Aftermath
Speaking of which, the “math” “after” the remodel is good news and bad news.
The “addition” is pretty clear. Business is up, service has improved, folks are enjoying the bar, etc. It’s the “division” that’s challenging. Dividing up the remaining niggling projects and checking those boxes. Dividing the cost overruns and doling out whatever cash is left over while dodging surprise automatic withdrawals for merchant fees and loan and tax payments.
It is going to take a year to dig out… but we’ll be fine. It’s just harder than we thought it would be. No rest for the wicked, but such is life.
There was a recent article in “Eater” examining the absorption of leading local restaurants by holding companies, faking us out by promoting the brands as if they were still owned and operated by artisan chefs and small business owners. The references to the struggles being faced by those of us that remain are real.
Values Driven
Bethany’s Table has always led with its values and it is my belief that making a living by paying those who make it possible less than what they need is a fundamentally flawed business model. So we pay living wages and provide health insurance. Meanwhile, even with sales up substantially, labor cost is running 42% of revenue, cost of goods are 34%, rent is 7%.
That’s 83% so far and we haven’t gotten to utilities, insurance and a plethora of other fixed and variable expenses, let alone debt service for the wad we rolled up in the remodel. If we raise prices 10% those percentages go down by 10%; 83% becomes 75%. Labor currently at 42% goes down to 37%, still high. But that’s only if we raise the prices but still sell the same number of meals. Will that be true if a $26 pasta dish becomes a $30 plate, if a $50 tenderloin becomes $55?
Price Increases
We’ve had so many. And so have you. Is this an answer?
Guests have told us that we’ve made a leap from being a great, if quirky, neighborhood restaurant to a worthy, competitive, regional destination. Sounds wonderful! But we kinda like our neighbors.
How much of that 10% price increase would result in revenue growth. Might 5% of my customers decline to show up because it has become too expensive? Might we lose or fail to acquire relationships with the young families or retirees? Do you have an opinion? Please share it!
So we continue with reinvention. Crazy is as crazy does I guess. Janet just spent a couple weeks in Ireland and she’ll come back all fired up. I’m guessing that means I’ll be wearing Carhartts. “Change is our only constant” is a slogan I wouldn’t mind changing for a little while, but here we are.
Upcoming in The Marketplace Space
We are reconfiguring the Marketplace space to function as an extension of the kitchen. Currently we have moved in with our pasta-making operation. There are a few things that need to be cleared out and then we are setting up two beautiful Purple Heart tables that I’ve been saving for a big splash. These we will use for a Chef’s Table experience as well as seating for classes. Anjali, our beloved Kitchen Manager, taught pastry and bread making for over 20 years and she has some good ideas for how we can create classes in response to the frequent requests we receive.
Takeaway Catering
Now that the dust has settled we will also return to emphasizing small group, takeout catering. Last holiday season we promoted this service with great results, but then slammed the door when we closed for remodel. The catering menu is being revised and improved. Stay tuned!
You can view it by clicking here.
How it got to be October, I don’t know. It just happened. Just like that. That means in a single blink of the eye the holiday season will be upon us.
Last year we had a large surge in December large group dining and parties. Lauren handles these bookings for us and you can reach out to her by emailing Events@Bethanystable.com.
Come, celebrate with us!
Seriously, y’all have been great. We have taken the steps to move past just being a great neighborhood restaurant to create the ambiance, cuisine and table service that enables you to show off the best of Northwest cuisine for you and your guests. The response has been fantastic and we love you for it.
Thanks so much!
