Take Advantage of Energize Colorado Gap Fund
What is the law? The Energize Colorado Gap Fund will provide more than $25M in loans and grants to small businesses that have been impacted by COVID-19. Eligible businesses with less than 25 full-time employees can apply for up to $15,000 and a loan of up to $20,000 for a total of $35,000 in financial assistance. Applications and awards will be done in […]
How Restaurant Purchasing Behavior Is Changing
Podcast Video 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 […]
How Your Restaurant Can Turn Challenge Into Opportunity
Podcast Video When faced with a perceived threat the brain instinctively triggers an acute fight-or-flight response. As COVID 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 […]
How To Read A Restaurant Profit and Loss Statement (P&L)
Many operators don’t fully understand how to read a restaurant P&L. In fact, many don’t even have a basic understanding of where the data is coming from or how to derive actionable insights from the data. Understanding how to read a restaurant’s income statement is essential for the financial success of restaurants. The people responsible for […]
Top Tips For Restaurants To Hire The Best Candidates
Determining the keys to success for restaurant hiring is paramount to building a sustainable brand that can grow. Turnover runs rampant in the hospitality industry. However, attracting and retaining top talent is possible with the right tools. This post reviews the best practices to ensure you’re building a team for longevity and how to measure […]
How To Control Cost of Goods (COGS) In Your Restaurant
Restaurant Cost of Goods (or to some, Restaurant Cost Of Sales) takes up a significant amount of a restaurant’s overall expense. Unfortunately, many owners/operators fail to see how COGS for restaurants can significantly negatively impact profitability and cash flow if mismanaged or handled inconsistently. Point-blank: It’s critical to the health and survival of all restaurants […]
4 Unstoppable Ways To Reopening Your Dining Rooms
When it comes to the task of reopening dining rooms, most restaurant owners and operators are feeling a sense of overwhelming mental limbo. Excitement and eagerness for business to return to normal, and worriment of what that new normal will look like; all while learning how to successfully navigate the many facets that go into […]
Top 5 Tools for Financial Success in Your Restaurant
Although there are many, we’ve picked out our Top 5 Tools for Financial Success in Your Restaurant: 1) Restaurant Budget vs Actual A Budget vs Actual enables you to see week over week how you’re performing against your goals. Since the budget is your roadmap to success, you need to understand where you’re hitting the […]
Top 9 Restaurant Accounting Terms You Need To Know
Restaurant accounting terminology to busy restaurant owners is akin to a Doctor’s vocabulary to the average Joe. Not everyone speaks the language. However, understanding it is paramount to manage your money for your business lifeline – your accountant. How are operators supposed to know which are the most important and where they apply? Unless you’re […]