P&L's
A restaurant's profit and loss statement, or P&L, is the ultimate document to keep track of your business's overall finances. The P&L summarizes income, expenses and inventory, illustrating a restaurant's total profits and losses over a period of time. The ability to read a P&L properly and develop action plans to increase revenues and lower costs are imperative. The key to using a P&L efficiently is in daily observation of revenues and costs. If you only use the P&L when it comes out, three or four days into the next month, you are already behind the eight ball.
This is how I can help:
* Research all Food and Beverage sales to target increases in each category.
* Analyse merchandise like gift certificates, tee shirts, hats and mugs etc. These additional revenue streams should be maximized.
* Scrutinize Cost of Goods Sold making sure your're purchasing enough product, at the right price. You don't want to run out of goods to sell, at the same time making sure you don't over purchase and have too much product in inventory. Your money belongs in the bank and not on the shelf.
* Controlling Payroll, Labor Cost, is of the highest priorities. It's hard to manage, having the best customer service without scheduling more workers
than you need.
* Controlling Operating Costs such as linen, office supplies, paper supplies, kitchen utensils, china etc. Also included is Occupancy Costs like rent or
mortgage, property taxes, utilities. These are a little different than Operating Costs because they are Fixed Costs. Fixed means you will pay a certain amount every month.
* Bottom Line Analysis. Are you on track for your monthly projections, if not, how to navigate back to Projected Profits.
A restaurant's profit and loss statement, or P&L, is the ultimate document to keep track of your business's overall finances. The P&L summarizes income, expenses and inventory, illustrating a restaurant's total profits and losses over a period of time. The ability to read a P&L properly and develop action plans to increase revenues and lower costs are imperative. The key to using a P&L efficiently is in daily observation of revenues and costs. If you only use the P&L when it comes out, three or four days into the next month, you are already behind the eight ball.
This is how I can help:
* Research all Food and Beverage sales to target increases in each category.
* Analyse merchandise like gift certificates, tee shirts, hats and mugs etc. These additional revenue streams should be maximized.
* Scrutinize Cost of Goods Sold making sure your're purchasing enough product, at the right price. You don't want to run out of goods to sell, at the same time making sure you don't over purchase and have too much product in inventory. Your money belongs in the bank and not on the shelf.
* Controlling Payroll, Labor Cost, is of the highest priorities. It's hard to manage, having the best customer service without scheduling more workers
than you need.
* Controlling Operating Costs such as linen, office supplies, paper supplies, kitchen utensils, china etc. Also included is Occupancy Costs like rent or
mortgage, property taxes, utilities. These are a little different than Operating Costs because they are Fixed Costs. Fixed means you will pay a certain amount every month.
* Bottom Line Analysis. Are you on track for your monthly projections, if not, how to navigate back to Projected Profits.