Incorporating Food Prices and Staffing into Your Quotes

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Incorporating Food Prices and Staffing into Your Quotes

Profitable businesses are built on an effective pricing strategy, which starts and ends with accurate customer quotes. Too high and you may price yourself out of contention; too low and you risk eating into your bottom line. Calculating the sweet spot in pricing requires proper valuation not just of the end product but the cost of goods and services that go into its execution.

As you build customer quotes, two of the most important (and often most confusing) areas to price are your food prices and staffing costs. With supply chain concerns, increased inflation, and a tough employment market, it’s more crucial than ever to ensure your quotes adequately reflect your expenses to keep your profit margins healthy.

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How to Keep Up with Food & Beverage Trends Without Overspending

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How to Keep Up with Food & Beverage Trends Without Overspending

From the menus we create to the price points we offer, we all know that industry trends influence how we do business as caterers. In some cases, they can reduce expenses — like the shift towards plant-based proteins replacing traditional cuts of meat and seafood with cost-effective alternatives like tofu, tempeh, beans, and lentils.

However, trends often have the opposite effect on an event’s budget, driving up costs for high-demand ingredients and high-touch serving styles. As caterers, our goal isn’t solely to provide an excellent dining experience. We must also support our clients’ needs by maximizing their investment and helping them to save wherever possible.

Of course, there are plenty of ways to avoid overspending while still offering the trendiest flavor profiles, presentation styles, and menu options. Here are a few strategies to get the best of both worlds.

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Common Money-Saving Mistakes Caterers Make

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Every business owner should be watchful of their profit margins, but it’s particularly vital for caterers who must balance revenue with significant overhead. A team of experienced chefs and a fully-stocked kitchen don’t come cheap, so it’s wise to employ saving strategies to maximize profits as much as possible.

Yet, saving money can feel challenging in a business with such high liquidity. When the cash flow is always churning, it’s difficult to pinpoint opportunities to cut down on costs and stack savings.

Fortunately, we’ve compiled the five most common mistakes that leave caterers at a loss — and how you can cover up those gaps and grow your bottom line.

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Seasonality Can Mean More Money in Your Pocket

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Seasonality Can Mean More Money in Your Pocket

Seasonal menus seem to come naturally as the year cycles through seasons, but for caterers, it’s more than just a change for comfort and taste — it’s a budget-friendly shift that can help to maintain your profit margins all year round.

As we head into cooler months and the season of holiday celebrations, many catering companies are still in recovery mode from the impact the pandemic has had on the industry. With that in mind, increasing one’s bottom line is more important than ever before.

Adjusting your menus to align with the seasons is an essential strategy for the year ahead for two key reasons:

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Surprising Mistakes Caterers Make That Cut Into Profits

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Surprising Mistakes Caterers Make That Cut Into Profits

Running a business requires a very careful balance of inflow and outflow to ensure you maintain your profit margins and remain sustainable. One poor decision can impact your bottom line, so it’s essential to be mindful of revenue coming in and expenses going out at any given time.

However, when business is in a constant state of go-go-go, it can be hard to take time out to run the numbers and look for gaps and inefficiencies that are costing you hard-earned money.

We’ve outlined five key mistakes caterers make that reduce their profit margins so you can know what to avoid.

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