If you’re opening a new restaurant, you may be at a loss to know what your restaurant menu prices should be. Charge too little, and you risk cutting into your profit too deeply to see any revenue. Charge too much, and patrons won’t order the dishes, and you’ll be left with food waste on your hands.
For a restaurant owner or manager, food costs are the highest and most volatile component to your restaurant budget. When prices for ingredients are low, you’re happy and see a high profit margin on dishes. But when prices are high, they eat into your profitability and may cause your restaurant to suffer.
Every restaurant in the world relies on food suppliers to stay in business. Yours is no different. You depend on your vendors to provide you with quality, fresh food at a price you can afford. You need a food supplier who will deliver on time and with minimal hassle.
While larger restaurants and restaurant chains always have one, if not several, restaurant management systems, owners of smaller restaurants, bars, and food trucks might not think that it’s worth the money to invest in them. And so they continue using spreadsheets and paper, wasting unnecessary time trying to manage daily functions.
The winter holidays can be a boon for your restaurant...if you plan ahead smartly. A little advanced planning, as well as processes you can use over and over again, can go a long way to ensuring that you never have food inventory shortages during the holidays.
If you’re a restaurateur or manager who’s in charge of the restaurant bookkeeping, you’re likely juggling many responsibilities at once. And while you’re adept at managing the books, you’re by no means a CPA. It’s only natural to worry about making errors, but simply knowing common mistakes in restaurant bookkeeping can actually help prevent you from making them!
Do you realize how important the restaurant inventory process is in helping your business minimize waste and increase profit margins? Done regularly and with deliberation, your inventory process can be a big help.
When you own multiple units of a restaurant or manage a chain, it can be challenging to stay on top of food cost. Your menus may differ from location to location, making each menu item different in price and impacting profit margins.
While you don’t want to cut corners in your restaurant’s operations to the point of having a negative impact on the customer experience, there are ways you can make more money without doing so. You can improve your restaurant’s profits by adjusting your menu occasionally, focusing on menu items that are popular and drive revenue. Here’s how.
There’s a careful balance in the restaurant industry: keep your menu the same all of the time, and you risk boring patrons. On the other hand, if you change it too frequently, you’ll give them whiplash, and they’ll go elsewhere with their business.