Restaurant and Cafe Financial Management

By June 22, 2020 No Comments
Financial controls for a restaurant business. Learn how to understand financial controls for a restaurant business to make a profit.Get financial guide now!

Restaurant and Cafe Financial Management

One of the major reasons for the failure of small businesses is under-capitalisation, that is, starting-up or buying a business without enough money to make it work.  In order to prevent this common mistake, it is necessary to carefully work out how much money you will need to start with.  A qualified accountant is an ideal person to help you to do this.  Consider the following questions about your finances:

Question 1:

Starting up a business involves many hidden expenses just when you least expect them.  Do you know how much it will cost you to set up and run the business?

Question 2:

Have you worked out a budget and cash flow for your first twelve months of business?

Question 3:

The lack of money to keep the business going is a common cause of failure.  Have you worked out exactly how much money you are prepared to put into the business?

Question 4:

If you need to borrow money for your business, do you know where you will get it and how much it will cost you to borrow it?

Question 5:

Do you know if you will meet the requirements of the lender, for the money you need?  Do you know what information the lender will ask for, and do you know how to prepare an application for a loan?

Question 6:

Do you know what gross profit, level of expenses and net profit you can expect from your business?

Question 7:

Do you know what records you need to keep, to maintain control of your business?

Question 8:

Do you know how businesses pay tax, including provisional tax and how you can best prepare yourself to pay future taxes?

Question 9:

There are several people who can help you to plan your finances.  Have you discussed your plans with your bank manager/accountant/solicitor?

Restaurant and Cafe Financial Management

You are in business to make a profit and keeping correct financial records will enable you to measure, control, evaluate and forecast your profitability, your financial needs and your financial viability.

Want to know more? For a very low investment why not purchase a copy of:

How to Cook the Books’ eGuide

and find out how to plan your finances.

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