Technology is ever-expanding and evolving, and various technological innovations are constantly being adapted to perform in new industries, including the hospitality industry. Larry Mogelonsky, owner of Hotel Mogel Consulting Limited, offers the following recommendations on which hoteliers should consider acquiring and implementing in 2018. Utilize Customer Relationship Management (CRM) technology – Though the task of…
Finding the space that’s right for your business is critically important—but that’s not the only decision you have to make. A recent blog post published on Kizer & Bender’s Retail Adventures discusses the topic of buying versus leasing retail space. Buying – While buying is often a good investment strategy, there are important financial considerations…
In a recent article for Uncorkd, Kyle Thacker tackles the subject of how bars and restaurants can go about pricing their cocktail menus. Though the pricing formula is relatively simple, there are a number of strategic decisions to be made. The author presents the following steps: Figuring out liquor cost – Bottle purchase price ÷…
Food waste is a long-standing problem in the restaurant industry. A recent article published by the National Restaurant Association offers strategies for reducing your kitchen’s food waste: Re-evaluate the value of your food – Change your perspective about the value of the food in your kitchen through visits to local farms. Track the amount of…
In a recent article for hospitalitynet, Robert Rauch, CHA, President of RAR Hospitality offers guidance for independent hotels on finding the right tools and cost generators to best fit their business. His advice includes the following: A savvy sales team is key—this group can either make or break your hotel. Addressing global distribution system business,…
Restaurant renovations are essential, but risky, endeavors. Take a look at these tips, presented by the National Restaurant Association, and keep them in mind when you go to plan for your next remodel: Prioritize your goals—Divide remodeling ideas into “needs” and “wants” and go from there. Choose high-impact elements that deliver a big bang for…
It’s common industry knowledge that managing a business is a balancing act between minimizing costs and maximizing profits. One cost minimization area that is often overlooked is that of energy costs. In a recent article published by Retail Minded, the author enumerates a number of methods for saving energy and shrinking costs: Set energy efficient…
Word-of-mouth will probably always be the best advertising method, so the basis of your restaurant marketing program should always be offering a fantastic dining experience, across the board. However, there do exist other valuable methods for approaching marketing in this industry. In an online excerpt from their book Start Your Own Restaurant and More, the…
The decision to invest in a point of sale (POS) system for your restaurant is a big one, as these systems can come with a hefty price tag. It is important to think critically about your choice in order to select the system that will best serve your needs. An article published by hospitalitynet provides…
