#61: How to Make Your Restaurant Budget Work for You
December 14, 2022 by David Scott Peters
I talk about the importance of restaurant budgets all the time.
One of the best parts of my job as a restaurant coach is completing a budget with a member. It fills my heart with joy to see the hope they feel with a real-life plan to achieve their restaurant goals. Completing the budget process is the MOST important thing I do with each of my members in my Restaurant Transformation Intensive group coaching program. In this episode of my podcast, The Restaurant Prosperity Formula, I walk through a couple things you need to know about how I set up a restaurant budget, and the two most common challenges restaurant owners face on their budget variance report, both related to accrual accounting. To be successful, you must have a plan for success. And that's what your budget is. See, the budget process is we ask for your trailing twelve months of numbers.
These systems aren't magic, they're work. But the reality is you put those three systems in place, I can almost guarantee you a two-to-three point drop in your food cost.
There is a lot that goes into the process of figuring it out, but one of the best things I do in my restaurant coaching program is work with each member one on one to develop their budgets. It is literally life changing. Make sure to listen or watch this whole episode for an in-depth lesson on budgeting and using your budget variance report.
Learn the 3 principles the most successful restaurant owners follow and how you can learn to follow them, too: https://dsp.coach/principlesx3
Sponsor – Repeat Returns: http://repeatreturns.com/dsp
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