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 [...]

How Many Restaurant Employees Do You Need?

By David Scott Peters How many times have you asked your management team if they have enough people hired to fill the schedule and they waved you away with an impatient, “yes”? But the next thing [...]

Profit vs Cash

By David Scott Peters Restaurant Tip of the Week Fatal Error Often restaurant operators make this fatal error when it comes to the operation of their business: thinking that when the profit and [...]

Why is a Restaurant Budget So Important?

By David Scott Peters Erase Your Fear of Budgets Forever Does the mere thought of writing a budget make your head spin and your heart beat with anxiety? Do you sit down to start only to find [...]

Tools for restaurant financial analysis – Part IV

By David Scott Peters Restaurant Tip of the Week Payback period The payback period is the number of years it takes to recover the initial investment and is calculated by counting the number of [...]

Restaurant Myths and Facts

Myth or fact? There’s no need to write down your mission. After all, you’ve told people what they’re supposed to do and they should just do it. Myth Write your mission statement down and then [...]

Restaurant Myths and Facts

Myth or fact? Family-run businesses should have an organizational chart. Fact In a family-owned restaurant there are official roles and job duties. But oftentimes there are also unofficial roles [...]

Restaurant Myths and Facts

Myth or fact? There’s no reason to assign roles in a family-run restaurant because everyone knows their place. Myth Ha! This one makes me laugh out loud. It is a complete misnomer to think that [...]

Restaurant Myths and Facts

Myth or fact? In a family-run business, it’s easiest and best to just keep doing things the way they’ve always been done. Myth It’s not uncommon to hear, “that’s how we’ve always done it,” when I [...]

13 Steps to Writing a Restaurant Schedule

Here are 13 steps I developed in writing a restaurant schedule to make it fun and effective. With this system you and your managers can write great schedules that satisfy the needs of the [...]

Tools for restaurant financial analysis – Part III

By David Scott Peters Restaurant Tip of the Week Return on sales (ROS). The ROS ratio indicates both the profitability and the risk level of the restaurant. The calculation is completed by [...]