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04.16.11
What Is The Difference Between Dry and Wet Aged Steak??
In my blog post last week, I introduced you to Steak Week at Harry Caray's taking place May 16th through 19th. During that week we will be featuring a different side-by-side steak comparison and wine pairing along with steak and wine tasting notes describing the characteristics of the two different steak options and explaining how the qualities of meat influence the choice of wine.
04.11.11
Think You Know Steak? Put Your Palate To The Test!
When faced with the vast array of steak choices in restaurants and upscale grocery stores, do find yourself wondering: Is Prime really better than Choice? What’s the difference between Grain-Fed and Grass-Fed? Bison or Beef? Dry Aged or Wet Aged? What wine should I choose for which steak?
04.04.11
Eating Made Easy
Fifty years ago the profitability of a restaurant was measured in the most simplistic means; how many tables do you have and often can you turn your tables, or its capacity. Restaurants that were consistently occupied flourished while restaurants that consistently had open seats struggled. The formula for success remained unchanged until about 20 years […]
03.28.11
That Sinking Feeling
The restaurant industry is truly unique in that employees are more often than not bringing home most of their earnings as cash at the end of each work day. Of course, along with this comes a little bit of complexity when calculating payroll taxes on these wages.
When an employee’s net wages from their hourly salary are not enough to cover the withholdings on the taxes paid on their cash tips, this is known as a shortfall. And if not tracked properly, can lead to a big problem and leave you with more than a sinking feeling.
03.21.11
For Whom Are You Great?
If I could purge one phrase from the lexicon restaurant or small business owners it would be: “Once people try us, they love us.” These seven little words have launched many a bad marketing program. The problem with this sentiment is not just that it lacks humility (although it does). The problem is that the statement assumes that all customers pretty much the same, at least when it comes to their capacity for falling in love with your business.
03.07.11
Your Table is Waiting!
If you are considering opening a restaurant, there are many ways to leverage the current economic climate and its repercussions on the marketplace to work to your advantage. Allow me to share with you some of the advantages there are and then a couple of important things to consider. Leveraging the Marketplace Commercial Real Estate […]
02.28.11
Gift Card Crazy
I recently reviewed the stack of gift cards on my desk. In my case, the gift cards were predominantly from restaurants and I felt compelled to take advantage of using them by making a dinner date with my wife and friends. And of course, because I am an accountant, this got me thinking about the financial benefits for any company that issues a gift card. But for restaurants in particular, gift cards can assist in increasing cash flow and profitability.
02.21.11
Payroll Tax Happy Hour!
Kompai! Prosit! Na Zdrowie! Cheers! No matter how you say it, there is plenty to raise your glass about. The new tax law passed by Congress and signed by the President at the end of December provided for, amongst other nuggets, a payroll tax cut. Let me give you yet another excuse to raise your glass in toast by telling you how this will benefit us as taxpayers.
02.14.11
Are You Leaving Money on the Table?
How often do you see your employees leaving cash on the table? Never, right? No sooner have their guests left than the cash is swept up and into the abyss of their pockets. But you as a restaurant owner are leaving money on the table if you are not claiming the FICA Tip credit.
02.06.11
Whipping Up a Tax Savings Recipe
Like most, one of the things I enjoy most about dining out is the atmosphere. Places like Gibson’s, Lux Bar, and a slew of other restaurants have spent hundreds of thousands of dollars building out their restaurant concept. However, it is amazing how few restaurants owners take advantage of the benefits offered by doing a cost segregation study (with exception to our clients of course).