With the end of 2016 fast approaching, restaurateurs might have some sleepless nights concerned about their local economy, planning for the best and the worst 2017 will bring. Whether it’s the national outlook or your particular seasonal circumstances impacting their thinking, every restaurant owner has a list of “what ifs” the length of their arm.
With the economy in doubt, many restaurant owners are starting to worry and ask the question: Is my restaurant cash flow going to take a hit? We take a step-by-step look at the economic challenges your restaurant profit is likely facing in the coming months, including: Expected costs like food prices, restaurant marketing, and breakage
Cash flow can be a challenge even for seasoned restaurant owners and managers. It can be hard to decide when to hold back what’s being spent on the business and when to invest in new aspects of the restaurant. Ultimately, a good restaurateur should be able to identify both, all while balancing the finances — but
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
Ask a successful restauranteur what advice they’d give to someone opening a restaurant, and they’d most likely say the best first step is to seek the insights of other restaurant owners. At the recent Google Lake FX Chicago Summit, a cross-disciplinary educational symposium, many of the most successful restaurateurs in Chicago offered just such insights
Managing a restaurant offers numerous challenges and something is always going to pop up to demand your attention, so it is important to have as many policies and procedures in place as possible. With your slim margins, controlling cost is a key to success. As food and labor are typically your largest expense, it is
In few other industries does business ebb and flow as dramatically as with a restaurant, but that doesn’t mean you have to put your plans on hold during the slow season. Below, we offer four tips for managing your restaurant’s cash flow year-round to help you make the most of every dollar earned — and
The food service sector is a dynamic and sometimes volatile business sector. Restaurants are on the front lines of the service sector and are more susceptible to consumer trends and demands than other industries. To be successful in the food service industry, it is essential to respond quickly to the market shifts and invest in