7 Tips to Manage Restaurant Finances in 2022

One of the most challenging aspects of running a restaurant is managing your finances. After all, your ability to keep things up and running will depend on the business’s available finances.
Your finances need to be in order to ensure you can pay rent, staff, suppliers, and vendors. Which is why, poor restaurant finance management can lead to your eatery going out of business very quickly.
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Restaurant Keys is the consultancy that Massimo Montone founded in 2015. It is a full-service consultancy helping investor, brands and operators to unlock the full potential of hospitality ventures. Consulting on opportunities for both existing and new operators, Restaurant Keys has an expert eye on market potential and profitability.
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[@ronielleromero]

Very informative ❤️ Thank you!

[@RestaurantKeysConsultancy]

Thank you

[@louistse4558]

Great tips, thanks for sharing.

[@RestaurantKeysConsultancy]

Thank you

[@muzvlogs]

thanks for your useful knowledge teacher love it ,

[@RestaurantKeysConsultancy]

Glad to hear that

[@kevinmayo7848]

I would like more detailed information on saving on ingredient costs please.

[@RestaurantKeysConsultancy]

Noted

[@simonnecarrasco1034]

is anybody else about to open a restaurant completely lost? or just me? lol wish me luck... please...

[@RestaurantKeysConsultancy]

Good Luck, you will do well.

[@meloneyprinsloo1842]

The finance aspect along seems like a full time job, how does one balance all of these aspects? It can be quite overwhelming.

[@RestaurantKeysConsultancy]

Well, running a restaurant its hard work, but also as you grow you will be able to hire professionals who will help you.

[@nathandavis4118]

Thank you for the tips in this video. What is the biggest mistake people make with their restaurant’s finances? What should one avoid at all cost?

[@RestaurantKeysConsultancy]

Most common mistake are over estimate sales, and consequently underestimate the cost of rent in relations to sales.

[@bpharmmaheswari9214]

Make video to make budget plan for restaurants on monthly basis

[@RestaurantKeysConsultancy]

We will be looking at doing that soon, keep an eye on for new videos coming up. If you looking for a comprehensive worksheet to do a pre-opening plan and five years budget and projection check this product here on our website:
restaurantkeys.co.uk/restaurant-financial-projection-worksheet-template-sales-page/

[@chrisnaerasmus3184]

Are there any online programmes you would suggest to track cash flow or is good old hand written ledgers better?

[@RestaurantKeysConsultancy]

well, I would go for an old version, and the one that works for you.

[@eringaizley2614]

I struggle with budgeting for ingredients as it fluctuates weekly. Any tips for me?

[@RestaurantKeysConsultancy]

You must lock prices with your suppliers, there should be a video coming up on that.