Passing Down Your Restaurant Family Business
If we’ve learned anything from 2020, it’s that our best-laid plans don’t always turn out. As the great philosopher, Mike Tyson once said: Everyone has a plan until they get punched in the face. What is your plan for exiting your Restaurant family business? You need to have a direction. For many, it’s moving the […]
A Few Winning Tips for Controlling Costs in Restaurant Businesses
So … I’m not sure if you knew this. Apparently, running a business is expensive. And controlling costs can be daunting. But despite whatever you might see from those gurus who are posing by their Lamborghinis in the Facebook ads … even the leanest Restaurant businesses are never 100% profit. Trust me — I’ve seen […]
Financial Optics, Inc’s Thoughts on Reimbursement vs Company Cards
If you’ll forgive me, I’m going to get pretty geeky today. You probably didn’t realize that there are actual pros and cons to expense reimbursement for employees, etc., or using a company cc. Oh, my Restaurant readers, I’m going to take you down a little rabbit hole today, yes I am. Now, let’s dive into […]
Financial Documentation Strategies for Restaurant Taxpayers
Ah, the wonders of financial documentation… Today’s topic has the benefit of ensuring your Restaurant “financial fortress” is as airtight as it can possibly be, which has its own advantages. Financial Documentation Strategies For Restaurant Taxpayers “You get older and you learn there is one sentence, just four words long, and if you can say […]
Cash Flow Management
Whatever size business you own, one thing holds true across small, mid-size, and large businesses: Cash flow is the bread and butter to your business’s survival and success. Let’s start by answering the question: What is cash flow? Cash flow represents the totality of cash activities coming in and out of a business that is […]
Should Small Businesses Carry Debt?
When you’re first starting out in the business world, financing can be a useful and often necessary tool to jumpstart your business. However, this debt, without proper care, can begin to cause problems rather quickly. If you understand how to handle your small business debt properly and you know the difference between good and bad […]