Cutting corners may seem easy and fast, but could you end up losing money in the long term? Join ICE Dean of Business and Management Studies, Steve Zagor, and American Express to determine your signature recipe for restaurant profits. Discover the number one thing you need to know to make money in the restaurant business, and learn how seemingly unimportant details—including the attire of your staff or the design of your flatware—can boost or hinder sales.
To further maximize your restaurant’s gains, we asked Zagor—a seasoned consultant and restaurateur— to highlight a few of his top tips for financial success in the competitive food industry:
- Gross Food Cost is how much you spend on all ingredients, divided by the total sales (not including sales tax). That resulting percentage is your main concern—it not only includes the menu item food costs, but any other food expenses (employee meals, complementary and discount dining, waste, etc.).
- The essential foundation for determining your Gross Food Cost is to perform an accurate food inventory on a regular weekly or monthly basis.
- When determining menu prices, it’s important to use the latest food cost information. To truly understand your food cost target, every item—even “complimentary” elements like french fries, bread and condiments—must be accounted for and included.
Ready to kick your culinary success into high gear? Train for excellence at ICE’s School of Culinary Management.