So your restaurant start up has been open for several months. Maybe you’re even nearing your one- or two-year anniversary! Business has slowly picked up steam and you have some room in your profits to invest back into your business. But the question is… what investments should you choose to make now? After all, you
How to Find a Great Restaurant Accountant
Whether you’re starting a new business or prepping your taxes for another year, hiring a restaurant accountant may be on your mind. Even the most business-savvy restaurateur could use an accountant to help handle the ins and outs of the restaurant’s finances — particularly given the sheer amount of daily responsibilities a restaurant owner has
How to Start Your First Restaurant Business
The statistics show that an overwhelming amount of small businesses fail within a few years. All the passion in the world won’t be enough if you start out on the wrong foot. Now, we don’t want to scare you out of starting a restaurant or other food service business. Rather, in determining how to start
How to Improve Labor Costs through Operational Changes
When it comes to reducing restaurant labor costs, often the focus becomes on retention. And yes, retention is huge for the restaurant industry because of the high turnover rates and how that affects your bottom line. But if you’re serious about lowering your restaurant’s labor costs, an equal focus needs to be placed on efficiency
4 Ways to Improve Labor Costs through Better Hiring
There’s a particular number that bears repeating — in part because it seems so outrageous, and in part because it should shake every restaurateur to their core: $146,000 That’s the average amount per year a full-service restaurant operator could be spending on replacing full time employees, according to a study conducted by the
An Entrepreneur's Guide to Restaurant Financing
Michael Tran is Partner & CEO of the Peli Peli Restaurant Group in Houston, TX. Peli Peli is the only South African fusion restaurant in Texas and the 2010 Click2Houston winner for Best Romantic Restaurant in Houston. In addition to its awards for atmosphere (2009 Houston Press – Reader’s Choice) and ambience (Best Romantic Bar
How to Forecast Your Restaurant Labor Costs
Labor costs. It’s one of the toughest calculations a restaurant owner needs to make — and the decisions you make in the process can guarantee success… or throw your establishment into chaos. But restaurant labor cost forecasting isn’t like throwing a dart and hoping it lands. There’s a method to the madness that breaks down
A Flat Year: Your Restaurant Financing Options for 2018
In terms of industry growth and financial forecast, 2018 is looking to be a lot like 2017 was. While the consumer price index remains strong, with discretionary income stable (maybe even ticking up), same store sales industry-wide continue to remain a challenge with reported rolling three months average of -1.1 percent and -3.2 percent. Early
What You Need to Know Before Setting a Restaurant Manager Salary
There are few things in life that are as difficult to talk about as money. And when the money in question is as important to someone as their salary, the discussion can get even harder. But what makes a restaurant manager salary in particular easier to establish, present, and negotiate is getting your ducks in
Ditch the Cash? The State of Restaurant Credit Card Payment
Consumer behavior and merchant expectations regarding restaurant credit card payment are changing. Can you feel it? From Argo Tea to Epic Burger, the trend of businesses going cashless and only accepting credit card payment is still small, but growing in the wake of a customer base that increasingly eschews cash for cards. In a poll
