Restaurant Week just arrived to showcase more than 300 Chicago area restaurants. Prix fixe menus of $22, $33 and $44 are offered for breakfast lunch and dinner. In honor of the festivities, our latest Restaurant Group blog is here to serve up a prix fixe menu of best restaurant management practices. Rather than an appetizer, main course and dessert, we will discuss regulations, finances and taxes.
In November, I traveled to Cuba for a week-long vacation with my wife and another couple. I departed the United States with an open mind and not really knowing what to expect. The trip was a mind blowing, amazing experience that is hard to put into words. This article shares three lessons that I learned about life in Cuba and relate them to the business of running a restaurant.
As Illinois and its counties continue to look for more ways to generate revenue, local legislators have turned their attention to taxing items deemed unhealthy to its citizens. Cook County is no exception, as a new sugary drink tax was recently approved by Cook County Board members and will take effect in July 2017. This article analyzes how this tax works and its potential impact on local restaurants.
The Department of Labor’s new overtime rules will take effect on December 1, 2016. So, if you have been putting off crunching the numbers, it is time to take a hard look at your restaurant’s operations, determine the impact of the new overtime law on your bottom line and evaluate your options.
While a big focus for restaurants revolves around the food, service and atmosphere, owning and operating a successful restaurant really starts with good accounting. Countless restaurants close their doors every year because the numbers were ignored or not given the attention that they deserve. While the accounting function is not the most exciting part of owning a restaurant, it is certainly one of the most important aspects that should be taken seriously. This article presents a handful of best accounting practices for owners and managers of restaurants of any size.
The rules regarding charitable donations of inventory, specifically food inventory, have fluctuated over the years. Recently a tax law was enacted that made the deduction for food inventory permanent and enhanced it. Previously non-C Corporations and taxpayers that were not required to track inventory did not receive an enhanced deduction. Now, all types of taxpayers can get a deduction of an amount somewhere between their cost basis and the fair market value of the food they are donating. This article will give you the details you need to know about charitable contributions of food inventory.
In recent years, the number of restaurants — both national chains and local establishments — that have faced wage and hour lawsuits have been on the rise. Therefore, it is imperative that restaurant owners pay attention to the rules that dictate how employees, especially tipped employees, are to be paid under federal and state law. This Restaurant Group blog explains how the City of Chicago’s recent raise in the minimum wage will impact both employer and employee.
How often do you cost your menu items? Menu costing allows for proper pricing and inventory management. In our latest Restaurant Group blog, we give you tips on how you can determine the various costs of the items in your menu, how frequently you should examine these figures, and the benefits you will reap from following this practice on a regular basis.
Last month, our Restaurant Group blog discussed the importance of determining a restaurant’s break-even point. This month, our focus turns to an integral part of a start-up restaurant’s lifeblood: its business plan. In this article, we analyze the three major components that are crucial to a restaurant’s business plan, including financial projections, investors’ analysis and a growth plan narrative.