article thumbnail

Ready To Sell? Maybe You Should Be

Modern Restaurant Management

You need to be present, mentally and physically, or your restaurant will suffer. By then, he had a well-oiled, cash-flowing operation that he could sell at a premium. First, if you are skimming some cash off the top, you need to stop now. This business is mentally draining. This required immense effort and dedication.

article thumbnail

How Restaurant Owners Can Prepare for the COVID-19 Cold Weather Lull

Modern Restaurant Management

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.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Restaurant Owners Need to Know About Dual Pricing

Modern Restaurant Management

In today’s world, restaurants are always looking for ways to manage transaction fees and optimize profitability. Businesses and restaurants can adopt this pricing model through a point-of-sale (POS) system, presenting both cash and card price. While this may seem fictitious, it’s legal in all 50 states.

Pricing 433
article thumbnail

Top-Effective Tech Solutions to Improve Profits

Modern Restaurant Management

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.

article thumbnail

Restaurants Can Fight the Bite of Chargebacks (Infographic)

Modern Restaurant Management

Traditionally, this has meant that the manager comes out and apologizes to the guest, then offers a discount or a comped meal. Those payments were made in a card-present situation, though. Also, as of 2019, up to 35 percent of in-person restaurant purchases were paid for in cash. This system has worked well enough in the past.

article thumbnail

The Importance of Having a Business Plan

Modern Restaurant Management

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.

article thumbnail

Best Practices for Trimming Alcohol Overhead in the COVID World

Modern Restaurant Management

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.