The Best Tips for Strategic Vendor Management
If you’re new to the restaurant business, you’ve probably heard about strategic vendor management but aren’t exactly sure what it entails. Well-experienced business owners in the field know it’s absolutely critical for maximizing not just ROI but also the relationships and connections that make every day in a restaurant run smoothly. What is vendor management, […]
How Do You Categorize Restaurant Expenses?
Opening a restaurant is a costly endeavor, and successfully running a restaurant requires strict attention to your restaurant expenses to control costs and increase efficiencies. Few restaurants can get by with paper, pencil, and a stack of excel sheets for manual data entry. Such restaurants miss out on the opportunity to reduce expenses and increase […]
The Best Way to Maximize Restaurant Operations Management
What is restaurant operations management? Running a restaurant only yields successful results when a clear and actionable playbook is in place to guide your team. These data-based guidelines for managing your kitchen, front of house, finances, and day-to-day functions are the keys to proficient restaurant operations management. They enable you to consistently review and execute […]
How Do Small Business Restaurants Make a Profit?
What is restaurant profit margin? One of the most critical metrics to understand and track as a restaurant operator is your restaurant profit margin. Simply put, to remain in business, you need to understand your margins and everything that goes into them. This seemingly simple metric contains a fair bit of complexity under the hood. […]
How to Calculate Your Restaurant Prime Costs
Now is an excellent time of year for operators to look back at their prime costs and determine where they can increase efficiencies and decrease costs. Industry supply/transportation issues and labor shortages control much of the conversation these days. Having proper tools to keep tight control of your prime costs is essential to operational efficiency and profitability. […]
Restaurant Budgeting: How to Create a Restaurant Budget
Your restaurant may have a great menu, loyal customers, and an unbeatable location, but without effective restaurant budgeting, none of those factors matter. A strategic and accurate restaurant budget plan is your establishment’s roadmap to success; In other words, it’s the most trustworthy guide to your profit. Too often, managers and entrepreneurs don’t know how […]
Restaurant Cash Flow Tips To Ensure Financial Stability
Every restaurant operator should review the Cash Flow Statement on a regular basis. It can be an incredibly valuable tool for your business if used properly. Restaurant owners and operators have become accustomed to reviewing the Balance Sheet and P&L, but in the grid of focusing on all the aspects of the restaurant that need […]
Top Restaurant Accounting Tips: Closing Out Gift Cards & Catering Deposits
Successfully closing out a period can start the domino effect for proactively operating a restaurant versus missed opportunities for the following periods. The purpose of the Period End Financial Close is to verify accuracy so you can understand where your money is going in order to make quicker, more educated business decisions. When Closing out the period, […]
How to Start a Restaurant: The Ultimate Financial Plan
You’d like to know how to start a restaurant business but are not exactly sure where to begin. You want to start a restaurant and you create the ideal concept in your head. That concept begins with the idea at its inception. However, for your idea to survive, or even better to thrive, it must […]