With already narrow restaurant margins becoming even slimmer during a pandemic, every penny counts; and Cost Of Goods (or to some, Cost Of Sales) take up a significant amount of a restaurant’s overall expense. Unfortunately, many owners/operators fail to see how, if mismanaged and handled inconsistently, Restaurant COGS can have major a negative impact on profitability and cash flow. Point-blank: It’s critical to the health and survival of all restaurants that you understand your COGS and how to manage them accurately, here's how.
Coronavirus has affected the entire world; it has completely altered the landscape of both consumer and vendor behaviors, and perhaps the most harshly impacted industry has been hospitality. Restaurants have had to pivot their business models catering to mainly delivery and takeout options which directly affects their menu offerings and spending habits in order to preserve as much margin as they can during a time when point-blank, sales are down.
We sat down with Max Stryker and Catherine Reeves from the RSI Restaurant Purchasing Department to discuss the vast amount of changes they, and our vendors, have seen since Covid began in March; where the trends are taking restaurants today; and, what group purchasing programs are in place to help mitigate the damage that Covid has done to the industry.
As a small Independent Restaurant owner who’s plunged headfirst into content marketing and worked with huge media organizations, digital marketers and SEO professionals, Shawn Walchef of Cali Comfort BBQ has honed in on his craft and built his entire culinary brand on digital hospitality; and he’s done it all in-house with his longtime friend, former newspaper editor, and current Content Publisher & Digital Strategist for Cali BBQ Media, Stover E. Harger III.
Check out the full interview and our top 4 takeaways on:
How To Become Your Own Media Company
Find a clear focus for your brand and tell the story
Use content to support to others and open up conversations
Content marketing is a long game but you need a plan
Consistency Is Key
The Paycheck Protection Program (PPP) continues to change form on what seems like a daily basis. The landscape has changed greatly since The CARES Act was initially passed and the covered period has now been extended which enables borrowers more time to use their PPP funds; but the million-dollar question remains: What does PPP Forgiveness look like right now and how do I ensure my loan is forgiven?
RSI Director of Compliance, Brian Smith, and RSI Director of Client Advisory Services, Sydney Lynn, sit down to share their tips on what they’ve seen come through the IRS Notices and the US Treasury Guidance so you can feel prepared as you’re getting ready to start the forgiveness application process. Tune in and learn about the following:
What does the current PPP forgiveness landscape look like?
What are some of the items that may come up in future legislation?
Why should borrowers wait to file for forgiveness?
How can I achieve 100% forgiveness?
Are expenses paid with forgiven PPP funds deductible to the business for year-end taxes?
What if I file my tax return before I apply for forgiveness?
Click HERE to see the full show notes, or HERE to watch the vlog!
In our 27th episode of Operating a Profitable Restaurant, recurring panel hosts Michele O'Neill and Dave Downs had a great opportunity to speak with Michelle Heller and Eddie Velazquez to discuss how our strategic partnerships with Efficient Hire and BentoBox can assist owners and operators in getting the most bang for their bucks by driving more top-line revenue and saving dollars through streamlining HR & compliance.
In our 25th episode, learn pro tips and best practices from seasoned restaurant veterans, Chef and Owner Fred Neuville of the Fat Hen Restaurant in South Carolina, and Zoe Schor, Chef and Owner of the Split-Rail in Chicago.
In our 24th episode of Operating a Profitable Restaurant, host Dave Downs, RSI Client Advisor, sits down with Ryan Rose, Executive Chef of Zocalo Restaurants, and David Miller, Owner of Kickin Chicken Restaurants to dive deep into best practices behind budgeting and incentive planning for your restaurant.
In our 23rd episode of Operating a Profitable Restaurant, host Dave Downs, RSI Client Advisor, sits down to chat with other RSI Industry Experts, Julie Schligman, Assistant Director of Operations Specialists, and Leon McMullan and Steve Rennau, New Business Development Reps, on the questions they’re getting from operators in regards to wrapping up 2018, and what they’re seeing for the future of the restaurant industry in 2019.
Remaining competitive in today’s restaurant industry landscape means bringing on partners and services that will not only help you enhance the guest experience but aid in your team retention, all while staying true to your brand.
Remaining compliant in today’s restaurant industry landscape is no task for the faint of heart. With state and federal regulations constantly changing, it’s easy to see how so many independent restaurants are getting fined for compliance issues.
Have you dreamed of opening a restaurant? How about your 2nd, 3rd, 4th or even 10th? In this episode of Operating a Profitable Restaurant, hear from restaurant vets Attila Szabo of Wildfin & Stack 571 Burger Groups who has a total of 5 restaurants soon to be 10, and Rob Coburn & Paige Crandall from El Camino.
Do responsibility and privilege go hand-in-hand for your management team? In this episode of Operating a Profitable Restaurant, seasoned Independent Restaurant Owners, Dan Skvarca from Mercantile, and Josh Fay with Rio Grande sit down alongside RSI Industry Experts Michele O’Neill and Dave Downs as they discuss the evolution of leadership roles within the modern day restaurant environment.
Managing your house bank is critical to keep track of your operating cash and ensuring that the balance in your House Bank is in line with the amount of cash that you have on hand. Proper management will assist you in verifying that all house bank transactions are being recorded properly.
Two things to think about each time you come across a compliance matter: One - Simply being in compliance, and Two - Managing your business so that your compliancy doesn't damage the experience with your guest, your team and your profit. Tune in to listen to Brian and Matt dive deeper into the subject that's got everyone scratching their heads in search for the answers!
In this episode of Operating a Profitable Restaurant, RSI Partner and Strategic Development Officer, Matt Vannini, sits down with our RSI Operational Specialists to speak in-depth about the imperative year-end accounting tasks that every operator should be doing in order to start the new year with a bang!
In this episode of Operating a Profitable Restaurant, RSI Partner and Strategic Development Officer, Matt Vannini, takes a moment to sit down with Secret Sauce's CFO, Emily Biederman to discuss the implications of the new OT ruling which becomes effective on December 1, 2016. Tune in to hear Matt and Emily run the gamut of all things overtime - from salary strategy and compliance, to tracking OT, to bonuses and wages; they've got you covered.
During today's Podcast, RSI Partner and Strategic Development Officer, Matt Vannini dives into the vast world of branding and ties it in to none other than what we do best: restaurant accounting. Tune in to hear Matt's take on how to measure your brand's effectiveness and the actual dollar cost it can have on your restaurant if deemed ineffective.
This month we’re circling back to the polarizing topic we covered back in November that has morphed into its own breed of beast. The boundless discussion of tip removal has evoked frustrations across the board with the government rearing its head smack dab into the center of the game. The discussion is more heated than ever. Restaurateurs are not only faced with the implications of ACA but they’re also dealing with payroll compliancy issues; and the cherry on their sundae, the elimination of tip pooling by the 9th circuit court.
During this afternoon's Podcast, Matt and Dr. Kahle sit down for a little lesson in the Affordable Care Act. ACA is difficult to understand with the ever changing rules and regulations but Dr. Kahle breaks down the bill in ways you can simply understand. Listen to this episode and hear our dynamic duo cover Commonality and Ownership, Full Time Equivalent vs Variable Hour Employees and their roles in ACA, reporting requirements, compliance based plans, operational best practices and more.
Starting a restaurant takes guts, gusto, tenacity, and a whole 'lotta heart. In this episode of Operating a Profitable Restaurant, RSI Strategic Development Officer, Matt Vannini had the pleasure of speaking with Owen and Marie Jobson from Blue Rock BBQ about their personal stories of struggle in opening their restaurant and what steps they took to become so successful today.
In this episode of Operating a Profitable Restaurant, RSI Partner and Strategic Development Officer Matt Vannini takes a moment to round table with industry experts on the restaurant accounting best practices that will set our clients and their businesses up for a prosperous year.