In the restaurant business, how do you keep your profits consistent when costs are continuously rising? Food prices, utility rates and wages are going nowhere but up. Especially in New York City where competition is fierce, you probably aren’t in a position to raise prices to offset increased expenses. So what can you do? You need to find a way to cut operating costs without impacting the quality of your product or the comfort of your guests.
A surprisingly effective strategy is to focus on energy efficiency. According to ENERGY STAR, the average restaurant uses 5 to 7 times more energy per square foot than other commercial buildings. If yours is a quick-service restaurant, you may be using up to 10 times more energy. That’s a lot of cash that could be going toward your bottom line. If you can save 20 percent on energy costs, that could increase your profit margin by as much as one-third.Read More
