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Restaurant Failure Rate: Why Restaurants Fail And How To Make Yours Succeed

ChowNow

What the data doesnt show is just how many of these restaurant closures come down to preventable issues, like: Poor financial management No marketing plan Lack of clarity around the restaurants concept The key takeaway here is: failure is not inevitable. Lack of Marketing and Visibility The Issue: Hoping if you build it, they will come.

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Owning a Bar: Everything You Need to Know

7 Shifts

You'll have late nights and have to work on weekends and public holidays The market is saturated with loads of competition. This document will outline your bar's concept, menu, marketing strategy, and financial projections. Sourcing the Right Equipment Your budget, target market, and concept will dictate your equipment needs.

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A Comprehensive Guide To Restaurant Profit Margins For All Restaurant Types

7 Shifts

Your inventory is one aspect to keep track of to avoid overordering. “If you aren’t taking accurate and consistent inventory at your restaurant, you’re missing out on a 20+% increase in profits,” our own D.J. As for marketing, focus on cost-effective strategies such as social media and email marketing.

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Restaurant Accounting: A Comprehensive Guide

7 Shifts

To calculate this, use the formula: Cost of Goods Sold (COGs) = Beginning Inventory + Purchased Inventory - Ending Inventory Gross profit & gross profit margin Your gross profit and gross profit margin help you track how much money you're making after deducting your Cost of Goods Sold.

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4 Ways to Pivot Your Restaurant’s Business Model During COVID-19

7 Shifts

If you have many groceries, inventory, or portioned goods, consider offering meal kits to diners to cook at home. Marketing: Consider posting DIY videos on how to assemble & prepare your meal kits, and be sure to attach a link for diners to order their own! How are you marketing your business during COVID-19?

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What Restaurateurs Need to Know Right Now About the COVID-19 Pandemic

ChowNow

Offer large format takeout or a family-style to move more inventory. Market these bundles to parents, since they’re great for keeping kids entertained while they’re home from school. Position it as an option for feeding the whole family or freezing for later. Don’t forget the drinks! Watch out for commission-based delivery apps.

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7 Issues that Threaten the Franchisor and Franchisee Relationship

7 Shifts

Clever marketing and strong branding from a restaurant’s corporate offices can boost sales for franchised restaurants. Example: KFC In 2018, about two-thirds of KFCs in the United Kingdom had to temporarily close due to an inventory issue. On top of an initial license fee , franchisees must pay regular royalty fees to franchisors.