Hospitality Magazine

SEPTEMBER 15, 2024

FoodByUs, Australia’s largest online hospitality wholesale ordering platform, has launched a new feature, Price Tracking, designed to help the more than 90,000 independently owned Australian restaurants, cafes and caterers access real-time pricing visibility across all items and suppliers. The result?

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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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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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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

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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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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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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Revenue Hub

NOVEMBER 19, 2024

Myth 1: A Siloed System Is Business Intelligence In the hotel industry, it’s common to use separate systems for reservations, property management, customer relationship management (CRM), and accounting. Some hoteliers believe that the reporting capabilities within these individual systems equate to a comprehensive BI solution.

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Modern Restaurant Management

FEBRUARY 16, 2022

The unusual part is when inflation impacts all parts of the business all at once, and at a faster rate, from labor costs to materials and ingredients. Business owners should routinely track increased costs and adapt. Those who don’t are effectively lowering their prices. How is inflation affecting food prices?

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Pricing Accounting Article Magazine 207

InnQuest

NOVEMBER 30, 2022

Modern, tech-based solutions are facilitating businesses in the hospitality industry to streamline their operations, boost productivity and enhance the overall guest experience – all at a cost-effective rate. One such facet of business that has seen phenomenal growth in recent years is how payments are processed. billion by 2030.

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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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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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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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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

7 Shifts

APRIL 25, 2022

Making decisions for your restaurant without business intelligence is like trying to run a sushi restaurant without fish — without it, you aren't going to stay open for very long. Getting value from restaurant business intelligence. Better Business Intelligence = Better Decisions By Everyone. Table of Contents.

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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 101

Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5 Data from the U.S.

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InnQuest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue. And that’s where yield management comes in.

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Horizon Hospitality

JUNE 6, 2023

Ironically, most hospitality businesses do not calculate turnover, nor look at it as an “expense area.” Most see it as just the “cost of doing business.” The fact is that hospitality businesses should be consistently monitoring their employee turnover – both financially and operationally!

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Accounting Pricing Hospitality Management Information 246

Modern Restaurant Management

NOVEMBER 24, 2020

As a seasonal business, we must manage a budget that includes almost all revenue during those busy months and very little or no cash flow during the slow months. Using the off-season to plan and improve your business product or service offerings can help you flourish during the busy season. Plan for Gaps in Your Budget.

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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. Timing is everything in most areas of business. Work with your contractors to create a timetable taking these elements into account. They will have some similar skills to your accountant.

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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.

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Modern Restaurant Management

SEPTEMBER 9, 2022

This article will cover how implementing automation tools like IoT monitoring can save your business money, protect your inventory, and save time. Rising Overhead Costs Are Hiking up Prices. Inflation drives price increases for raw materials and labor costs, which are some of a restaurant's most significant expenses.

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Modern Restaurant Management

FEBRUARY 24, 2020

64 percent of survey respondents said that they will increase menu prices in order to counter minimum wage increases due to new, local wage laws. Even though menu prices may increase, new food trends will bring new menu items, with 10 percent of participants who said that they’ll be focusing on vegan and plant-based options in 2020.

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Modern Restaurant Management

MAY 10, 2022

Nobody has time for that when there is a crowded dining room, to-go orders flying out the window and customers complaining about their favorite menu items going up in price. Embracing different innovations and moving away from traditional ways of operating can help you identify more areas of profitability and drive business success.

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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

Modern Restaurant Management

MAY 19, 2022

The prices of goods and services have increased 8.5 percent from March 2021 to March 2022, accounting for the highest inflation rate since December 1981. Rebounding demand, supply chain issues, and labor shortages are mostly to blame for driving prices to an all-time high. Take Advantage of QR Codes.

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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.

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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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Modern Restaurant Management

DECEMBER 6, 2021

We’ve come up with several tips that can help save your business money while improving it at the same time: Use technology to reduce labor costs : Through online management systems, waitlist kiosks, and QR codes that lead to your menu or website. How can you fight the effects of inflation? Contact us today to learn more.

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Server Pricing Reservations Accounting 197

Modern Restaurant Management

OCTOBER 26, 2020

While seemingly elementary, promotions can go a long way in motivating diners and keeping your business top of mind. On social media, you can give away a gift card and ask followers to like the post, follow your account and tag three friends in the comments. Offer Seasonal Promotions. Leverage a Local Event.

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Events Accounting Pricing Marketing 218

Modern Restaurant Management

MARCH 24, 2022

And before she can do any of that, she needs a business loan. Assuming that 80 percent of seats are filled for both sittings and that each customer orders something of average price, Chloe can establish a rough baseline calculation for a day’s trading. Then she will have to take the particulars of each month into account.

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Modern Restaurant Management

OCTOBER 26, 2022

In fact, credit card processing fees rank as the third highest cost of doing business behind the cost of food and labor. Credit card acceptance is an essential part of doing business today as more consumers move toward cashless forms of payment. business owners an added $1.2 According to a PYMNTS survey of 3,250 U.S.

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POS Systems Accounting Reservations Pricing 179

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

Modern Restaurant Management

MARCH 21, 2022

The key is to make the right decisions around inventory and pricing at the right times—and having the right technology can make all the difference. Even in the best of times, commodity prices change on a daily basis. Restaurant operators and franchisees are accustomed to this as a basic fact of life. and reporting.

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Modern Restaurant Management

JULY 27, 2022

Most notably, consumer spending at restaurants appears to be holding-up relatively well this summer despite aggressive menu-price increases in the first-half of the year." Consumer spending at restaurants appears to be holding-up relatively well this summer despite aggressive menu-price increases in the first-half of the year.

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Modern Restaurant Management

SEPTEMBER 7, 2023

The Initial Purchase/Capital Costs The most you’ll spend on your ice machine at one time will be the purchase price, which ranges from $5,000-$10,000 for the most popular models. Most business owners believe that the purchase price represents 80% of ice machine ownership costs. You’ll pay for both.

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