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In California, annual fees for a liquor license can also reach up to $1M, depending on factors like operating hours, customer policies, and whether the establishment offers on-site brewing. This trend highlights a shift in consumer behavior, with dining places increasingly seeking unique experiences rather than just a meal.
Outsourcing high-risk services, such as delivery, can alleviate exposure to rising auto insurance costs, which are projected to climb in 2025. To remain resilient, businesses must prioritize enterprise risk management (ERM) strategies that integrate risk management, HR and insurance planning.
Bonus Tip : Structure your handbook around the employee lifecycle, covering company culture and recruitment through performance management and termination to ensure a clear, easy-to-follow guide for every stage of the employee experience. Updating Labor Law Posters : Hang the latest posters in prominent employee areas.
Independence Day has become an increased security and compliance risk where venues often experience overwhelming crowds, limited security staff, and a swarm of underage partygoers attempting to bypass age restrictions. These increasingly sophisticated counterfeits can bypass manual inspection and easily deceive basic scanning devices.
With over 25 years of experience in legal strategy, risk management and market expansion, I have had the privilege of helping brands navigate these challenges, and I would like to share a few key lessons to help restaurant operators thrive in today’s dynamic environment.
It factors in all your operating expenses, like labor, rent, insurance, equipment repairs, marketing, and more. came to $35,000, and your operating expenses (labor, rent, insurance, etc.) Customers are price-sensitive Raise your menu prices too much, and your loyal customers start to disappear. added up to $60,000.
Digital not only powers seamless experiences but also unlocks guest data that can elevate hospitality across all touchpoints, both digital and in-person. The customer's needs always come first, even though my prices continue to rise. That's why we instituted lower-priced lunch specials and made other adjustments.
Menu pricing isnt just about covering costsits about finding that sweet spot where profitability, customer perception, and operational reality meet. Too high, and youll drive customers away. High-end restaurants can charge more for the experience, leaving wiggle room for a higher food cost percentage.
One of operators most difficult challenges is balancing restaurant operating costs without compromising the food, service, and customerexperience that makes your restaurant unique. Cheaper ingredients and smaller portions can take a toll on your customers loyalty, and thats a cost no restaurant owner can afford.
This doesnt mean cutting corners and sacrificing the customerexperience; its about knowing where your money is going, spotting leaks early, and fine-tuning whats already working. Fixed costs like rent, property taxes, insurance, and utilities are all part of your occupancy costs.
The research found that businesses worldwide – particularly restaurants – intend to experiment more in 2025, especially with customer retention programs like loyalty, as they face the triple challenge of sustained high inflation, shrinking consumer wallets and the need to raise prices across the board.
More than half of those surveyed, 55 percent, said increasing sales is 2025’s top priority, followed by reducing costs and enhancing guest experiences. Customers embraced the protein-packed dairy, transforming trending dishes like cottage cheese toast and flatbreads. Cottage cheese had a social media-fueled renaissance.
Please tell me a little bit about your background/experience, and how you chose to work in the insurance industry. After studying at the University of Massachusetts in Amherst, I began my insurance career as a processor for a Worcester-based carrier, where I quickly advanced into an underwriting role.
With rising ingredient prices, labor shortages, and tighter margins, operators must find strategic ways to reduce restaurant costs without compromising quality or customerexperience. Increasing restaurant profits allows you to invest in upgrades, like better equipment or a nicer place for customers to eat.
From a legal perspective, Insurance : the pandemic highlighted the limitations of insurance policies. Several high-profile restaurant groups brought litigation against insurance companies for their coverage position, but were ultimately unsuccessful. The pandemic made speed, accuracy, and seamless ordering non-negotiable.
Particularly, they must juggle between maintaining an adequate cash flow, coping with the sporadic nature of the business, and dealing with high-risk factors such as liability insurance and staff turnover. Furthermore, insurance costs can skyrocket due to the increased risk of incidents at nightclubs. Next, utilize your network.
But many owners don't account for the high fixed costs of bars —like repairs, insurance, and alcohol theft which can leave them with less profit than expected. If you understaff and get slammed, your guests have a bad experience and your team is frustrated. Collect customer information with a loyalty rewards program.
But theres still no federal sick leave policy, and often restaurants still dont provide workers with health insurance or other benefits. For many chefs, particularly those serving food and cuisines less familiar to their local customer base, the pop-up served as a road to success with fewer barriers to entry.
New York City, New York, US) Tue, 1 Jul – MTPak Coffee upgrades facilities for custom packaging with low MOQs and one-week lead time. Former Sweaty Betty VP of Marketing Ruth Mann will lead brand awareness, customer engagement, and marketing campaigns across Gail’s 160 UK bakery‑cafés in her first hospitality role.
economy would almost certainly experience another inflation shock. • Hospitality and Travel : The hospitality industry, like the restaurant industry, grew in 2024 as consumers increased spending on travel and experiences while spending less on large-ticket purchases such as home and auto.
Society Insurance has spent 110 years helping protect businesses and has seen firsthand how nuclear verdicts have evolved in the U.S. Even if a restaurant doesn’t face a verdict, the prevalence of such cases can drive up insurance premiums industry-wide, increasing operating costs. Recent data shows that U.S. Register Now!
If we cant get the right size egg, then its a different product for the customer, he says. Shes been experimenting with flax seeds, which provide similar binding capabilities to eggs. Even if they did, eggs will still never pose the cost challenge that covering health insurance and fair wages does, he notes.)
For all memorable experiences and community ties, if your bar or restaurant isn’t making money, it’s not long for the industry. “Between the business we’re doing now and the cost savings on credit card fees, it’s freed up money for us to offer health insurance for our staff,” says Selvagn.
We frequently look at the competition as a threat to our own success, a zero-sum game where a customer gained is only at the expense of a customer lost by another. So many in fact, that customers are more appreciative of an earnest recommendation than fanatical hoarding. I highly recommend the __.
Traditional sit-down restaurants and mobile food businesses have uniquely different needs when it comes to insurance. While there is some overlap in coverage needs, it’s important to understand the differences when it comes to insuring your business. Traditional Sit-Down Restaurant Insurance Needs. Property Insurance.
In March, businesses were forced to take a step back and look at their business model to ensure that they were addressing their customer’s health, hygiene and safety concerns. So, what can brands do to address the impacts of COVID-19, while being mindful of the past, present and future of customerexperience?
When sending any text recruiting messages, it’s imperative to know the law and best practices to keep your company compliant, and create the best candidate experience. Illinois Farmers Insurance Co. This means text messaging speeds up the communication process. Torchmark Corp. , In a 2016 Illinois lawsuit, Dolemba v.
Customers log into the service’s app, select food options from nearby restaurants and submit an online payment. In that case, there may not be any insurance outside the driver’s personal auto insurance. If you’re contracting with a third-party delivery service, let your insurance agent know.
Cybercriminals are increasingly targeting restaurants, seeking to steal sensitive customer data and disrupt business operations. That's why it's essential for restaurants to consider cyber liability insurance. With cyber liability insurance, the costs of hiring attorneys and other legal expenses can be covered.
Some are eliminating tips – adding surcharges to customer checks to give servers hourly wages of $18 to $25. And then there’s the restaurant’s customer data, which is increasingly being handed off to the delivery apps as they grow in influence. Hourly wages of $15 are becoming more standard.
What can restaurant operators learn from this experience? He concentrates his practice on commercial litigation and has experience in settlements in data breach cases. As with employee data, restaurant chains are low hanging fruit for class action claims in this context given the number of customers that could be affected.
Maintain a Similar CustomerExperience. Ideally, your customers should notice almost no difference between getting a delivery through your in-house system and a third party. But this lets other orders slip through the cracks, resulting in longer wait times and unhappy customers. Direct All Orders to Your POS.
And while automation and robotics can help streamline some elements of operations, in the wake of the COVID-19 pandemic, there's a newfound appreciation for human connection and dining experiences. Using LPR, restaurant staff can link an order to a customer's car and use it as an identification to deliver their order once ready.
Because of automation and IoT connectivity, these systems require no human intervention to make the adjustments and lifts the burden of energy management from staff to focus on the customerexperience. Each year, insurers pay out $2.5 billion for water damage claims.
Restaurant insurance is complicated. Just as owners have to play many roles in management, marketing, and menus, their insurance has to protect their finances, patrons, and employees. And who has the time to read a 100-page insurance policy? These are often excluded from standard policies and be potentially costly.
With every online order, millions of customers are entrusting restaurant owner/operators with their most essential information. However, thanks to the explosion of online ordering, owner/operators are left managing massive data sets — without any experience in doing so. In fact, global research and advisory firm Gartner Inc.
Quality food and top tier service with the incentivization of loyalty programs and a good location should be enough to get a good share of local customers. Society Insurance has compiled three tips to help find new customers for your restaurant and bar. Have your staff encourage satisfied customers to leave a review.
Understanding the Drought The labor shortage has hit hard, with many restaurants operating below capacity despite a rebound in customer demand. These impacts affect not only the bottom line for businesses but also the dining experience for customers. This can ultimately lead to lower customer satisfaction and loyalty.
As the fight against COVID-19 continues, more of those same restaurants have started considering—and even implementing—new plans for welcoming employees and customers back for in-person dining. Consider limiting bathroom capacities for both employees and customers to reduce person-to-person proximity.
20 percent of consumers say they spend more on off-premise orders compared to a regular dine-in experience. 20 percent of consumers say they spend more on off-premise orders compared to a regular dine-in experience. You also may lose access to important customer data in terms of buying habits and average spend.
Fully utilizing these systems provides restaurants the flexibility they need to anticipate customer needs while managing operations, and should be a priority for restaurants, especially at this time. Making data-driven decisions will provide valuable insights to ensure profitability regardless of changing customer preferences.
Rent, food, labor, utilities, and insurance are prime examples. Customers can also be more hesitant to dine out as their everyday expenses are going up. This can not only drive down your profits but also degrade your customerexperience. So what exactly are the effects of inflation?
However, given the access to customers and additional revenue they may provide, do the benefits outweigh the negatives? Among the benefits, using a TPO service may lessen the burden of in-house delivery, which requires hiring delivery drivers and the cost of additional insurance policies.
Because of automation and IoT connectivity, these systems require no human intervention to make the adjustments and lifts the burden of energy management from staff to focus on the customerexperience. Fewer employees are needed because restaurant operators can repurpose an employee’s saved time to focus on customer service.
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