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2024 Outlook: Restaurant Trends and Challenges, Part Three

Modern Restaurant Management

Modern Restaurant Management (MRM) magazine asked restaurant industry experts for their views on what trends and challenges owners and operators can expect to see in 2024. Consider, for instance, a scenario in which your Point of Sale (POS) system can forecast the popularity of a new dish based on historical customer behaviour.

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Pandemic Reflections: What Lessons Has the Restaurant Industry Learned?, Part One

Modern Restaurant Management

Escoffier is aiding restaurant owners and managers by preparing qualified candidates ready for engaged employment. Whether it’s speeding up order times, improving inventory management, or boosting loyalty programs, every tool should serve a purpose. In 2024, we launched Mad Dash, which totally changed curbside pickup.

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Pandemic Reflections: What Lessons Has the Restaurant Industry Learned?, Part Three

Modern Restaurant Management

This surge in off-premise orders forced restaurants to optimize their operational workflows, from kitchen management and packaging to delivery logistics. Furthermore, digital tools for inventory and labor management became crucial for navigating supply chain disruptions and staffing challenges. PIRG Education Fund.

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Building a Resilient Restaurant: A Guide to Scaling a Food Concept in 2024

Modern Restaurant Management

Scaling and Attracting Investors To effectively scale a multi-unit restaurant business in 2024, courting investors is often necessary. rent) and (v) cash-on-cash return / payback – how long and at what rate will investment in a specific location be returned.

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Cashless Consumer Creates Need for Secure Connectivity

Modern Restaurant Management

Credit card payments have been outpacing cash transactions for some time now. The use of cash continues to fall, down to just 19 percent in 2021, and at the same time, spurred by the pandemic and simultaneous advances, digital payments are on the rise. percent of payments by 2024. Mobile POS.

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Consumer Habits Are Changing — What’s Next for Restaurant Tech?

Modern Restaurant Management

Gone are the days of cash-only transactions. With integrated point-of-sale (POS) systems, the entire dining process is streamlined, from when customers order to when they pay for their meals. They can also integrate with loyalty programs and customer relationship management (CRM) systems to further personalize the dining experience.

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Understanding Restaurant Finances & Financial Statements in 2024

7 Shifts

Components of a restaurant’s financial report The food and beverage sales report, prime costs report, inventory report, profit and loss (P&L) statement, and cash flow statement are all critical components of a restaurant's financial management. Labor costs can quickly eat into your profits if not managed carefully.

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