In the food service industry, one of the most important factors in making your business a successful one is controlling the money. Actually, this could be classified as the most important factor in the success of a restaurant, or any business for that matter. Managing your funds correctly is the backbone of what it takes for a business to thrive. Making money is the main purpose of a business, after all. The author of the article I read gives a report of the recent up and down movement of the price of food that restaurants have to pay. The article discusses the volatility of the food market and conveys the message of just how important it is as a manager to stay up to date with the prices of food so that you will not get in too deep and lose a great amount of money if the price of food increases.
Food prices have been to record lows and highs in the past two years (Spinner 1).
This wide range shows just how sporadic the food market is. Keeping food cost in a restaurant at the desired level is difficult, but can be done with the proper knowledge. However, when food prices go up, as they inevitably do, and stay up for an extended amount of time, sometimes restaurants are forced to increase their menu prices. But that is the way of the food market; prices go up and down. It is just the natural cycle of economics.
The Essay on Technology and Restaurant Business
... way affected and changed the food industry or the Restaurant business. Any restaurant that ignores the use of ... amount of sales made and its overall market share at large (Cockerell, 2013). ICT or ... a variety of different dishes and their prices. The menu gives the customer a chance ... important to enhance convenience and comfort amongst the customers. Android applications generated for the restaurants ...
Another factor that can attribute to the rising of menu pricing is energy cost. If the price of the energy used to prepare the food increases along with the food price, it could mean trouble for businesses. “Establishing long-term relationships with vendors remains one of the best ways to stay ahead of food costs” (Spinner 2).
Also, in present times, technology has allowed purchasers to keep real-time updates on the cost of food items at that point in time. These things help operators to keep the upper hand on rising food costs. Food cost is the most important aspect of running a restaurant.
It is the basis for the entire operation. It is also where one of the biggest allocations of money is located and managing that correctly can make or break a business. And that is precisely why classes such as cost control, menu planning, and accounting are a must for not only owning your own business, but just for knowing what is going on in your place of work. Even if you do not own your own business, having that knowledge of how to work the money will maybe help to improve the food cost at work and help them save money and that in turn will show your superiors that you know how to contribute to their business, which could lead to things such as bonuses, promotions, and it even might open the door for the opening of your own business. And that is what it is all about.
