All industries have their own unique challenges and quirks. For a restaurant or bar, one unique aspect is payroll. Bars and restaurants need to deal with tips and gratuities, service charges and meals to employees every time they run payroll. This is a quick crash course on what you need to know before your run your next payroll.
Do you know how much your sales must be in order for your restaurant to make a profit? Determining your sales break-even point is an important step to profitability.
So you have decided to go boldly where many others have gone before: You are opening a new bar or restaurant. Now that you have the concept and the staff structure in mind, what financial and legal expertise do you need to succeed?
Customers are always looking to get a deal. Whether it’s finding that breath-taking house that is undervalued or getting that amazing all-inclusive deal to Cabo, the perception of value has become a standard tool for marketing products and services.
Whether it’s getting that gym membership or tweaking your personal savings plan, people always want to hit the ground running at the beginning of a new year. With all of these personal goals you’ve set up for yourself, it’s easy to forget about some key deadlines that relate to your restaurant.
Pick up a local newspaper or browse your local deal or restaurant websites and you’ll find an array of elaborate and unique restaurant promotional campaigns to attract more customers. Restaurateurs spend countless hours and dollars developing ideas on how to increase their restaurants’ sales by increasing the foot traffic that is coming into their establishments.
Maintaining effective and efficient control over inventory is a challenge for every restaurant. The following are best practices to address inventory issues such as theft, high costs, excessive waste, etc.
Many restaurants estimate and recognize gift card breakage income based on their historical redemption patterns. Restaurants analyze their specific patterns of redemption and use the results to determine the amount of the unredeemed gift card balance that is estimated to have a remote probability of being redeemed. The next question to consider is how this income should be recognized on your financial statements.
When restaurant owners think of all the different hats they have to wear in their day-to-day business operations, an engineer’s hat probably isn’t one of them. However, many restaurateurs are finding that adding this skill set can dramatically improve their bottom line. Menu engineering is an effective tool for evaluating the profitability and popularity of your menu items.
Whether your restaurant is currently profitable or not, a best practice you should begin now is analyzing how your restaurant compares to industry benchmarks.