Tuesday, February 7, 2017
RISE UP: It's Time to Start the Restaurant Party
There's a lot of political infighting going on in the US -- and the restaurant industry isn't exempt. It's time we start the Restaurant Political Party and start lobbying for what works best for our industry.
INFOGRAPHIC: 12 Things You Should Never Say at Work (And What to Say Instead)
Every job -- even the restaurant industry -- can fall prey to the pettiness and personality clashes of office politics. Here are 12 things you shouldn't say at work and some more diplomatic ways of putting it to get things done.
DID YOU KNOWS…
10 Trends in Italian Wines for US Restaurants
Forbes had a nice, short article straight from VINO 2017, listing trends in consumer demands and the driving forces behind them. Here are 10 takeaways.
Taco Tuesday with a Twist
Comal, a Berkeley restaurant, has started selling taco bowls with the profits going to support immigrants and refugees from the seven countries impacted by Trump’s executive order. The owner – a former Soviet Union citizen – says more than half of his workforce are immigrants and “we want them to know we are standing with them.”
The Superb Owl
According to Google, searches for the “Superb Owl” spike during the Super Bowl every year.
FEEDING THE ECONOMY
Why it matters to you: your restaurant is an economic driver.
Fast food has a huge impact on our world and is not just what we’re craving for lunch. According to BBC.com, fast food actually reveals multiple secrets about the economy, many of which include surprising aspects of our behavior and hidden changes in the market. The article goes on to analyze how multiple fast food related properties have impacted our economy from international trade to the cost of goods sold affecting selling prices. The restaurant industry is the epitome of representing the shifting economic factors.
In fact, The Federal Emergency Management Agency in the US keeps a check on the length of the menu at Waffle House outlets after a natural disaster. If customers are being offered a limited menu, then food supplies at the restaurant may be low as an immediate result of the crisis. Restaurants are the backbone of many economic models, therefore, we all influence its constant change.
MONEYBALL, AIN’T JUST ABOUT BASEBALL
Why it matters to you: Are you unlocking secrets with data?
You don’t have to rely on guesses and your gut anymore. Data and technology show you what you’re missing, according to Tom Colicchio who uses data platform Avero in all of his restaurants. When profit margins are as low as they are in our industry, looking to data can help grow that margin.
It can lead to better business decision making. Analytics gets you insights sooner and helps you adapt to changing consumer trends. New menu? You can know almost right away if certain dishes are a success or which of your servers needs more training. Of course, data isn’t everything. You still need a great guest experience, which is created by your staff and certain aspects like attractive décor and ambiance in a full-service restaurant.
Why it matters to you: restaurants have some of the lowest fail rates within their first year.
The restaurant industry probably has a dictionary full of misconceptions. We’ve found one to add to that list about restaurant failures. According to Forbes, there is a huge delusion that most restaurants fail within the first year of opening. One culprit in this misinformation stems from an American Express commercial which warns that a staggering 90% of restaurants fall into that first-year fail-gap. Two economists recently found that really only 17% of restaurants fail within the first year. Big difference.
This is actually a lower failure rate than other service providing businesses such as real estate or automotive repair. The article also shows that, as with many industries, the death rate of restaurants has fallen over time, which means it may be harder for us to be unique. Overall the food service industry itself stands very similarly to others in terms of success, failure and turnover rates.