Jim Laube is joining us to discuss the most important numbers we need to consider when opening and running a restaurant. Sales to investment ratio, sales per square foot, prime cost, running inventory report, and open book management, what are these things and how can they impact our restuarnt for the better?
Jim has served our industry for decades as a CPA and advisor to independent restaurants throughout the U.S. regarding operational, financial, cost control, and profitability issues. Today, Jim serves as Founder and Publisher at RestaurantOwner.com. RestaurantOwner.com is an incredible resource consisting of business plan templates, operating systems & procedures, checklist, training manuals, and webinars.
Success or Leadership Quote/Mantra
“Gratitude is not only the greatest of all virtues but the parent of all others.”
Marcus Tullius Cicero
Helping independent restaurant owners build successful businesses since 1998. over 300 templates for procedures, manuals, spreadsheets, checklists, training and more.
In this episode we’ll discuss:
- The importance of “sales to investment ratio”
- How to project your sales before you’ve opened.
- Why “sales per square foot” is the biggest determinate of profit potential.
- How numbers can help us identify our core problems.
- “Prime cost” and why it is the most important number on your P&L.
- Why you should calculate prime cost AND do a physical inventory every week.
- If you’re having theft issue, why keeping a “running inventory” on your key products could help.
- How “open book management” can impact your operation.
get the FREE TEMPLATES Jim mentions during this episode by emailing firstname.lastname@example.org. Put “Prime Cost” in the subject line.
Thanks for Listening!
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Huge thanks to Jim Laube for joining me for another awesome episode. Until next time!