Restaurant Management Finances

How to manage restaurant finance, Restaurant cost breakdown, Restaurant working capital, Restaurant bookkeeping etc.

4.20 (26 reviews)
Udemy
platform
English
language
Human Resources
category
instructor
167
students
2.5 hours
content
Apr 2022
last update
$39.99
regular price

What you will learn

How to manage restaurant finances

Restaurant cost breakdown

Understanding restaurant overhead

Tips to keep your restaurant expenses under control

How to best prepare a restaurant budget to control cost

Ten restaurant financing options to consider

Restaurant financial key performance indicators

How to handle bookkeeping for a restaurant

Five ways to use yur restaurant working capital

Five things startup restaurants typically overspend on

Description

More than half the restaurants that open fail in their first two years of service. This is a known fact in the restaurant industry and one of the main reasons the industry is so feared by new entrepreneurs. While its is true that restaurant space is ruthless, there are still those who open up and not just survive the business but also lead the industry. The main reason that enable some new restaurant to survive and grow is that the owners are more focus on their financial management, and doing so in the right way. It may interest you to note that most restaurants lack an excellent financial management system. Usually, first time restaurateurs are more focused on arranging the capital for opening a restaurant, that they forget about the working capital, that is, the money that would sustain the business, until the restaurant business reaches its break even and start generating profits. Its very important that owners must understand and also study the type of restaurant that they want to start with because every restaurant types can be determined by the time of reaching the break- even point.

  One thing that every restaurant manager must watch carefully is that they should not spend more than what they receive, in such case the cash-flow of the organization must be manage very well to always ensure that there is consistent cash-flow that will help in the operation of the business. The employees of the restaurant are the key people in helping the business reach a profitable level meaning that employing competent employees and paying them well will mean that you have credible work force who are ready to work hard to ensure the growth of the business. There are a very important things you also need to be taken into account, that is the fixed cost and variable cost of the restaurant, its good you work to ensure that cost are manage to the lowest level.

Content

Introduction

Introduction
What is restaurant financing
Breakeven point of different restaurant format
What is cash flow

How To Manage Restaurant Finances

Understand your cost
Know the finances basics
Understand where financing is coming from
Choose your management platform
Restaurant financial management tips

Restaurant Cost Breakdown

Food cost
How to reduce food cost
How to manage labor cost
How to reduce labor cost
Prime cost calculator
Other cost you need to keep in check
Restaurant fixed cost

How To Best Prepare A Restaurant Budget To Control Cost

Choose how you want to track your numbers
Calculate cost
Estimate and track sales in your restaurant budget
Compare your sales and your cost
Make changes so that sales always cover cost
Work to increase profits
Use software to keep wages under control

Ten Restaurant Financing Options To Consider

Traditional brick and mortar bank term loans
Alternative loans
A small business administration ( SBA) loans
Merchant cash advance
Business line of credit
Crowdfunding
Asking friends or family members
A commercial real estate loan
Equipment financing
Purchase order financing

How To Handle Bookkeeping For A Restaurant

Record sales
Set up accounts payable
Outsource your payroll
Reconcile all accounts
Analyze financial reports

Five Ways To Use Your Restaurant Working Capital

Investment projects
Marketing projects
Reactive projects
Employee projects
Technology projects

Understanding Restaurant Overhead

Overhead cost
Cost of goods sold
Calculating restaurant gross profit
Net income
Profit margin

Five Things Startup Restaurant Typically overspend On

New equipment cost
Technology
Sales and marketing
Remolding / decorating
Food expenses

Tips To Keep Your Restaurant Expenses Under Control

Keep the labor cost under control
Do not run a credit bill
Prepare for know expenses

Restaurant Financial Key Performance indicators ( KPI'S)

Restaurant key financial key performance indicators

Screenshots

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Reviews

Ceramic
April 22, 2023
To ensure a very prudent financial management in the restaurant business one key area that you need to take into consideration is your suppliers because when you get good suppliers then there is a great guaranteed of consistency and good pricing.
Fontana
March 10, 2023
The positioning of the restaurant will depend on the ability of the management to financially manage things well and also develop strategic brand policies that ensure that the image of the restaurant is hold in high. let also understand that poor financial management will have implications on the quality of workers you can retain in your business.
Jess
February 9, 2023
There are some good points if you're a total newbie to finances in general but I would have wished for some slides especially since the teacher is unfortunately very hard to understand/follow.
Philip
January 31, 2023
There should be honest conversations about the finances of the restaurant because employees are a key contributing factor to the finances of the business, if they understand the customer, then they will know who the customer is and how to treat their customers well which obviously affect revenues.
Thesman
January 22, 2023
The growth of your restaurant business will greatly depends on your ability to manage the business finances because a very poor financial management will result to lack of cash flow and poor expenses.
Wilson
January 6, 2023
This days profits on restaurants are not so much but if your cash flow is continues then the likelihood of being in business for long time is eminent, but taking very good care of the business is important for survival in this current trialing moment.
Captom
December 27, 2022
Business in the hospitality industry is facing serious challenges on competition but one thing we all are forgetting is the prudent management of our financial resources, its time to critically look at your daily expenses and see how well you can reduce expenses but still get the required job than perfectly, meaning spending where necessary.
Anandi
December 14, 2022
No test, no real formulas, the accent makes it very difficult to understand & the subtitles make no sense (even if its suppose to help).
Prince
November 8, 2022
Ensuring regular cash flow mean that better policies and marketing strategies need to be put in place to ensure that everything is down right in the point of the customer and the entire restaurant value chain, satisfying the customer is the answer to increase in sales .
Kokofu
October 5, 2022
The anticipated sales of the restaurant products can be estimated based on the right promotion that has being put in place to ensure that the customers are very satisfied with the service they get and how the taste of the meals also meet the satisfaction of the customers.
Faith
August 24, 2022
Setting the accurate budget to aid in the marketing an sales of your restaurant is very important, budgeting must be also based on the objective that you want the promotion to achieve and also how quickly you want your results.
Hannah
July 7, 2022
The restaurant industry is going through difficult times, but what will make your business stand out is knowing when to spend and how to spend, and what to spend on.
Asiedu
May 22, 2022
When you are operating a restaurant ensure that you do your possible best to more customers if not then it will very difficult at this current time to break even, always promote business so to get more customers.
Tintin
April 25, 2022
Managers must ensure that expenses are being down in a more professional way so that every expenditure can be accounted for with correct receipt, so it will be easy for verification and authentication.
Victoria
April 22, 2022
Careful management of your restaurant finances is the best way to stay in business for long time and ne able to meet your daily operational cost and also being able to pay for the operational expenses.

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4631980
udemy ID
4/7/2022
course created date
4/22/2022
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