Restaurant Finance: Identify Reporting Tools To Increase Profits

Posted by Kira Weinstein on 8/24/16 1:30 PM

Nowadays, the CFO in the restaurant industry performs multiple functions. In addition to finance, and regulating costs, the CFO is in charge of restaurant development and making tactical decisions ranging from marketing initiatives to growth plans. The modern day CFO has to have the ability to forecast market fluctuations, analyze restaurant benchmarks against peers, and have some knowledge of IT systems and IT investments, ensuring that there’s a return on these investments.

They must outline metrics so that restaurant data can be interpreted in real time to set business strategy and make intelligent decisions.

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Topics: Restaurant Profit, Restaurant Finance

Managing Franchises, One Unit at a Time

Posted by Frank Steinruck on 8/19/16 5:30 PM

Restaurant Scorecards

Restaurant scorecards have long been used to monitor the success or struggles franchise locations may be going through at any given point in time. Similar to a grade school report card, operators can get a glimpse of unit sales, costs, execution, media spending, revenue bands, area demographics, and more.

Now days, there are systems that can take operating data and use that information to compare unit to unit or geographical area to area. It can be a quick and effective way to reward and offer assistance to franchisees.

So why is it important to scorecard each location to it's granular level? Below are 3 examples!

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Topics: Restaurant Profit, Restaurant Operations

Coupon Fraud: You May Be Giving Away More Than You Think

Posted by Chuck Bartlett on 8/11/16 3:00 PM

Are your promos being used to commit fraud?

The majority of restaurants have utilized some type of promotion in order to build revenue, introduce a new product, drive traffic or reward loyal customers. In short, your restaurant business is providing a coupon offer in return for more / specific customer interaction. This give and take process generally works well. However, while it may be increasing traffic and driving sales, your business may be losing hundreds, heck even thousands of dollars due to fraud and you may not even know it.

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Topics: Restaurant Operations, Restaurant Loss Management, Restaurant Finance

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