As seen in COMMERCE Magazine May 2018 Issue
“Armed with real-time financial data, fast casual dining options and prepared foods for takeout and home delivery, these eateries can satisfy a changing market’s appetite for convenience, sophistication, and time-saving cuisine, but it’s a heavy lift and a lot to digest.”
The restaurant industry is ever-changing and knowing your numbers, along with understanding the fast-paced advances of technology is crucial. Hospitality Practice Co-Leader, Stacy Gilbert, shares the following in the May 2018 issue of COMMERCE magazine:
Citrin Cooperman advises its restaurant clients with respect to technology, efficiency, superior service, healthy menu items, and consistent monitoring. At the forefront is technology, where more restaurants are upgrading technology to automate their ordering and payment process, while reducing labor and maintaining efficiency. The increased costs have had a domino effect; higher menu prices raise consumer expectations for high-quality service; restaurant staff needs to be suitably skilled and trained to meet better service demands; and operators need to expand their menu choices to include a range of healthy meal options. The latter often means reducing the portion size to offset the higher cost.
Overall, we recommend taking a daily snapshot to reflect sales, and establishing prime costs to maintain constant control. Additionally, to maintain profit margins, owners must control waste and unnecessary expenses, as well as monitor the menu pricing/portion control process. There is also a shift in consumer behavior. For example, Millennials make decisions based on convenience, and will eat out more if offered a wide array of options with the benefit of saving time. Extending your service delivery model to include delivery service or prepackaged foods is essential.
To view the full article, go to: COMMERCE Magazine