Financial Management

Everything a restaurant owner does has an impact on their financial picture. Pricing you menu, setting hourly wage rates, training, initial set up, type of concept …. the list can go on and on. With so much activity going on, you need a way to manage the details. It is managed or consolidated with a Profit & Loss Statement – a P&L.

 

A P&L is a statement that summarizes the financial data collected over a specific period of time. What it tells us is how the department/store/company financially performed versus how it was supposed to perform (actual vs. budget).

 

The P&L measures each category on an actual vs. budget level, showing a variance (positive or negative) thus highlighting how well the store performed. The goal of operating any business is to make money. And all businesses need a tool that measures and summarizes their performance. Different companies categorize the major line items basically the same with slight variations.

People

Your team is key in your success.

 

Decisions need to be made early in who you are investing in and how much that will cost you. Your people are your true asset, without them you would have to close your doors. It is important to treat your team properly and give them the tools to succeed.

Marketing

Devote money to it?

 

Decisions need to be made early in who you are investing in and how much that will cost you. Your people are your true asset, without them you would have to close your doors. It is important to treat your team properly and give them the tools to succeed.

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