Tracking the data will enable you to give you insights into your Restaurant Business.
It will allow you to skate to where the puck is going to be. This is one of Wayne Gretzky’s quotes about why.
We discuss cashflow. How can you track it, and how can you influence it? This is probably one of the most important metrics that people should track, but often it is not tracked at all, or in the level of detail that you should be tracking. Restaurants tend to be paid in cash, or Credit Card, so there aren’t a lot of receivables. How can increasing costs improve cash flow and how can you use the data to better manage your labour costs.
Days payable – do you track this and what does it mean? The formula is Days Payable / Annual Turnover x 365.
Rent per hour – How much does it cost you to be open every hour in your Restaurant.
Make sure you check out the show notes, or download the podcast, we have a lot more info on Restaurant Metrics jam packed into this profitable hospitality business podcast.
For more information on this podcast, check out our show notes.
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