Hospitality Net

MAY 16, 2023

Business at the Hotel Nikko San Francisco is booming, especially since the property secured a spot on Forbes’ 2022 list of the 13 best hotels in San Francisco.

Accounting 92

Accounting Budgeting 92

Modern Restaurant Management

MAY 1, 2023

Cybercriminals are increasingly targeting restaurants, seeking to steal sensitive customer data and disrupt business operations. One study found that in 2016, the food and beverage industry accounted for ten percent of all data breaches. That's why it's essential for restaurants to consider cyber liability insurance.

POS Systems 203

POS Systems Information Customer Service Budgeting 203

Modern Restaurant Management

JUNE 26, 2020

With the novel Coronavirus, known as COVID-19, instilling the unknown in many Americans across the country, business owners were coming face-to-face with the reality of having to close their doors for an unforeseen amount of time. Immediately, many restaurants pivoted their business model to adapt to this change.

Budgeting 180

Budgeting Accounting Front of House Customer Service 180

Modern Restaurant Management

NOVEMBER 24, 2020

Restaurant owners are being forced to find a way to make it through winter with vastly reduced revenue, and many operators are scrambling to reallocate budgets and manage staffing to survive COVID-19. Using the off-season to plan and improve your business product or service offerings can help you flourish during the busy season.

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Budgeting Communication Training & Development Marketing 230

Revenue Hub

SEPTEMBER 18, 2024

Budgeting in hotels is one of the core tasks of revenue management and plays a crucial role in managing operational and financial efficiency. The budget serves as the basis for financial planning, control, and decision-making. Theoretical Foundations of Hotel Budgeting A budget primarily serves to plan and control a company’s finances.

Budgeting 104

Budgeting Housekeeping Pricing Article 104

Revenue Hub

NOVEMBER 30, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

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Budgeting Pricing Accounting Article 97

Revenue Hub

NOVEMBER 17, 2023

In our previous article, we shared insights and advice from global hospitality experts on how to make the 2024 hotel budget process as smooth and painless as possible. Here, we share five ways to improve budget accuracy and performance in uncertain times. So, we’re able to be more aspirational,” he said. That is absolutely critical.”

Budgeting 108

Budgeting Article Strategic Planning Accounting 108

Revenue Hub

SEPTEMBER 5, 2023

Planning the budget for your hotel is crucial for financial success. Subscribe to our weekly newsletter and stay up to date In this guide, we’ll break down everything you need to know about budgeting with revenue best practices in mind. Look to your comp set to compare, then address inconsistencies in your business processes.

Budgeting 106

Budgeting Accounting Pricing Article 106

Revenue Hub

OCTOBER 13, 2023

Planning a hotel budget is a critical task that ensures the smooth operation and financial health of your hotel. This guide will walk you through the essential steps, best practices, and expert advice to help you create a robust hotel budget. Without a budget, you risk financial instability and inefficiency.

Budgeting 109

Budgeting Revenue Projections Article Maintenance 109

Hotel Business

APRIL 12, 2023

The third edition of Deloitte’s corporate travel study, “Navigating Toward a New Normal,” examines why and when employees are expected to travel for business, as well as the dynamics creating headwinds and opportunities for the sector. based and European executives with travel budget oversight, fielded between Feb. One-third of U.S.

Accounting 111

Accounting Events Budgeting Pricing 111

Modern Restaurant Management

AUGUST 7, 2024

"Cutting a marketing budget creates a ripple effect that may not be felt until months down the road when the damage has already been done. One way to avoid this is by following an 'always-on'approach to marketing that focuses on attracting new customers, increased repeat business, and overall brand awareness.

Marketing 188

Marketing POS Systems Budgeting Events 188

Revenue Hub

OCTOBER 20, 2023

Budget season is upon us, and around the world hotel owners and operators are buried deep in data trying to come up with 2024 performance numbers. NB: This is an article from Hotstats What unique challenges are hotels facing in the 2024 budgeting and planning process? HotStats reached out to global hotel leaders to find out.

Budgeting 109

Budgeting Travel and Tourism Pricing Article 109

Modern Restaurant Management

OCTOBER 16, 2024

These multi-sided businesses are complex and come with their own unique set of fraud challenges. They will create multiple fake accounts in bulk and then sell them to those looking for a discount on food. What are some common fraud activities you are seeing that affect restaurants? In 2023, over 1.5 million restaurants in the U.S.

Accounting 166

Accounting Demo Training Budgeting 166

Modern Restaurant Management

FEBRUARY 4, 2021

In a study conducted by InGage Consulting and Franchise Business Review, franchisees that are engaged in their business are 3.7 Restaurant owners have had to worry about the health of their business, as well as the health of their family, friends, and employees. times more profitable than those that aren’t.

Budgeting 203

Budgeting Document Scheduling Accounting 203

Modern Restaurant Management

MARCH 19, 2020

Food bloggers and influencers are modern-day critics that can wield enough persuasive power to make or break a hospitality business. Any restaurant or F&B business can leverage this form of marketing to their benefit, it just requires a little know-how in the realm of digital networking. Find Bloggers in Your Niche.

Marketing 213

Marketing Blog Accounting Budgeting 213

STAAH

NOVEMBER 29, 2022

With the industry still recovering from the pandemic and inflation impacting both revenues and operational costs, what should budget 2023 consider? The unprecedented volatility has made the task of budgeting for 2023 daunting. Let’s look at a few areas you should think about when preparing the annual budget for your hotel.

Budgeting 76

Budgeting Pricing Book Accounting 76

Modern Restaurant Management

MARCH 30, 2022

Not only does this boost your business reputation, but it also improves customer retention. Everyone in each business unit can view and monitor their individual and company performance. Accountability down to the individual level. Automating customer service tasks helps to improve the customer experience.

Front of House 180

Front of House Customer Service Accounting Communication 180

Modern Restaurant Management

DECEMBER 27, 2022

Technology can boost business operations in a variety of ways. Luckily, tech solutions have become more affordable and accessible for food businesses of all sizes and budgets, allowing them to increase transparency, accuracy, safety, and quality. . Boost Workplace Accountability.

Training 226

Training Budgeting Accounting Pricing 226

7 Shifts

MARCH 31, 2021

Fulfilling as running a restaurant business can be, it can also be overwhelming. financing institutions are tightening restrictions for small business loans, and restaurant owners have a hard time qualifying for traditional and other types of restaurant financing. This is where restaurant business plans are essential.

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Document Marketing Pricing Information 148

Modern Restaurant Management

MARCH 1, 2023

Those areas of your restaurant that aren’t typically seen by customers but directly impact your business. So, even if your customers are unaware of what’s going on behind the scenes, any operational inefficiencies will eventually surface – with potentially dire consequences for your business.

Back of House 171

Back of House Front of House Accounting Budgeting 171

Modern Restaurant Management

APRIL 10, 2024

For example, operators can boost value perception and satisfaction by implementing a barbell strategy—appealing to budget-conscious consumers looking for affordable meals as well as giving high-end customers, who are willing to pay a premium, additional options to add on. Data from the U.S.

POS Systems 196

POS Systems Back Office Operations Pricing Budgeting 196

Modern Restaurant Management

DECEMBER 1, 2021

As with so many other areas of your business, your updates can significantly benefit from applying a little strategy to the process. It can help you to stay on time and within budget while causing as little disruption as possible. Timing is everything in most areas of business. Knowing the Right Time.

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Strategic Planning Front of House Accounting Scheduling 202

Modern Restaurant Management

OCTOBER 1, 2022

Restaurant marketing revolves around making your business known. Let’s look at low-budget restaurant marketing ideas to succeed in inflationary times. Three Tips to Promote a Restaurant on a Low Budget. It also determines whether prospects would continue their interaction with the business offline.

Marketing 203

Marketing Budgeting Communication Information 203

Revenue Hub

APRIL 14, 2023

NB: This is an article from Deloitte A variety of factors appear to impact the decision to travel for business including employee safety, client interest in meeting in person, the value of attending a conference, and whether virtual conferencing platforms can replace a trip. The study is based on a survey of 334 U.S.-based One-third of U.S.

Accounting 96

Accounting Events Budgeting Pricing 96

Modern Restaurant Management

MARCH 13, 2020

The hospitality business is particularly hit hard by the war for talent and the turnover is pretty high and difficult to manage. Do you think it is not in your budget? If providing health insurance is not in your budget, what if you were able to give them access to high-quality, truly affordable healthcare? Think again.

Budgeting 184

Budgeting Accounting 184

Modern Restaurant Management

MAY 16, 2022

. “As the COVID-19 pandemic continues to affect businesses across the globe, restaurant managers have had to adapt their operations to stay afloat,” says Linda Chavez founder and chief executive officer at Los Angeles-based of Seniors Life Insurance Finder. ” Addressing Business Interruption Needs.

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Budgeting Special Events Events Maintenance 208

Modern Restaurant Management

DECEMBER 10, 2019

According to a study, 82 percent of small businesses fail due to cash flow problems. A cash flow shortage occurs when more money is flowing out of the business than is flowing into it. To overcome your restaurant's cash flow crisis, you need to be ready to take action to save your business from an ultimate demise.

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Budgeting Accounting Maintenance Reservations 124

Modern Restaurant Management

OCTOBER 9, 2024

With the post-pandemic return-to-office, business catering is in full swing. But business catering is a different beast requiring different menus, operations, and technology. So, how can operators best invest in their businesses to meet the needs of local businesses? Business catering is complex and high stakes.

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Catering Events Budgeting Marketing 88

Modern Restaurant Management

SEPTEMBER 1, 2023

Inventory also has major implications in the accounting process since the amount of product on hand represents a large part of the overall budget. Whenever a restaurant acquires, counts, transfers, or wastes inventory, it must be entered as a journal entry into the accounting general ledger.

Accounting 180

Accounting Training Scheduling Information 180

Hospitality Magazine

DECEMBER 1, 2024

The festive season is a time for celebration, and for hospitality businesses, it’s an opportunity to capitalise on increased customer spending. By offering well-considered wine pairings with your festive seafood dishes, you can enhance customer satisfaction, encourage repeat business, and ultimately boost your bottom line.

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Budgeting Pricing Accounting Magazine 130

Modern Restaurant Management

NOVEMBER 22, 2022

However, limited budgets and resources necessitate thoughtful hiring decisions in order to reduce wasted time and costs on advertising positions or training new hires. Amid the flurry of activity leading up to a busy season, it's possible to lose focus on what your business actually needs beyond a few extra sets of hands.

Budgeting 205

Budgeting Training Scheduling Catering 205

Modern Restaurant Management

JULY 23, 2024

This will give them an informed perspective on how the technology can best benefit their business. Accounting for any other stipulations outlined in local labor laws. According to a study from Hospitality Technology, 78 percent of restaurant IT budgets will increase in 2024.

Scheduling 203

Scheduling Accounting Training Front of House 203

Modern Restaurant Management

SEPTEMBER 21, 2023

” The idea behind local SEO is to ensure that your business appears in search results when people are looking for products or services related to your company in your area. Furthermore, local SEO is an affordable way to promote your business. Verify your business to confirm that you are the owner or manager.

Information 203

Information Special Events Budgeting Marketing 203

7 Shifts

MARCH 11, 2020

You won’t have cash coming in until you open your doors, so you’ll have to depend on your life savings, investments, and loans to get you through your first few weeks or months of business. Don’t forget to budget for training, installation, and support costs. Utilities Budget 5% of your operating budget for utilities.

Budgeting 141

Budgeting Scheduling Training Bookkeeping 141

Hotelogix

FEBRUARY 4, 2024

This powerful tool can streamline your operations, giving you more time to focus on other aspects of your business. Accounting Managing your hotel's finances is essential, right? With hotel management software, you can streamline your accounting operations.  To be very precise - a cloud-based one.

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Housekeeping Maintenance Reservations Accounting 147

Modern Restaurant Management

DECEMBER 16, 2024

With so much already on your year-end plates, how can you find the time to lay the groundwork for team and business success in 2025? Budgeting Smart : Review your benefits costs and the financial impact of anticipated changes so you can set realistic financial expectations for 2025.

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Scheduling Training Communication Budgeting 154

Modern Restaurant Management

SEPTEMBER 7, 2023

Once you buy it, you still have to budget for ongoing maintenance and repair expenses that will come up as long as you drive the car. Most business owners believe that the purchase price represents 80% of ice machine ownership costs. The only one who has your business’ best interests at heart is you.

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Maintenance Customer Service Pricing Accounting 189