Synergy Suite
AUGUST 9, 2023
With the average food costs in a restaurant typically hovering around 30%, and global food prices rising at nearly 40% year over year , managing food costs is more critical for restaurants than ever. It serves as a benchmark for what the price should be under ideal circumstances, assuming no waste or deviations from portion sizes.
Synergy Suite
DECEMBER 21, 2023
For restaurants, where precise inventory management is essential for controlling costs and ensuring a seamless supply chain, understanding inventory variance is a critical aspect that can significantly influence the financial health and operational efficiency of an establishment.
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Synergy Suite
OCTOBER 12, 2023
Analyze the gross profit margin to understand how efficiently you’re managing costs and pricing your menu items. Gross profit is a critical indicator of the core profitability of a restaurant’s menu items, reflecting how efficiently it manages costs and pricing.
Synergy Suite
APRIL 18, 2024
For example: $50,000 worth of initial inventory + $25,000 worth of inventory purchased – $45,000 worth of ending inventory = $30,000 in actual costs (or COGS) This calculation is more accurate than cost-per-dish because you’re using tangible inventory and purchase price numbers. Raise menu prices.
Synergy Suite
NOVEMBER 30, 2023
They serve as a compass, guiding decisions on pricing strategies, menu development, and staffing levels, ultimately influencing the delicate balance between offering high-quality cuisine and ensuring the establishment’s profitability. For restaurant owners and managers, understanding and effectively managing prime costs are paramount.
EATER
OCTOBER 13, 2020
The obsessive routine helped with everyone’s anxiety: When the news seemed to change hourly in March and April, knowing exactly what was for dinner each night was a small point of control. It’s now been six months; the at-home eating habits we had at the beginning of the pandemic are shifting as supply chains (for now) stabilize.
Synergy Suite
OCTOBER 26, 2023
A high COGS percentage signals that a significant portion of revenue is channeled towards covering production costs, potentially impacting overall profitability. Understanding these trends can help you make informed decisions about pricing, menu adjustments, and inventory management.
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