Amid the swirl of activity in food and beverage service, financial management is a function that loses priority sometimes, despite its crucial function.
Understanding and managing your food and beverage operation’s income statement (profit and loss statement) can lead to better decision making and can position you to succeed. Learn how to get a hold on your organization’s finances and make informed decisions based on profit and performance.
Your menu does much more than inform guests about what you offer. It helps to create and communicate your food and beverage operation’s identity, and influences your guests’ choices.
This course will enable you to evaluate menus and identify changes that will optimize the value and profitability of your food and beverage operation.
Your operation’s brand is like a contract with the customer, and the expectation is that value will be delivered in relative accordance with price and quality of service. But keeping food costs down is no easy task. In fact, it’s one of the most detail-oriented, scientific processes that go into running a restaurant and there are many challenges with keeping food costs controlled.
In this course, you’ll learn to optimize your operation’s profits by effectively managing your selection, procurement, receiving, storage, and inventory management processes.
Loyal repeat customers are key to the success of any food and beverage operation. They represent recurring revenue and are a great source for feedback and gauging customer sentiment. They can also be your greatest evangelists, recommending you to friends and colleagues, even giving favorable online reviews.
Through careful design, meticulous attention to service processes, and a way to gauge customer sentiment, you can play to your team’s strengths and identify opportunities for improving the guest experience to grow your business.
Your employees are the heart of every food and beverage operation and your most valuable resource, yet so many operators fail to focus attention on employee satisfaction and engagement.
Understanding your role in managing and leading employees can help you to reduce costly turnover, safety incidents, theft, and absenteeism, and can improve your operation’s quality, productivity, guest satisfaction, and profitability.
Whether you are a restaurant, coffee house, even a cocktail bar, your beverage program can have a big impact on your profitability, but it comes with a good deal of risk.
Understanding everything that is involved in offering wine, beer, spirits, and nonalcoholic beverages and applying discipline to your product selection, pricing, list design, and rigorous controls can minimize certain risks and position you for financial success.
In this course you'll learn how to assess a restaurant's revenue capability and how to maximize its profitability. With the Restaurant Revenue Management (RRM) system, you can create conditions and manipulate factors such as meal duration and price to bring in more revenue. Learn key the concepts of Restaurant Revenue Management, examine methods of measuring revenue-management success, compare those measures to traditional indicators of success, and learn the five-step approach to establishing a revenue-management system.
You can determine a restaurant's revenue capability by calculating its "revenue per available seat hour", and discover the value of identifying and modifying business practices to accommodate hot, warm, and cold revenue periods.
Learn the five steps of the revenue management process and examine the conditions necessary for proper implementation. You'll also review case studies of restaurants around the world that have used the RRM system and have seen two to five percent revenue increases.
Every property’s finance function keeps detailed records of the daily transactions involved in the running the organization. Periodically, they create reports that allow management, stakeholders and regulating authorities to have insight into the financial health of the organization. As a manager, you need to understand both the metrics that are reported in income statement, balance sheets, and cash flow statements, and how they relate to each other. You also need to understand how comparing numbers across your company, the industry, and from year to year, can help you assess the overall financial performance of the firm.
The in-depth review of sample case studies in this course will provide you with the tools you need to examine your own property’s reports. As you make budgeting and investment decisions, your knowledge of how vital financial markers indicate relative health in the organization will help drive initiatives to meet your company’s financial goals.