Operating A Profitable Restaurant

When faced with a perceived threat the brain instinctively triggers an acute fight-or-flight response. As COIVID made its invasion into the U.S. early this year and restaurant owners were faced with shutdowns and dining restrictions (the likes of which have yet to slow down), every operator had to make a choice: stay; fight like hell for their businesses or, shut their doors for good. Joe Frillman, Executive Chef & Owner of Daises, Chicago’s Logan Square, chose the former. He took the challenge and swiftly turned it into an opportunity. Throughout the vast changes that Daisies has undergone the last 9 months, Joe has stayed open-minded, open-spirited, and nimble; The outcome? Roughly 2 weeks ago Joe and his team nearly matched their year-over-year sales from the previous week, the previous year. Don’t get us wrong here; we’re not saying this has been an easy feat for Joe, and that the creativity headache he’s amassed might just be permanent, but because he stayed, and because he fought, his business is fu

Many restaurant managers don't actually have a full understanding of how to read a Profit and Loss Statement (P&L), or even have a basic understanding of where the data is coming from, let alone how to interpret the data. It’s critical for the financial health of all restaurants that those who are making scheduling decisions, buying decisions, etc. fully comprehend how to read an income statement and can utilize the knowledge behind what actually goes into the P&L. In this episode we will take you through an example, top to bottom, of a P&L Statement, as well as discuss the best practices on how to utilize your weekly profit and loss statements to maximize your profitability and find actionable items to improve upon. Finally, we take you through the steps on how to get your management team to take ownership and accountability to financial results so they can report those results back to you versus you having to ask questions!

The landscape of the Paycheck Protection Program (PPP) has continued to change shape from the day that it passed and it doesn’t seem to be settling down any time soon. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was the first to hit the floor at the end of March; then came The PPP Flexibility Act a few months later at the beginning of June, and along the way, there have been 24 Interim Final Rules issued by the Treasury; and 77 SBA FAQs. As we all wait with bated breath for the second round of stimulus to push through congress, questions continue to arise about all the gaps left by legislation. Tune in to find out what we now know.

Determining the keys to success for attracting and hiring top talent for restaurants is paramount to building a sustainable brand that can grow. We all know turnover runs rampant in the hospitality industry, so how is it possible, especially in a time like now when we’re smack dab in the middle of a global pandemic, to even begin with the hiring process and how can you effectively measure if what you’re doing is remotely successful?  RSI Director of Partnerships, Brad Bertram, took a moment to sit down with Jake Nolte, GM for the Efficient Hire Applicant Tracking Solution, to discuss common hiring mistakes and best practices to ensure you’re building a team for longevity.

When the global pandemic hit the US in March and our world shut down, businesses were left wondering how to survive. As restrictions have been lifted in some regions and re-enforced in others, the resiliency of the hospitality industry has proven a force to be reckoned with. Chefs, Owners, and Restaurant Operators have taken to a careful mix of creativity and industry expertise in order to find the perfect blend of ingredients for success throughout this roller-coaster crisis we’re finding ourselves in. During this week’s episode of The Tip Share, RSI Senior Client Advisor, Brian McCaig sits down with Paul Sullivan, Owner, and Robbie Hyre, Executive Chef, of Esters Neighborhood Pub, to discuss how the pandemic has affected their restaurant and how they’ve been able to stay true to their brand while pivoting their business model to remain successful.

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 t

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.

Have you battled with remaining compliant with ACA regulations? Are you lost in the legal jargon and don’t know what your options are?

Have you battled back and forth about whether adding a Devliery Service to your restaurant would help or hinder your operation?

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.