A love affair with food might fire the passion, and it’s certainly a key factor for the success of any food business, but isn’t the only ingredient required to succeed. Managing a profitable food business requires detailed financial analysis, practical tools that work and a tried and proven process.
You’ve got to love doing what you do… but you need to make a profit.
‘Critical Financial Analysis’ is a phrase more associated with an investment bank or accountancy firm, and many food businesses don’t recognise the ‘business’ part of their operation or know where to turn to for sound, specific and relevant food business advice.
So if this all sounds a bit scary – or outside your field of expertise – it’s time to call in an expert. Luckily for you, I’ve put together a toolbox to help you navigate your way through Financial Analysis.
FINANCIAL ANALYSIS FOR FOOD BUSINESSES.
What this is, essentially, is a one-on-one look at the potential of your business, or potential business, that provides straight forward practical tools that owners, managers and chefs need in order to understand the forecasted cost and profit behind the foie gras (for example).
This one-on-one review goes to the heart of your food business, what’s special about it, what’s unique about it, and delivers highly tailored, relevant information that makes logical sense that can make a difference quickly.
When a chef turns restaurateur, their focus is on food and beverage, menus, staff and creating atmosphere – but this needs to be matched with solid budgeting, planning and analysis tools that work.
Knowing how to dissect a menu’s costs, budgeted future roster forecasting or understand how to manage variables like shrinkage, rosters, tips and waste are critical to financial success.
There are many challenges to be faced in a restaurant business’ lifecycle. Where I come in, is to provide you a bespoke consultancy and support, from start up, where strategic planning is required, right through to addressing the seasonality of business and the challenge of refurbishments, promotions, cost control and most importantly profit and how you get it.
If you’d like to find out more, call me!