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Understanding whether your staff are employees or independent contractors isn’t just about following the rules—it’s key to maintaining a fair, compliant and smoothly running establishment. Employees classified as exempt from overtime must meet specific criteria, such as executive or administrative duties.
These issues have translated to the industry’s insurers as well – causing even more headaches for restaurant owners. The restaurant insurance market has seen rising costs to insure and as a result, carriers have come and gone from the market.
Update Your Employee Handbook Your employee handbook sets the tone for your culture by establishing expectations and aligning your team toward a common goal and vision. Bonus Tip : Create a simple FAQ document to address common employee questions about coverage options.
All of them have asked us for help in saving their businesses and helping their employees. In addition, most restaurants should have business interruption insurance, and that insurance may provide some relief from economic pain. Business interruption insurance covers the loss of income that a business suffers after a disaster.
A carefully crafted Franchise Disclosure Document (FDD) and clear franchise agreements are key to setting expectations and maintaining transparency with your franchise partners. From managing cash flow to securing insurance coverage and updating contracts, the legal side of your business should never be overlooked or passive.
As the fight against COVID-19 continues, more of those same restaurants have started considering—and even implementing—new plans for welcoming employees and customers back for in-person dining. Unexpected downtime, when paired with a swift return to work, can present new risks to restaurant employees.
McDonald’s is among the growing number of employers to be hit with a lawsuit by a group of Chicago employees claiming the company failed to meet expert recommendations and government guidance for on-the-job protections against COVID-19. And document every action you take to support a safe workplace. Think wellness.
For over 60 years, there had been no meaningful updates regarding joint employer status, leaving many franchisors and similarly situated parties wondering – is my entity liable as a joint employer for my franchisee’s/affiliate’s acts relating to employees? Determination of employee’s rate and method of payment.
If you are one of the businesses that has been lucky enough to receive a small business loan through the Coronavirus Aid, Relief, and Economic Security (CARES) Act (or otherwise have been able to secure alternate financial backing), you may have been able to retain many of your employees and maintain business continuity in the interim. [1].
The words ‘employee handbook’ are enough to make any new hire quiver. Having to spend a shift—or even worse, your after-hours—reading through an employee handbook will sap the fun out of any new restaurant job. The introduction to your restaurant employee handbook Think of your employee handbook as a welcome to your restaurant.
Developing and documenting stringent compliance protocols for this statute may increase a restaurant’s likelihood of success on its FAA waiver applications.
Within weeks, his corporation declared bankruptcy, leaving 500 employees wondering if they would keep a job and putting $30 million dollars of sale volume at risk for the brand. One source of those funds could be a key person life insurance policy, separate from any proceeds going to the family, that is payable to the business.
Your restaurant is different so ensure you find your ideal food cost (discussed later) Labor cost : Roughly 30% of revenue including management salaries of 10% Insurance varies by provider and type. Fixed costs include rent, mortgage, salaries, loan payments, license fees, and insurance premiums.
Ervin Cohen & Jessup launched a Food, Beverage and Hospitality practice to more efficiently advise industry-related clients to recover from the devastating financial and logistical impacts of the coronavirus pandemic and beyond. Selvin (insurance and business interruption) and Elliot N. Lef f (litigation and employment), Kelly O.
PPP Loans The Paycheck Protection Program seeks to protect jobs and cover other employee-related expenses by offering small businesses SBA loan amounts up to 2.5 Healthcare costs: group healthcare benefits, insurance premiums, etc. The CEWS covers 75% of an employees' wages (up to $847/week) retroactive to March 15, 2020.
A good one not only ensures that your employees are paid accurately and on time, but also plays a significant role in regulation compliance , operational efficiency, and team happiness. Document specific operational inefficiencies. Note any provider-related issues or frequent downtime. Note any compliance issues or errors.
But there’s more to the process than just filing employeedocuments away and forgetting about them. In this article, we discuss the personnel file and necessary employeedocuments in detail and then give you tips and best practices to help you create the best recordkeeping system for your business. Table of contents.
Pre-sale checklist for selling a restaurant Before you find a buyer, you should be ready to provide potential buyers with your business’s financial and legal documents. These documents provide insight into how well your restaurant has performed financially.
With these additional loans, qualifying restaurants and small businesses can fund payroll costs (including benefits), and pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Additionally, businesses applying for a PPP loan can also apply for Employee Retention Tax Credits (ERTC), if the credits are not applicable to wages paid with forgiven PPP loan funds. The Act also redefines payroll costs to specifically include group insurance payments made on group life, disability, vision and dental insurance.
The Small Business Administration (SBA) may provide loans of up to $10 million per business; any portion of that spent to pay employees, keep workers on payroll, or pay for rent, mortgages, or existing debt could be forgiven, provided workers remain employed through the end of June. Impact on Unemployment Insurance.
We have outlined answers to some frequently asked questions as it relates to the guidance currently in place: When does the 8 week forgiveness period begin? Hourly wages paid to tipped employees during the elected covered period are eligible to be included in wages for the purpose of payroll costs in loan forgiveness.
From choosing a concept and securing the necessary documentation to hosting your grand opening, we've outlined the complete process of opening a bar. This is because corporations require lots of documentation to be filed and have stakeholders, which isn’t something you want to go through as a first-time bar owner.
From hiring and onboarding to running employee payments and paying taxes, payroll touches on many different parts of a restaurant business. Tracking labor and payroll data for restaurant employees. The payroll for your hourly employees represents one of the most controllable expenses on your profit & loss (P&L) statement.
Labor costs (employee wages, payroll taxes, employee benefits, etc.). Occupancy expenses (fixed costs such as rent, property taxes, and property insurance). How your restaurant inventory relates to net profit. Your overall profit margin depends on your sales relative to expenses. Conclusion.
At the most basic, payroll reports are documents (hard copy and digital) in which you conduct calculations with regard to: Wages paid to employees. Really, you can create payroll reports to give you insight on any aspect of your employees’ labor, including: Hours worked. Federal income taxes withheld. Medicare taxes.
For food service and hospitality in particular, an essential part of the guest experience is the interaction with employees. In addition, in the age of social media, your labor practices and HR policies are under closer scrutiny than ever by both your employees and the public. Design an employee onboarding process.
We would like to thank Derek Jones and all of the employees at Smart Foodservice for their dedication in building a highly differentiated business in the cash and carry industry, and we know the company will be in great hands with its new owners.” SpotOn Secures $50M Funding. SpotOn Transact, Inc.,
Every foodservice operator has three fixed expenses: Restaurant Labor—The cost of all employees on the payroll in management, FOH, and BOH. Occupancy Expenses—These are the costs of existing in a brick and mortar location ( or food truck ), including rent, property taxes, and insurance. Prime Cost.
A strong employee value proposition can do many things for your business: attract high-potential employees, help retain high-performing team members, set you apart from your competition, and much more. How can an employee value proposition do so much? Employee value proposition defined. 2) Employee benefits.
It is important to add in any new bills, such as an apartment, healthcare-related costs and transportation. This will help identify if they would be a good fit for your values and desires as an employee. At Society Insurance, we’re always looking for talented individuals to join our team.
Related Read: Different Types of Restaurant Establishments. Do you know the legal procedure Have all the legal documents to start and run a restaurant, etc? b) Read restaurant topic related books, successful restroprenuer interviews. Many of the costs related to the restaurant can be estimated.
Check with your insurance broker It’s an excellent time to see what kind of coverage you have, what coverage you might need to extend (think Delivery Drivers), and what you have that will protect you now in the current climate. Related Posts. Why not brainstorm with your staff on your plan for an epic comeback?
For food service and hospitality in particular, an essential part of the guest experience is the interaction with employees. In addition, in the age of social media, your labor practices and HR policies are under closer scrutiny than ever by both your employees and the public. Design an employee onboarding process.
Keep all of your finalized documents in a centralized location Some permits and licenses will need to be posted in a place where they are visible to guests and employees, and others will need to be kept on site and presented to inspectors before and after you open.
In short order, we hope to have three additional posts covering the impacts of unemployment insurance on the PPP, creative and high impact ways to deploy your PPP funds, and the specifics around documentation as you begin to think about reimbursement. You can hire employees who would be more suited for your current operations.
Does your onboarding checklist consist of introducing yourself to the new employee, showing them their desk, and then telling them someone will be around shortly to get them started? In this article, the experts at Sling will show you how to onboard your employees the right way so they feel comfortable and confident.
Retaining your employees doesn’t just save you time reviewing applications , interviewing, and training but also money. Creating a supportive, professional employee experience and positive workplace culture is key for any business looking to increase retention and save on hiring costs. Enter the restaurant employee handbook.
A new hire checklist for restaurant employees can make the onboarding process easy and painless for all parties involved. After all, employees are the heart of your restaurant, and setting them up for success starts with the onboarding process. What Is Restaurant Employee Onboarding? Get Your Employee Handbook Template.
While Landshark may have been for Parrothead tourists or New York Times employees on an ironic lunch break, License to Chill is more like an outdoor wine bar, with cushioned bucket seats that looked like the baskets I learned to weave in Girl Scouts, and a fireplace that was thankfully not lit in July. The tiki-ish Margaritaville bar.
Interest for alcohol-related experiences has increased since June 1, relative to other food activities, with a rise in consumer interest for wineries (up 51 percent), cideries (up 39 percent), breweries (up 24 percent) and distilleries (up 19 percent). Meanwhile, grocery related businesses are on the decline as people spend less time at home.
billion will go fast, so establishments in need of help should gather documents quickly Major help for the hospitality industry is finally within sight, even though that assistance will be too late for too many. Hotel restaurants without their own employee identification number, per an SBA spokesperson.
Have fewer than 500 employees (if you own multiple restaurant locations, then you'll need fewer than 500 employees per location). Have 300 or fewer employees (if you own multiple restaurant locations, then you'll need 300 or fewer employees per location). Provide the necessary documentation. Follow the 60/40 Rule.
Everyone wins when employees are comfortable bringing up issues before they get worse. “I Check with female employees about how you can help them reach their full potential. When the criteria for how employees rise in the ranks are clear, there is less room for favoritism or bias. Support women who aren't your employees.
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