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Measuring Restaurant Performance During Covid

Posted by Dave

In an era when terms like Data Scientist, and Analyst are commonly used in mass media, it is important to understand that interpreting data can be complicated.  It is easy to draw the wrong conclusion. I touched on this point in my material for Restaurant Finance Week last November. You should take caution when measuring your restaurant performance during this Covid period. Read on to see why what you see may not be what's happening and how a poor analysis can lead you to the wrong conclusion.

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Topics: Restaurant Custom Reporting, Restaurant Performance, Performance

Pandemic Restaurant Recovery Success Stories- Fast Casual, Casual & Fine Dining

Posted by Leslie

We've been keeping a close eye on the pandemic recovery through our client's data. As you would imagine, the health & profitability of our client companies is extremely important to us. 
 
As the recovery began we were shocked to see how quickly some of the multi-unit restaurants we serve bounced back. We reached out to a few of our clients to learn what they were doing to get back to normal so quickly. 
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Topics: Restaurant Performance, Performance, COVID-19 Restaurant Impact

Business Intelligence is not a Project

Posted by Dave

The news and social media are filled with stories about dramatic new technologies like Augmented Reality (AR), and Artificial Intelligence (AI), and how these technologies are going to revolutionize every day life. Business Intelligence (BI) is part of those story lines, and the term suffers the same misconceptions and misunderstandings as AR or AI. These terms are broad categories of software, services, skills, and systems, but are not specific products or solutions. These terms are useful for discussing concepts and potential uses, but are not very useful to companies trying to apply them.

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Topics: Restaurant Performance, Performance

Is Restaurant Traffic Stalling?

Posted by Dave

 

Everyone has likely heard about the dramatic impact the Covid pandemic has had on restaurant sales. In March, it was common for restaurants to have lost 70% or more of their sales from 2019. Since then, we have all been monitoring the progress of sales returning to restaurants. One tool for monitoring the restaurant industry is the Mirus Index which allows us to examine trends daily across thousands of restaurants. Index tracks both sales and traffic patterns for each location, and the trends for both of these metrics leads you to some interesting questions. Have you been tracking both your sales as well as your traffic? Do you see any differences in each metric's trendline?

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Topics: Restaurant Profit, Restaurant Operations, Performance

Sizzler: An Approach to "Digging" into Restaurant Data

Posted by Kira

The competition in the restaurant industry is fierce. You need to make your brand stand out, apart from the rest. Bringing in consistent revenue is tougher than ever. Restaurant executives find themselves pondering a series of questions:

  • What steps do we take to make sure we stay ahead of the competition?
  • How do we assure the success of our marketing initiatives?
  • What are some tactics that help improve sales in our restaurant business?
  • Are our restaurants staffed properly for heavier and lighter traffic times?
  • How can we keep employee turnover down?
  • How can our employees help increase sales?
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Topics: Performance

Fast Casual Operations: 2 Areas That Affect Restaurant Profits

Posted by Frank

FastCasualProfits.jpg

The ordering experience at a fast-casual restaurant can be overwhelming for some guests. Take a second and imagine this scenario with me: You walk into a fast-casual restaurant with a friend. Let's say this is one of those new pizza concepts where you go through the line picking toppings, making your pizza similar to a Subway line.

It's lunchtime, the place is fairly busy. You have a handful of customers behind you as you stare at the menu board above. But it's ok, they are also staring, trying to decide how they should begin their journey. For some, the ordering experience can even cause anxiety. To make the process go smoothly and put guests at ease there are two things fast-casual operators can do. Focusing on these two areas will help fast casual operations increase profits.

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Topics: Restaurant Operations, Performance

Weekend traffic boosts restaurants in December

Posted by Dave

December continues to look like an important month for the restaurant industry. After years of poor or lackluster results overall, the first half of December has delivered positive same store sales and traffic, according to the Mirus Index.

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Topics: Restaurant Profit, Restaurant Finance, Restaurant Performance, Performance

5 Hassles Every Report Writer Goes Through

Posted by Dave

Why is it difficult to find and organize reporting data?

All you want is a factual answer to an important question you have about the business. It may take hours or days of labor to get all of the data put together properly. But you need to make a critical decision and you need the data to figure out the best course of action. To make matters worse, if you need to the data refreshed again in six weeks, it will take just as long to compile the data.

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Topics: Performance

Spreadsheet & Trust, Oxymoron or Truth?

Posted by Chuck

According to Microsoft, there are 1.2B (that’s right, B for Billion) Office users today. Of that, roughly 750M use Excel. Wow! That’s a lot of number crunching going on.

Error-Prone 

But what’s even more interesting is that 9 out of 10 (88%) spreadsheets have errors on them – that warrants another Wow! That’s a lot of inaccurate information being used by companies. And depending on the data being reported it could have a significant impact on a company’s regulatory compliance, perceived health not to mention incorrect assumptions being made about strategy, marketing, etc.

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Topics: Performance

Benefits of Consolidating Point of Sale & Back Office Data

Posted by Chuck

"POS, Meet BOH"

In today’s restaurant space, the business of owning and operating a restaurant is more challenging and competitive than ever before. This means it’s more important than ever to leverage technology to your advantage and no better place to start than using your Point-of-Sale system’s (POS) sales data combined with your Back of House (BOH) to help more tightly control your two biggest controllable expenses – food and labor costs.

Looking more closely, restaurant food & beverage purchases plus labor expenses account for 60 to as much as 68 cents of every dollar in restaurant sales. The combined total is referred to as; “Prime Cost”, and it's at this crossroads where the battle for restaurant profitability takes place. Why, because you have the ability to control these expenses. Unlike your fixed costs (lease, utilities, insurance, etc.), you can directly impact your food cost percentage by more effective purchasing, product handling and menu pricing and your labor with tools to help with allocation, scheduling and overtime reduction/prevention. More on the labor from an earlier series of Blogs.

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Topics: Performance

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