New York City Restaurants: How to Calculate and Control Labor Costs
New York restaurants operate in one of the most expensive labor markets in the country. New York State’s minimum wage is currently $16.50 per hour, while tipped employees earn a minimum cash wage of $11 per hour, allowing operators to apply a $5.50 tip credit toward the standard minimum wage. Tip pooling arrangements must be […]
6 Restaurant Metrics, Benchmarks and Measurements to Track Profitability
As an independent or multiple restaurant chain owner in New York City (restaurateur) there are certain metrics or key performance indicators (KPIs) that you should be tracking and evaluating over specific periods of time to understand the health of your hospitality business. By regularly calculating financial performance metrics, restaurant managers can find negative trends and […]
Restaurant Profit and Loss Statement: The Complete Guide for NYC Restaurant Owners
Restaurant Profit, Loss, Financial Data You can run a packed house every night of the week and still lose money. It happens more often than most restaurant owners want to admit — and when it does, the profit and loss statement is usually the first place the answer is hiding. The average restaurant operates on […]