Elevated Hospitality Co’s Post

On today's Monday math minute we are talking about menu pricing. One of the hardest things a restaurant has to do is set their prices. Too low and the margins put you out of business. Too high and customers stop showing up. The worst thing that can be done, however, is constant price changing. Customers will not know what they will be paying when they walk in the door and that will stop them from ever stepping foot inside. If you are considering a price change or are worried about your margins, DM me VALUE and we can go over ways to keep your profit margin high without driving away business.

Simplicity is good for a business and it's customer base. Think about a restaurant that serves a little bit of everything, normally the food isn't very good. The chefs and waiters get stesssed out and the customers have a subpar experience. If your business specializes in one field or one product and does it well, you'll have repeat customers and well trained staff. Your business will slowly gain compounding revenue and market share. You don't need to be the first in your market, you just need to offer a better experience than the competition.

To run a profitable business, restaurants need to calculate their profit margin and know how to improve it. To equip restaurants with the know-how to become a financial success and serve their community for years to come, here’s an overview of ways to calculate, control and improve a restaurant’s profit margin: https://bit.ly/3LVSbch

It took me 20 years in the restaurant business to learn this but I will teach you in 2 mins.  1. No one cares about how hard you work; they only care about the experience you provide.  2. Have an all-killer, no-filler menu. Concise and high quality.  3. Invest in your team. Listen, Period. 4. Embrace your vendors as partners.  Follow for daily tips on how to grow your business.

Comment "UNSLICED" and I'll send over exactly what you need to be doing to improve your restaurant business.  The worst mistake you can make in your restaurant business is neglecting the quality of your ingredients to cut costs. You might think saving a few bucks here and there won't hurt, but trust me, it does. Customers notice when quality drops. They can taste it, they can see it, and they will definitely feel it. When you compromise on quality, you're not just saving money; you're losing customer trust. And once that trust is broken, it’s incredibly hard to win back. Invest in the best ingredients you can afford, create dishes you’re proud of, and deliver consistent quality. Your customers will appreciate it, and they’ll keep coming back for more. Don’t cut corners on quality. Invest in the best, build trust with your customers, and set your restaurant up for lasting success.

People have asked me what the The Queen Bee Role, or QBR is when implementing the Clockwork systems. Simply put, the QBR is the singular most important activity within your business that delivers on your brand promise. That is a doozy of a sentence, so let’s break it down to the critical elements: The QBR is always an activity. And it is always at the Doing level. The QBR is always a singular activity. You are likely doing many activities that support your brand promise, but only one can be the most important. That critical activity is the QBR. The brand promise of your company is the greatest commitment you assure the customers will receive when they do business with you. This is why the QBR is the heart of your organization – it is the most important activity influencing the survivability and thriveability of your company. Your brand promise is the pledge, assurance, or guarantees you make to your customers about what they will experience with your company. This is the most compelling reason why clients do business with you. And the QBR is the activity that most makes the brand promise a reality. In short, the QBR delivers on the promise. Examples of a QBRs are: FedEx - We deliver your packages on time. Savannah Bananas - Fun. Family. Entertainment. Your local doctor - An accurate prescription for your health. Fast food restaurant - Food served fast. T High-end restaurant -Remarkable food. Mike Michalowicz - Complex business ideas made simple and actionable. Write books that are easy to digest, empowering, and deliver results. What is your promise?

Why is it important to know your Restaurant P&L ? P&L stands for Profit and Loss statement which helps you to identify your Income/Revenue and Cost / Expenses for a period of time . Usually department head receives the P&L statement every month to understand where the Business stands and how was your previous month . Usually a Restaurant P&L consists of three parts A) Sale ( Food +Beverage +Tobacco/Miscellaneous) B) Cost of goods and the other expenses ( Goods purchased , Salary/wages ,Electricity, Rent etc. ) C) Net Profit Net profit % = Total revenue-Costs /Total revenue *100 Do not hesitate to ask your Leaders to show you the sample of P&L statement, let him/her take you through the details of it and prepare yourself to be ready for the big step in your career. Be a salesperson and a businessperson of your Restaurant . #business #restaurant #profitandloss #restaurantmanagement #hiltonhospitality

🔍💼 Are you looking to improve your hospitality business’ bottom line? Our latest blog post dives deep into actionable strategies for reducing food cost percentage. Learn how effective inventory management, strategic menu planning, and team empowerment can make a significant difference. Click through to read more and take the next step in mastering your business finances. 🌟📉🔗 https://lnkd.in/gzqpccEJ

One of the most common questions I get is "Why are businesses not making money?" This is often due to not having the right team, cost controls for food and labor, or low sales. Many people work long hours and do everything themselves but still struggle to make a profit. This is a common problem in the restaurant industry, but we help people turn things around in just eight weeks, helping them achieve work-life balance and higher profits. The average restaurant makes 5% profit or less, but we aim to help businesses reach 15-20% profit or more. Want to learn more? Follow us on YouTube: @andrewscott9329 #RegulatoryCompliance #MarketAdaptation #ChangeManagement

Running a craft beverage business can feel like a juggling act, especially when resources are tight. That’s why we’re excited to share this insightful article from Beverage Master Magazine: 'Ten Ways to Keep Profits on Tap.' It’s packed with essential tips and fresh ideas to boost your profitability and keep your business thriving. 🔗 Check out the link in the comments! Want to know how to put these ideas into action for your craft beverage business? Let us put our 20 years of experience to work for you today. #CraftBeverage #BusinessGrowth #FinancialTips