In this powerful interview, two restaurant industry experts with over 60 years of combined experience come together to tackle one of the most pressing challenges facing restaurant owners today: rising costs and menu pricing.
Michael Thibault (The Done For You Restaurant Marketing Man) and Ryan Gromfin (The Restaurant Boss) share their extensive knowledge from helping thousands of independent restaurants succeed in today’s challenging economic and sales market.
Drop in on this candid conversation that goes way beyond the typical “just raise prices” advice, diving deep into proven strategies for maintaining profitability without alienating customers.
Whether you’re struggling with increasing food costs or considering another price increase, this interview provides actionable insights that could transform your restaurant’s bottom line.
Key Interview Highlights:
00:01:24 – 02:18
- Introduction to the critical issue of rising costs in restaurants
- Why arbitrary price increases aren’t the answer
02:40 – 05:03
- Discussion of proper timing for price increases
- Why making “your problem their problem” is dangerous
- Initial approach to analyzing restaurant costs
05:54 – 08:19
- The In-N-Out Burger case study
- Understanding perceived value in pricing
- Why competition isn’t just about similar restaurants
15:54 – 18:53
- Deep dive into controlling costs before raising prices
- The importance of standing in your kitchen
- Real examples of cost-saving opportunities
20:22 – 23:45
- Understanding prime costs and proper measurement
- Why percentages alone don’t tell the whole story
- The truth about food cost percentages
34:29 – 37:23
- Introduction to Modern cost control
- How technology can transform restaurant profitability
- Real-time data management for better decision making
39:10 – 42:37
- Detailed breakdown of proper financial tracking
- Common bookkeeping mistakes restaurants make
- How to properly categorize sales and revenue
Special Bonus: The interview includes an exclusive offer for restaurant owners looking to gain better control of their costs and profitability through a new revolutionary system.
