Latest AMP News

Forecast Accurately to Take Control of Your Business

Q: With the recent shifts in the economy my business has become unstable. As we navigate into the next season how do I create more stability?

A: Every The business landscape is changing for restaurants. As the economy shifts pressure has increased while creating new opportunity. Grocery stores continue to offer more hot, prepared foods, third party delivery has put more pressure on meal periods and high performance, and minimum wage along with a tight labor market has led to increased wages. We’ve come to a point where the best operators will survive and thrive while less experienced or poorly placed concepts will struggle. With a keen focus on the guest and employee experience a requirement, forecasting and planning is a discipline that implemented or improved.

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Four Financial Trends Offering a Rare Opportunity

Q: As we start a new year I’m looking at trends in many different areas. I’m curious, what are the major issues in the financial areas?

A: Every year starts fresh with new ideas, energy, hope, interest and challenges. As we begin a new year, the restaurant industry has a rare opportunity to address and fix some issues.

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Invest Heavily in Training for Big Returns

Q: With the difficulty of staffing with such low unemployment it’s clear we must do a better job of developing bench strength. I’m considering many options, where would you start?

A: The job market today is hot. Turnover is high and plenty of people are leaving the industry to pursue other trades or professions. One of the imperatives to success is to have an organization that provides growth opportunities to counter balance talent loss. The best companies are those that think forward with their people. One can tell much about a company based on how much time and money is invested in teaching, training, and developing talent. Many companies wish they had the financial resources to invest in better talent development. The trap in this thinking is failing to realize the cost of turnover. If it’s true that it costs $10,000 plus to replace a manager and $2,000 plus to replace a crew member there is plenty of money to pay for additional hours and systems that will increase retention and develop employees from within an organization. To stay competitive in the war for talent consider the following:

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