Modern Restaurant Management

NOVEMBER 15, 2022

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.

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Les Roches

JANUARY 17, 2024

Strategic decisions about menu design, customer de­mographics, and pricing strategies also play critical roles. By unde­rstanding effective pricing strate­gies, restaurants can achieve a sustainable balance betwe­en profitability and memorable customer experience. Bachelor in Hospitality Management.

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Revenue Hub

OCTOBER 17, 2024

NB: This is an article from Tripleseat Subscribe to our weekly newsletter and stay up to date The rack rate establishes a clear ceiling price, providing hotels with a strong starting position in negotiations with various client segments, from corporate accounts to event planners.

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Events Pricing Accounting Article 82

Les Roches

JANUARY 12, 2024

Pricing strategies are an essential part of commercial activity. Entrepreneurs, marketing strategists, and a whole host of other roles in practically every industry require a thorough knowledge of how to set pricing. It goe­s beyond simply assigning a random price and require­s strategic thinking and careful analysis.

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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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Revenue Hub

APRIL 24, 2024

Efficient hotel pricing strategy is a must-have for today’s hoteliers to increase their overall profitability. Hotel revenue managers should understand various aspects including distribution mix, demand forecast, competition pricing and consumers’ buying trends, etc. to manage pricing more effectively and to increase hotel profit.

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STAAH

JULY 23, 2024

In the ever-evolving landscape of the hotel industry, finding the right pricing strategy can significantly impact your business’s success. One approach that has gained traction among savvy hotel owners and managers is dynamic pricing. But what exactly is dynamic pricing?

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Revenue Hub

JULY 4, 2023

NB: This is an article from WebRezPro But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Keep reading for ideas… Value-added packages Attract price-sensitive guests by offering added value.

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Revenue Hub

FEBRUARY 20, 2024

NB: This is an article from Lighthouse (formerly OTA Insight) Subscribe to our weekly newsletter and stay up to date Your property should have a tailored pricing strategy that fits its unique needs, but there are common industry practices that can be honed to compliment your business and improve performance.

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Modern Restaurant Management

FEBRUARY 27, 2023

Restaurant365’s State of the Industry Customer Survey shows that 60 percent of surveyed customers plan to expand their businesses in 2023 despite expected increased labor and food costs. Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out.

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SiteMinder

MAY 12, 2023

What is hotel accounting? Hotel accounting is the process of recording and maintaining the financial records and performance of your hotel business. Good accounting makes the finances of your hotel easy to understand for management and other stakeholders – so they can make informed decisions. room sales).

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Revenue Hub

MAY 23, 2023

In this article, we will explore how technology is transforming the way hoteliers do business. With this information, hoteliers can make more informed decisions about pricing, inventory, and marketing strategies. Data analytics tools allow hoteliers to access real-time data on occupancy rates, demand trends, and competitor pricing.

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Modern Restaurant Management

DECEMBER 28, 2022

But have you considered how an equipment subscription is a better, smarter business move than equipment ownership? While purchasing has always been the norm for most, if not all, essential equipment in the restaurant business, it’s not necessarily the smarter fiscal choice. EaaS for Big Business. Brand protection.

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Hospitality Magazine

SEPTEMBER 15, 2024

Trusted by tens of thousands of hospitality businesses nationwide, Zeller is Australia’s leading all-in-one EFTPOS and financial services solution. With Zeller Terminal, businesses of all sizes can accept payments faster, enhance their customer experience, and unlock valuable sales insights to boost growth.

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POS Systems Front of House Accounting Pricing 130

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. However, international trips and live events are set to account for much of expected growth in 2023.

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Accounting Events Budgeting Pricing 111

EATER

SEPTEMBER 20, 2023

In the bread aisle, you see two loaves identically wrapped; both are perfectly edible, but one is a day older and costs half the price. This is a business practice called dynamic pricing, and it may be coming soon to a supermarket near you. The price is changing throughout the [time] horizon.” Which do you choose?

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Pricing Accounting Communication Marketing 133

Synergy Suite

JUNE 6, 2023

A powerful tool, restaurant accounting software can revolutionize the financial management of your food service establishment. What is Restaurant Accounting Software? Restaurant accounting software is a specialized software solution designed to manage financial and accounting tasks specific to the restaurant industry.

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Accounting POS Systems Budgeting Bookkeeping 52

SiteMinder

AUGUST 13, 2024

The Tripadvisor owner login is a gateway for hotel owners and operators to manage their business listings on Tripadvisor. Table of contents Why should hotels use the Tripadvisor business login? Using the Tripadvisor business login can make a big difference in how you manage your hotel online. What is the Tripadvisor owner login?

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Book Accounting Pricing Blog 52

Hotelogix

OCTOBER 3, 2024

Competitive Pricing Strategy Price is one of the most important factors for guests when choosing a hotel. Here’s how you can make sure your pricing is competitive: Rate Parity Keep your prices consistent across all platforms, including your own website. Dynamic Pricing Adjust your pricing based on demand.

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The Restaurant Times

AUGUST 5, 2022

Restaurant accounting is an integral part of operating modern-day restaurants and ensuring consistent growth in the business. Typical accounting methods have not been able to cope with the fast-changing demands of the restaurant business. Benefits Of Restaurant Accounting. Key Restaurant Accounting Metrics.

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Accounting Bookkeeping Budgeting POS Systems 52

Modern Restaurant Management

MARCH 15, 2024

90 percent of restaurant operators are small businesses, competing for every dollar they earn. These small businesses must be aware of the options they have when it comes to choosing a payment processor to handle these interchange fees and make sure they do not rack up and instead help a restaurant owner keep their doors open.

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Customer Service Pricing Accounting 196

Modern Restaurant Management

APRIL 22, 2024

Additionally, these schemes are extremely easy to scale up – making them a good basis for a “business.” Not only can fraudulent activities disrupt the customer experience, but they can lead to significant financial losses for both consumers and businesses. more likely to be targeted.

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Accounting Training Pricing Magazine 203

Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Hotelogix

OCTOBER 18, 2023

In this comprehensive guide, we delve into what a hotel reservation system entails and highlight its pivotal role in modern hotel businesses' success.   👉It offers real-time information about room availability, pricing, and amenities, allowing potential guests to make informed decisions and quickly secure their reservations.

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Modern Restaurant Management

AUGUST 2, 2024

Finally, restaurant leaders are doubling down on sustainability as an investment in their business and the future. As a result, they are making hard decisions to adjust prices and make menu changes. More than 68 percent reported implementing sustainability practices. LTO Impact A new Placer.ai

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Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. Pricing can be based on cost, competition, or demand. It’s also about adapting your rates to market fluctuations so that you offer the right price, to the right guest, at the right time.

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Pricing Definition Article Marketing 77

7 Shifts

FEBRUARY 7, 2024

After that, the most popular back-office technologies were accounting software (55%), mobile payments (52%), and third-party food delivery services (51%). The restaurant tech industry is growing, with software and services designed to streamline almost every aspect of your business. Owned by Toast.

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POS Systems Scheduling Front of House Accounting 125

7 Shifts

NOVEMBER 22, 2021

In this article, you'll learn how to get a business loan for your restaurant so you can make your dream of starting or growing your restaurant a reality. Create a Restaurant Business Plan. Getting Your Restaurant Business Loan. Before you Begin: Create a Restaurant Business Plan. Getting Your Restaurant Business Loan.

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Document Competitive Analysis Information Pricing 157

Revenue Hub

APRIL 13, 2023

Subscribe to our weekly newsletter and stay up to date From operators looking to compare hotels in their portfolio, to owners benchmarking against their comp set, to investors looking to truly evaluate a hotel’s potential returns, more hoteliers are looking beyond RevPAR and searching for a true indicator of a business’s profitability.

Accounting 77

Accounting Article Pricing Information 77

Lithos POS

JULY 4, 2024

A business owner must be self-sufficient to grow a successful business. Here we are going to discuss some successful tips that you can use to run and grow your business. You need to absorb yourself fully into the business. If it is your new business location, then it will help you to identify customer likes and dislikes.

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Maintenance Accounting Customer Service Marketing 52

SiteMinder

AUGUST 1, 2024

What is a hotel business plan? A hotel business plan is a comprehensive document that outlines your hotel’s goals, strategies, and financial projections. It’s a vital tool for any hotel owner or operator, whether you’re starting a new hotel, expanding an existing business, or improving your current operations.

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Travel and Tourism Competitive Analysis Pricing Budgeting 52

SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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Pricing Definition Book Marketing 59

Modern Restaurant Management

MARCH 12, 2024

To reduce menu confusion and minimize price sensitivity, Ori’Zaba’s Scratch Mexican Grill recently rolled-out a rengineered and easier-to-read menu. The Ori’Zaba team told Modern Restaurant Management (MRM) magazine they watched people walk in and have a physical reaction to the three pricing tiers. Double Your Meat!”

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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.

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Accounting Events Budgeting Pricing 79

eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Pricing Marketing Book Events 59

Restaurant Engine

FEBRUARY 8, 2023

This article examines why the best restaurants have these four social media accounts and how you can harness their power for your business. #1: 1: Facebook (Meta) According to data , Facebook still reigns as the world’s most popular social media platform for businesses. Ready to take the plunge and create a new website?

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Accounting Information Blog Events 59

Modern Restaurant Management

FEBRUARY 26, 2024

Restaurants and franchises face numerous financial challenges that can hinder their success, however, by optimizing their payment processing strategy, these businesses can overcome some of the major obstacles faced by restaurants in their early start, helping them to achieve greater stability and ultimately profitability.

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Pricing Accounting Marketing Presentation 161