Prime cost is the one number you must know to make any money in the restaurant business. The prime cost formula is a measurement of your ability to be profitable and gives you information about how you can be profitable. Watch the video below, or continue reading, for three reasons why restaurant owners must know the prime cost formula.
Here are 3 reasons restaurant owners must know the prime cost formula:
Number 1 - It allows you to set your food and labor cost targets. You can set your...
Let's be honest. You didn't get into the restaurant business so you could run payroll. But payroll is an unavoidable part of doing business. And if you don't do it right and don't pay attention, you could held liable.
Watch this video, or continue reading below, for three things you must know when it comes to restaurant payroll.
About Managing Restaurant Payroll
Normally I like to talk about making money, but in this case I want to talk about payroll. I want to help you stay out of hot...
As a small business, your restaurant is fueling our economy. It also means, as a small business, you have to know about tax planning. No one really likes to talk about it, but tax planning is important for restaurants. Watch the video below, or keep reading, for more information about tax planning.
The last thing you want as a small business owner is getting to the end of the year and getting hit with a huge tax bill. If you don't know your...
There are three things I think every restaurant owner should know. Want to know what they are? Watch the video below, or continue reading below, to learn the one thing you can learn to avoid failure, two systems that are a must and why the basics can't be ignored.
As a restaurant owner, there are three things I think you should know, whether you're new to the business or a 30-plus-year veteran.
So, what are the 3 things restaurant owners should know?
The number one...
Your POS system holds some great power in its reporting capabilities, including when trying to figure out your menu mix. For example, your PMIX report in your POS system can be very useful in menu engineering and menu pricing efforts? In this video, I explain all about that PMIX report.
Menu engineering is a really popular topic among restaurant owners, especially restaurant owners who are trying to find ways to make more money on their menus. And I'm excited to tell you that something...
There are three things that make a running a restaurant absolutely amazing. As a 30-year veteran in the business, this is what I value about running a restaurant. Click the video below, or continue reading, for my take on what is great about running a restaurant.
Great Things About Running a Restaurant
There are three things I love about running restaurants. As a 30-year veteran of the restaurant industry, it's a disease for me! I can never get out. But I do love these things.
Food cost is one of the most important things you have to calculate in your restaurant business. Mostly because it's a part of the most important calculation - restaurant prime cost. If you don't know what restaurant prime cost it, read this post on it.
To learn how to calculate your actual food cost, watch the video, or continue reading below.
Most restaurant owners aren't calculating their food cost properly.
Once you have a budget and have set your target food cost, you...
Where should your restaurant prices be set? How do you set your restaurant prices for your food and drink so you can make money. Watch this video, or continue reading below, to learn the answers and move forward with a strategy for setting prices in your restaurant.
A big question for restaurant owners is, "Where should I be priced?" When it comes to setting restaurant prices, there are three things I think about right away:
There has been a trend of adding service charges in restaurants that directly charge the guest for business operations, such as rising food prices and increasing minimum wage. Should you be using service charges in your restaurant? Watch this video, or continue reading below, to hear my opinion and reasons for that opinion.
There is a major change in the restaurant industry and it's the appearance of service charges in restaurants. In some cases it's in place of tips. I don't think...
If you're looking at a restaurant as a new business, the big question tends to be how much does it cost to open a restaurant? There is a lot of information out there and it's hard to figure out the true cost to open a restaurant. Watch this video, or continue reading below, for my take on the things you must have in place to find the cost.
The big question when looking to open any new business is, "How much is this going to cost me?" Which is also the question of, "Do I have enough money to...
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