How Chain Restaurants Benefit from Better Data Reporting
Originally published by Christian Valiulis on Food Newsfeed.
The restaurant world is fast-paced, with new brands opening and others closing every day. The stakes are high for restaurants looking to scale up and add locations amid this fierce competition for customers. But if brands can’t track and maintain current employee and business data, how can they grow successfully?
Use Data Reports to Realize Your Growth Potential
Data reports paint a detailed picture of a restaurant’s operations, from menu sales to labor reports and payout details. If that picture isn’t crystal clear due to inaccurate information, the company’s decision makers will miss the opportunity to address complications before they become major issues.
Restaurant groups can ensure that they don’t miss a single opportunity to grow by implementing the following strategies to improve their data reporting:
Tackle Turnover and Control Its Costs
Managing turnover isn’t just about retaining top talent, though. Restaurants must also identify costs associated with regularly gaining and losing employees, such as new hire training. Brands with multiple locations should identify which ones have the highest and lowest turnover rates and take note of what the managers at each location do differently. They should then compare those results to industry averages to ensure they aren’t experiencing anomalies. The way a restaurant group manages these additional expenses will determine its growth.
When turnover is inevitable, the costs can be mitigated by utilizing resources such as the Work Opportunity Tax Credit. If the data supports the need for a new hire, then that tax-credit program will help offset some costs that come with the hiring process.
Manage Labor Expenses With Strategic Scheduling
To stay on top of their labor expenses, restaurant leaders should track employees’ work hours at each location and adjust them to minimize unnecessary overtime payments. If one waiter or waitress consistently works overtime and another doesn’t come close, leaders should consider modifying their shifts to even out their time. After all, if their restaurants previously paid $7.50 an hour and the minimum wage is now $10 an hour, their overtime pay would be $15—twice the previous hourly rate.
Restaurant owners can also use their attendance reports to go a step further and evaluate their full-time employees versus part-time and seasonal workers. They should make sure their staffing levels and hours worked match their needs during both busy seasons and slower weeks. They must confirm that previous data is accurate by monitoring hours scheduled versus hours worked, then use it to create more efficient staffing schedules in the future.
Carefully Curate General Ledger Reports
Creating general ledger reports can be complex, so utilizing data collection technology to streamline each location’s reporting is important. But according to the National Restaurant Association’s Mapping the Restaurant Technology Landscape survey, 32 percent of managers admitted that expensive start-up fees and difficult implementation processes made it challenging to incorporate new technology.
However, outdated and patchwork technology can lead to far costlier outcomes. Restaurant group leaders should evaluate potential solutions and should choose one that is scalable and easy to use. That way, they can ensure sales, inventory, staff, turnover, labor expenses, and other data is accurate so they can analyze it effectively.
About Christian Valiulis
Chief Revenue Officer Christian Valiulis at APS is a member of the Forbes Business Development Council. As a national human capital management and full-service payroll processing company, APS delivers a unified cloud solution backed by guaranteed payroll tax compliance services. Christian oversees marketing and sales, channel partnerships, and strategic product and service alliances. Connect with him on LinkedIn to stay up-to-date with his most recent publications.
Check out more great articles from the APS Blog covering HR, payroll, and everything in between.
For employers that want to implement covid-19 vaccine tracking, payroll and HR software can help. This article provides tips and resources. Learn more!
In this comprehensive guide on recruiting for restaurants, we provide the best ways to get your job listings in front of the best available candidates. Learn more!
Learn about the different reporting methods for 1094-C and 1095-C ACA annual reporting so you can maintain compliance.
The spirit of Thanksgiving can be channeled into different aspects of the workplace, but many companies just don’t know how. Here’s how they can.
TrustRadius has named APS a 2021 Tech Cares Award recipient. Learn more about how this helps customers and vendors alike.