February 12th, 2018 | Financial Management for restaurant operations
My restaurant is full, but I’m not making any money! – A workshop on Financial Management for restaurant operations
Why is my food cost so high? How much rent should I be paying? How can I set my prices to maximize profit and value for money for my customers? All of these statements are frequently uttered by restaurant operators.
Financial management of your restaurant operations is usually the most feared, disliked and/or misunderstood element of operating a food service business. It rarely motivates anyone to get into the restaurant business in the first place, and therefore, proper financial management procedures are often overlooked until it is too late. Although it’s the least glamorous part of running a restaurant, it’s arguably one of the most important.
This workshop will teach you what financial indicators you should be measuring, and also how to control and influence them to maximize profits. You’ll learn about industry benchmarks, and take away a portfolio of spreadsheet templates to help you calculate costs and track your financial indicators, in way designed for restaurant operators, not accountants.
- Benchmarks: How much should you spend on rent, food, staff, insurance etc
- Costing: How to accurately calculate theoretical food and beverage costs and what realistic target costs should be
- Theoretical vs Actual food and beverage costs: What is the difference and how can we control actual food & beverage cost without losing quality
- Steuerberater: The importance of this stakeholder and how to manage the relationship. Note: A Steuererater is important, but it is mostly the restaurant operator that does the actual financial management. What should you expect from your steuer berater?
- Staff Costs: Targets costs and tracking actual costs. What is the actual cost of labour in Germany?
- Controlling: “No-Revenue“ stock movement, inventory management
- Daily Financial Management Indikators: How to have financial control on a daily basis and why it’s necessary
- Theft: How to spot it and how to control it
This workshop is held in english.
Who can attend this workshop?
This workshop is for restaurant operators and managers who are looking for systems to measure and control their numbers, understand them better and operate a more profitable business.
Who is teaching?
Paarlberg has created the Chicha restaurant concept, created and operated Bourbon Dogs bar, and is now about to open La Lucha restaurant on Paul-Lincke-Ufer. He has worked in the hospitality industry for just over 13 years, and gained experience at large chains such as Hilton, and also many independant hotel and restaurant groups around the world. He also owns and manages „Tante Koosje“, a fine dining restaurant with a Michelin star, and Hotel 717, a luxury boutique hotel in his home coutry, The Netherlands.