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.

Cash Management 186

Cash Management Point of Sale Inventory Email Marketing 186

Modern Restaurant Management

JANUARY 8, 2024

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.

2024 212

2024 Loyalty Program Cash Management Customer Experience 212

7 Shifts

SEPTEMBER 7, 2021

Has the price of going to a restaurant increased? We found a 14% increase in the total price on a receipt. Either diners have switched to ordering the more expensive items off the menu, or we're seeing very strong inflation of prices on menus. The bottom line is that the price of going to a restaurant has increased.

Tip Distribution 370

Tip Distribution 2021 2019 Cash Management 370

Modern Restaurant Management

NOVEMBER 9, 2023

These machines can vary in price, but even entry-level models can be costly. For small businesses or startups with limited capital, this significant expenditure can strain cash flow and hinder growth opportunities. Purchasing an ice machine upfront means committing to a specific model, which may become outdated within a few years.

Equipment 193

Equipment Cash Management Small Business Innovation 193

7 Shifts

MARCH 31, 2021

Determine how you’ll price your products. If you’re offering it at lower prices, be sure that you’re not sacrificing the quality of your food. In general, lenders will want to see at least five years' worth of cash flow projections. Dedicate a section to show off your management team.

Cash Management 370

Cash Management Document Customer Experience Customer Service 370

7 Shifts

NOVEMBER 18, 2022

More tip management resources. Passing part of this cost directly to tipping customers allows restaurants to retain more capital; it makes it easier to keep menu prices lower, hire additional staff , enable investments in your team, and expand your business. leaves a minimum cash wage of $5.76 ($10.88 - $5.12).

Cash Management 195

Cash Management Restaurant Law Back of House Customer Service 195

Modern Restaurant Management

FEBRUARY 16, 2022

Modern Restaurant Management (MRM) magazine quizzed expert Kathryn Petralia, co-founder of Kabbage, an American Express Company, for her analysis on what restaurants owners need to understand about inflation. Those who don’t are effectively lowering their prices. How is inflation affecting food prices?

Cash Management 203

Cash Management Food Supply Seasonal Menu Social Media 203

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).

Hotels 426

Hotels Point of Sale Cash Management Training 426

7 Shifts

NOVEMBER 22, 2021

Marketing Plan : detail your pricing structure (e.g., premium pricing), your location, your menu, and the promotional strategies (e.g., Management Team : document your team and why they have the experience and expertise to make your restaurant a success. social media marketing ) you will employ.

Document 393

Document Cash Management Small Business Take-out 393

Modern Restaurant Management

DECEMBER 19, 2023

However, high-interest rates are pushing some prospective buyers out of the market who can’t pay with cash. QSRs are lower rent, with lower labor costs, and most importantly are easier to manage for potential owners new to the industry. The restaurant industry is back to normal.

2024 98

2024 Marketing Cash Management 2023 98

Modern Restaurant Management

NOVEMBER 21, 2022

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. Invoice processing, ordering, food cost management, and analysis are a time consuming, but necessary evil.

Operations 193

Operations Cash Management Seasonal Menu Loyalty Program 193

7 Shifts

NOVEMBER 17, 2021

Both situations could have been prevented with proper restaurant inventory management, which gives restaurant operators better oversight over what's in stock and how it is used. The Best Restaurant Inventory Management Software. Choose The Right Inventory Management System. The Basics of Restaurant Inventory Management.

Inventory 370

Inventory Management Management Point of Sale 370

Clover - Restaurants

APRIL 23, 2024

An existing restaurant also has an established cash flow, as well as a system in place for managing inventory, staffing, and running the kitchen. There’s no guarantee that employees will stick around for a change of management or if you start changing the operating model. Is the real estate owned or leased?

Point of Sale 52

Point of Sale Cash Management Franchise Franchising 52

7 Shifts

AUGUST 2, 2023

Restaurants without team management tools may miss out on top talent, like those who value tech: Gen Z. Make sure to consider these key factors from both the administrative and employee perspective: Pricing: Consider whether the platform charges a flat fee (monthly or annual), a percentage of tips, or a combination of both.

Tip Distribution 195

Tip Distribution Cash Management Employee Relations Audits 195

Culinary Cues

DECEMBER 17, 2020

A reduction in restaurant business leads to crop waste, unplanted land, and serious cash flow problems for farmers. Restaurants account for a large percentage of a fisherman’s direct or indirect business volume. [] Ranchers: Have you noticed that the price of beef, pork, and chicken has increased significantly over the past few months?

Uniforms 470

Uniforms Cash Management Brewery Consumer Goods 470

7 Shifts

JUNE 29, 2022

This rule helps franchisees stay compliant by requiring them to offer the items, prices, and specials approved by corporate and their franchisors. Often cited as one of the biggest challenges to operating a franchise , however, the lack of control over menu offerings and their prices can potentially cause dissension from franchisees.

Franchise 370

Franchise Franchising Restaurant Law Document 370

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. Hire the Right People.

Cash Management 229

Cash Management Social Media Seasonal Menu SEO 229

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.

Inventory 177

Inventory Management Management Cash Management 177

Modern Restaurant Management

AUGUST 10, 2022

Food prices are soaring amidst supply chain disruptions, increasing labor costs, and processing plant shutdowns. Poultry prices are up 15 percent to 18 percent ; the cost of eggs has risen 73 percent. The food service industry is scrambling to keep up with these new costs, pushing the price of a restaurant meal to a 40-year high.

Customer Experience 185

Customer Experience Online Ordering Customer Service Mobile Ordering 185

Veloce POS Blog

NOVEMBER 10, 2023

Gone are the days when a simple cash register was enough to manage sales. In the past, restaurant staff would manually enter the price of each dish, potentially calculate taxes, and then open the cash drawer to finalize the purchase. Those days are over.

POS 59

POS Cash Management Point of Sale Technology 59

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.

Cash Management 300

Cash Management Government Small Business Healthcare 300

Xtra Chef

DECEMBER 30, 2020

Here are some of the actions, accomplishments and highlights of the past year… We introduced Recipe Management – a recipe for restaurant profitability. In January 2020, we launched our Recipe Management feature, giving our customers the ability to calculate plate costs easily, accurately and dynamically.

2020 151

2020 Cash Management Point of Sale 2021 151

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.

2021 136

2021 Cash Management Management Management 136

Modern Restaurant Management

FEBRUARY 3, 2022

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.

Loyalty Program 190

Loyalty Program Online Ordering Cash Management Point of Sale 190

Modern Restaurant Management

JANUARY 30, 2024

Typical restaurant KPIs involve monitoring costs around food, labor and supplies, pricing adjustments, table turnover rates during peak periods, customer wait times, promotion effectiveness, brand sentiment on review sites, and training completion rates. Discuss new ideas openly, challenging assumptions and pressure testing feasibility.

Leadership 199

Leadership Small Business Cash Management Customer Experience 199

Focus POS

JUNE 17, 2021

Like age verification, there are other inherent hurdles to running a bar that, when poorly managed, can lead to severe issues. When your POS allows you to integrate your inventory, you’ll know if you’re facing a maraschino cherry drought and can manage customer expectations instead of disappointing them after they’ve already waited.

Bar 148

Bar Cash Management POS Point of Sale 148

Culinary Cues

MAY 15, 2021

This creates a domino of challenges – labor dependance, the inability to pay reasonable wages, selling price ceilings that do not yield sufficient profit, etc. When menus are well researched and managed then a restaurant stands a chance of success. Without cash reserves the pandemic cause thousands of restaurant casualties.

Customer Experience 387

Customer Experience Cash Management Customer Service Front of House 387

7 Shifts

AUGUST 20, 2020

They include: Labor management software Order management software Inventory management software Guest engagement software Contactless, mobile payment processors 5 Tools to Use to Increase Operational Efficiency in Restaurants Did you know that 48% of restaurants use three or more tech vendors?

Technology 293

Technology Mobile Ordering Dietary Restrictions Cash Management 293

7 Shifts

OCTOBER 31, 2022

The management team. Management team. But give an idea of some dishes or drinks with projected price points. You may want to list out: Team Management. Inventory management systems. Task management tools. Manager Log Books. Your market position and competitive advantage. Sample Menu. Time Clocking.

Point of Sale 397

Point of Sale Back of House Document Download 397

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.

Cash Management 97

Cash Management Seasonal Menu Inventory Email Marketing 97

Restaurant365

MARCH 5, 2020

From cloud-based POS systems to mobile apps designed to improve employee satisfaction and streamline scheduling, technology is bettering business and changing the landscape of restaurant management. So why is it that alcohol management is lagging? The problem with outdated alcohol management.

Blog 146

Blog Management Management Cash Management 146

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.

Cash Management 124

Cash Management Seasonal Menu Social Media Small Business 124

Culinary Cues

DECEMBER 30, 2019

The following provides some “food for thought”, maybe even a “look in the mirror” checklist for those who are drifting away from those initial goals. [] THINKING THEY CAN MANAGE THROUGH OTHERS. Ignore them and they will find someone else to pay attention. [] CONFUSING LEADERSHIP AND MANAGEMENT.

Cash Management 266

Cash Management Point of Sale Leadership Website Management 266

Modern Restaurant Management

JUNE 9, 2022

Let’s say the price of beef goes up. Reviewing your data from past menu adjustments may reveal an increase in the price of a chicken sandwich would create less of an impact on sales than bumping up the price of a hamburger. Glean data insights to help manage and build your team.

Front of House 192

Front of House Point of Sale POS Cash Management 192

Cheetah

NOVEMBER 4, 2021

From now on, restaurants will be the ones setting the purchase price shown to customers on the app for each menu item (excluding tax and tips). Ensuring you get what they are rightfully entitled to from their 3rd-party delivery app will help restaurant operators price dishes better, forecast cash flow and manage supply stock levels.

Delivery 148

Delivery Cash Management Restaurant Law Mobile Ordering 148

Modern Restaurant Management

AUGUST 19, 2020

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.

Cash Management 227

Cash Management Point of Sale Consumer Goods Small Business 227

7 Shifts

MARCH 11, 2020

You won’t have cash coming in until you open your doors, so you’ll have to depend on your life savings, investments, and loans to get you through your first few weeks or months of business. If your space is worth $1 million, for example, you’ll need $100,000 in cash to lock in the space. You’ll need roughly 10% down on your space.

License 354

License Cash Management Inventory Food Supply 354