Operating a Profitable Restaurant – Episode 3
During today’s podcast episode we’re going to look into the impact that a minimum wage increase can have on your restaurant. There are many different options that restaurants can take when working to cover the deficit that a dramatic wage hike causes. We’ll dive into restaurant accounting best practices of Surcharges, Menu Price Increases and Labor Scheduling.
If your state has not yet been affected by a minimum wage increase then you haven’t had to make a decision just yet on how to mend the money gap the increase will inevitably cause. It’s important to note that when the time comes that you do have to make changes, you make an educated decision backed by facts and numbers BEFORE implementing them. It’s also extremely important to accept the fact that no matter what course of action you choose to take, unfortunately, you simply can’t please everyone; it’s also just as important that you stick with your choice.
Want to learn more? Check out our blogs covering the impact that a minimum wage hike will have on your guest, team and profit.