HOSPITALITY ASSESSMENT TRAINING
RESTAURANT FINANCIAL CONSULTING
Nothing could be more heartbreaking to a business owner who has invested significant time and money, in an attempt to bring their dream hospitality service to reality and see it crumble before their eyes.
What more could that owner have done to ensure that the dream become a reality and prosper? Call in the experts.
Our Hospitality assessment program looks at Key Performance Indicators with a critical eye to determine the viability of the business. Our intense assessment involves the following:
An effective training/coaching/mentoring program is then suggested based on the outcome of the assessment.
Do you have a business exit or successor
planning strategy in place?
Do need an business performance assessment done?
The restaurant business is one of the most challenging businesses to stay a float. In the beginning stages, knowing where your money is at any given time is crucial to business survival.
Though we offer financial consulting for any hospitality business model, we chose to focus on the restaurant industry because of the volatility of the operation.
Setting up of the following systems are paramount to a new start-up:
Encompasses all aspects of managing a company's inventories; purchasing, shipping, receiving, tracking, warehousing and storage, turnover, and reordering. There are small start-ups on a budget that may not have the wherewithal to furnish a computerized system. Therefore, a well designed manual version works well in the interim. The manual version also makes it very easy for the setting up of the computerized version when that time comes.
Essential Benefits are:
WEEKLY PROFIT & LOSS (P&L) SYSTEM:
The P&L statement provides information about a company's ability – or lack thereof – to generate profit by increasing revenue, reducing costs, or both.
It summarizes the revenues, costs and expenses on a weekly basis.
Though P&L report is normally generated quarterly or annually, generating it weekly is crucial to tracking the life of the business, if a financial software that automatically generates the P & L is not being used.
Knowing early how revenue and expenses are flowing allows for early intervention- thus saving the business from going under.
Develop Restaurant Operating Budget:
An operating budget is designed to forecast the sales your restaurant can achieve and the expenses required to achieve those sales.