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Budget vs. Actual: Are You Going to Hit Your Targets?

Will You Reach Your Budget Goals? Much like a business plan, a budget needs consistent review and updating. Without comparison to actual performance, it will do nothing for your restaurant. By building a cadence of accountability and review, you’ll be able to see how good your estimates were and stay on track with improvements as needed.   The Importance of Good Budgeting In an ideal world, your budget is a perfect reflection of reality, but the restaurant business is a fast-paced world of constant change and uncertainty. You can’t predict when your dishwasher will give out or when tour buses of…

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All About The Importance of Your Cash Flow

How To Understand Your Business’s Cash Flow Money is coming in, but where is it going?  You may be hitting the ground running with new revenue opportunities and increased sales. But, when you review the financials, you are scratching your head trying to understand where all that money went.   To figure out just what is happening with that revenue, you’ll need to take a good look at your cash flows. What Does Cash Flow Mean? Cash flows demonstrate when money is coming in and when it is going out. If you were able to conduct your entire business with actual…

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Business Plans Are Alive?!

Tech Like LivePlan Makes Business Plans a Living Document Do you know where your business plan is right now?   Maybe it’s printed out and kept in a binder in your restaurant office. Maybe it’s a collection of disorganized spreadsheets and Word documents in a folder on the Back of House computer desktop.  Worst of all, it might not be formally documented! However you keep it, it’s likely that your business plan may be gathering dust. It was probably relevant when you wrote it. It likely laid out your mission, your vision, your goals, especially the ones around turning a profit.…

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Why Controlling Labor Costs Is Critical for Success

Controlling Labor Costs Is Critical for Success Why Your Restaurant Needs to Control Labor Costs There’s no such thing as a one-size-fits-all formula for restaurant success.  What works for the taco truck slinging two-dollar tacos doesn’t necessarily fly in a 20-seat, Michelin-starred fine-dining restaurant. “However, what all restaurants do have in common is that at some point, they will have to pay people, and that means incurring labor costs.” In all but the smallest concepts, you’re going to need a team. Depending on your establishment, these could be waiters, cooks, dishwashers, bussers, baristas, bartenders, managers; and if you’re big enough, administrative…

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Restaurant Benchmarking: Where Your Business Stacks Up

KPI’s and Benchmarks: How Can KPI’s Help Your Restaurant Live Up To Its Potential? Your business seems to be thriving. The doors are open, guests are enjoying your food and drinks, and you’ve got a great ambiance. Servers are bustling about, carrying trays and taking orders. Your cooks are leaning over stoves, stirring, plating, and sending out the perfectly arranged dishes your restaurant has quickly become known for… But are you meeting your goals? Do you have measurable benchmarks for success or ways to define whether or not your restaurant is profitable and efficient? Are your stakeholders happy with your restaurant’s…

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Bookkeeping 101: How SRM Helps Your Budget

The Key to Managing Supplier Relationships to Cut Waste and Boost Your Bookkeeping Strategy Supply chain management is a huge way of saving money for your business. What you might not realize, is that improving your supplier relationships, inventory management systems, and inventory management techniques can seriously reduce your budget waste. As a business owner, there are a few simple steps you can take to implement solid SRM strategies and practice good inventory management. Selecting a Supplier for Outstanding Bookkeeping So, you’ve successfully established your company/brand, hired and managed multiple employees, and started making sales. Great job! Unfortunately, these aren’t the…

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Five Ways Cloud Bookkeeping Cuts Waste from Your Restaurant Budget

Five Simple Ways to Save on Your Restaurant’s Monthly Budget Let’s face it, it’s easy to rack up bills and expenses. Each month little expenses add up to one big tab. The question is, how can you eliminate costs and reduce expenses? Here are five simple ways to cut back on your restaurant budget and prevent waste. 1. Cut Down on Food Waste Food waste is one of the leading reasons for skyrocketing restaurant expenses. Don’t let your business fall into a pattern of food waste. There are a few simple tricks for cutting down on food waste in day to…

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