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As COVID-19 continues to impact the country, it is obvious that few industries are exempt from the impact of the pandemic. In March, businesses were forced to take a step back and look at their business model to ensure that they were addressing their customer’s health, hygiene and safety concerns. On top of that, brands were also forced to address the other issues brought on by COVID-19 like supply chain, workforce etc.
2020 was a year that the restaurant industry won’t soon forget. From a projected record growth at the top of the year to a decline of nearly $240 billion in sales and 2.5 million out of work, it was nothing short of devastating. Through it all, we emerge from the year as an industry in evolution—and our restaurants need to evolve with it. We’re not talking about just surviving the pandemic—but thriving through 2021 and beyond, and setting new standards.
Photo by Julian Stratenschulte/picture alliance via Getty Images. Eat fresh what exactly?? Earlier today, the Washington Post reported that Subway’s tuna sandwiches are actually made of a delicious sounding melange called “concoctions.” According to a lawsuit filed by Karen Dhanowa and Nilima Amin with the U.S. District Court for the Northern District of California, the filling is “made from anything but tuna,” and is instead “a mixture of various concoctions that do not constitute tuna, yet hav
Bring a new group of patrons to your restaurants with lunch specials. More than 90% of American workers buy their lunch out at least once a week. This is a great target audience for your restaurant and a great way to build your business. In this article, we look at how daily lunch specials can drive new patrons at your restaurant. You’ll be more profitable if you can increase your lunch sales.
Your financial statements hold powerful insights—but are you truly paying attention? Many finance professionals focus on the income statement while overlooking key signals hidden in the balance sheet and cash flow statement. Understanding these numbers can unlock smarter decision-making, uncover risks, and drive long-term success. Join David Worrell, accomplished CFO, finance expert, and author, for an engaging, nontraditional take on reading financial statements.
The Food & Beverage industry is a constantly evolving playing field. Practices that were acceptable just a few years ago are quickly becoming phased out in favor of faster and more efficient methods of operation. One aspect of restaurant operation that has seen the most change is that of restaurant management software. Every day new systems pop-up that are able to do certain tasks in a fraction of the time and with more precision than what was previously achievable.
The newspaper's unyielding commitment to white food critics needs to end. The post Pete Wells Should Step Down As NYT Restaurant Critic appeared first on THE RESTAURANT MANIFESTO.
Valentine’s Day is coming up – one of the busiest holidays of the year for restaurants. According to SlickText’s “2021 Share the Love Survey,” 34 percent of respondents said their biggest Valentine’s Day spend will be at restaurants and 46 percent are prioritizing spending money at local businesses. Even with COVID-19 causing unexpected changes to your usual Valentine's Day plans, there are plenty of creative ways your restaurant can celebrate a day of lov
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Valentine’s Day is coming up – one of the busiest holidays of the year for restaurants. According to SlickText’s “2021 Share the Love Survey,” 34 percent of respondents said their biggest Valentine’s Day spend will be at restaurants and 46 percent are prioritizing spending money at local businesses. Even with COVID-19 causing unexpected changes to your usual Valentine's Day plans, there are plenty of creative ways your restaurant can celebrate a day of lov
"Winter is coming".said every restaurateur in existence. 2020 was a tough year, and you made a ton of sacrifices and difficult decisions already. But 2021 is the year to evolve your restaurant for whatever comes next. Even with positive movements towards a Coronavirus vaccine, the pandemic is still very much a part of our lives. As is the cold weather, giving way to new restrictions and challenges that make it harder for restaurants to do business.
A Godiva store in Manhattan, New York. | Photo: NYCStock /Shutterstock. Where will you buy a last minute Mother’s Day gift now? Godiva is riding its company horse out of North America and shutting down or selling all 128 of its brick-and-mortar locations in the U.S. and Canada by the end of March, the chocolatier announced on Sunday. The company’s stores in the Middle East, Europe, and China will remain open, but that’s of little use to America’s last-minute gift-givers who previously could’ve c
Rebranding is a great exercise to stimulate business growth while reaching out to a new set of customers. Rebranding a restaurant business becomes necessary to keep your restaurant relevant at a time of changing customer preferences and capture a bigger market share. However, rebranding a business may often come with the risk of losing brand recognition and alienating loyal customers.
With the right smartphone or camera, you can take great looking food photos. Is social media marketing on the menu for your restaurant’s marketing plan? If not, it’s time now to harness its power for your restaurant. You know that owning a restaurant takes a lot of time and a lot of work. Not only are you responsible for staff, your menu, your customers, and keeping everything moving, you are responsible for marketing your restaurant in the best way possible.
Payroll compliance is a cornerstone of business success, yet for small and midsize businesses, it’s becoming increasingly challenging to navigate the ever-evolving landscape of federal, state, and local regulations. Mistakes can lead to costly penalties and operational disruptions, making it essential to adopt advanced solutions that ensure accuracy and efficiency.
In the last few years, there has been a huge rise in online ordering. As social distancing becomes the norm, customers all over the world have switched to getting their food delivered straight to them instead of dining out. Today, restaurants need an effective system that lets them track orders easily while storing useful customer data too. The right kind of technology can make it much simpler to run your restaurant.
COVID-19 has forced restaurants to rely on takeout and delivery sales to drive the majority of their sales. For some, off-premise already constituted a large percentage of their revenue, and they had the systems in place to pivot when dining rooms closed. Many others, however, had to build their off-premise operations from scratch to combat sudden dine-in closures.
The restaurant industry will look back on 2020 as the spark that changed how it does business. The COVID-19 pandemic left dining rooms empty and accelerated the industry’s shift to third-party delivery services as a major revenue driver. With this shift comes a challenge to labor conventions: how does one properly staff and budget for labor in this new era for dining?
Anucha Naisuntorn /Shutterstock. Third-party delivery apps with billions of dollars have perpetuated a distorted business model rooted in consumer convenience — and it’s restaurants and workers paying the price This is Eater Voices , where chefs, restaurateurs, writers, and industry insiders share their perspectives about the food world, tackling a range of topics through the lens of personal experience.
Driven by a diverse and exciting ecosystem of passionate, ambitious, and often young entrepreneurs, the Food & Beverage (F&B) sector is a highly competitive environment full of immense challenges and exciting opportunities. Expert Market’s 2024 industry report, sponsored by Toast, is informed by a survey of 522 U.S. food and beverage professionals, from restaurant owners to food service managers, providing insights into the real-time challenges and opportunities within the industry.
Shake it off, a Milkshake-bar concept was started by Nishant Tripathi with his co-founder in 2016. Shake it off has been one of the early movers to bring the concept of thick milkshakes in Bangalore. Nishant is passionate about building brands and business creation on the pillar of customer satisfaction. In just about 4 years the brand has scaled in Delhi, Bangalore, Chennai and is continuously expanding in Southern India.
The hotel industry has had a rough year. Not as many people are traveling because of Covid-19 concerns, so many hotels have lost money. However, now that the FDA has approved multiple vaccines, things should start getting back to normal in 2021. In the new year, hotels can make a comeback, but only if they […].
Online marketing is paramount for any business today. Before a customer even walks into your restaurant, he or she has already checked out your menu online, scrolled through multiple reviews, and glanced at ratings as well. Given the ever-increasing screen time of people all across the world, you need to engage in effective online marketing constantly if you want to keep bringing in new customers.
While times are difficult right now, it could be the perfect opportunity to consider making some changes to your business model, including shifting to a more sustainable approach for the future. Not only is sustainability a hot topic in the restaurant industry, but certain sustainable practices can actually help you to manage risk and keep your business going if another disaster should strike.
Managing HR tasks like payroll, compliance, and employee data can overwhelm small businesses. That’s where a Human Capital Management (HCM) solution comes in. Our eBook, Why Every Small Business Needs an HCM Solution: A Comprehensive Guide , shows how an HCM system automates tedious processes, ensuring your business stays compliant and efficient. You’ll learn how to simplify payroll, eliminate costly errors, and empower your employees with self-service tools.
With a new year comes new challenges, and after the year for the industry that was 2020, we want to help set your restaurant up for success in 2021. As restaurants reopen and business starts to pick up again, it’s important you pick up your marketing plan, too. To help, we’ve created the ultimate restaurant marketing guide, covering strategy, creative, branding, marketing channels, paid and unpaid advertising, and so much more.
Creating innovative customer personas helps you to engage and attract your ideal customers. A high level of competition in the restaurant industry places greater demands on restaurants to serve customers better, each day. Even with the right amount of funds, there are some restaurants that fail to survive. The major reason behind this is that they didn’t have anything that the customers would like exclusively.
One of the components needed to apply a hotel revenue management is market segmentation. It allows you to target and market to a variety of consumer groups with different behaviour with an offer that matches their needs and budget level. What is Hotel Market Segmentation? As a revenue manager or hotelier, your hotel market segmentation shall help to identify the purpose of the trip: either business or leisure.
Dive into the transformative potential of business automation within the hospitality sector. This comprehensive overview showcases how innovative technologies can streamline operations, reduce costs, and elevate guest satisfaction. Discover the advantages of integrating systems like automated check-ins, CRM, and energy management to not only save on expenses but also to provide a seamless and personalized guest experience.
If one thing is clear, it’s that outdoor dining is here to stay. Because of the COVID-19 pandemic, many restaurants have had to rethink their spaces in order to accommodate additional outdoor dining capacity. All over the country, restaurants have gotten creative to reconfigure outdoor spaces into al fresco dining areas. It makes sense that customers are wary of the indoor dining experience right now.
After more than half a year of deliberation and inaction, the United States Congress passed a stimulus bill that was signed into law by outgoing President Donald Trump on December 27th, 2020. The $900 billion dollar deal—named the HEROES Act—comes at the end of a devastating year for the restaurant industry, and at a time when many restaurants are choosing to hibernate or outright close their doors.
Ever wondered where to splurge and where to safely conserve when it comes to operating and growing your restaurant? 🤔 Join James Kahler, COO of Full Course and industry visionary, in this new webinar where he'll talk all about best practices to invest in your restaurant's success! Whether you're a new business or an established restaurant, a seasoned pro or a rookie, you'll learn the keys to sustainable success in this competitive industry.
Restaurant businesses across the world have been adversely affected, due to the novel Coronavirus. As the global pandemic continues to claim thousands of lives, it is more important than ever for F&B businesses to keep up with the trends that will not only reshape the industry but also fulfill all the customer expectations. This article covers restaurant industry trends that restaurant owners must adopt in 2021 to sustain and strengthen their businesses. .
Temporary pop-ups have long been a way to test a new concept without building out a full location. Creating an entire restaurant, after all, is a massive undertaking, even when not in the middle of an industry-wrecking pandemic. But, along the boulevard of online ordering, new locations are built with a handful of pixels, not a truckload of bricks. Welcome to the age of virtual restaurants.
Delivery and DIY. Given that many are not yet comfortable dining out, restaurant businesses are struggling to make ends meet. But, some owners have used this adversity as an opportunity to innovate and find alternative ways to keep their businesses running. COVID-19, in that regard, has definitely changed the future of restaurants. If you have not put in a takeout or delivery program, it's not too late.
2020 was difficult for everyone, and the restaurant industry wasn’t spared. With millions out of work and nearly 100,000 restaurants closing, the industry took a hard hit. $165 billion in revenue was lost just from March to July, and it’s estimated to be $240 billion by the end of the year, according to the National Restaurant Association.
Speaker: Duke Heninger, Partner and Fractional CFO at Ampleo & Creator of CFO System
Are you ready to elevate your accounting processes for 2025? 🚀 Join us for an exclusive webinar led by Duke Heninger, a seasoned fractional CFO and CPA passionate about transforming back-office operations for finance teams. This session will cover critical best practices and process improvements tailored specifically for accounting professionals.
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