Operating A Profitable Restaurant

As we recently passed another trip around the sun to celebrate the 51st Anniversary of Earth Day, it got us thinking: What can we do in the restaurant industry to help the efforts now, and in the future, considering this years’ theme of “Restore Our Earth.” Pre-Covid, sustainability efforts were beginning to creep up onto every restaurant owner’s radar as a major consideration; however, when owners were forced to shut down and let go of countless staff members, that spot on the radar faded into the distance and everything became strictly about survival.  During this week’s Tip Share, RASI New Business Strategist, Dave Downs, sits down with the RASI Purchasing Department, and honored guests, Jake Handy with P&R Paper, and long-time RASI Client, Shawn Walchef, and Eric Olafsen of Cali Comfort BBQ out in San Diego. Tune in to listen to the conversation about how restaurant owners can have a major world impact and start the snowball effect of others going green - for the future of our planet, our kids, a

Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, it should start with a review of the financial statements; The Profit & Loss Statement, The Balance Sheet, and The Cash Flow Statement. Within each statement, there are even more defined areas of focus that should pop out to an operator as a must-watch for success. In this episode of The Tip Share, RASI Director of Education, Brittany Ward discusses two key accounts to concentrate on when conducting a Period End Financial Close: Credit Card Tips Payable and House Bank.

You’ve made your budget for 2021, but Q1 is over and now it’s time to adjust and tweak as you’ve seen your results. Summer is nearing and encouraging news is hitting the nation with Covid vaccines in arms, re-openings, and there's so much positivity to draw on moving forward. With the ice slowly melting and patios regaining the spotlight, restaurants know that the extra square footage means extra sales. This week on The Tip Share, RASI New Business Strategist, Dave Downs, sits down with RASI Squad Lead, Sondra Monaco, and RASI Client Advisor, Adam Walsh to chat about what they’ve seen when working with clients across the nation as they work down the P&L to adjust budgeting and forecasting to meet the new demands that come with summertime!

The Economic Aid Act, which was part of the Consolidated Appropriations Act, expanded the definition of non-payroll expenses that are eligible for PPP forgiveness to include operations expenditures. These newly added categories are set to help restaurants in a large way. Learn about the legal amendments and see how your restaurant could be positively affected by the updates!

While there may not be a more boring financial statement to discuss, the reality is that the Balance Sheet is the most important financial statement an operator has. If the Balance Sheet is not in-line and accurate, then there is no question that the Profit and Loss Statement is inaccurate as well; and therefore, there is no true clear picture of where your actual Net Profit lies. This statement is also extremely important for loan applications, business valuations etc., so while the Balance Sheet may bore an operator straight to sleep, it is certainly meaningful and impactful that the value of this statement is regularly reviewed. RASI Director of Client Advisory Services, Sydney Lynn, and RASI Assistant Director of Client Advisory Services, Brian McCaig, host an educational webinar on the basics in understanding how an operator should read their balance sheet and utilize that knowledge into making profitable decisions in order to catapult their organization into growth and success.  -   Balan

RASI Director of Partnerships, Brad Bertram sits down with RASI Partner, Branch, to discuss the various ways that digital banking can aid restaurant operations in becoming more efficient, and how making payroll a digital affair also benefits employees. In the on-demand world that we live in, getting money in employees' hands as quickly as possible is crucial to retaining top talent, and it's also now possible through a new form of banking. Learn how in this episode of The Tip Share!

As the Small Business Administration (SBA) continues to make changes within the requirements and restrictions for PPP Loans, RASI Compliance Director, Brian Smith, ensures small business owners are up to date on the latest amendments. Check out the newest modifications that the SBA has made to the PPP Loans in order to better accommodate small businesses!

In this episode of The Tip Share, we wrap up the final segment of our 3-Part QSR miniseries on growth strategies. During Part One, we spoke about how leveraging technology can help operators actually reduce costs and improve efficiencies in today’s current industry climate, and covered the various types of tech that operators are utilizing to grow their businesses. Last week, in Part Two, we spoke about labor management and the impact that technology has on labor control at the store- level and also at the home office level. We also discussed how technology has been used to either supplement home office personnel or allow for scalability, and also the capabilities in the market that offer consolidation of technology systems, which have the opportunity to reduce IT costs/management time, decrease human error in data transmission, and streamline reporting. During today’s final miniseries episode, Brad Bertram, RASI Director of Partnerships, and Delaget’s Don Kreye, Director of Partnerships, and Don Bye, Client

In this episode of The Tip Share, we dive into the second segment of our 3-Part mini-series for QSR growth strategies. In Part One, we spoke about how leveraging technology can help operators actually reduce costs and improve efficiencies in today's current industry climate, and what types of tech operators are utilizing to grow their businesses. Our top takeaways from the session? Streamlined Data, Automation, and Integration (de-fragmenting systems) all help to create operational efficiencies by getting rid of manual processes, and provides greater accuracy and visibility into the business, enabling operators to make better business decisions, ultimately increasing profitability. During this session, RASI Director of Partnerships, Brad Bertram, sits down with Don Kreye and Don Bye from Delaget, to discuss how technology can help increase efficiencies with specific regards to labor management.

Restaurants are well attuned to making it work on thin margins, and the operators who find the most success are those who have a true understanding of their fiscal health and keep their finger on the financial pulse of their business at all times. In this episode of The Tip Share, RASI New Business Strategist, Dave Downs takes a moment to chat with RASI Squad Leads, Dave Holzer and Jesse Brown, both tenured accountants, to provide insight and expertise on the top 5 areas that restaurants should be focused on in order to keep the upcoming period purely goal-oriented based on current results. Tune in to hear what the acronym CLEAR stands for, and why those 5 areas provide a crystal clear picture of your financial health each period!

As the industry is keenly aware, not only did health and safety guidelines vastly change for restaurants across the nation in 2020, but unavoidable adjusted consumer trends also meant that many brands scrambled to make heavy technology investments that would support operators in making the right decisions for their businesses to survive in the new normal. In this episode of The Tip Share, we dive into the first segment of our 3-Part mini-series for QSR growth strategies. During this segment, RASI Director of Partnerships, Brad Bertram, chats with Don Kreye, Delaget Director of Partnerships and Don Bye, Delaget Client Success Manager to discuss technology and automation within the QSR industry and how it’s continuing to impact operations.

Many questions continue to arise about the legislation and stimulus provided by congress surrounding the pandemic. The major players, PPP & ERTC, serve some much-needed relief for small businesses, but the million-dollar question remains: How can you utilize the aid while maximizing your forgiveness and tax credits? RASI Director of Compliance, Brian Smith, sits down with RASI Client Advisor, Sydney Lynn to discuss the top strategies in which to balance both the PPP and the ERTC together. Finding the fine line within the balancing act will enable businesses to position themselves much stronger in order to maximize their forgiveness, and have more stability to survive the effects that the pandemic has caused on the industry.

The impact of the pandemic on restaurants has been severe. Many states have unfortunately experienced a roller coaster with restrictions and shutdowns changing constantly, and restaurants were continuously forced to change the way that they've always done business. They sought survival through curbside and delivery orders instead of dine-in services, and some businesses like Old Thousand, a neighborhood Chinese inspired restaurant located in Austin, TX, fully embraced the pivot to delivery and to-go and capitalized on this new era of dining. Fortunately, serving Chinese food they already had the structure in place to dive headfirst into to-go. Prior to the pandemic, Old Thousand typically received about 15%-20% of their weekly sales through to-go orders, once restrictions hit, they were able to transition their structure to pivot almost immediately into 100% to-go. Andrew Sutton, RASI Client Advisor, is joined with Brett Bettin, GM of Old Thousand, to discuss how they have adapted their restaurant to curbside

When COVID first hit, dining rooms closed, and businesses dropped 60-70% below where they would normally sit, and operators panicked. They were forced to pick up the pieces of their operations and determine their next moves to stay open, yet still remain in compliance with restrictions. While the independent restaurants have been faced with massive hurdles, there’s been spectacular growth in creativity and grit as they continue to find new ways to build revenue. On the quick-service side, while not out of the woods entirely, franchisees have found some breathing room being able to heavily operate through their drive-throughs. RASI Director of Partnerships, Brad Bertram, sat down with long-time partner Delaget, and Don Kreye, Director Of Partnerships, and Don Bye, Client Success Manager to discuss the ways in which QSR’s have been able to find success during the pandemic.

This year's tax season has the ability to get ugly if you're not sure where to look for answers. With the constant changes throughout the last year within the PPP, the FFCRA, and the CARES Act, questions are starting to swirl about the accounting for loan forgiveness, and what's involved with the possible tax credits or deferrals. RASI Director of Compliance, Brian Smith, and Sydney Lynn, Director of Client Advisory Services, take a deep dive into Tax Season 2021 to untangle the web of stimulus legislation and outline everything you need to know to ensure your books are in tip-top shape.

With the passage of the Consolidated Appropriations Act of 2021, which contained another round of COVID stimulus for businesses, PPP loan recipients are now eligible to claim the Employee Retention Tax Credit (ERTC) retroactively for eligible wages paid in 2020, even if the PPP loan has been or will be 100% forgiven. Tune in to hear how.

The trickle-down effect that COVID-19 has had on restaurants has been astronomical. From to-go programs becoming the new front line of restaurants causing disposables to go through roof; to sustainability desires; inventory needs, and more; the world of paper and packaging is at the top of every operator’s radar. And if it’s not, you’re missing the mark. We know that delivery and to-go isn’t going to die down any time soon, and we know that the need for sterile gloves and items of the like are here to stay. So in a world where everyone has the same ultimate game plan, how can you stay a step ahead of the game and make sure you’re playing your cards right?   RSI New Business Development Strategist, Dave Downs, sits down with Director of Partnerships, Max Strycker; Purchasing Analyst, Catherine Reeves; and Drew Frank, Sales Manager at Western Paper, to discuss the current landscape and the future outlook on the world of purchasing in the eyes of a restaurant operator.

Payroll for Restaurants is no longer just about cutting checks for hours worked. It’s evolved into understanding and maintaining compliancy with both Federal & State mandates. Law changes and enactments regarding PPP, Loan Forgiveness, Safe and Sick time, Overtime, Paid Time Off, etc. have created a world of litigation and increased labor costs. It’s imperative to remain up to date with the upcoming changes to make sure your restaurant is set up for success in 2021!

It’s no secret that the global pandemic has created a fundamental shift within the restaurant industry. Having an online presence in the last 5+ years has been important; in 2020 and moving forward, that commanding digital presence is not just important, it’s now critical for survival. The future of the industry in a COVID-safe world heavily relies upon technology and finding both creative and functional means to connect diners to restaurants. This is the most efficient and effective way for patrons to continue to support their local eateries, and for restaurants to begin to thrive again in this highly focused digital era.    RSI Director of Partnerships, Brad Bertram, sat down with Tina Glickman, Head of Partnerships, and Haley Russman, VP of Marketing at BentoBox to discuss the best practices behind restaurants owning their digital presence, profits, and relationships with diners directly from their websites. RSI Partner, BentoBox, is a hospitality platform founded in 2013, that builds hospitalit

This year the restaurant industry has been turned on its head and every operator has had to make major adjustments just to ensure their businesses survive. RSI Director of Partnerships, Brad Bertram is joined by RSI Partner, Amber Van Moessner, Senior Director of Communications at Upserve as she delves into the top trends of the restaurant industry in 2020 as well as what to expect for 2021; plus, some bonus tips from 10 restaurants who were able to grow their Year-Over-Year Sales by 188% this year. Check out what the Upserve Data Science Team learned from their 10,000+ restaurant customers!