Are you ready for a volatile 2008? Dairy products are up 15 to 30 percent depending on your location. Eggs have almost doubled in price from last year. Almost all canned and frozen foods have gone up at least 8 to 10 percent. Meats and poultry are following suit, particularly if the feed is a corn product.

The causes can be reasoned, argued and debated. The real issue for restaurant owners is finding ways to keep up with the price changes as they occur. If you haven’t scrutinized your invoices since the first of the year, you better start today.

Here are some of the ways restaurants can cope with price increases;

• Compare pricing at least monthly on every item in your inventory.
• Have a spreadsheet that calculates your plate costs on every menu item.
• Change your menu style to allow for weekly and monthly price changes without a huge cost to reprint.
• Force suppliers to keep you abreast of price changes and trends BEFORE they occur.
• Menu more stable items that aren’t increasing at an escalated rate.
• Build anticipated cost increases into menu prices.
• Run more daily specials that can be priced according to the market.

2008 will be a battle to keep your margins from ending the year in the red. Plan now, put the procedures in place and hold on for the ride!