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The National Restaurant Association’s Restaurant Performance Index (RPI) demonstrates that a combination of inflation, consumers with less disposable income and rising labor costs have created a difficult market for restaurant owners. That’s why good insurance coverage, provided by a trusted, experienced agent, is critical.
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.
Opening a restaurant in competitive markets like South Florida is no easy task. 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. Bureau of Labor Statistics.
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. Vaccine mandates.
Simplify Health Insurance Open Enrollment Health insurance is one of the most valuable benefits you offer, so make open enrollment a central, streamlined year-end activity. Strengthen Recruitment and Retention Efforts The labor market remains highly competitive, making proactive recruitment and retention strategies top priorities.
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. In fact, 69 percent of employees rank pet insurance as the most significant voluntary benefit an organization can offer.
Two-thirds of restaurant leaders believe AI or automation will improve their business in each of the 15 areas we asked about, the most popular of which are marketing and promotions (77 percent), inventory management (77 percent), payments (76 percent), menu optimization (76 percent), and staff management (75 percent).
Part of your social media marketing strategy might be stepping up your ‘gram game with careful attention to plating, and that’s smart. But to truly up-level your marketing strategy, it pays to think bigger. What’s not to love?
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. So, are we pricing ourselves out of the market?
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.
That's why it's essential for restaurants to consider cyber liability insurance. This data is highly valuable on the black market and can be used for identity theft, fraud, and other criminal activities. With cyber liability insurance, the costs of hiring attorneys and other legal expenses can be covered.
Restaurants, hotels,and otherhospitalityindustry businesses continue to battle a tight labor market. Toattractnot only enough employees butalsoengaged and productive ones, itsimportantto offer benefits thatmeet them where they are.
UberEats uses its search data to identify unmet demand for different cuisine types in its markets, and works with local restaurants to create delivery-exclusive menus. In this changing environment, the right and adequate amount of insurance protection has never been more important.
With the laundry list of everything bar and restaurant owners need to handle on a daily basis, proper insurance coverage should be top priority. Proper communication with the insurance agent about all the ins and outs of the restaurant can help set up the policy right from the get-go.
What may be overlooked within it are risk and insurance issues. Many franchisors have dedicated staff in charge of maintaining the FDD, although tech solutions are increasingly available, offering efficient, integrated and customizable tools for managing insurance and compliance requirements. And there’s a lot of value to that.
For example, think of all the new cancer treatments like Keytruda and Opdivo that have come to market in recent years that extend life. On a basic level, stop loss insurance provides protection against catastrophic or unpredictable losses. What’s frequently omitted however, is the cost of some of these miracle cures.
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.
Last month, our article summarized the “state of the market” for employee benefits in the restaurant sector. Assuming there is some relief in the general labor market, most operators will begin to consider strategies to mitigate the ongoing medical plan cost increases. Forecasting the 2023 Plan Year.
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.) Labor costs keep rising, especially in markets with mandatory wage hikes or staff shortages. added up to $60,000.
The data collected will help create future strategies to identify customer preferences influencing a company's sales and marketing strategies. With the restaurant industry needing to fill the labor gap, robotics are primed to penetrate the market. I am concerned that rising insurance costs may force some chains to exit the market.
Direct Mail Marketing has been around just about as long as mailbox service to homes has been. I may own Our Town America, a national direct mail marketing franchise, specializing in reaching people who have just moved to the community, but I recognize there are other ways to market your business. Boy, do I realize that.
Society Insurance has compiled three tips to help find new customers for your restaurant and bar. Make sure your establishment has links to “Review us on Google” throughout your website, social media platforms, and marketing materials. Your best restaurant and bar marketers are the customers themselves.
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.
On the other hand, seeing that third-party services are greatly outperforming your own ordering site will let you know that you need to vastly improve your ordering site, or at the very least, increase the amount of marketing for your in-house delivery. Maintain a Similar Customer Experience.
This is the appropriate strategy for a smaller operator with a single restaurant or with a limited number of restaurants that has to be fully insured. Employers that have been implementing these programs on a prospective basis are seeing trend rates that are less than half that of the general market. They merit careful study.
Society Insurance, which provides coverage to the hospitality industry, has put together four tips on how restaurants and bars can help create a safer environment on St. Obtain Liquor Liability Insurance It is highly advisable to purchase liquor liability insurance if you operate a business that sells alcohol.
We’re not alone — market research company Frost & Sullivan projects that online/mobile ordering will be a $200 billion dollar industry by 2025. That’s why it is so important for them to seek out comprehensive cybersecurity insurance solutions — created specifically to protect their business.
You’re responsible for marketing your in-house delivery effectively and reaching an audience or else you will not receive orders. You’re responsible for marketing your in-house delivery effectively and reaching an audience or else you will not receive orders. Auto insurance. You must set and meet expectations of delivery time.
Cost Savings and Exclusive Benefits Many restaurant associations offer discount programs and group purchasing options, leading to significant savings on essential services such as food supplies, insurance, credit card processing, and energy costs. Goliath Consulting Group is a restaurant consultancy group based in Atlanta, Georgia.
In today’s employee-driven market, we have seen only a small number of restaurants increase the employee cost for benefits; they simply did not want to risk losing even one employee. Likewise, forecasting costs and building budgets will mean understanding medical costs as well as the hiring market. percent rate of increase.
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.
Restaurant owners must consider risks like increased insurance costs and potential wear and tear from extensive use if they opt to use a personal vehicle. If you purchase or lease dedicated delivery vehicles, consider additional expenses such as maintenance, insurance, and fuel.
This will include marketing, equipment, utilities, rent and insurance. One area that I look at closely in this area is marketing. If the operation is spending $5,000 per month on marketing, then I want to know the return on this investment. This forces my clients to come up with marketing programs that are trackable.
The market leaders in this field are several third party providers, although some carriers are also developing and offering these services. This compares to the average insurance provider score of 57. For several years we have been considering the viability of high touch healthcare concierge programs in the restaurant space.
Additionally, many restaurants are expanding to include traditional benefits such as health insurance and retirement savings plans. Maximizing your POS system would make your restaurant more competitive in a market that is struggling to retain workers. Prioritizing Employee Efforts.
Several factors have contributed to the labor shortage, including competitive job markets, evolving career expectations, and a mismatch between the skills available in the workforce and those required by the industry. This can free up human staff to focus on areas that require a personal touch. Creating a positive work environment is crucial.
DoorDash, Grubhub and Uber Eats are among the most popular third-party ordering (“TPO”) platform services on the market, which tout online ordering and delivery solutions to restaurant owners across the country. Meanwhile, Uber Eats expected to deliver $10 billion worth of food in 36 countries in 2019.
Insurance Coverage for COVID Claims Largely Rejected by Appellate Courts : Throughout the country, appellate courts are reviewing insurance coverage lawsuits brought by restaurants who were forced to close due to COVID-19 pandemic shutdown orders. Oregon Mutual Insurance Co., Litigation.
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. As for marketing, focus on cost-effective strategies such as social media and email marketing.
These include: Food Costs Labor Costs Occupancy Costs Operating Costs Marketing and Promotions Expenses Every successful restaurant owner knows that tracking these isnt just a bookkeeping exercise; its how you spot opportunities to save money, collect data for better decision making, and run more efficiently.
Among the reasons restaurants fail (poor location, inadequate marketing, lack of staff and inventory control, uninspired menu, unreasonable pricing), customer theft is rarely on the radar. ” Some restaurateurs consider this the price of doing business – even a form of marketing. And yet, as a Washington, D.C.,
Somewhere in between is the number that makes sense for your food costs, your market, and your restaurants unique position. Menu pricing shouldnt be a guessing gameit should reflect the real costs of running your restaurant, what your guests are willing to pay, and where you stand in the local market.
Another growing risk: nuclear verdicts over dram shop law violations, driving up the costs of liquor liability insurance. Beyond recruiting, many employers are responding to the tight labor market by sharpening their focus on the kind of employee experience they’re providing. Here’s an overview. No surprises.
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