Restaurant operators must plan for minimum wage hikes, other costs

Restaurant operators must plan for minimum wage hikes, other costs

George Rice is vice chairman of Revenue Management Solutions, a pioneer in data-based solutions to pricing for restaurants and retailers. Clients have included McDonald’s, Checkers and Rally’s, and Famous Dave’s. This article does not necessarily reflect the opinions of the editors or management of Nation’s Restaurant News.

The pressure is mounting around the country to raise the minimum wage, which would have a profound impact on the restaurant industry. That, combined with higher costs for beef and transportation, means restaurant owners need to start thinking now about how increased overall costs may affect their businesses heading into 2015, and what they should do to plan ahead.

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