SPORTS: What Sports Bars Need to Know about the ACC Network
Ladies, gentlemen and other esteemed guests, your long wait is over. The ACC launched their new network on August 22nd. But what does this mean for sports bar operators and should most of you even care? We look at to what’s being shown on ACCN, where to get it, and how to find it on your daily SportsTV Guide listings.
DID YOU KNOWS…
KFC Tests Vegan ‘Fried Chicken’
The meatless meat phenomena continues on. KFC is reportedly testing vegan “fried chicken” using Beyond Meat. The chicken-like nugget trial is running in Atlanta and will be available as both plant-based nuggets and “boneless” wings. While meatless beef has been popular, KFC becomes the first fast-food company to try a meatless chicken product. Also of note: Beyond Meat pulled their “chicken” strips earlier this year for not meeting company standards.
US National Debt Growing Rapidly
Debt held by the public as a percentage of GDP is projected to rise rapidly over the coming decade. It currently stands at 79% and it's forecast to increase to 95% by 2029, its highest level since just after the World War II. Debt held by the public is all debt owed by the federal government to those outside the federal government including individuals, businesses, banks, insurance companies and foreign governments.
World’s Biggest Beef Producers
The United States is projected to produce 12.7 million metric tons of beef and veal this year, according to the USDA. Brazil is estimated to produce 10.2 million metric tons of meat, and is among the world's top exporters of beef and veal. The EU and China are vying for third place with 7.8 and 7.4 million metric tons respectively.
THERE’S A POLICY FOR THAT
Why it matters to you: It’s time to review your insurance coverage.
Of all the elements of protecting your business, insurance is by far the most complicated and least sexy. Consequently, most of you put the effort in once to insure your business and never look back. This is exactly why you should periodically review your coverage to ensure you are both protected and not paying more than is necessary. Frankly, with recent spikes in extreme weather and other environmental events, your insurance protection is only going to get more complicated. If you are concerned about where to start, this piece on the “insurance you didn’t know you needed” is a great place to gain some ideas on what alternatives you have and how they work.
Let’s face it, insurance is not all that different than gambling. The only real variation is that you are betting you will have a loss and insuring it’s as painless as you can make it. Whether it’s Flood Insurance that is required by your lender or Business Interruption Service to compensate you when something out of your control closes your restaurant, there are myriad choices and you need to be informed enough to divine which matches your name. Yes, your broker should be someone you trust, but that doesn’t mean you should do so blindly. This a perfect time of year to review your insurance to add what you might be missing and adjust your policies to match your current situation. Give the blog a read, then then call your agent and give ‘em hell!
[Source: National Restaurant Association]
WHERE DID YOU GET THAT T-SHIRT?
Why it matters to you: Use premium items to expand your brand footprint.
Do you remember the TV series, Cheers? The restaurant that inspired that show is called the Bull & Finch Pub in Boston’s Beacon Hill neighborhood. For years it has been a prime tourist spot in Boston, but more importantly to the restaurant, they sell upwards of $10 million in premium items every year. Nearly double the restaurant’s sales, it’s an incredibly lucrative side venture for a restaurant known to locals as a place to avoid all summer.
But how do you build a t-shirt biz at your restaurant without the benefit of a TV show about it? Well, tapping the world of restaurant merchandise might not be as hard as you think. However, there is no doubt, your restaurant has to create its own distinct brand identity if you are going to sell t-shirts and beef mugs to visiting guests.
If you do sell t-shirts surely you have heard someone say, “Give me a free one and I’ll advertise all over town for you!”Of course, it’s an annoying thing to say, but it’s also kinda true. That isn’t to say you should be giving away t-shirts, just that guests that wear them around are advertising for you and expanding your brand. Since, it makes no fiscal sense to give away all of your premium items, then you have to ensure your logo/brand are interesting or outrageous enough to compel guests to make the purchase. Take the example from this blog of the Tricky Fish in Dallas. Their logo is of a geeky fish with an under-bite and accompanying tag line, “Live Life Off the Hook.” It’s a catchy phrase sided with a suitably endearing image. Given the potential brand value, it’s at least worth exploring the premium world to see what fits your business. The investment doesn’t have to be big, just thoughtful; you can build a viable and profitable side-biz for your restaurant.
[Source: FSR Magazine]