Remove Cash Management Remove Loyalty Program Remove Menu Remove Pricing
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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. This capability can prove invaluable for refining pricing strategies, optimising ingredient and waste management, and planning forthcoming shifts, among other benefits.

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Smart Pricing

Chowly

It’s called smart pricing. It’s a powerful way restaurants can maximize their revenue and profits with a “right price at the right time” model. Smart pricing encourages optimal capacity without sacrificing customers eager to patronize your business — here’s why.

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The State of Full Service Restaurants

Modern Restaurant Management

Seventy-four percent of full service restaurants (FSRs) managed to maintain or increase their sales during the pandemic; however, profit margins in 2021 declined to 10 percent, compared to 12 percent in 2019, according to third annual State of Full Service Restaurants Report released by TouchBistro.

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Inflation Takes a Bite at the Restaurant Industry; How Can Operators Cope?

Modern Restaurant Management

Additionally, menu prices at casual dining establishments rose by an average of 9 percent year over year from 2021. The decreased patronage along with inflation increases running costs, which means increased menu prices. Some implemented loyalty programs to promote recurring customers. Keep Managing Costs.

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How to Write a Restaurant Business Plan [with Sample]

7 Shifts

The management team. Management team. Sample Menu. You don't, by any means, have to have a menu ready to go. But give an idea of some dishes or drinks with projected price points. A sample menu can go a long way in helping a potential investor imagine themselves eating at your restaurant. Manager Log Books.

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IN CHALLENGING TIMES DON’T MAKE CLASSIC BUSINESS MISTAKES REMEMBER THE TOP ELEVEN

Culinary Cues

Remember that guest chef program that you tried before – do it again with real gusto – hype it up – make it your signature. As owners, managers, and chefs – regardless of the hours that you invested in the job in the past, this is not the time to back off – this is the time to be even more present. HOSPITALITY FIRST. BE PRESENT.

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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. " – John Oakes, Revenue Management Solutions CEO. Review menu items and strip away the slow movers. Don’t be afraid to increase price.

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