making everyone feel invested in the restaurant’s financial health,” said Linley. This collaborative approach has two benefits. It fosters a sense of ownership among employees and surfaces innovative solutions to reduce costs.
Use a spreadsheet to track your earnings versus the cost of operations. Our guide to the best spreadsheet software can help you streamline the process of crunching numbers. HR software Your staff is the lifeblood of your restaurant and you need the best HR software for restaurants to manage the...
After choosing a payroll schedule, set up direct deposits into your employees’ bank accounts. ACH bank transfers are a convenient, low-cost alternative to writing checks. Collect bank information from employeesduring onboardingand deposit payments directly into their accounts on payday. How you’ll ...
With the tail-end of millennials and Generation Z entering the workforce comes new sets of employee needs for positive culture and relationships, as well as training and development opportunities. To address these changes, restaurant owners need to start making changes to their business operations so...
The knee-jerk solution to increased costs is to raise prices. But in the fickle world of restaurants, passing costs on to customers can often do more harm than good. “Unfortunately pricing for ingredients has raised so much it’s not viable to solely pass along the cost to guests,” says...
restaurants can pay distributors online, eliminating the need for accounting teams to manually cut checks and enter invoices – a time-consuming process, especially for larger operations with multiple locations. By streamlining these financial workflows, restaurants can significantly reduce ...
Though buying packaged foods can also reduce restaurant or take-out spending on those nights you absolutely don’t want to cook, so you may not want to say no completely. Also, buying certain staples in bulk could be cost-effective. When going out, you can look at menus ahead of time...
can begin to see a return on their investment as the company earns a profit. If you miss your targets, your gross and operating profit can help you see where you need to reduce spending or increase sales. Measure your profit on a quarterly, if not monthly, basis to track your progress....
Financial margins in the food business can be razor-thin, and you need to be realistic about what it will take for your restaurant startup to be profitable. The average restaurant startup cost varies by location, but here are a few questions you’ll need to answer: How much will it ...
In creating a brand, or branding, a business manages the effect that the product or service has on the customer. We'll look at the hands-on process of creating a brand in this article, and what it means to a business and its investors. ...