The Bottom Line
by
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ix TABLE OF CONTENTS IDENTIFY ISSUES P&L STATEMENT .......................................................... 3 COGS ......................................................................11 OTHER P&L ITEMS .......................................................25 UNSEEN ISSUES/ SETTING GOALS .....................................29 CUTTING COST TO INCREASE PROFIT FINDING QUICK CASH ...................................................37 ADDITIONAL SAVINGS: ..................................................43 COST OF GOODS AND INVENTORY .....................................49 LABOR/OT ................................................................57 THEFT/WASTE ...........................................................63 WASTE ....................................................................69 LONG TERM SUCCESS VENDOR RELATIONSHIP .................................................75 BUILDING BUSINESS EQUITY ...........................................77 LISTEN ....................................................................78 ADJUST AS NEEDED .....................................................80 GREAT SERVICE MEANS GREAT BUSINESS BUILDING SALES VALUE OF GREAT SERVICE ..............................................87 POWER OF WORD OF MOUTH ..........................................89 VENDOR ADVERTISING HELP/LOW COST SOLUTIONS ...............92 POWER OF L.T.O.’S .....................................................97 BUILDING BUSINESS EQUITY The goal of a business is to grow. If you are not growing then chances are you will not survive. Rents increase, utilities increase, labor cost increases, and also product cost increases. For a while you can cover up the lack of sales growth with price increase. Long term you must grow top line sales to survive. Business equity is increased through growth more than any single factor. The faster you grow for the longer the period the greater your equity. Nothing will affect the value of your business more than a healthy sales growth line. The fixed costs can only eat up so much of the profits until the remainder falls to the net profit line. Keep this in mind as you trend sales. If you are just maintaining then you are losing value. For every action there is a like reaction. You do not want to wait to react, you want to act. By the time you have to react it may be too late. It does not cost a great deal to get your company name out in the community. In the next chapter we will talk about low cost alternatives in advertising. Just remember if you are not growing you are losing equity and eventually your increase in fixed cost will run you out of business. Worse yet is if your sales are sliding and because you still make some money you are in the wait and see mode. As mentioned, do not wait until you have to react; act and act now!
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About the Book
The Bottom Line is a tool for business owners, management of businesses, individuals wanting to go into business or anyone interested in furthering their knowledge on how the food service industry works. If you already are in business as an owner or manager you can improve your results by following this book and applying the information. You will see how the business works and how to make it work for you. The Bottom Line will give you building blocks on which to build a strong foundation and is a great place to start to ensure your success. Here is some of what you will learn: þ How to read and analyze a profit and loss statement. How this is a tool to build and grow your business while giving you specific clues as to the direction your business is going. þ You will get information on helping cash flow both short term as well as long term. þ Time management and how to use your time doing tasks in a more efficient manner. þ There is in-depth reviews on saving money and cutting costs as well as understanding cost of goods and how they effect your business but also on how you effect them both positively as well as negatively. þ Labor controls and scheduling and how to understand how to better manage your time as well as those who work either for you or with you. There is so much to be learned from The Bottom Line but there is one goal throughout…….. Maximize your bottom line to succeed. You will be walked through ways to get this done and when you apply this information you will see significant increases in profit; in your bottom line. Read the book. Take notes. Apply it and see the results!!
About the Author
An entrepreneur, Cole Harned has a Masters in Business and enjoys working with individuals as well as corporations in all aspects of business management. Having experience in both startups as well as turn around situations he has experience to help most any situation. He owns and operates his own company and has started working on the sequel to The Bottom Line. His new manual will be focused on multi unit operations and how the dynamics change. The quantum leap from one unit to more and how you will have to make a complete philosophy change to thrive as well as even survive. He also offers seminars in a class room type environment for companies wanting a hands on review of The Bottom Line with their management team. During his seminar all attendees receive a copy of The Bottom Line and will get an in-depth review of the material and also have time for one on one discussion and a question and answer period. The author welcomes your comments as well as questions and can be contacted at: For information regarding consulting services or to receive additional information or copies of The Bottom Line please e-mail him directly with your contact information or mail letters to Cole Harned PMB 114-173 4009 Old Denton Rd., Carrollton, TX 75007