3 Key Ingredients for Food Business Financial Success
Raise your hand if…
...you’ve got growing or steady sales, but don’t have the profits + cash flow to show for it
...your financial outcomes vary month to month but you aren’t exactly sure why
...you’re working HARD and are ready for a clear path to profitability and the confidence to delegate your key tasks.
Got a hand up? You’re not alone.
As food businesses grow + change, financial outcomes do too!
And it takes some work to get things back on track.
If you start with these 3 key ingredients you’ll be on your way to consistent financial outcomes, financial sustainability + profitability in your food business.
3 Key Ingredients for Food Business Financial Success:
Know Your Numbers!
I call it your financial formula: the average food cost, operating cost + labor cost for your business, and what they total when you add them.
It sounds basic and it is - but most business owners don’t know their numbers and as a result, they struggle financially for longer then they need to!Set the RIGHT Goals
All food biz owners want more sales - that’s a no brainer! But if you want more sales to equal more profits, you MUST have the right cost targets in place + you must hit them consistently, week in + week out.
Inspect Your Expectations
After you set goals, you’ve gotta track your progress and continue working to reach them.
Inspecting Your Expectations is the process of asking yourself and/or your team questions like…
“Do we have all the tools, resources, and information needed to achieve this goal?
“What prevented us from achieving our goal this week? What would help us be successful?”
“Are there breakdowns in communication that are preventing us from achieving this goal? Where are they and how can we improve them?”
Want to learn more? Click here to watch my recent video
Ready to start doing the work? The first step is to download my free Profitability Roadmap.