Dollars and Sense - Managing Your Restaurant’s P&L

In this podcast episode, Kevin, a POS expert, and Lance, a seasoned restaurant consultant, discuss critical financial strategies for restaurant owners. They emphasize the importance of setting up and maintaining accurate financial tools such as P&Ls, balance sheets, and cash flow statements. Lance shares anecdotes where poor financial management led to significant issues for restaurants and highlights the necessity of real-time accounting. They discuss managing food and labor costs, the impacts of pricing and portion control, and effective discount strategies. The conversation underscores that a focus on both cost control and sales growth is essential for a restaurant’s success.