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How to Calculate and Improve Your Bar’s Profit Margin

7 Shifts

Once you have that total, subtract all of your costs, such as labor, inventory, rent, utilities, and other operating expenses. Bars that effectively manage their inventory and reduce waste tend to maintain higher margins. To calculate your pour cost, you have to know the total cost of your alcohol inventory.

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7 key restaurant revenue streams to prioritize in 2024

7 Shifts

Offering additional services, like delivery and takeout, meal kits and subscription boxes, and even catering and hosting special events can unlock new growth opportunities. Additionally, catering large events can help you manage your inventory more efficiently, reducing food waste and maximizing profit.

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2024 Outlook: Restaurant Trends and Challenges, Part One

Modern Restaurant Management

– Giliah Librach, Director of Merchandising Operations, ezCater As we look ahead to 2024, these technological advancements are poised to become even more ingrained in the restaurant ecosystem. The impact of these technological shifts is multifaceted.

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How to Lower Restaurant Labor Costs and Boost Profitability: Quick Wins and Long-Term Solutions

ChowNow

Similarly, inventory management software can track your stock levels and help predict demand, reducing the likelihood of over-ordering and waste. Negotiate with Suppliers and Optimize Inventory Building strong relationships with suppliers and regularly negotiating contracts can lead to better pricing and terms.

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Understanding Restaurant Finances & Financial Statements in 2024

7 Shifts

Components of a restaurant’s financial report The food and beverage sales report, prime costs report, inventory report, profit and loss (P&L) statement, and cash flow statement are all critical components of a restaurant's financial management. Its main goals are to minimize waste, control costs, and improve operational efficiency.

2024 221
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How to Open a Coffee Shop: The Ultimate Guide

7 Shifts

This knowledge will help you answer these questions and more– helping you differentiate yourself from the competition and best cater your coffee shop to the community's needs. Shelving if you're selling merchandise like hats or t-shirts. Do they have indoor seating or are they takeout-only? Refrigeration system to keep milk cold.

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How to Manage Cash Flow During Restaurant Restrictions

Restaurant365

For most restaurants, inflow is principally the cash from your food and drink sales, or related catering or merchandise. Your cash outflow for the period: $12,000 in food and drink inventory + $5,000 in wages + $3,000 in other operating expenses = $20,000. Keeping track of cash outflow. Have a cash flow forecast.