How to Manage Restaurant Expenses
How Do I Forecast Restaurant Sales?
You don’t need to be an accountant or a sales analyst to calculate food or labor costs or forecast your sales. You simply need a budget and a good spreadsheet or management software. Once you have the right forecast in place, you’ll have command of your sales averages and trends and the ability to set more accurate goals, manage inventory and staff, and make more money!
How Much Does It Cost To Run A Restaurant?
It can cost anywhere from $250,000 and $2 million to open up your dream restaurant. That’s a big window though! How do you figure out where you fall on that spectrum? This may sound overwhelming, (and, let’s be honest, a little discouraging), but it doesn’t have to be. The best thing you can do to make your restaurant a success is to prepare yourself for the cost of opening a restaurant, and estimate as realistically as possible what it will cost to operate it.
So, What Do MY Daily Operations Cost?
You can figure that out with a detailed expenses plan. Whichever tools you use to write your plan, start with a very clear vision of your dream with as many specifics as possible. Going through this will not only give you a realistic idea of how much money you need to raise, but it also helps you go out and find that capital. Once live, make sure you're tracking your expenses with a POS system and matching that against your expenses plan.