FINANCIAL: 5 Tips to Gain Ultimate Control of Food Spend [Presented by Orderly]
Controlling food spend isn't a choice... it's a necessity. But the reality is, food prices have risen by more than 25% in the past 5 years. So how do you maintain that coveted 30% or less food cost when it seems like everything is working against you? Get the Guide that covers the 5 must-have tactics for gaining control of your food spend. These tactics will help your restaurant keep costs low, stay competitive, and turn a healthy profit.
DID YOU KNOWS…
RIP Macro-Craft Beers
Craft beers are hot; marco-owned craft beers are not. Thanks to the work by the Brewers Association, many restaurants are dropping beers that don’t fit BA’s definition of craft beer (small, traditional brewery that is at least 75% indie owned). It’s a purging of what feels like a never-ending market.
Cocktails: Locals Only
The NYTs ran a fun piece on regional cocktails. Take the Lunchbox (OK), for example – which is Coors Light, a shot of amaretto and a splash of OJ. Or how about Rank Water (TX) – a mix of tequila, lime juice and Top Chico. Or the Periodista (MA) – rum, lime juice, apricot liqueur and Cointreau. What fun “regional” cocktails does your restaurant serve?
Content is King
Creating content is the top goal for marketing pros around the world. According to figures compiled by communications and marketing agency Cognito, 61% of the 165 marketing leaders they interviewed named creating content as the area where more of their marketing budget will be invested in 2018.
WHAT DO THE PROPOSED DOL TIP POOL RULES MEAN TO YOU?
Why it matters to you: New DOL tipping rules will upset your servers.
The Department of Labor (DOL) is rolling back an Obama-era rule that blocked operators from collecting server tips and distributing them to entire staff. This rolled back would allow restaurant operators to spread the tip share as they see fit, as long as the servers are paid the local minimum wage. Among those that support this policy change are state restaurant associations, like the Oregon Restaurant and Lodging Association who said, “[The new rule] would help decrease wage disparities between front-of-house and back-of-house employees.”
There is some contention if that aim will be achieved as concerns about wage theft get discussed. This will be a very difficult policy to ensure compliance with and labor advocates fear that it will simply transfer tip income to operators, as this video explains. Heidi Shierholz, senior economist and director of policy at the Economic Policy Institute (EPI), points to research that shows illegal wage theft exceeds $15 billion every year. “It seems obvious that when employers can legally pocket the tips earned by their employees, many will do so,” she said.
The DOL is offering 30 days for public comment on their website, which is being criticized as too short, especially given that it’s the holidays and people have other things on their minds. We are wondering, if this will impact any of you going forward? Will you consider taking tips and pooling them with your entire team? Let us know what this means for you in the comments section of The Daily Rail.
WHAT A GREAT PLACE TO WORK
Why it matters to you: Where would fall on the Glassdoor’s ‘Best Places to Work’ list?
Each year, Glassdoor presents a list of the Best Places to Work in the US. The employment and recruiting website has decided to expand that list from 50 to 100 to increase the visibility and reward employers that are creating a great work environment. Unfortunately, only five out of those top 100 are restaurant operations. Given that our industry is the 3rd largest employer in the US, you might expect a few more entries.
The list is compiled by surveys from employees that voluntarily provide anonymous feedback by reviewing their specific job, the work environment, and their employer over the past 12 months. Each category is ranked 1-5. You might want to consider doing a similar survey of your own employees. This type of feedback is a fast way to assess the morale of your team as well as identify where you can make improvements. While most of our subscribers will never get a mention on a list like this, it is still instructive to see where you can make changes that will positively impact your team.
