From ghost restaurants to Augmented Reality, the restaurant industry is pushing boundaries to incorporate technology at a fast pace. These changes improve efficiency, reduce costs, and increase the restaurant’s profit margins. Stay ahead of the game with a look at this year’s most exciting technology trends.
Big data is transforming the way we live and work, and the restaurant industry is no exception. Restaurants have embraced big data—data too complex to be processed by traditional software— to uncover market trends and customer preferences. From curbing food waste to tailoring customer menus, this data is altering the way the restaurant industry operates.
Opening any business has some level of risk, and franchises are no exception. Restaurant franchises have strong brand recognition among their customer base which may insulate them against the ups and downs of the industry. That doesn’t mean there is room for complacency. Better management of franchise operations can increase profit margins and provide the right support system for success.
As restaurant operators navigate the challenges in the market, rising labor costs continue eating away at the industry’s already low profit margins. Learning how to manage these costs more effectively is now more imperative than ever. Restaurant owners and managers must be creative and innovative if they want to maximize their labor potential and minimize this this expense. To stay ahead of the curve they will need to embrace organizational change, new technology, and other opportunities that are brought by the changing workforce. Here are 5 creative ways to minimize labor costs in the food industry:
Inventory is one of the greatest assets in a restaurant and must be managed effectively for managers to maximize profit margins. When you’re busy handling the day to day operations of the business, like staff management, customer service management, and cost controls, it’s not easy finding the time to reevaluate processes that have been in place for a while. Nonetheless, it’s vital that you prioritize some time to evaluate areas that are more vulnerable to errors. Here are 4 common inventory mistakes many restaurant managers make:
Deciding to implement new technology in your restaurant is exciting. It can lead to higher profit margins, happier customers, and more productive employees. The key to helping your company adopt it successfully lies in how you implement. It’s just as, if not more, important than your decision to upgrade. Consider using some of our top tips below to help your next technology implementation project go smoother.
Labor retention continues to be a significant challenge in the food service industry. Restaurants experience annual turnover rates that are greater than any other sector, sometimes exceeding 70%! When the employee turnover rate is high, the costs of hiring and training new employees can really cut into potential profits. With increases in costs, labor competition, and minimum wage rates, it’s becoming even more important to focus on retaining the right employees.
Labor scheduling is often one of the largest time commitments of store managers in the restaurant industry. Labor is also one of the biggest expenses for restaurants, and so optimization of labor management can make a big impact on the bottom line. It can be challenging to manage so many moving parts, but smart solutions are on the rise. With labor management and scheduling software, the system can take care of a lot of pain points save time, money, and hassle.
The new year brings new changes to minimum wage laws and regulations. For a restaurant owner or manager, these changes can have big impacts on your labor and payroll management. Make sure you are up to speed on the new laws so that you can effectively manage your workforce. This is also a great time to ensure that your technology systems are staying up to date with a changing regulatory environment.
A lot of us in the restaurant industry and at Restaurant Magic are cooks at heart. We sat down with our Director of Sales Michael Beck to hear him talk about how interconnected food and family are in his life.
Restaurant Magic reflects on the last year and how family and community values have shaped their business. Demonstrating values like Spirit of Adventure, Respect, and Honesty have been fundamental in making sure they have stayed true to their customers and themselves over the past 20 years.
After 20 years in business, Restaurant Magic Software has learned some valuable lessons about customer service. Through many evolutions they have established a central mission that encapsulates the core of their success in the industry: it’s a human centric philosophy that caters to clients on a personal level, tending to their emotional responses as much as their technical needs.
Restaurants are no stranger to the issue of cybersecurity. Customer payment data has been a primary target for years. Restaurant owners and operators have been working hard to protect that data since the beginning. We know you take this security seriously, but the restaurant industry is changing, and so are the security concerns.
October is National Cybersecurity Awareness month. We want to remind all of you to stay safe out there! Whether you’re checking in with friends or managing work tasks, it pays to be vigilant. We spoke with our internal security expert, Mike Costanza, about protecting your personal and professional information online.
Building a restaurant is all about making a name for yourself among consumers. But it’s just as important to build your brand among the industry as well. With labor costs rising and turnover eating into the profits, it’s more important than ever to attract the right people to your store. So how do you make sure to attract the best talent? Here are 5 easy ways to position your restaurant as the one to work for.
Most restaurant owners go into business because they love restaurants. This means food prep, menu creation, and good service. Math and accounting skills never seem to be a factor, but they are important when understanding the health of the business. The most basic document that provides a picture of the restaurants health is the P&L Statement. So - let’s break it down and find out what’s really in a P&L.
The notion of the restaurant as the refuge from the day-to-day connectivity of life has changed. A restaurant that does not offer WiFi so patrons can upload photos of the chef’s Spéciale du jour may earn the ire of Yelpers, once connection to the digital world is restored. This means that nearly all restaurants are facing several of the same cyber security challenges typical tech-based businesses face every day. In this article, I’ll present five practices that any one store café or large chain restaurant group can adopt around cyber security which could prevent data breaches and keep both company and patron information safe from the rising threat of cyber criminals. Preventing a single breach could save a business hundreds of thousands of dollars.
Wages and labor costs are on the rise. As competition for jobs increases, so does compensation. Add that to market increases in health care costs, minimum wage regulations and overtime. What you get is a recipe for an expensive workforce. That’s why it’s more important than ever to make sure your scheduling practices are up to par.
Whether you are hiring for your restaurant locations or your management offices, the onboarding process will be key to determining your employees’ engagement and retention. According to the Bureau of Labor Statistics, 23% of the workforce had been with their employer less than one year. That’s an awful lot of new hires.
Food waste is costly. According to the USDA, food waste makes up 30-40% of the total US supply. This costs roughly $1.61 billion a year. At Restaurant Magic Software we want to help reduce food waste. We have identified 5 common reasons for excess food waste, and what you can do about it. With a little oversight you too can be on your way to reducing your food costs and improving your bottom line.