Common Restaurant Financial Myths BUSTED

Restaurant Owners...We’re MYTH BUSTING in today’s video. There’s 5 huge financial myths in the restaurant business that we’re going to pull apart to save you time and money.
To learn more please either watch the video above or click the link below to read the transcript or listen to the podcast on my website.
Also, please leave your questions or comments I will answer them all.
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Please be sure to like this video and leave your comments or questions below as well as share this video with your friends, co-workers and other restaurant owners, managers and operators. I promise to respond to every comment or question!
Thank you,
Ryan Gromfin
The Restaurant Boss
TheRestaurantBoss.com

[@jamesphillips4513]

How do you go about establishing what your customers will pay for your dish?

[@Therestaurantboss]

look at your competition, talk to your customers, try out different price points on specials.

[@jamesphillips4513]

Thank you so much for the info and professional insight, really love the videos and the fact you share your expertise with us.

[@jaycejake7851]

You prolly dont care at all but does anyone know a method to log back into an Instagram account..? I somehow lost my login password. I would appreciate any help you can offer me.

[@jedidiahaugust206]

@Jayce Jake instablaster =)

[@jaycejake7851]

@Jedidiah August I really appreciate your reply. I got to the site on google and Im trying it out atm. Seems to take quite some time so I will get back to you later when my account password hopefully is recovered.

[@mainstreetmarketdeli6741]

Just a thought about expounding why an overage is an indicator of theft...It's because they aren't ringing in sales and they are still taking the cash for them and leaving an overage of change. They don't do it while the customer is there either, they wait and use the no sale button, or when they do an x-report. They think they are slick, but this is totally trackable in inventory and shouldn't go unnoticed for more than a week. I could lose a lot of money in a week!

[@SaraDCooney]

I really am enjoying these videos! I love how positive and encouraging you are and how practical your advice is. I’m working on a business plan for opening a cafe/gallery in Japan and not knowing heads or tails of the business is very daunting however I feel like it’s possible and your videos are really giving me a lot of motivation! Thank you very much!

[@Therestaurantboss]

Your welcome!

[@guadalupesepulveda]

man, super good info! We are opening a restaurant in Chile, so this is really helping us to focus on the key items

[@Therestaurantboss]

Awesome, so glad the video helped you out.

[@shelbythompsoon]

Love this Channel!!!!

[@Therestaurantboss]

Thank you!

[@prosperthedubaiexplorer8980]

thanks bro your videos are so helpful,Great job

[@Therestaurantboss]

Happy to help.

[@robertjsaiz]

Hello Ryan , i just finish watching 3 of your videos ,they are excelent!!! im fronm the dominican republic , i used to work with a few famous chef around the world, now i live in the dominican republic and i work as a consultant ... i open and manage couples restaurant and business venture , but truly i realy like the way you explain everything on your videos , Glad to hear from you a share more tips , Robert Saiz

[@Therestaurantboss]

Robert Saiz you should look at BACON clickbacon.com. We can talk about how you can get paid to share this with your clients.

[@oscarmoreno8575]

how do you feel about family meals to compensate low hours for employees? and what items should one cook for family meals ?

[@gcobisangcutwa6615]

Wow this is so true..... That happened in my restaurant. And being over on your tills is as bad as being over with your stock "under portioning".......

[@Therestaurantboss]

Lesson learned, right?!

[@BakewithAmy]

I would love your planner too

[@Therestaurantboss]

Hey Amy! If you click on the links above, they lead to the planner. If the links aren't working - go to the blog page and grab it there.

[@jeffgragg8768]

I am so grateful we have this program at Fenders diner

[@Therestaurantboss]

We are delighted to read this!

[@googlo1]

Thanks for the awesome video. I need some advice regarding buying a running fast food business. Is there a way to find out the current value of that specific location against the current asking price? Also, I have no experience in the restaurant industry except that I love to cook and sometimes cook at home and love to eat and I always want to open my own restaurant to serve the community, so should I jump into this highly competitive restaurant industry or just forget about it? Please help, thanks.

[@comeketo3740]

really good video ... !!

[@Therestaurantboss]

Thank you!

[@canalfixe]

I totally agree with the myth nr3

[@michaelsimmons4147]

Can you elaborate on flow thru and how to calculate it in a teachable way?

[@james-PDN]

Just came across you for first time today. I’m liking your videos. I’m new to owning a restaurant and I have my own ideas of how to do business, my mentor aka the old owner thinks I’m crazy. He just ran a simple byo pizza take out. I’m tryna bring in technology and systems and policies and procedures so that I can build out more stores. Just like in mma training, slow is smooth, smooth is fast…might need you to come up to Canada 😂

[@Therestaurantboss]

Where are you located Jimmy? I live in Canada and Ryan has come up to work with stores in the great white north before! Sounds like you're on the same wavelength as Ryan so there's 2 recommendations: 1. Grab a copy of his book for free (www.therestaurantboss.com/books) 2. We're doing a Restaurant Marketing Bootcamp tomorrow. It's the only time we're doing it live and it's perfect for anyone who's looking for consistent foot traffic: www.therestaurantboss.com/programs/restaurant-marketing-bootcamp -Dawn, Team TRB

[@chrisbass2913]

I would like to have this information please

[@NSWvet83]

Pretty good. I just keep in-mind that a daily P&L report can get tedious and tunnel visioned. It also adds unnecessary stress to the management team. I have them keep their eye on things but mainly labor in that Daily Aspect. Otherwise the P&L gets reviewed on a weekly basis. And not worrying about past numbers is is like planning with half your data. Overall pretty damn good video and points.

[@Therestaurantboss]

You are totally right on here, I agree with everything you said. Thank for comments.

[@CRUDE360]

i need advice can u help me? i want to open a fast food business like Wendy's or kfc... something like that. but i need a computerized inventory system thst tracks sales as they're made and prints tenders and stuff. any advice?

[@akshaynanda8293]

I consider you the best, Salute to you! Love and Regards from India. Please explain this, Ryan- On Myth 2, i would think even the traffic determines the sale- burger, in that example might sell twice or thrice as compared to steak. So should we not have a seperate consideration for items that sell more, and have less margin? Hope i explained my point..

[@Therestaurantboss]

Well that is possible, but that is not the point I was making. If you are going to sell 100 burgers to 10 steaks, then yes, the burger will be more profitable. That is why you need to study your menu mix and cash contribution every month.

[@husseinomar4570]

Happy day. I wish you good luck always ... can I ask you ... as the manager of a casual dining restaurant? Is there a mathematical equation that enables me to calculate the number of workers I need for a restaurant? Bartender. The cooks. Whoa! Noting that we do not work in the part time system in Egypt. We work on the monthly salary .. Thank you very much

[@jansoncyj]

I totally agree on the myth #2 Thumb up 👆

[@jessicajasmin4393]

hi I really enjoyed watching your videos, it's only today that I have watched some of your videos which are I think very helpful. Thnx

[@alextrifan3838]

When you said that overs in the till could mean theft I realised the you are a hospitality monster,I thought I was the only one who caught people stealing that way,thanks for the good work,keep it coming!

[@Therestaurantboss]

Hahahaha! Will do!

[@saadeloraby5839]

What POS system you recommend for a small scale retail restaurant that is customizable

[@Therestaurantboss]

Hi Saad! Maybe this video will help: therestaurantboss.com/how-to-pick-pos-system

[@bicd3244]

I think #1 is a bit misleading with your example of soy sauce or a similar product sitting on the shelf for any period of time. I purchase a case of 5 rib eyes each week for apx $ 873.75. If I purchased each loin separately, it would cost me $1257.00. By me purchasing in bulk, I am saving $383.25 per week or $19,929 a year. I think it depends on the product in situation #1.

[@Therestaurantboss]

Yes! It's hard to compare soy sauce with steak. My example was for things, like condiments, that tend to sit longer on your shelf and not get used immediately.

[@eddyteddy4019]

I have not been in F&B in my whole career, just started for now. What would you recommend I should read or attend any course for immediate action? Thank you

[@Therestaurantboss]

Have you seen our online course called Restaurant Owners Roadmap, of course, I would recommend that. restaurantprofitandperformance.com

[@ginobuscemi1403]

can you make a video about Staffing

[@Therestaurantboss]

What about staffing, I have many related to labor cost and managing or hiring employees.

[@mainstreetmarketdeli6741]

P&L= Past and Long-gone! ;)

[@thehollywood7422]

What are your thoughts on opening a "turn key" restaurant during a pandemic that has restaurants in the area operating at 25% occupancy, regardless of how solid my business plan is?

[@thehollywood7422]

Smallish waterfront pub and grill, on the busiest bar district in downtown Milwaukee. 2 patios.

[@Therestaurantboss]

@@thehollywood7422 So long as you get it at price that reflects the current situation and you factor in the possibility of being at lower occupancy for a long time into your projections, now is a great time to get a great deal.

[@mikepinola7569]

Myth #3 has me confused... If the drawer is over(assuming a customer's change may have been short or a server's tip may have ended up in there accidentally) how could the house possible be getting slighted here?

[@Therestaurantboss]

The house is not getting slighted, but if the drawer is over there is a concern. There are many scenarios where theft is occurring and a drawer that is over is an indication to look deeper into it.

[@ginobuscemi1403]

how much time should a restaurant owner spend on managing

[@Therestaurantboss]

As much as it takes to ensure that every operation exceeds yours and your guest's expectations.

[@mohsenabbas5086]

I REALLY IMPROVE MY CAREER FROM WATCHING YOUR VIDEOS.THANKS

[@Therestaurantboss]

Hi Moshen! Wow - thank you so much for taking the time to comment. I am beyond delighted that my videos have impacted your career!

[@JuancoPRoFlow]

Too many moving parts, I rather own the property where you have your restaurant at.

[@Therestaurantboss]

Its not always the best use of capital. If you are looking for prime Los Angeles, New York, Chicago locations, it may be millions or the best real-estate may not be for sale.