As Part 4 of her How to Open a Restaurant series, hospitality consultant Alison Arth explains how to set your restaurant up for financial success, from building a budget to keeping your staff accountable.
Restaurants are commonly seen as risky business endeavors, and for good reason. In addition to being an intensely competitive and ever-changing industry, profit margins are lean, so every dollar makes a difference. Planning for financial success is often the most intimidating, time consuming, and least fun part of the pre-opening process, but it absolutely cannot be skipped. In this article, I’ll share some key tips for giving yourself and your new restaurant the best opportunity for long-term financial success.