In 2020, the James Beard Foundation launched the Open for Good campaign to help the restaurant ecosystem survive the unprecedented crisis brought on by the COVID-19 pandemic.
Financing Your Restaurant: What Models You Should Consider When, and Why
Deciding how to secure financing is one of the most important decisions a restaurateur will make. A key driver for future success within this marketplace is the type of financial contract that the restaurant owner chooses, whether debt or equity; short-term or long-term; established bank or start-up FinTech; and more.
inKind Capital, in partnership with the James Beard Foundation, has developed a white paper that seeks to clarify these different categories of restaurant financing and help current or future restaurant owners understand the trade-offs in their search for the best source of capital. A companion webinar, featuring inKind Capital CEO/co-founder Johann Moonesinghe and chief risk officer/co-Founder Andrew Harris in a conversation moderated by JBF’s vice president of programs Anne E. McBride, PhD, brings this white paper to life and answers audience questions.
Access the white paper here.
Open for Good:
Compensation, Benefits, and Growth
The James Beard Foundation began its Industry Support work with national surveys, small-group Zoom sessions, and other efforts to understand the changing needs of the industry and how we could help meet them. Over the course of three months, the Foundation interviewed chefs across the country about their business compensation practices, developing a roadmap of the many ways in which employers renumerate their staff—financial or otherwise. Beyond wages, this includes health insurance, paid time off, flexible scheduling, and clear paths to career growth.
The Open for Good: Compensation, Benefits, and Growth Guide features voices across the industry and how they pivoted their business models in this new era.
Along with these stories and best practices from business owners, we’ve included insights from business experts on lease negotiations, health insurance, and 401(k) retirement plans—which are top areas of concern for many businesses we consulted.
Access Open for Good: Compensation, Benefits, and Growth here.
Watch our Open for Good: Compensation, Benefits, and Growth webinar here.
Oyster Sunday Benefits Program provides direct access to preventative care for underinsured or uninsured members of your team—plus discounted access to a well-rounded package of lifestyle benefits designed to fit the specific needs of food and hospitality teams. The JBF community receives a 10% discount, learn more here.
Open for Good:
Business Model Innovations
In collaboration with Deloitte Consulting
In the fall of 2021, JBF worked with Deloitte Consulting in a project to learn from chefs and restaurateurs across the nation as to how they adapted their business models over the course of the pandemic and how they plan on adjusting their business models looking into the future. The project aims to uncover the business models that restaurants can implement to become more financially resilient and, in turn, enable them to make purposeful sustainability and equity investments.
Access the Business Model Innovations project here.
Looking for more information on the Business Model Innovations? Watch our webinar with Deloitte here.
JBF Winter Restaurant Survival Survey
The Foundation regularly surveys our network of chefs and culinary professionals as part of our regular industry consultations. Our Winter 2021 survey focused on self-reported projected business viability over the coming months. Survey findings are available here.
2022 Industry Benchmark Survey
JBF has conducted the Food & Beverage Industry Benchmark Study to better understand the career paths of foodservice industry employers, employees, and operators.
With this first-of-its-kind research, we hope to set the benchmark from which the broader independent food and beverage industry can progress. The findings from this study will help identify the root causes and underlying challenges that culinary professionals face in advancing their careers and allow for the design of programs that support employers and employees throughout their career.
Full report will be released in summer 2022.
JBF is hosting webinars to help provide resources for the hospitality industry and to better stay connected. You can find a library of these resources, categorized by subject matter, on our virtual education page here.
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