Cash Balance vs Cash Available
By David Scott Peters
Restaurant Tip of the Week
Fatal Error No. 2
Often restaurant operators make two fatal errors when it comes to the operation of their business. The second error is restaurant operators run their business by what the daily cash balance is in their bank account. IMPORTANT: Not reconciling the bank account on a daily basis, and not planning for the known capital or planned expenses, will kill your business. You must maintain a balance between cash availability and cash needed. To do this, you must have a well-planned cash flow budget. Curious about the first error? See Fatal Error No. 1.
David Scott Peters is a restaurant expert, coach, trainer and speaker, specializing in teaching independent restaurant owners how to use systems for increased sales and increased profits. He is the nationally acclaimed restaurant coach whose unique “SMART Systems” approach to boosting profits has earned him the title of, “The man who can walk into any restaurant in America and find $10,000 in undiscovered cash before he hits the back door – Guaranteed!” Visit www.TheRestaurantExpert.com for more. Learn more tips, tricks and secrets in David’s free five-part e-course, “How to Explode Your Restaurant Profits NOW!” Simply sign up to receive the e-course at TheRestaurantExpert.com.