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Restaurant Sales Predicted to Grow by 5% in 2016 [video]

Feb 23, 2016 9:45:22 AM / by Brian Paulson posted in restaurants

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In the recently released 2016 Restaurant Industry Forecast, the National Restaurant Association projects that restaurants will post sales of $783 billion in 2016, a gain of 5% over last year's figures.

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Tax Tips for Restaurants

Feb 18, 2016 8:14:04 AM / by Burt Monroe posted in restaurants, small business taxes

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While we strongly advise every small business owner to partner with an accounting firm for tax preparation and filing, we understand that many restaurant owners are simply not aware of certain tax provisions that could save them a lot of money.

Because restaurants have unique costs, you are eligible to claim deductions to reduce taxable income. By maximizing your tax deductions, you lower the reported profit for your restaurant, which helps minimize the taxes you owe.

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Use Restaurant Week to Develop New Regulars

Feb 16, 2016 8:46:49 AM / by Burt Monroe posted in restaurants

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Restaurant Week hits Minneapolis next week, February 21-26. Foodies will be able to take in different bites from participating restaurants throughout the metro area.

Participating restaurants will serve two-course lunches for $10-$25 and three-course dinners for $15-$35 (beverage, tax and gratuity not included) over the course of the week.

For the diner, fixed pricing is a way to experience restaurants that might otherwise seem out of their price range. For the restaurant owner, it’s a way to gain exposure, encourage advance reservations, and begin new relationships with customers.

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Restaurant Math for the Independent Owner [Infographic]

Feb 11, 2016 8:37:00 AM / by Bob Warner posted in restaurants

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Restaurants are fueled by a passion for sharing food and experience. Passion alone, however, will not keep an establishment in business long-term. Successful independent-restaurant owners start with a well-developed business plan and build a path to profitability by tracking and analyzing key performance indicators.

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Boost Valentine's Day Profits: 5 Last-Minute Ways to Promote Your Restaurant

Feb 9, 2016 8:43:00 AM / by Bob Warner posted in restaurants

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According to the National Restaurant Association, more than 70 million Americans will choose to dine out on Valentine’s Day, which makes it the second most popular holiday to dine out behind Mother’s Day.

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Should I Raise My Menu Prices?

Feb 4, 2016 8:32:00 AM / by Brian Paulson posted in restaurants

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Restaurants are particularly susceptible to profitability issues due to the nature of the business. Menu pricing becomes an increasingly important tool as inventory staples fluctuate in cost. Although raising your menu prices may increase the potential for profitability on paper, asking for more money from an already strapped customer may turn business away, harming your bottom line in the long run.

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Ready, Set, Grow: 15 Ways a Monthly Accounting Service Will Help Your Restaurant Through the Stages

Feb 2, 2016 8:16:00 AM / by Brian Paulson posted in restaurants

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Whether you’re taking the first steps toward opening your own restaurant, looking for ways to improve profits at your existing establishment, or exploring new opportunities for growth, partnering with a monthly accounting service will help you set the table for success.

Here's a quick list of ways a monthly accounting service will help your restaurant throughout the different stages of your business.

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Ways to Boost Sales for Your Restaurant: Treat Expenses as Investments

Jan 12, 2016 9:13:16 AM / by Brian Paulson posted in restaurants

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Many family-owned restaurants operate on the notion that cutting expenses is the best way to reach profitability. However, when a client comes to us for financial advice, we tend to find that they’re not overspending. More often than not, we discover that independent restaurants are closely watching their expenses, which can have a limiting effect on potential profits.

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Are You Ready for a Second Restaurant?

Jan 12, 2016 9:08:03 AM / by Brian Paulson posted in restaurants

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If you’re contemplating opening a second location for your restaurant, chances are business is good. Just because your existing location is providing positive cash flow, however, isn’t the only mark that you’re ready for expansion.

Several factors to determine if you’re ready to open another restaurant should be considered before committing to the process.

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The Importance of Accurate Restaurant Performance Metrics

Jan 12, 2016 8:58:58 AM / by Brian Paulson posted in restaurants

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With so many moving parts involved in operating a restaurant, calculating and reviewing performance metrics over time is a way to spot negative trends and identify areas of improvement.

This becomes especially important for restaurateurs who don’t play a hands-on role in the daily activities of running the business.

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