FoodLab Chicago 2.0
FoodLab 1.0 nResponse & Recovery
$2 million in loans and grants, successful pivot to online pick-up and delivery. Established digital presence for 22 cohort members, 10 new websites created (more in u201cresultsu201d tab)
A cohort of working u201conu201d your business
Emergency financing, local banking relationships. SWOT & Strategic planning. Prime cost tracking. Mitigating COVID risks. Building your Team. Adapting business model. Menu engineering. Vision & Mission. Brand building. Growth strategies.
nbuilding long lasting Resiliency
Started in March runs through September 2021 u202215 cohort members u202210 community partners have been secured u2013 All Pro-Bono u2022$170,000 of grant funding and $10,000 of loan funding has been secured in Q1 2021 u2022
4 Track curriculum focused on long term resiliency, wealth and trust building
Kick-off Becoming more u201cbankableu201d, including owner (& employee) credit scores
Track I u201cKnow your numbersu201d Data driven decision making
Active food cost tracking u2013 implementing Quickbooks for data collections and financial analysis
Plate cost u2013 implementing MEEZ Culinary software to drill down into each plateu2019s profitability
Menu engineering u2013 Menu matrix building to analyze and maximize profitability, including pricing
Donu2019t leave money on the table, be sure you are maximizing your menu pricing
Track II Best practices in restaurant pivoting and innovation
Continue the digital and other best practices of the 2020 pivot through Podcasts and Discussions
Track III Food Innovation
CSSI Culinary Consultants will lead this focused effort to produce food innovators.
Track IV Multiple Units
Over half of our cohort members are in the process of opening additional restaurants. Operating multiple units requires a whole set of different skills versus operating a single restaurant. Funding, strategy, organizational design, human resources, managerial control, etc.
All the digital tools introduced to the 2.0 cohort are available to the public in the u201cRestaurant Toolsu201d tab.