Print Page | Contact Us | Report Abuse | Sign In | Join
Manage My Business
Blog Home All Blogs
You have the idea for a great restaurant concept. You have the skill, passion, training and ability to deliver flawless execution of a delectable menu. Maybe most importantly, you have the connections to bring in the right people and capital to get yourself into the perfect piece of real estate. NOW WHAT, you silently ask yourself?

 

Search all posts for:   

 

Top tags: opening a restaurant  #balancing operating cost  credit card processing  hotel insurance  restaurant accountant  restaurant insurance  unemployment insurance  #Lending made easy  #loan  BrewBusiness  coronavirus  CTE  Education  First Job  OJT  reputable lender  Restaurant Owner  Stateauto 

Coronavirus Preparedness for Restaurants

Posted By Lisa Graham, Monday, March 9, 2020

 

What is 2019-nCoV Coronavirus?
2019-nCoV (Coronavirus) is virus that causes the COVID-19 respiratory illness. It was first detected in Wuhan, China. According to the Centers for Disease Control and Prevention (CDC), it’s unclear how easily or sustainably this virus is spreading between people. Typically, respiratory viruses are most contagious when an individual is most symptomatic, but there have been reports of the virus spreading when the affected individual does not show any symptoms.

To ensure that restaurants have the latest information about coronavirus, NRA createdindustry-specific guidance for owners and operators.

How are restaurants responding?
The foodservice industry follows strict local public health guidelines. To meet these guidelines, restaurants have safety protocols and best practices in place, including guidance fromServSafe. Owners and operators should contact their local health departments for the latest advisories/information about coronavirus in their community. The Association also has afact sheetwith information specific to the industry.

What can we all do?

The CDC suggests that people take the same steps they would to keep from getting the flu: get a flu vaccine, take everyday preventative actions – like washing your hands often – and see a doctor when you are sick. The World Health Organization (WHO) also haspreliminary guidanceon getting a workplace ready for COVID-19.

What is the impact to the supply chain?

It is still unknown if or how the coronavirus will impact the foodservice supply chain. Many organizations and researchers are monitoring developments.

Where can we find resources?

To ensure that the foodservice industry can easily access the latest resources from the best sources, we will continue to update this page as new information develops.

https://www.krha.org/page/COVID19

https://restaurant.org/Manage-My-Restaurant/Business-Operations/preparedness/Covid19

Actionable Information from the Association

Coronavirus: What You Can Do Fact Sheet

Handwashing 101

Cleaning vs. Sanitizing

Clean-up of Vomiting and Diarrheal Event


Tags:  coronavirus 

Share |
PermalinkComments (0)
 

Do you have the right retirement plan?

Posted By Cole Ebenkamp, Monday, February 17, 2020
Updated: Friday, February 14, 2020

Does your business offer a retirement plan?  If so, how much time are you spending on administration?  Are you paying too much?  What is your exposure to issues in regard to fiduciary liability? 

 

The Kansas Restaurant and Hospitality Association is partnering with McDaniel Knutson Financial Partners to bring an aggregated retirement program offering to all members and allied partners of the KRHA.  The program offers your business three main benefits:

 

  1. Save Time – by outsourcing the ‘chores’ of the retirement plan to a third party administrator, you can reduce the time your staff spends on retirement plan administration
  2. Reduce Cost – We are often able to find significant plan savings for plan sponsors who choose aggregation because we are buying on a larger scale (combined assets), instead of as a stand-alone (smaller) plan
  3. Eliminate Liability – your employers can eliminate two types of liability they have today, liability for the chores (administration) of the plan and liability for the investments offered in the plan.  This is the highest level of liability outsourcing available in the marketplace.

 

Our provider, TAG Retirement Services, offers a turnkey solution when it comes to your retirement plan.

 

Easier to Administer 401(k) Plans

Employers outsource the functions and liability of the retirement plan administration. TAG becomes each employer’s Retirement Plan Support Team in action and accountability. TAG eliminates a majority of your plan administration burden, allowing you to focus on your business.

 

Compliant 401(k) Plans

Employers are faced with a voluminous number of regulations, documentation, record keeping, and tasks that come from both DOL and IRS requirements. These include Form 5500, non-discrimination testing, tracking contribution and eligibility, compliance with ERISA guidelines, processing new enrollees, coordinating your annual audit (if applicable), processing loans and hardships, and processing distributions. TAG, as the ERISA 3(16) Plan Administrator on each retirement plan, takes on the oversight and execution of the tasks required to keep each plan compliant.

 

Substantial and Well-Known Providers

Since 2004, TAG has been offering aggregated retirement services. TAG works with Transamerica as Record keeper, with over $248 billion in assets under management, and Two West Advisors as the ERISA 3(38) Investment Manager.  McDaniel Knutson Financial Partners would work directly with your employees to make sure they are “retirement ready.”

 

 

 

Protection from Fiduciary Liability

TAG takes on the highest level of fiduciary liability by serving as an ERISA 402(a) Named Fiduciary on each plan in the TAG Retirement Program. This makes TAG responsible and accountable for operational and investment oversight. In addition, TAG serves as the ERISA 3(21) Non-investment Fiduciary and has selected Two West Advisors as the 3(38) Investment Manager. TAG, as a Named Fiduciary, signs off on all actions and decisions made for each retirement plan in the TAG Retirement Program.

 

Pay Reasonable Cost

The TAG Retirement Program is competitively priced, and often costs less than other programs that offer fewer comprehensive services. Pricing for TAG’s services include, but are not limited to: record keeping fees, document fees, plan design services, profit sharing design and on-going calculations, compliance and disclosure notifications, annual testing, loan administration, hardship determination and administration, tracking employee eligibility, and filing/signing Form 5500.

 

For larger plans that require an annual audit, TAG has negotiated a significant price reduction for the audit conducted by an independent audit firm. TAG prepares the data, contributing to the efficiency and cost reduction of the audit process.

For more information, or for a no obligation analysis to determine if your plan is a good fit for the program, please contact Jim Moore, at Jim@McDanielKnutson.com or (785) 760-2405.

Tags:  #balancing operating cost 

Share |
PermalinkComments (0)
 

Competing to Win New & Recurring Customers

Posted By James Bailey, CPA, Friday, December 20, 2019

The Problem: patrons of your restaurant believe they’re at higher risk of getting food poisoning from restaurants, like yours, versus cooking and eating at home.

The Solution: Keep reading to learn more about this issue and what you can do to boost food safety standards, better compete, and market your restaurant more effectively.

The Center for Disease Control (CDC) agrees with the public.  “The CDC estimates that each year roughly 1 in 6 Americans (or 48 million people) gets sick, 128,000 are hospitalized, and 3,000 die of foodborne diseases.”  Of these figures, 75% of foodborne illnesses originate in the hospitality industry.  Ouch! 

These alarming statistics frighten even most experienced restauranteurs.   Chipotle’s outbreaks, dating back to 2015, have been so widespread that they prompted the FDA to initiate criminal investigations.  Today, insurance carriers discuss and promote foodborne illness coverage as a standard next to property and workers’ compensation coverage.

 

With the potential threat out there, how are you minimizing risk and increasing opportunity?

The typical restaurant, also known as your competition, continues to take pride in meeting the basic food safety regulations.  As long as their violations are out of customer sight, it’s business as usual.  Their undeveloped procedures are your branding opportunity! 

The Kansas Restaurant & Hospitality Association’s Trusted Table food safety initiative assures customers that a higher standard of food safety procedures are an integral part of your operations.  To be a member, your organization must commit to the following enhanced standards.  You must:

  • have one employee (or more) with a ServSafe Manager Certificate onsite during your hours of operation,
  • be in compliance with the most recent Kansas Department of Agriculture inspection, and
  • be a current, active KRHA member.

Enhancing Pre-existing Food Safety Procedures into Your Revenue Stream

Trusted Table provides an avenue to market your superior food safety standards to your consumer base.  However, many owners are not fully capitalizing on this initiative.  It is easy for customers to walk past the provided logo decal or branded pens as they focus on reviewing and signing the credit card slip.

Successful marketing plans have incorporated social media platforms to get the message out with impressive results.  Whether it is Facebook, Twitter, Instagram or “insert your favorite social platform,” the message is direct.  “We are as passionate about food safety as we are about our food.”

Further, your servers and wait staff will enjoy spreading the word that your restaurant takes extra steps to ensure a higher food safety standard.  Back of house flyers are regularly used to help train staff on how and what they should say to a customer when asked about the program.

 

Ready to talk about how you can differentiate your restaurant from your competitors and increase revenue? Let’s talk about what the KRHA’s Trusted Table initiative and a strong marketing plan can do for you! 

 

About James Bailey

James Bailey, CPA, Senior Manager, leads Adams, Brown, Beran & Ball, Chtd.’s Restaurant Industry niche.  With over fifteen years of public accounting and restaurant consulting experience, he strategizes with ABBB’s Restaurant clients on the unique challenges they face. Additionally, James is a keen researcher of cutting-edge technologies in the industry.  For more information, visit www.abbb.com or contact him at jbailey@abbb.com.

This post has not been tagged.

Share |
PermalinkComments (0)
 

Adjusting Your Restaurant’s Recipe for Food Delivery Success

Posted By James Bailey, CPA, Friday, November 15, 2019

We’ve all seen or heard the commercials.  “[Insert insurance company name here] can save you tons of money and solve all of your insurance problems and needs.”  These commercials are usually clever and memorable.

 

For restaurants, considering insurance and liability when doing business with third-party delivery systems is often overlooked.  If your third-party delivery driver gets into an accident, do you know who is liable?

 

In a recent article, we discussed the financial struggles and inherent problems with third-party delivery programs.  Restaurant operators are faced with an array of challenges and must consider retaking control of the risks and rewards of their delivery operations.

 

Footing the Bill: Third-Party and Corporate Managed Delivery Risks

 

Businesses that hire third-party delivery providers need to be careful about the scope of the agreement. Restaurant owners take on huge liability when using third-party vendors. Many businesses using independent contractors (in this case, third-party delivery drivers) only discover this possible liability after a serious accident when it’s oftentimes too late.  The number one cause of workplace fatalities continues to be vehicle collisions, according to the National Safety Council.  Whether it’s an owned or non-owned vehicle, the risk for auto liability losses remains high.[1]

 

Third-Party & In-House Delivery Risks, Costs, and Opportunities

 

Though third-party delivery is new and shiny, make sure to read the fine print.  The contracts are not friendly to restaurants. Many contracts will state that the third-party is only the supplier of software to connect with a delivery partner and therefore, it assumes no liability if something happens when food is sent through that delivery partner.[1]

 

Traditional insurance products base premiums on industry averages regardless of the company’s liability profile.  As a result, little can be done to reduce costs and increase the bottom line.  Businesses must reassess the inherent risks, costs, and opportunities of a third-party delivery program versus an in-house program.

 

Adjusting the Recipe: Delivery Program with a New Platform

 

A new insurance platform and smartphone application, RoadWise, offers a solution for businesses to pay premiums  based on actual miles driven.  Even better, there is no costly equipment to purchase.  RoadWise is an app that is installed on the delivery driver’s smartphone.

 

Measuring out the Technological Ingredients

 

RoadWise sends driver analytical data to a dashboard for management review.  The creators cite that the application is powerful enough to detect speeding, hard braking, rapid acceleration, unsafe maneuvering, and phone usage while driving.  Based on these results, it calculates a driving score that can be used to manage delivery drivers based on actual behavior.  The touted benefits include safer driving habits, increased safety awareness, reduced risks and liability, improved customer experience, and lower premiums through actual experience.

 

This pay-as-you-go platform also has geofencing capabilities to spot when a driver goes outside of the delivery boundaries or takes an unexpected or sub-optimal route.  The insurance is active for both the company and the employee if the application is running.  This new technology and insurance platform will go live on January 1, 2020, and more information is available at www.roadwiseinsurance.com.

 

Think back to one of those insurance commercials we discussed earlier.  It’s difficult to fully understand an insurance policy from a short commercial, but the take away here is that you have options to help your restaurant’s bottom line.  Cheers to minimizing risk, increasing profits, and taking back control of your operations!

 

James Bailey, CPA, Senior Manager, leads Adams, Brown, Beran & Ball, Chtd.’s Restaurant Industry niche.  With over fifteen years of public accounting and restaurant consulting experience, he strategizes with ABBB’s Restaurant clients on the unique challenges they face. Additionally, James is a keen researcher of cutting-edge technologies in the industry.  For more information, visit www.abbb.com or contact him at jbailey@abbb.com.

 

This post has not been tagged.

Share |
PermalinkComments (0)
 

5 Mistakes New Restaurant Owners Make

Posted By Lisa Graham, Tuesday, December 12, 2017

 

 

Opening a new restaurant can be an exciting time, but it can also be overwhelming. Sean Dawson, CPA, offers some insight on common mistakes new restaurant owners and how you can avoid them.

 


 

We encourage you to contact a KRHA Allied partner if you have specific questions regarding this topic. 

 

Mize Restaurant Group

913-451-1882

www.mizehouser.com

 

Tags:  Opening a Restaurant  Restaurant Owner 

Share |
PermalinkComments (0)
 

Are you Running Your Brewery or is Your Brewery Running You

Posted By Lisa Graham, Thursday, November 2, 2017

 

The business of running your brewery.  You've gotten your brewing process just how you want it, but how's the business side of things? Ken from Mize Houser shares tips on how to get your operations running smoothly.


 

We encourage you to contact a KRHA Allied partner if you have specific questions regarding this topic. 

 

 

Mize Restaurant Group

913-451-1882

www.mizehouser.com

   

Tags:  BrewBusiness 

Share |
PermalinkComments (0)
 

The Wally Difference

Posted By Lisa Graham, Wednesday, October 4, 2017
Updated: Wednesday, April 18, 2018

 

For Restaurants & Food Service

 

As a restaurateur, your inventory of food is one of your most valuable assets; yet few owners take action to protect it beyond the occasional inventory count and daily temperature checks. A broken refrigerator or an open freezer door can end up costing thousands of dollars in spoiled food along with foregone revenues and profits.

To help business owners protect their assets, KRHA and State Auto Insurance are offering a program with Wally, a smart technology company, to provide members with exclusive offers on products that monitor your food storage and will alert you of potential problems. Even better, using Wally provides the opportunity to take advantage of potential special policy discounts! Learn more below!

What is Wally?
Wally is a complete water, temperature, and humidity monitoring solution that instantly informs you of potentially hazardous changes to an indoor environment—including changes in temperature and humidity, left open doors and windows, frozen pipes or water leaks—through local and mobile alerts delivered directly to you and your preferred contacts. Wally uses small wireless sensors inside food storage units that communicate back to a central hub connected to your internet through WiFi or Ethernet. Wally is simple to install and requires no monthly fees!

Wally is Smart Technology to Better Monitor Your Business

Sensors monitor the area and notify selected contacts via text, email and/or phone call when temperature and humidity levels leave a desired range, doors are left open or a water leak is detected. This early warning will allow you to take action and investigate a potential issue before a serious loss occurs.

Your Exclusive KRHA Membership Offer
As a KRHA member, and State Auto policy holder you can purchase a Wally bundle with five total sensors for less than the regular MSRP pricing! In addition, when you purchase this Wally bundle you may be eligible for discounts on select State Auto Commercial insurance policy premiums!

To receive your exclusive product and potential policy discount, or to learn more about Wally, please contact the KRHA. You can also contact your local State Auto agent or visit the Wally website at www.wallyhome.com.

 

 

Tags:  Stateauto 

Share |
PermalinkComments (0)
 

Lending Made Easy: Secure More Dough to get Back to Your Bread and Butter

Posted By Lisa Graham, Tuesday, June 20, 2017

Balancing your everyday operating costs while investing in expenses to grow your business doesn’t have to feel like juggling hot plates. While a small business loan may seem daunting, it’s often the best way to boost your bottom line. Here are a few reasons you may consider a loan:

 

  • Expansion – Is business booming out your front door? If you need a bigger space or need to hire more employees or fresh talent to keep up, a loan can help you cover the cost of expanding without wiping out your operating budget.
  •  Equipment – Is your equipment wearing out while your business is finally ramping up? A loan can make purchasing or updating outdated technology or equipment a reality.
  • Inventory – You already know you have to invest in high-quality products to be able to meet customer demand. A loan can help you keep up with ever-changing trends.
  • Working capital – Cash flow for basic operational needs can be a challenge for restaurant owners. A loan can provide a safety net to keep business afloat during off-peak seasons when profits may suffer.

 

If you think a loan may be right for you, the next step should be evaluating the right loan partner. Small business owners face multiple hurdles securing loans. In fact, only about one in five business that apply for a loan from a big bank are approved. However, that doesn’t mean you should take the first offer that comes along.

 

It’s important to find a reputable lender with transparent terms and rates. Be sure they’ve worked with businesses the size of yours before, don’t be afraid to ask for referrals, and most importantly, be sure the lender is invested in your success.

 

Here are a few loan pricing pitfalls to avoid:

  • Analyze your project to be sure your profits will exceed the total cost of the loan.
  • Be sure the true cost of the offer and repayment terms aren’t hidden. Many lenders may even modify the terms of the loan midstream.
  • Time is money. Look for quick approvals and faster funding, but be sure not to trade it for higher financing costs.
  • Watch out for quick money with hefty fees.

 

Whatever direction you decide to go, make sure you understand every aspect of the deal. As long as you work with a reputable, trusted partner, you’ll uncover the best option to fit your vision.

 

OPTIONAL SIDE BARS

 

Heartland Can Help Heartland partners with a number of reputable lenders who offer the best lending solutions on the market to get you the funds you need, in as little as one day, at the most reasonable rates possible – as low as 8 percent. If your business accepts credit cards, your payments are withheld automatically over the course of the loan period making repayment as easy as pie.

 

Call 855.861.8181 to get started today or contact Angela Ihry, 605.940.9861, angele.ihry@e-hps.com

 

We encourage you to contact a KRHA Allied partner if you have specific questions regarding this topic. 

 

Heartland Payment Systems

Angela Ihry

605.940.9861

angele.ihry@e-hps.com

www.heartlandpaymentsystems.com

 

Tags:  #balancing operating cost  #Lending made easy  #loan  reputable lender 

Share |
PermalinkComments (0)
 

Kickstarting Careers

Posted By Adam Mills, Wednesday, April 12, 2017

 

 

The restaurant and hospitality industry is known for its role in providing many Americans their first job.  While most people think of school when they think of education, it’s hard to top the value provided by “OJT”, on the job training.  One in 3 working adults starts off working in restaurants and hotels.  Even if this isn’t top of mind for most people, it probably wouldn’t surprise anyone.  Here are a couple of interesting facts that will cause you to stop and take notice.  Nine out of 10 restaurant workers age 35 or older have been promoted to higher-paying managerial or supervisory jobs after taking their first job in industry.   Among young adults, age 18 to 24, 71% land a more lucrative job inside their respective hospitality-based company after spending time in an entry level position.  Looking at these statistics you can see the true value provided by these restaurant jobs.  The buzz these days is that employers need to do more to provide a pathway to the middle class; well that’s exactly what hospitality industry job creators are doing!

 

We all know that careers can also be kick-started in the classroom, the KRHA/NRA ProStart program is doing its part by helping get high school kids on a career path to our industry.   These programs are not only shaping the advancement of our industry but are also instilling an education base and awareness for many.  A recent Gallup-Lumina Foundation poll says 80% of students in Career & Tech Ed (CTE) programs, like ProStart, meet college and career readiness standards and are 15% more likely to graduate high school.  

 

Next time someone is wondering what our industry is doing for America.  Simply reply, besides collecting sales taxes and rescuing to a starving economy.  We are busy educating our youth with CTE in High Schools, providing OJT career training to 1 in 3 adults, and opening all kinds of career paths to higher wages for a growing workforce.

 

With the NCAA national basketball tournament having just wrapped up, I’ll leave you with this classic from Al McGuire, a famous basketball coach at Marquette University who won a National Championship in 1977.   “I think everyone should go to college and get a degree and then spend six months as a bartender and six months as a cabdriver. Then they would really be educated.”  I agree Al!

 

Empowering a Thriving Hospitality Industry in Kansas!

 

Tags:  CTE  Education  First Job  OJT 

Share |
PermalinkComments (0)
 

Is Building a Better Business a Priority in 2017?

Posted By Adam Mills, Wednesday, January 25, 2017

 

A close friend of mine in the business recently hired a contract consultant to look into several areas in order to better operate their business.  In today’s business environment it’s necessary to turn over every rock to find savings and take a hard look into operations to ensure your business practices are compliant.  Here is a quick rundown of the consultant’s findings:

 

   Found tax savings by eliminating the sales tax on utilities including a 3 year look back credit of overpayment.  $2,500 back to the business

   Looked at all Insurances to ensure they were adequate and shopped to find best program and pricing.  Saving $2,000. Also found missing necessary coverages that could have been a major loss to the business.  This could have represented additional savings of thousands had it not been identified until after a loss.  Finding the missing coverage was worth more than all the found savings put together.

   Found several areas of non-compliance in their HR practices, including a need to rewrite their employee manual. Consultant offered an inexpensive service to handle all HR needs of the business, including handling all of their Unemployment claims, pre and post-termination.  The total cost of employee manual rewrite and full-time HR consulting, $400 per year.  Saving $1,000’s in potential violations and lost UI hearings.

   Noted that while many of the employees were getting their food safety certification, they weren’t taking advantage of discounts available to them.  Savings of $300.

   The consultant looked through the various opportunities gained by recent changes in the law and other missed opportunities; recommending the following:

  • Have happy hour focusing on one signature beer, wine or mixed drink each day and pairing with an appetizer from 4:00 PM to 6:00 PM.
  • Offer a sample size of the beer of the day, preferably a microbrew.
  • Display the food safety certificates for public and health inspectors to see, demonstrating a commitment to food safety excellence.

   The consultant set up multiple opportunities to network with other owners and operators to share industry knowledge and information.

   The consultant provided webinars for viewing either live or on demand on a variety of topics including marketing using social media, changes in Overtime Law, and ACA compliance.  Not only that but a large catalog of informational articles pertaining to Frequently Asked Questions that owner/operators have.

   Due to their knowledge of industry needs, the consultant also discussed the need for meeting on a regular basis with regulatory departments including the KS Department of labor, KS Department of Revenue including Alcohol Beverage Control Director and staff, KS Department of Agriculture regarding food inspections.

   The consultant also agreed to be available to answer questions and provide resources dedicated to problems the business having as it relates to industry needs.

 

This consultant put $5,000 back in my friend’s pocket and saved him at minimum $25,000 in potential losses, fines, etc.   What do you think the cost would be to hire a consultant like this?  

Open up your checkbook and see how much you paid in dues to KRHA last year, we are that consultant.  If someone isn’t a member today, it’s less than the cost of a beverage per day. 

 

Tags:  credit card processing  hotel insurance  opening a restaurant  restaurant accountant  restaurant insurance  unemployment insurance 

Share |
PermalinkComments (0)
 
Page 1 of 2
1  |  2