Modern Restaurant Management

NOVEMBER 15, 2022

Due to many factors including inflation and supply chain challenges, restaurant owners and operators have been faced with tough choice about raising menu prices. As food prices rise, restaurants should try to stay within their target ratio for food cost to gross food revenue in order to maintain target profits.

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Revenue Hub

FEBRUARY 20, 2024

NB: This is an article from Lighthouse (formerly OTA Insight) Subscribe to our weekly newsletter and stay up to date Your property should have a tailored pricing strategy that fits its unique needs, but there are common industry practices that can be honed to compliment your business and improve performance.

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Revenue Hub

JULY 4, 2023

NB: This is an article from WebRezPro But as inflation and high flight prices persist, the revenge travel surge may start to wane. As the cost of living continues to rise, so will travelers’ price sensitivity. Keep reading for ideas… Value-added packages Attract price-sensitive guests by offering added value.

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Modern Restaurant Management

FEBRUARY 27, 2023

Restaurant365’s State of the Industry Customer Survey shows that 60 percent of surveyed customers plan to expand their businesses in 2023 despite expected increased labor and food costs. Businesses can run promotions, such as early bird specials, to attract budget-conscious diners and use an email database to get the word out.

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SiteMinder

MAY 12, 2023

What is hotel accounting? Hotel accounting is the process of recording and maintaining the financial records and performance of your hotel business. Good accounting makes the finances of your hotel easy to understand for management and other stakeholders – so they can make informed decisions. room sales).

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Modern Restaurant Management

APRIL 22, 2024

Additionally, these schemes are extremely easy to scale up – making them a good basis for a “business.” Not only can fraudulent activities disrupt the customer experience, but they can lead to significant financial losses for both consumers and businesses. more likely to be targeted.

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Modern Restaurant Management

MARCH 15, 2024

90 percent of restaurant operators are small businesses, competing for every dollar they earn. These small businesses must be aware of the options they have when it comes to choosing a payment processor to handle these interchange fees and make sure they do not rack up and instead help a restaurant owner keep their doors open.

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Customer Service Pricing Accounting 196

Revenue Hub

MAY 23, 2023

In this article, we will explore how technology is transforming the way hoteliers do business. With this information, hoteliers can make more informed decisions about pricing, inventory, and marketing strategies. Data analytics tools allow hoteliers to access real-time data on occupancy rates, demand trends, and competitor pricing.

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Synergy Suite

JUNE 6, 2023

A powerful tool, restaurant accounting software can revolutionize the financial management of your food service establishment. What is Restaurant Accounting Software? Restaurant accounting software is a specialized software solution designed to manage financial and accounting tasks specific to the restaurant industry.

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Hotel Business

APRIL 12, 2023

The third edition of Deloitte’s corporate travel study, “Navigating Toward a New Normal,” examines why and when employees are expected to travel for business, as well as the dynamics creating headwinds and opportunities for the sector. However, international trips and live events are set to account for much of expected growth in 2023.

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The Restaurant Times

AUGUST 5, 2022

Restaurant accounting is an integral part of operating modern-day restaurants and ensuring consistent growth in the business. Typical accounting methods have not been able to cope with the fast-changing demands of the restaurant business. Benefits Of Restaurant Accounting. Key Restaurant Accounting Metrics.

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Hotelogix

OCTOBER 18, 2023

In this comprehensive guide, we delve into what a hotel reservation system entails and highlight its pivotal role in modern hotel businesses' success.   👉It offers real-time information about room availability, pricing, and amenities, allowing potential guests to make informed decisions and quickly secure their reservations.

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Modern Restaurant Management

MARCH 12, 2024

To reduce menu confusion and minimize price sensitivity, Ori’Zaba’s Scratch Mexican Grill recently rolled-out a rengineered and easier-to-read menu. The Ori’Zaba team told Modern Restaurant Management (MRM) magazine they watched people walk in and have a physical reaction to the three pricing tiers. Double Your Meat!”

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Modern Restaurant Management

APRIL 10, 2024

Adapt to Growing Price Fatigue Since the pandemic, controlling food costs has been a major challenge for restaurant operators. When prices for staple ingredients like chicken rose dramatically in 2023, restaurant operators were forced to increase their prices. Full-service menu prices climbed 4.5 Data from the U.S.

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Restaurant Engine

JULY 28, 2021

You want to price your daily dinner specials just right for repeat business. Yet, it can be hard to know where to go with pricing. In this article, we look at how to price daily dinner specials for the best results. The only way you can know how to price your specials is to create a costing card. The menu price.

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Pricing Server Marketing Budgeting 111

Revenue Hub

NOVEMBER 7, 2022

One of the most important elements of an effective revenue management strategy is offering the right prices. Pricing can be based on cost, competition, or demand. It’s also about adapting your rates to market fluctuations so that you offer the right price, to the right guest, at the right time.

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SiteMinder

OCTOBER 15, 2023

What is hotel dynamic pricing? Dynamic pricing is a pricing strategy for hotels that involves changing room rates daily, or even within the day based on real-time market conditions. Taking supply and demand into account, dynamic pricing allows for prices to fluctuate regularly so the hotel can maximise revenue.

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Modern Restaurant Management

FEBRUARY 26, 2024

Restaurants and franchises face numerous financial challenges that can hinder their success, however, by optimizing their payment processing strategy, these businesses can overcome some of the major obstacles faced by restaurants in their early start, helping them to achieve greater stability and ultimately profitability.

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Pricing Accounting Marketing Presentation 161

Revenue Hub

APRIL 13, 2023

Subscribe to our weekly newsletter and stay up to date From operators looking to compare hotels in their portfolio, to owners benchmarking against their comp set, to investors looking to truly evaluate a hotel’s potential returns, more hoteliers are looking beyond RevPAR and searching for a true indicator of a business’s profitability.

Accounting 74

Accounting Article Pricing Information 74

7 Shifts

NOVEMBER 22, 2021

In this article, you'll learn how to get a business loan for your restaurant so you can make your dream of starting or growing your restaurant a reality. Create a Restaurant Business Plan. Getting Your Restaurant Business Loan. Before you Begin: Create a Restaurant Business Plan. Getting Your Restaurant Business Loan.

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eZee Absolute

SEPTEMBER 11, 2023

Dynamic Pricing Strategies was his magic trick!! Well, I have had some idea about dynamic pricing but I couldn’t let him go without knowing his secret. In this blog, I will discuss everything Arjun told me (and what I know now) about dynamic pricing for hotels and how you can make the most out of it to mint revenue for your business.

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Synergy Suite

APRIL 12, 2024

Profit margin is a key financial metric that indicates the percentage of your revenue that is pure profit (since most revenue goes to cover business expenses). The more revenue your restaurant makes beyond your expenses, the more profitable your business. What is profit margin and how does it impact restaurants?

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Restaurant Engine

FEBRUARY 8, 2023

This article examines why the best restaurants have these four social media accounts and how you can harness their power for your business. #1: 1: Facebook (Meta) According to data , Facebook still reigns as the world’s most popular social media platform for businesses. Ready to take the plunge and create a new website?

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Revenue Hub

APRIL 14, 2023

NB: This is an article from Deloitte A variety of factors appear to impact the decision to travel for business including employee safety, client interest in meeting in person, the value of attending a conference, and whether virtual conferencing platforms can replace a trip. The study is based on a survey of 334 U.S.-based One-third of U.S.

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Accounting Events Budgeting Pricing 76

Revenue Hub

JANUARY 10, 2024

Add to that the pressure of meeting the hotel revenue management’s goals, and there is a lot to consider when trying to book accounts into your property. If you only use the Daily Business Review (DBR) to evaluate the “business of the moment,” you’ll occasionally see repeat business.

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Book Accounting Article Events 75

SiteMinder

DECEMBER 20, 2023

What is a hotel business? A hotel business is simply an establishment that offers guests a place to stay. No matter which definition you use, the ultimate goal of all hotel businesses is the same: to attract more guests, fill more rooms, and maximise the value of every booking. Here’s a basic list to get you started.

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Book Housekeeping Pricing Communication 59

NCC USA

FEBRUARY 6, 2023

While you don’t need to start over from zero with your business, it could be useful to take a few minutes for a “This is a credit card” refresher on how your business gets paid. Like Lombardi did with the Packers, let’s start with the basics: Payment processing is how businesses complete credit card and debit card transactions.

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Accounting Communication Training Pricing 64

Hotelogix

FEBRUARY 4, 2024

This powerful tool can streamline your operations, giving you more time to focus on other aspects of your business. You can update prices, add new items, and manage inventory. Accounting Managing your hotel's finances is essential, right? With hotel management software, you can streamline your accounting operations. 

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InnQuest

NOVEMBER 30, 2022

Modern, tech-based solutions are facilitating businesses in the hospitality industry to streamline their operations, boost productivity and enhance the overall guest experience – all at a cost-effective rate. One such facet of business that has seen phenomenal growth in recent years is how payments are processed. billion by 2030.

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Synergy Suite

AUGUST 17, 2022

Worse, it can even lead to your business’ closure. According to Deloitte , 82% of businesses are implementing software solutions in their accounting and finance management. Software solutions have a lot to offer to your restaurant business. Improve accounting. Restaurant accounting is a meticulous process.

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Accounting Bookkeeping Pricing Information 52

Revenue Hub

DECEMBER 15, 2022

With the power to connect individuals and businesses from across the world, many hospitality professionals are building their customer base and promoting their property using Google My Business for hotels. In this post, we take a deep dive into Google My Business for hotels and how it works. What is Google My Business?

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7 Shifts

MARCH 31, 2021

Fulfilling as running a restaurant business can be, it can also be overwhelming. financing institutions are tightening restrictions for small business loans, and restaurant owners have a hard time qualifying for traditional and other types of restaurant financing. This is where restaurant business plans are essential.

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Revenue Hub

APRIL 29, 2024

NB: This is an article from RateGain Subscribe to our weekly newsletter and stay up to date It enables you to rapidly and concurrently update room availability and the most recent room pricing across numerous channels. As a result, hotels may oversee these channels from a single location.

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InnQuest

APRIL 5, 2023

Yield management, also known as revenue management, is a strategy hotels use to optimize their revenue by adjusting prices and inventory according to consumer demand. Yield management is a pricing strategy that predicts customer demand and adjusts prices to maximize revenue. And that’s where yield management comes in.

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Modern Restaurant Management

FEBRUARY 16, 2022

The unusual part is when inflation impacts all parts of the business all at once, and at a faster rate, from labor costs to materials and ingredients. Business owners should routinely track increased costs and adapt. Those who don’t are effectively lowering their prices. How is inflation affecting food prices?

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Revenue Hub

APRIL 30, 2024

This article debunks these misconceptions, highlighting the complex nature of revenue management that goes beyond pricing to include market analysis and customer behavior. While pricing plays a crucial role in revenue management, it is just one aspect of a much broader strategy. However, this is far from the truth.

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Revenue Hub

DECEMBER 4, 2023

NB: This is an article from DynamEat Today’s solutions excel at generating price choices and adjustments automatically by using advances in artificial intelligence and machine learning. The incorporation of new data sources, such as POS, is critical in enabling more intelligent pricing choices.

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