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How to survive the rising costs of the restaurant industry

Posted on November 1st, 2018 by admin - Blog

 

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Heartbroken to hear that one of our country’s and worlds best restaurants @camino_oakland … is closing , this should scare the hell out of every single one of us … when chefs talk in private and get real we talk about the challenges that are overwhelming us , for years we have seen this and lived this , imbalance of sky high real estate food costs labor costs , insurance disappearing work force , there is a very necessary conversation our industry needs to have about how and if it will be possible to survive , will we be able to sell food of the highest level for affordable prices and survive … realtors , investors, farmers , artisans , chefs , we gotta summit and fix this I know like me any of u that make commitment to use highest quality organic ingredients , pay your staff living wages and pray for sustainable growing economies, and all of the other factors that are working against us , look at our bottom line and think there is very little or any meat left on the bone for the rainy days that pop up seemingly weekly .. we need holistic change to systemic issues … Russ and Allison we Love u …your restaurant made us all proud and provided more inspiration than you could ever imagine… Long live Camino ❤️

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We saw this post on Instagram and felt compelled to respond. FoodBAM was built to combat the very issues so movingly addressed in this post. We are saddened to see Camino close. Our mission is to help restaurants rise above these challenges by offering solutions.

The industry is going through a change and many restaurants are struggling to keep up.

Misery has plenty of company in the world of restaurateurs when it comes to managing their financial strategy and other restaurant industry trends. Surging costs for restaurants aren’t merely the outlay of rent, food and beverages — all of which are increasing but encompasses a myriad of other expenses too.

While the costs keep mounting, menu prices have remained relatively flat since the demand for food delivery and the need to engage via social media has captured the public imagination.

Eating out has always been a luxury and now that luxury includes making restaurant food available anywhere. This new way of dining comes with a price to the restaurant operator. So how do we pay for the virtual restaurant that has become the norm in our industry without passing it all off to the consumer?

Something has to give.

“It’s getting harder and harder,” is the lament we hear every day from chefs and owners “My food costs are a moving target and there are just not enough hours in the day for me to maintain control over every aspect of my business. Finding the money to take things to the next level, like off-premise dining options, seems impossible. “

Each business decision is weighted with the obligation: to your employees, guests, your own creative ambitions and finances.

So, what can you do to find the money to keep up with the new demands of being a real player in the marketplace? How can you keep your culinary offerings affordable, fascinating, fresh and available outside of your brick & mortar operations?

The answers begin with you. Ask yourself these 3 questions:

  1.    What tasks consume so much of my time that I can’t manage my operating finances effectively or plan for growth?
  2.    What is my strategy for purchasing my products at the best price possible on an order to order basis to free up stagnant cash on my storage shelves?
  3.    What am I doing to find and implement tools to help me manage my business more effectively and profitably by using my dollars and time more wisely?

Owners, chefs & managers spend hours each week manually tracking every cost, like food, inventory and labor. This process is a perpetual time stealer.

A lot of work goes into managing the flow of product in a restaurant kitchen. Most chefs spend 10-12 hours just planning, ordering and receiving the product for the week.

If the numbers aren’t jiving, you can add another 3-5 hours of your time to playing detective and forensic accountant trying to figure out where those cases of shrimp went from your inventory or why your invoices are not matching your purchase orders from last month. You as the owner or chef become the engine that moderates the stability of the restaurant. Whether it’s on the books or on the plate, you are the one doing the math to account for every fluctuation. We don’t know about you, but we’re exhausted just thinking about this.

Well guess what, there is a way to streamline these processes that will free up the time and money you need to take your operation to the next level.

FoodBAM can be a resource to help you dig deeper to solve problems, use data to inform decisions and wrap your ordering and inventory into a single function. The only counting you have to do now is how many of those hours you just freed up will go to building your business or reclaiming some personal time!

 

What is FoodBAM all about? It’s about solving a need and getting personal. Chefs are asking for an all-in-one technology but curated with their preferences and personalized to their set-up. Our software centralizes all the ordering needs, takes inventory in minutes, handles recipe costing, accounting plug-ins and so much more!

Getting everything in ONE place for chefs has helped them gain greater visibility into their product procurement practices.  Using the software can save a chef or manager 5-6 hours per week in the ordering process alone.

FoodBAM offers:

  •        LIVE contracted pricing in app
  •        Tracks rebates based on purchases
  •        Get real-time reporting on inventory management
  •        Control food cost and save money with Recipe Costing tools
  •        Automate ordering and set custom approval systems
  •        Monitor key metrics across your entire business from any device in the cloud

We have a whole team dedicated to on-boarding and creating the software for your restaurant. No more relying on a clipboard, let us help you mobilize the day-to-day operation for your chef! The convenience revolution has started and FoodBAM is offering a tool that guides your management team and streamlines processes via technology, so they can be more productive.

The opportunity to build revenue and integrate time-saving tools is within your reach!  Jump off the hamster wheel and onto the fast track of success. Let’s get in touch and start reclaiming your business.