At a time when restaurant finances are getting squeezed from many directions, do you know which budgetary battles are most important to fight? In other words, when you’re managing such expenses as labor, ingredients, rent and third-party delivery, does your balance sheet give you clear answers about how much each of those expenses is impacting your bottom line? It needs to, since your gut instinct may not be correct. Case in point: The results of a recent study by New School Center for New York City Affairs and the National Employment Law Project found that restaurants in New York City were more negatively impacted by rising occupancy costs and the fees charged by third-party delivery services than they were adversely affected by the near-doubling of the minimum wage paid to hourly employees in the past five years, Restaurant Business Online reports. The Fight for $15 wage battles of recent years had many operators concerned they would need to boost menu prices beyond what guests were willing to pay – and minimum wage escalation isn’t an insignificant expense for operators to be sure. But while New York isn’t like every market, the rising minimum wage in the city has had a smaller-than-expected impact in a diversity of regions, whether in Manhattan, Queens, Brooklyn or the Bronx. As the minimum wage has been ascending in geographical regions across the country for years, you may be able to protect your bottom line by focusing on negotiating more favorable terms with a third-party delivery company, adjusting your business model so you can occupy a smaller or different footprint, or getting a stronger handle on hidden back-of-house costs.
You’re likely using your restaurant’s internet connection to process orders, access customer data, monitor the functioning or your kitchen appliances, and communicate with employees, vendors and guests, among many other functions. If your connection suddenly fails, would you be able to operate your business? Using failover technology as a backup connection can help ensure your Internet connection is never interrupted. RocketBroadband is one company that works with restaurants to prevent internet blips. It also offers a mobile connectivity option that may suit restaurants running food trucks or stalls at offsite events where it’s necessary to process payments apart from the restaurant’s usual internet connection.
What’s your challenge? Whether you need help developing recipes and concepts, analyzing food costs, fine-tuning purchasing, planning a marketing campaign or managing another aspect of your business, we can provide guidance tailored to your needs. Contact Team Four at email@example.com or 888-891-3103 for more information.
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Food For Thought And Profit is brought to you by Team Four Foodservice/Value 4. We offer the latest foodservice trends, news, safety, and technological advances in the industry. We are an outsourced purchasing and logistics company that provides comprehensive supply chain solutions to our customers. Our executive team has many years of foodservice experience and we bring that experience to work for you. We have expertise in all areas of the foodservice sector.