Friday, January 10, 2014

Restaurant start up advice

Follow the Words of the Beatles Song....
‘When I was young and so much younger than today, I never needed anybody’s help in anyway’..... (from ‘HELP’ 1965). Certainly not the case when opening a restaurant.

Starting a restaurant business and maintaining its lifespan is neither easy nor a walk in the park. Very few restaurant entrepreneurs, in fact I have never met any after nearly 40 years in the industry, have the qualifications or the time to run their business alone. Apart from balancing my own bank accounts any other financial transactions, profit and loss, and most forms of financial analysis had never been in my make-up – I wanted to cook, share my food with the world and have the best restaurant in town. It became clear very early on that shuffling pieces of paper around, writing things down on the back of a cigarette packet was just not going to cut it. I needed a seriously good restaurant accounting service that could tell me what I needed to know at the drop of a hat – well almost. I can seriously say, that this was my saviour, I would almost certainly have had an uphill struggle, or even gone broke in the very first year of trading, in spite of any rave reviews I may have had in the press.

Whilst I had been in the restaurant business for years, it was in the ‘back office’ as a trained chef. I knew what food was great, and I knew where to buy it. I could write terrific menus, put on special events that brought the crowds in – but I needed to know what my bottom line was, what had been great ideas (Stars), but also those ideas that had not done me any particular favours (Dogs). With fierce competition in the industry, a specialist restaurant accounting service had to be the way to go, one who offered a top class outsourced restaurant bookkeeping service with all its intricacies and clear and concise information – in fact experts in the entire field of restaurant consulting. I needed to get rid of the ‘pieces of paper method’. I knew what was happening with my food, but I needed to know where and how I was spending my money. Everyday accountants are all well and good, but I needed someone or a great company who could take care of me, my paperwork and who had a real understanding of the restaurant industry who would work with me to achieve success.

It wasn’t exactly the dark ages when I started my first restaurant, but it was only a step up from using an abacus to count with!   Sophisticated Restaurant POS Systems were still relatively in their infancy, but my restaurant consultants introduced me to the best system that was then on the market, and I never looked back. With their help and guidance I was soon on the way to really understanding my business through the use of the POS System and their accounting processes and analysis.

My restaurant consultant was worth more than their weight in gold and very soon my business was as well. Don’t penny pinch on such valuable services (in fact often you save money by using experts) and take the stress and hassle out of your restaurant bookkeeping – you won’t regret it.

CFO Business Growth Solutions, LLC provides Nationwide Restaurant Accounting, Restaurant Bookkeeping Services, Menu Engineering, POS Business Intelligence and Menu Writing Services.  For more information go to http://www.cforas.com
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