Importance of Sharing Financial Numbers for Setting Business Targets

David Scott Peters is the founder of TheRestaurantExpert.com, a company specializing in coaching and training independent restaurant owners.

He is the developer of SMART Systems Pro, an online restaurant management software designed specifically for independent restaurant operators.

David is a regular speaker at food industry events all over the country, is a regular guest contributor to restaurant industry publications, and enjoys teaching restaurant owners how to live their passions while also operating a profitable business.

This is David's 3rd time on the show! I HIGHLY suggest you check out his first 2 interviews:

• 141: David Scott Peters- Helping Put the Power Back in the Hands of Independents.
• 437: David Scott Peters on MENU ENGINEERING- Where to Start.

Today we're here to discuss budgeting. Specifically, we'll cover:

• Why a budget is so important,
• Why Most Restaurant Owners Don't have a budget,
• The benefits of having a budget, and
• How to build a budget the right way
• Also we'll discuss the first steps you can take to getting a budget

Show notes…

Favorite success quote or mantra:

"Trust the process."

In this episode with David Scott Peters, we discuss:

1. Why a budget is so important to controlling costs.
   • Responsibility to be profitable.
   • Roadmap to profits.
   • Goal setting and tracking.
2. Why Most Restaurant Owners Don't have a budget.
   • Follow their gut.
   • Think they know their number in the head.
   • Don't want to give up control.
   • Don't want to share their numbers.
3. Benefits to having a budget.
   • Reactive VS Proactive.
   • Recover From Unexpected road blocks.
   • Management bonuses.
   • Labor Controls.
4. How to build a budget the right way.
   • Right tool- Budget Creator Pro.
   • Prime cost, the prime cost formula.
     • Materials and labor involved in it is production, excluding fixed costs. Rent?
   • Where to get the numbers.
   • What to do if you don't have the numbers.
   • Budget Webinar

Resources Mentioned

• • Smart Systems Pro
    • CALL 1-877-457-6278 EX 106 MENTION "RESTAURANT UNSTOPPABLE" AND GET Smart Budget Pro FREE!

• Free Webinar- How Erase Your Fear Of Budget Forever

Today's sponsor:

Gusto offers modern, easy payroll, benefits, and HR to small businesses across the country — they were even named best online payroll by PCMag. And as a listener, you'll get three months free when you run your first payroll. Sign up and give it a try at Gusto.com/unstoppable.

BentoBox helps restaurants grow their business through a connected suite of tools, offering them an integrated website to connect with their guests and drive revenue online. Restaurant owners and operators are able to easily update menus, promote specials, take catering and event inquiries, sell merchandise, gift cards and more.

Revel integrates front of house and back of house operations into a single dashboard. Designed to increase security, stability, ease of use, and speed of service, Revel's streamlined ecosystem provides businesses with the right tools to grow. Learn more at revelsystems.com/unstoppable.

Contact info:

1-877-457-6278 EX 106 Mention "RESTAURANT UNSTOPPABLE" get Smart Budget Pro software free, and be sure to learn more about Smart Systems Pro.

The Restaurant Expert Youtube Channel

Thanks for listening!

Thanks so much for joining today! Have some feedback you'd like to share? Leave a note in the comment section below!

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Huge thanks to David Scott Peters for joining me for another awesome episode. Until next time!

Restaurant Unstoppable is a free podcast. One of the ways I'm able to make it free is by earning a commission when sharing certain products with you. I've made it a core value to only share tools, resources, and services my guest mentors have recommend, first. If you're finding value in my podcast, please use my links!