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Golden Corral's August 2023 network breach affected 183,000 current and former employees, with hackers accessing everything from Social Security numbers to health insurance details. Yet many restaurant operators remain underprepared when it comes to integrating legal and insurance considerations into their cybersecurity response plans.
While maybe less cute than National Pet Day (4/11) and less tasty than National Cheeseburger Day (9/18), National Insurance Day on June 28 encourages businesses to shop around for the BEST insurance partner to ensure financial success and safety for all involved.
A beer and wine license allows restaurants to craft a unique cocktail menu featuring wine-based liquors without the need for liquor insurance or the extensive paperwork associated with a full liquor license. This trend highlights a shift in consumer behavior, with dining places increasingly seeking unique experiences rather than just a meal.
This financial strain could dampen discretionary dining expenditures. Outsourcing high-risk services, such as delivery, can alleviate exposure to rising auto insurance costs, which are projected to climb in 2025. In 2025, the restaurant and broader hospitality industry finds itself at a critical juncture. trillion in 2024.
The former are entitled to benefits such as minimum wage, overtime pay and workers’ compensation insurance. Independent contractors, meanwhile, may not get these benefits in exchange for having more freedom and control over their work, while holding responsibility for their own taxes and insurance.
Restaurant employees are the heart of the dining experience, and their commitment keeps the industry thriving. Variety of Voluntary Benefits : Voluntary benefits can include personal insurance policies like pet, travel, car and homeowners’ insurance, with a discount for enrolling in coverage.
From a guest perspective, summer means seasonal menus reflecting the summer bounty, a fired up meat-filled grill, and dining al fresco on expansive patios. From a restaurant owner’s perspective, it’s a lot more stressful with adding heat, outdoor dining and wet surfaces into the mix.
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.) came to $35,000, and your operating expenses (labor, rent, insurance, etc.) Your cost of goods sold (ingredients, beverages, packaging, etc.)
." As we mark the fifth anniversary, MRM magazine surveyed restaurant insiders about the pandemic’s lasting impact on their businesses and the industry. The past five years have reinforced the critical intersection of digital and hospitality in the restaurant industry. That's never going to change.
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. ” A Year of Challenges U.S.
With increased sales as the top priority, more than 40 percent of operators plan to increase their budgets for promotions and marketing, particularly for off-premise dining, which remains one of the most significant shifts in consumer preferences post-pandemic.
To conduct menu pricing profitably, you need to factor in the behind-the-scenes costs that keep your doors openthat includes rent, utilities, insurance, labor, cleaning supplies, linen, and everything in between. Set prices too low, and youre leaving money on the table. Too high, and youll drive customers away.
Examples include: Rent or mortgage payments Insurance premiums Loan payments Salaried employees (like general manager or executive chef) Because theyre consistent, fixed costs are easier to budget for, but that also means theyre harder to reduce without significant structural changes.
Fixed costs like rent, property taxes, insurance, and utilities are all part of your occupancy costs. This doesnt mean cutting corners and sacrificing the customer experience; its about knowing where your money is going, spotting leaks early, and fine-tuning whats already working. Are you overstaffed on slow days?
For shifting consumer preferences, 34 percent expect more takeout and delivery in 2025, 28 percent expect greater demand for healthier options, and 24 percent expect less frequent dine-in visits. Those priorities include increased marketing and sales efforts alongside new benefits and programs to attract and retain staff.
Joe Nicholson was a manager and tech consultant at one of the busiest restaurants in Sacramento, CA—Tower Cafe. Now, as a copywriter at SpotOn, he helps restaurant owners and managers learn how to run a more profitable operation. Restaurant P&L statements can be downright confusing. Prime costs. Contribution margins.
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. Workforce : COVID fundamentally changed the labor market. – Pooja S.
Running a successful restaurant in 2025 means more than just great food—it requires smart financial decisions. With rising ingredient prices, labor shortages, and tighter margins, operators must find strategic ways to reduce restaurant costs without compromising quality or customer experience.
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. Gross and net profit margins for restaurants What is the average restaurant profit margin? Depending on your restaurant type, your percentages might look different.
Restaurants and Food Service: Including fine dining, fast casual, QSRs, cafes, and catering. This blog aims to give readers an inside look at how accounting is not just “done” but mastered in this unique sector. Key Takeaways Understand the key functions and principles of hospitality and leisure accounting.
Five years after the onset of the COVID-19 pandemic, our relationship to food and dining has undergone some permanent changes I got COVID for the first time this past February. But theres still no federal sick leave policy, and often restaurants still dont provide workers with health insurance or other benefits.
However, when you slip on the shoes of the consumer, you realize that zealous culture wars are only really suited for Politics and Coke vs. Pepsi, not Insurance, Hair Salons, and Home Improvement. The two artists actually lived together for nine weeks in Arles, France. Regardless of our loyalties, we eat at a wide multitude of restaurants.
According to the National Restaurant Association , the dining industry should generate $899 billion in revenues in 2022. With change in restaurant management so dynamic, industry experts say that now is a good time to review and even revamp restaurant insurance policies. That’s up from $640 billion in 2020. Food Delivery Issues.
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. We've reached a point where we're recognizing the value and limits of these technologies.
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. In-person dining will pose unique hygiene challenges to your restaurant, particularly in high-traffic areas.
Establishments are grappling with a complex crisis characterized by empty seats in dining areas and behind the scenes, where a shortage of skilled workers is keenly felt. These impacts affect not only the bottom line for businesses but also the dining experience for customers. Creating a positive work environment is crucial.
restaurant industry has a loaded plate as 2021 picks up steam – especially from an insurance and financial protection point of view. “The prospects for fine dining and sit-down restaurants are going to remain strained for all of 2021,” said Doug Groves, founder at Program Insurance Group, in College Station, Tex.
At the end of 2021, four out of five restaurants reported facing a staffing shortage due to reduced operating hours and dining capacity. With data showing indoor dining rapidly decreasing as customers navigate new COVID variants, restaurants need the capability to quickly adapt and implement new solutions.
restaurant delivery revenues are expected to reach nearly $80 Billion by 2022 and digital ordering and delivery has grown 300 percent faster than dine-in traffic since 2014. 20 percent of consumers say they spend more on off-premise orders compared to a regular dine-in experience. Projected U.S. Need more proof?
With COVID-19 shutting down businesses worldwide in 2020, restaurants were forced to shut down their dining rooms and pivot to off-site dining only—takeout and delivery. While restaurants have begun to reopen , dining rooms still cannot be filled to full-capacity to ensure safe distancing amongst customers. No added fees.
Offering delivery services creates an added liability for restaurant owners beyond typical dine-in exposure, so it is critical to ensure you are implementing the right procedures to help mitigate unexpected claims and expenses that could damage your business. Recheck to make sure that the employee is still using the same vehicle.
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. Whether you’ve thought about it or not inflation is most likely affecting you in this day and age. So what exactly are the effects of inflation?
Quick-service restaurants are also feeling the pressure – large chains like Chick-fil-A and McDonald’s have had to close dining rooms due to insufficient staffing. Operators will look to technology to offset labor shortages and free up staff to enhance the dining experience.
To help ensure the survival of these restaurants, many of which are family owned, the PR industry has banded together to create a campaign called "Dining Bonds." The dining bonds are being offered by participating restaurants across the country at a suggested savings of 25 percent when purchased. . "We're More than 2.45
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features the rise of eCommerce, economic impact, dining during COVID and hot dog insights. Yelp’s diners seated data shows significantly more people are dining-in at restaurants. Yelp's Economic Impact Report.
A Zagat dining trends survey says 75 percent of respondents have selected a restaurant based on food photos. Murals are incredibly expressive, so they’re a great platform to convey the personality of any type of restaurant, whether it’s fine art for fine dining or vibrant graffiti-style art for a more edgy vibe.
I am guilty of still fearing indoor dining and wanting to only eat outside and I am that person cleaning a hotel room with antiseptic wipes before touching anything; this is what the industry sees and hears daily. A recent jobs report revealed 6.6 million jobs were created in the last year.
During an election year there is always a focus on what both parties call: “kitchen table issues” – the cost of groceries, mortgage, insurance, child-care, energy, and education, and how much is left for disposable income to be spent on the things we would like to do vs. what we have to do. That’s 21 meals for two people over seven days.
After a guest thief takes what they want, the restaurant must purchase replacements and eventually report the thefts to their insurance company, which in the long run will raise their premiums, creating another drag on profitability. And yet, the diner who walks out with your logo beer mug is damaging your restaurant’s bottom line.
Fixed costs Fixed costs are expenses that remain constant, including rent, insurance, and utilities. If transferring isn’t an option, you can try to reduce other fixed costs like insurance premiums. Many operators struggle with low profit margins, and it’s easy to fall into this trap. Constantino writes.
With restaurants clawing back and facing new challenges like vaccine credentials and new COVID variants, it’s a good time to check on an equally important, if less prioritized corner of the American dining and drinking sector – restaurant insurance. ” Key Insurance Issues for Restaurant Owners. That’s 6.6%
In this edition of MRM News Bites, we feature help for small business owners and products for the 'new normal' for restaurants as they reopen. On-Demand Delivery for Square Online Store. “This new feature helped us keep our doors open and continue serving our customers during the recent downturn,” he said. Visa SMB Help.
Restaurateurs are struggling to find staff to support the increase in demand on their business as Americans are returning to restaurant dining rooms. These include sign-on bonuses, higher wages and the offering of health insurance. And that is showing no signs of dissipating or slowing down. Labor Shortages. Food Shortage.
Unfortunately, the Forgiveness Application poorly addresses the top challenges faced by the restaurant industry: Closure or limited capacity opening of restaurants making it difficult to spend the PPP loan proceeds during the required timeframes; Rehiring employees when they are incentivized to stay on unemployment insurance; and.
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