Photo: Victor J. Blue / Bloomberg
Minimum Wage Increase Effects on the Restaurant Industry
At a time when minimum wage in the United States varied from $5.15 in Wyoming, to $9.15 in Connecticut, and with the Federal wage set at $7.25, New York made history when they raised their minimum wage to $15.00 (source: NCSL). While the plan will phase in over three years in New York City, and over six years in the rest of the state, the reaction was quick. While many in the media hailed the decision as being something that’s been needed for years, there were just as many naysayers. They claimed that raising the minimum wage would stunt the economy, as restaurants, especially locally owned ones, would struggle to meet payroll once the new minimum wage rates began.
Promoting economic expansion in the United States through E2 and EB 5 makes it easier for immigrants to achieve success in America. Breakthrough legislation created this immigrant investor program in 1990 to create jobs and to stimulate the American economy.
The perennial advancements of technology, never cease to captivate and astonish the diehard enthusiasts of innovation and advancement. At this year’s 2015 Consumer Electronics Show (CES) held in Las Vegas every year, besides the usual parade of electronic gadgetry, storied introductions of product previews, and climactic announcements of nascent technology for improving the quality of life in general, the food service industry took center stage with numerous technological developments in the way food is processed. The organizers of CES call them Smart Kitchen Innovations. The list that follows provides highlights of some of the most important features of these kitchen devices.
National Restaurant Association
Giving selflessly to charity has long been considered the hallmark of a beneficent character. And many restaurateurs, quite admirably, do it because it is the right thing to do without being aware of the associated financial rewards. The tax code provides restaurateurs some degree of tax relief that is available to businesses in general that give back to their communities, but few of them are aware of the most recent legislation that aims specifically at rewarding restaurateur for their charitable giving, a fact that has not gone unnoticed by restaurant CPAs, the contemporary restaurant consultant, and other restaurant advisors.
In any case even the savviest of authorities strives to identify what the deciding factors are that influence Millennials and where they choose to spend their dollars when they go out.
Millennials are an essential demographic; standing 90+ million strong, its the largest demographic accessible, by far.
The study of “Millennials” is focused around how purchasers ages 18-30 buy, perceive and choose (much the same as those in diverse demographics). In any case the study shows very different patterns about Millennial expending behavior. Cracking the Millennial buyer code is no easy task, but restaurant executives are willing to invest in the benefits.
You only have one chance to make a good first impression. This adage is especially true in the case of writing and distributing a press release to the media. Sloppy, inaccurate and pointless releases are the first to hit the bottom of a reporter’s trash can. To make sure yours isn’t one of them, consider these suggestions:
It is better to not send a press release at all than distribute one that is plagued with typos and inaccuracies. Make sure you thoroughly proofread the copy and provide the necessary contact information.
Taking Small Steps to Achieve Larger Goals
A well-organized weekly plan can truly make the difference between a growing profitable establishment and a drifting restaurant. Whether you are running a small “mom & pop restaurant”, a high volume casual restaurant, a theme restaurant, a fine dining restaurant, any food service venue or bar, the fact is the same… You must be organized and have measurable systems in place to be successful. Another truth is, “It doesn’t happen overnight”. In order to reach those long term goals, restaurant owners and operators should focus on likeminded and beneficial short term goals.
Increase your Restaurant’s Profits
There are several steps involved in increasing your restaurant’s profit margins.
First you need to evaluate your business, or have a non-biased professional conduct an in-depth operational analysis. An operational analysis will identify any areas that need improvement and a plan of action will be delivered to you as a guide on how to implement the new procedures.
In most cases, several minor changes in your daily operations can have a significant positive impact on your overall profitability and your way of life.