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The past five years have reinforced the critical intersection of digital and hospitality in the restaurant industry. Digital not only powers seamless experiences but also unlocks guest data that can elevate hospitality across all touchpoints, both digital and in-person. Technology has become a solution in staffing as well.
From a legal perspective, Insurance : the pandemic highlighted the limitations of insurance policies. Several high-profile restaurant groups brought litigation against insurance companies for their coverage position, but were ultimately unsuccessful. We’re officially the bachelorette capital of the country.
In the hospitality industry, the last thing you want is a phone call from the alarm company at an early morning hour about a fire, break-in or other disaster at your business. Manage Access to Keys : Only distribute exterior-door keys to employees who must have access. Picture this – it’s 5 a.m. Invest in a drop safe.
But it’s not just newbies to franchising – or restaurant franchises themselves, for that matter – that need to stay on top of the management intricacies that characterize the business. What may be overlooked within it are risk and insurance issues. Risk and insurance should be top on the list.
Please send questions to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com. When it comes to managing medical plan costs for restaurant employers, aggressive management of prescription drug expenditures can yield significant savings. Understand Your Costs.
US Foods Holding Corp.entered into a definitive agreement to acquire Smart Foodservice Warehouse Stores from funds managed by affiliates of Apollo Global Management, Inc. NYSE: APO) (the “Apollo Funds”) for $970 million in cash.
Tracking and understanding your restaurant’s cash flow is essential, whether business is booming, or times are tough. A healthy, positive cash flow is necessary to pay your bills and grow sales. Monitoring your cash flow is more important than ever during the COVID-19 outbreak. How to calculate restaurant cash flow.
HOSPITALITY FIRST. How do you make it come alive with hospitality? As owners, managers, and chefs – regardless of the hours that you invested in the job in the past, this is not the time to back off – this is the time to be even more present. Don’t just sit there – do something unique and filled with excitement. BE PRESENT.
The same New York Times story found that 80 to 85 percent of Crafted Hospitality group's kitchen employees have moved out of New York City. The past year has turned servers into expert delivery packers, challenge chefs' creativity, and flipped the role of a restaurant manager on its head. You have to stand out, clear and proud.
New Liquor Liability Financing Will Help Seasonal Businesses with Cash Flow. HospitalityInsurance Group is launching a new program that will give bars, restaurants, and any other eligible liquor liability policyholders more flexibility in how they pay their insurance premiums.
To add resources to these guides, reach out to Modern Restaurant Management (MRM) magazine Executive Editor Barbara Castiglia at bcastiglia@modernrestaurantmanagement.com with news. These restaurants and businesses need a specialized insurance policy. The coverage sits excess of the driver's own insurance.
For many in the hospitality industry, tipping is an integral part of their restaurant's culture. I'm excited to introduce Tip Payouts , an easy-to-use tip payment solution that empowers restaurant managers to send tips directly to employees' bank accounts in seconds. It influences the livelihoods of restaurant workers around the world.
The hospitality industry is becoming digital in every sense. Restaurant transactions have been moving away from cash and towards electronic forms of payment for years—and that's extending to tips now too. Americans who leave their tips digitally tip nearly 15% more than when they tip with cash. According to Forbes , yes.
In 2013, Saru Jayaraman founded One Fair Wage to put an end to the tipped minimum wage, which, One Fair Wage has found , perpetuates racial and gender disparities in the hospitality industry. The manager, who was white, shouted at her, “Who the hell do you think you are coming so late? The manager shouted at her that she didn’t care.
And while digital payment systems increase tipping rates , it can be impossible to know how much of your tip will make it into the server’s hands, unlike with old-fashioned cash. And when customers don’t tip, servers can end up paying out of pocket to pad a manager’s paychecks. There’s no health insurance.
Almost a decade ago, Valles fell in love with hospitality while working behind the counter at Handsome Coffee Roasters. She never missed an opportunity to ask him questions about restaurant operations, and when Chait opened Petty Cash Taqueria in 2013, Valles joined the team as a host and later a floor manager.
Specialty bars focus on a particular type of drink or theme, such as wine bars or cigar bars, but can be much more expensive to manage. Hiring a Strong Team You'll need a manager, bartenders, waiters, and security. Your profits will depend on how well you run your bar and manage your operating costs.
But as with a real-life restaurant, the Original Beef needs an infusion of money to stay open, and survives only thanks to a stash of tomato cans stuffed with cash left behind by Mikey. His sister, Sugar (Abby Elliott), who is overseeing the project, quickly makes it clear that they need more cash. He even wears suits now!
Leo Smigel To avoid these risks, many restaurants are turning to payroll providers like 7shifts Payroll that are specifically designed for the unique needs of the hospitality industry. Employees are typically subject to more oversight and are entitled to benefits like minimum wage, overtime pay, and workers' compensation insurance.
What about managers? Track and manage employee workload. High turnover has long been a core tenet of the hospitality industry. What about managers? Managers fared a bit better than hourly employees—with a turnover rate of 28%. Overall, hospitality accounts for some of the highest rates of uninsured workers.
And many, including industry heavyweights like Danny Meyer’s Union Square Hospitality Group, couldn’t make the no-tipping model work due to staff departures over lower front-of-house pay, customer sticker shock, or both. In fact, service fees can be a mere cash grab, an extension of our broader culture, which is littered with junk fees.
While most restaurateurs are experts in hospitality and customer service, payroll makes many savvy business owners scratch their heads. Restaurant payroll is a system for calculating and managing the salaries of employees in a restaurant. Health insurance plan opt-in forms. Forms for any other benefits plans.
Many chefs, managers and business owners have built up years of experience running kitchens and restaurants. In this podcast, Ken Burgin talks to Shaun de Vries from Open Pantry Consulting , about how he’s developed his very successful consulting business, including the excellent Principle of Hospitality Podcast.
The 2021 COVID-19 pandemic caused many people to leave the hospitality industry, and many have not returned. Make sure that you are paying your employees a fair wage and offering competitive benefits, such as health insurance, paid time off, and retirement savings plans. This has left restaurants struggling to find and retain staff.
Seems like a no-brainer but maintaining solid files, both physical and electronic, are critical to managing your restaurant. The business owner must deduct eight percent of employee’s sales for cash payments and rely on their POS system for credit card tips. It can be included in the cost of food or recorded separately.
Managing a restaurant involves so many moving parts, including sourcing high-quality ingredients, purchasing a seemingly endless list of supplies, managing staffing and scheduling, and budgeting for a profitable restaurant – all within a set budget. One example is our restaurant remote management service.
Expanding “off-premise” insurance coverage. Start with the following: Revisit your insurance policy. Your first step will be to call your insurance provider and inquire about on-premise versus off-premise coverage. Depending on your specific situation, expanding your insurance can add up very quickly.
Top Five Supply Chain Management Tips. . S uppliers in the hospitality industry have been adversely impacted by the pandemic, with reports of revenues of less than 10% of 2019 levels during the first lockdown. Top Five Supply Chain Management Tips. Finance will be pleased with fewer invoices to process! Supplier Compliance.
Crisis and drama seem to be part of daily life in hospitality – something most of us learn to put up with and live through. Effective crisis planning and management is a must. Can we all be expert crisis managers or are some people better at it than others? We often have it for breakfast!
and will enable TouchBistro to fully integrate customer loyalty and guest marketing into its all-in-one point-of-sale (POS) and restaurant management platform. This year’s Neighborhood to Nation Contest will double the number of winners to award 20 prizes of $5,000 in cash along with a robust marketing package.
Also, understand all the costs associated with opening a bar such as insurance, licenses, staffing costs , etc. On the other hand, you may need to hire a manager and/or assistant manager to help with the day-to-day operations. There may be special licenses or permits you will need in order to open your bar.
As you can imagine, payroll is a pretty important part of restaurant management and there is a lot of responsibility attached to proper compliance, including: The timely and accurate payment of employees Avoidance of fees, fines, and legal troubles Proper calculation of taxes Maintaining an accurate record of employee earnings.
Due to the Covid-19 outbreak effect on the restaurant industry, Modern Restaurant Management (MRM) magazine is compiling a list of resources available for restaurant owners, operators and managers. Global insurance brokerage Hub International , is responding tonumerous inquiries asking for more guidance through the Coronavirus crisis.
In practice, however, successfully managing a group of busy restaurants is an awfully tough undertaking. The metrics and calculations in this list will help you bring order to the chaos and manage the performance of each unit in the chain. In theory, it sounds easy. Why Are Metrics Important? That said, let’s dig in.
This edition of Modern Restaurant Management (MRM) magazine's Research Roundup features news of dramatic Valentine's Day shift, best food scenes, and the evolution of c-store foodservice. An analysis of insurance claims processed in 2024 compared to 2023 shows a 4.4 ” A Year of Challenges U.S. percent decrease in claims.
" Hospitality , Restaurant , and Bar Industry Resource Center. Leech Tishman launched an online Hospitality, Restaurant, and Bar Industry Resource Center for COVID-19 legal services. Sampson, partner at Leech Tishman in the firm’s Insurance Coverage and Litigation Practice Groups.
Some restaurants also see service fees as a way to address a chronic problem in restaurants — few employees want to be managers and 35 percent of restaurant managers quit within the first year. High Street Hospitality, a Philadelphia restaurant group, operates six concepts, two of them using service fees.
There have already been calls to improve worker pay, and provide benefits like health insurance , child care , and sick leave. Chris Shepherd, owner of Underbelly Hospitality in Houston, recently made major upgrades to his restaurant UB Preserv, which all began with speaking to employees. “I And also, you don’t offer health insurance.’”
. “This pandemic has shed light on how technology can be used to quickly adapt core services within the food industry like delivery, fulfillment, and supply chains," said Lior Susan, Founder and Managing Partner at Eclipse. “The hospitality market has clearly taken a powerful hit during this time of crisis.
Together with the hospitality-industry union Unite Here, the veteran employee and his colleagues helped garner majority support of about 800 workers at the airport’s other HMSHost-operated restaurants, such as Chili’s and Starbucks, with an election slated for late March to determine whether the union would officially represent the staff.
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