Keeping an eye on your Prime Costs is important to operating a successful restaurant company. Learn how to calculate and use restaurant prime cost and the targets you should aim for.
We talk a lot about specific ways restaurants should measure performance. It's basically what we help restaurant executives do. The data management services and analytic tools Mirus provides allows multi-unit restaurants to see how things are going on a broad and drilled down basis. There are lots of things that go into measuring restaurant performance. In this post we are going to discus three basic ways restaurants measure performance.
Topics: Restaurant Performance
The one year anniversary of Covid-19 in the United States has come and gone, and vaccines are going into the arms of people faster than we expected back in December. It's only a matter of time when everyone who wants a vaccine has received it. There is light at the end of the tunnel.
For those following our irregular updates on the impact of Covid on restaurants, the world turned upside down for many in the past week. The picture below shows the last 7 days of Mirus Index. What do you think is going on?
In the past year many restaurants have added new technologies to help with online ordering and delivery. Which means more systems and data to manage. Learn all about restaurant tech and data stacks and what the difference is between the two.
In a prior blog post, How to use PMIX Analysis, I wrote about Restaurant Product Mix in various stages of reporting complexity from Basic to Advanced Reporting and how each view can provide different insights. Today’s blog is going to capitalize on that prior issue but also take a different view in an effort to expand on the uses for PMIX.
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.
We have been sharing a story this year on the progression of Covid-19 and its impact on the restaurant industry. After months of steady improvement, there are signs that the situation is getting worse for the industry. The speed of the decline also seems to be increasing, at least in some segments.
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.