I’ll take over a restaurant in one month, that I’ve worked for in 8 months, without prior education. This is my first job and will be my first business. Your videos give me confidence I need to carry on with control. Thanks Thank you so much !
This is excellent, hard to find something similar for free on RU-vid or other platform. Thank you. I have a Quick question, what do we Do when an Ingredients is bought from different supplier and they have a slight change in the prices? Appreciate your response to that
David… We have a strong understanding of ingredient costing, budget targets and monitoring our results weekly… Where we struggle, is Overhead Expenses… Owning our restaurant for 5 years now, we are struggling with a 45% OH that needs to be figured into our menu pricing… We monitor and cut where we can, but many fixed costs (loans, utilities, insurance etc.) and impact competitive pricing on specific items… We’ve actually eliminated some menu items because of this… we’ve also increased menu pricing to keep in step with inflation and the high OH we’re running, over our first 5 years… Any thoughts on breaking this cycle?
Shrink your overhead. If it doesn't violate your lease, install a couple storage spaces at the rear of your space....... And rent them out on craigslist. Four foot by four foot, to the ceiling, gets you $200 a month. Times two. That's $4800 a year....that pays for a new vehicle every seven or eight years. Or install a clothes washer and dryer if you don't have one, and sell your house , buy a small RV, and get a 24 hour gym membership. that would free up tens of thousands of dollars annually, and decrease your depreciating assets, like a home. Land is an asset, but homes are liabilities that depreciate.
Sometimes this is the best you can do until you can do something about expenses such as loans and leases. I encourage you to find sources to help you with those challenges.
