FINANCE: The Ideal COGS for Every Type of Restaurant [Presented by Orderly]
You know that finding your Cost of Goods Sold is vital, but you have no idea what number your business should be at. We break down The Ideal COGS for Every Type of Restaurant so you can aim for a COGS that you know will save you money.
DID YOU KNOWS…
How WWI Changed France’s Wine-Cheese Relationship
Nothing’s more stereotypically French than a good cheese-wine pairing. They love their red wine with cheese, but that practice is more cultural than culinary. During WWI, daily rations gave soldiers one Camembert cheese and 25 centiliters of red wine. The wine was to replace soldiers drinking polluted waters. Wine was booming, and winemakers donated surplus to French soldiers to boost morale.
Canadians Like Healthy Breakfasts
This DYK is for our friends up north. According to a Nielsen report, Canadians favor (or favour) healthy breakfasts. 65% of those surveyed said they try to prepare healthy breakfasts or buy healthy breakfasts. What do they want in a “healthy breakfast?” Protein (50%), high in fiber (47%) and low in sugar (40%).
Mobile Advertising Booms
According to Zenith's latest global advertising forecast, advertisers will spend an additional $72.6 billion a year on mobile ads in 2020 compared to last year. Having overtaken desktop ads last year, mobile devices are now the second largest advertising medium worldwide, trailing only television. Mobile ad spending is expected to reach $180 billion in 2020, nearly double the estimated total for desktop advertising expenditure ($94 billion).
UBEREATS WANTS TO INTEGRATE POS
Why it matters to you: UberEATS purchased orderTalk to help with POS integration.
UberEATS has a ton of potential, and we all know how great it could be if it weren’t plagued by human error. Like with a lot of businesses, human error is the largest issue within Uber and thus doubly in UberEATS. To combat this, Uber acquired orderTalk, a Dallas-based restaurant tech company that specializes in POS integrations. At the moment, guests place an order and someone somewhere has to manually type the order in, leaving a HUGE margin for error. If uberEATS figured out a way to integrate itself into POS systems they can lower the likelihood of order errors.
One of our biggest complaints with UberEATS is how much can go wrong when you trust your food with a third party loosely affiliated with your restaurant. Being able to cut down on the human error is a huge step in overcoming that pain point. For restaurants that do their own delivery, take some time to look at your order reception to delivery process. Where are the biggest areas for error? How can you and your team cut down on those errors?
EVERYONE SHOULD TRY RESTAURANT WORK
Why it matters to you: According to one chef everyone should at least try it.
Anyone who has ever worked in a restaurant, café, or bar knows just how much the job keep you on your toes. Every day brings a variety of new obstacles, each of which is an incredible learning experience that builds an immense amount of character. We’d be hard-pressed to find anyone with the ability to handle stress more than a restaurant worker.
It is honestly a strangely comical scenario that a job that seems (on the outside) to be so similar day-to-day would actually throw us so many curveballs in ways nobody would ever expect. That said, everyone should try work in a restaurant.
Why? Well, you quickly learn in the industry that every position on the staff is to be respected. Even the “lowly dishwashers” play a vital role in daily operations. Restaurant work teaches you how to work as a team, how to move as a unit, and help your brothers & sisters when in need because nobody else will. So yea, everyone should try restaurant work.
