The idea of opening a new restaurant can be daunting. On top of finding and securing a location, executing an interior design, and finalizing the menu, you also have to set realistic revenue goals, decide how much staff to hire, and plan out your overall finances. Every new restaurateur needs to plan ahead for their
The Difference Between Sales, Revenue, Profit, and Cash Flow
All too often, we are at a loss for words when it comes to talking finances. It’s no surprise. Money is one of those few things our mothers told us was impolite to discuss in public. More than that, discussing money can make a business owner feel vulnerable and open to scrutiny — especially if
7 Hidden Pockets of Profit for Your Restaurant
Figuring out new ways to increase your restaurant sales is a big part of what it means to be a successful manager. Your team looks to you to direct their efforts. Your owner (if you are not one yourself) looks to you to increase their bottom line, but identifying profitable ideas that organically build on
Does Your Restaurant Have the Right Insurance?
Getting your restaurant running can be an exciting time for a new owner. Every decision seems like a new adventure, and one step closer to achieving your dream. However, it’s easy to become overwhelmed when it comes to your new restaurant’s insurance. And it’s just as easy to push off setting up the right insurance
When Should Restaurant Owners Pay Themselves?
Owning a restaurant business is tough. It requires long hours and what can feel like an indefinite hiatus from what used to a more “normal” life. In many cases, it’s not uncommon for restaurant owners to go without paying themselves a full salary — or anything at all — for an extended period of time. Being
10 Business Acronyms Every Restaurant Owner Should Know
New business owners have to learn a lot about their industry as they go. It’s especially true for restaurant owners, who must understand the day-to-day financials, the food industry in general, ordering, tax terms, and more. You want to make sure you know important industry terms so you can run your business properly and also
The Restaurant Guide to Charitable Contributions
The holidays are fast approaching, and with bell-ringing and good cheer comes the inevitable question for restaurant owners: what do I do about charitable contributions? For many individuals, the decisions are fairly simple: we all have our favorite organizations or know people doing good work in the world. But for businesses, particularly restaurants, the landscape
How Should I Price My Restaurant Menu?
The price. It’s often the first thing your guest will notice, and probably one of the (many) things keeping you up at night. How do you know it’s right? Does demand matter? Is just covering your costs enough? Does the price reflect the real value the customer is receiving from their meal? All of these factors
The Big Business of Business Diners, Part Two: Tips for Restaurants
You now know about the unique needs of the business diner, but how can you make your restaurant the perfect choice for their meetings? According to restaurant experts speaking at the National Restaurant Association Show in Chicago, all it takes is a few tips — and a lot of relationship building. 1. Concentrate on
What You Need to Know about the Restaurant Industry
Understanding and keeping an eye on the economic landscape of the restaurant industry can be an integral part of managing your business. As a provider of financial and marketing services to the restaurant industry, Rewards Network has unique insights into the industry through the data we receive from over 10,000 restaurants. We also monitor the
