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Will the hospitality sector see an end to the cost of living crisis?

Hotel Owner

Since my early years, I have developed my leadership and management skills across many roles in various operations, each presenting its own set of distinctive hurdles and intricacies! Now, however, we find ourselves in the midst of another formidable hurdle – the cost of living crisis.

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Prime Costs: Understanding and Application for Restaurants

Synergy Suite

Operating a thriving restaurant involves more than merely presenting delectable dishes and designing a welcoming ambiance. It requires a keen understanding of your restaurant’s finances and, in particular, the concept of prime costs.

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The Break-Even Point: A Key to Restaurant Financial Success

Synergy Suite

Understanding this critical number can help you make informed decisions about pricing, menu offerings, and cost control, ultimately leading to the financial success of your restaurant. It acts as a financial safety net, helping you make informed decisions about cost-cutting or marketing strategies to weather downturns.

Pricing 52
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Labor Cost Percentage for Restaurants: The Ins and Outs

Synergy Suite

Periodically evaluating staffing levels during different shifts and adjusting schedules based on customer demand ensures a fine balance between providing quality service and controlling costs. Evaluate staff scheduling and labor efficiency by comparing labor costs to customer traffic.

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Inventory Turnover Ratio for Restaurants: Maximizing Inventory Efficiency

Synergy Suite

Strategic procurement practices, such as negotiating favorable terms, bulk purchasing , and securing competitive prices, can positively impact inventory turnover ratio by minimizing the overall cost of goods sold (COGS). Continuously assess your suppliers based on factors such as reliability, quality, and pricing.

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MRM Research Roundup: Mid-December 2019 Edition

Modern Restaurant Management

For the first time, Tripleseat conducted a survey to share with leaders in hospitality the amount of hours professionals put into each event to make sure that every one of their clients' events are a success, as well as their experience in the industry, type of training received, salary earned, among others.

Events 128