How Much will Minimum Wage Hikes Affect Your Prices?

In my last post, I wrote about a study that predicts increases in the minimum wage will lead to significantly more restaurant closures.  Clearly, many restaurants and bars are unable (or failed) to raise their prices in response to increases in the minimum wage, resulting in their ultimate demise.

Advertisements

Read Full Post »

Will Your Restaurant Survive The Minimum Wage Hike?

Premier Kathleen Wynn has announced that Ontario’s minimum wage will be increasing, substantially, over the next year and a bit. Based on studies done in other places, the jump in wages is likely to have a significant impact on small businesses, especially restaurants and bars.

Read Full Post »

You’re Probably Using the Wrong KPIs

Recently, I’ve been doing a lot of work implementing KPIs for restaurants and bars.  For those of you who may not know, KPIs are Key Performance Indicators.  Statistics, or metrics, about your business, that you can track to monitor your performance toward key objectives, such as profitability and growth.

Read Full Post »