For restaurants, every input is getting more expensive. Although you often hear these increases are “transitory,” that is not the case.
How do independent restaurateurs cope with rising prices? The answer is not so simple. With costs of some products up over 50% from a year ago and an overall cost of goods sold (COGS) inflation rate of 12 to 15%, drastic measures need to be taken to ensure survival.
Should you raise prices? Cut back on portions? Eliminate expensive items? Overhaul the menu? Manage inventory in a new way or for the first time?
The answers are different depending on your situation. But no matter what, you must have a complete understanding of your restaurant’s financial situation. Sign up for no-cost, confidential consulting so you can make the best decisions.
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