Is the bank balance of your restaurant or bar going down or stagnant despite being profitable? In this video I walk you through a sample of your balance sheet and show you some of the common ways that your cash on hand can be going down despite running a profitable business.
First things first. You do not need to be a math expert to do any of the things I will discuss here. But you should learn how to do basic functions in a spreadsheet (there are plenty of YouTube tutorials), or at the very least know how to use your calculator and a pen! The […]
What is Prime Cost Anyway? Prime cost is a term you hear about a lot in the restaurant industry. It is composed of your cost of goods and your labour cost but there are a few differing opinions on what should be included. Some people include the cost of supplies like parchment paper and garbage […]
The short answer is, never. If that’s all you were looking for you can stop reading now but if you want to dig a little deeper into the issue and learn about why it doesn’t make sense from the business and employee perspectives aside from not being legal then this is the article for you. […]