, mobile devices, and the pandemic all shifted the way restaurants need to operate. What are AI and ML?
Please send questions to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com. While it’s no easy task to sometimes make it through the day-to-day within this new operational structure, there are ways operators can come together and make a difference.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. " Under the banner of its longstanding “We Help You Make It” promise to foodservice operators, US Foods Holding Corp. Socialincs, Inc.,
What are some ways restaurant owners and operators can be safe and welcome guests while maintaining social distance? As the Coronavirus crisis continues, Modern Restaurant Management (MRM) magazine asked industry insiders what best practices restaurants should have in place for social distancing, as per CDC guidelines.
To minimize service disruptions across restaurant operations, proactive businesses prioritize not just navigating the current economic environment but also preparing for any uncertainties in the future. Reevaluating operational processes helps find opportunities to increase a company and its restaurants’ financial position.
Please send questions to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com. Why doesn’t that logic work in the hospitality sector – especially in the current labor environment? If the objectives for any benefit program are to build plans that are 1.
For a deeper dive into brand messaging, strategy, and authenticity, creating unified guest experiences, and the orchestration of physical and experiential touchpoints, Modern Restaurant Management (MRM) magazine reached out to The Plaid Penguin’s Founder and Sir Idea Man Joe Haubenhofer. Don’t just rely on organic social media.
It can help streamline cash flow and reduce overhead costs, all while ensuring compliance with ever-changing NYC tax regulations. Key Takeaways Outsourcing bookkeeping services enhances operational efficiency, allowing NYC restaurants to focus on customer experience and growth strategies.
According to the 2022 State of the Restaurant Industry report from the National Restaurant Association, more than half of restaurant operators believe it will be a year or more before business conditions return to normal, with one of the dominant factors being labor costs. Managers are already busy. Communicate Better.
Tracking and understanding your restaurant’s cash flow is essential, whether business is booming, or times are tough. A healthy, positive cash flow is necessary to pay your bills and grow sales. Monitoring your cash flow is more important than ever during the COVID-19 outbreak. How to calculate restaurant cash flow.
These challenges pose the potential for inventory constraints, menu price increases, delays in service and more, impacting not only the hours restaurants can stay open but also the capacity at which they can operate. Rick Camac, Dean of Restaurant & HospitalityManagement at the Institute of Culinary Education.
Businesses want to turnover healthy volumes of cash-flow, regardless of the wider economic climate. This can be achieved not only through sustained and/or increased volumes of customers, but also through effective cash-flow management. This helps finance teams spot red flags and potential areas prone to fraud.
Gone are the days of cash-only transactions. POS systems offer a multitude of benefits for businesses, including: Streamlined operations by automating various tasks such as sales transactions, inventory management and reporting. Automation can and should fine-tune operational processes and human customer service.
Busy restaurant owners looking to bolster their incentive offering know that the last thing they need is another wrench in their bustling operations. Enter 7shifts , a scheduling and team management app that simplifies the payday processes that typically run restaurateurs ragged. Typical Employee Payout Methods. On-demand Pay.
In the hospitality industry, the last thing you want is a phone call from the alarm company at an early morning hour about a fire, break-in or other disaster at your business. Manage Access to Keys : Only distribute exterior-door keys to employees who must have access. Picture this – it’s 5 a.m. Invest in a drop safe.
These ratios provide valuable insights into operational efficiency, cost management, and overall profitability. Utilizing outsourced accounting services or hospitality-specific accounting solutions can help ensure accuracy and efficiency in profitability ratio analysis. Let’s explore this further.
In the competitive world of hospitality, your point-of-sale (POS) system is more than a cash register—it’s the heartbeat of your operation. Upgrading to a cloud POS system for hospitality isn’t just a tech refresh—it’s a strategic move that boosts efficiency, service quality, and revenue.
Modern Restaurant Management (MRM) magazine asked restaurant industry insiders for their views on trends. Fortunately, we have exceeded in our efforts to reduce our footprint and maximize profitability to effectively operate our drive-thrus and maintain team productivity. Here are their insights.
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 Barbara Castiglia , MODERATOR – Modern Restaurant Management. The Main Course. 20 at 4 p.m. FAT to Acquire Johnny Rockets.
As workplaces, sports and entertainment venues, schools, colleges and universities, and other places of business begin to resume operations, Aramark developed customized plans to create safe and hygienic dining experiences for everyone the company serves. Aramark Creates Safety Plans. Tork Donates to Philly Restaurant Relief.
Hospitality Recovery Coalition. The Distilled Spirits Council of the United States (DISCUS) announced the formation of the Hospitality Recovery Coalition with the goal of supporting on-premise partners, including restaurants, bars and distilleries, facing harsh economic impacts due to the COVID-19 crisis. NAB Acquires SALIDO.
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? In 2020 the restaurant industry learned that offering delivery and running an efficient operation is necessary to stay alive.
It’s not just about hiring someone who’s good with numbers, but finding a professional who understands the unique financial challenges and complexities of the hospitality industry. Key Takeaways Evaluate potential accountants for their expertise in restaurant-specific financial management and industry regulations.
Modern Restaurant Management (MRM) magazine asked experts for their thoughts on trends and challenges that will affect the restaurant industry in 2023. Restaurants will continue to embrace digital on-premise, including mobile ordering and payment at the table, to streamline operations and improve the guest experience.
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