Using KPIs For Your Restaurant Business
Being able to reasonably forecast upcoming problems has become an essential skill for Restaurant business owners — but too many are flying blind, or doing “bank balance accounting.” Can we help you fix this? Using KPIs For Your Restaurant Business “It is common sense to take a method and try it. If it fails, admit […]
Use These Financial Reports For Business Decisions By Financial Optics, Inc
How do you make financial decisions for your Restaurant business? Do you set aside time to review your actual financial reports, or are you committing “bank balance bookkeeping”? You know what I mean: checking your business bank account daily as a measurement of your business health. If that’s you, we should really talk. And before […]
Struggling Restaurant Businesses: Careful With Price Reductions
If you’re struggling in your Restaurant business, tempted to do some price reductions to drum up sales, and not getting the traction you need… I have a quick thought for you today. Struggling Restaurant Businesses: Careful With Price Reductions “Despite your best efforts, not everyone wants to be helped. Make a difference where you can […]
Developing Accountability In Your Restaurant Business
Before we get to talking about accountability in your Restaurant business… During the first Super Bowl that Tom Brady won (with the Patriots), these were some of the companies who advertised (hat tip to Jon Erlichman of Bloomberg): AOL Blockbuster Radio Shack Circuit City CompUSA Sears HotJobs Yahoo VoiceStream Wireless Gateway Computers The year was […]
Financial Optics, Inc’s Top 5 List of Potentially Fatal Business Mistakes
There is a difference between income and wealth. Tax returns aren’t about wealth — they’re about “income”, and how that is defined. Business owners and real estate investors have access to powerful tax advantages that wage earners do not … and wage-earners probably wouldn’t understand them. This is true for smart Restaurant business owners the […]
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 […]