The biggest difference between successful bars/restaurants and the ones that struggle is how closely you watch the numbers, and part of that is analyzing profit and loss statements at the end of each month and year.
Those who analyze the numbers are able to make adjustments and increase profits by 5 – 10% which means a business selling $1 Million per year will earn an extra $50,000 – $100,000 per year. Not bad pocket change to add to your wallet. Just from reading a profit/loss statement.
If you aren’t doing a profit/loss statement for your business, shame on you. Get started now. Here we go over how to fill out a P & L and the areas to analyze so you can improve your numbers on a monthly and yearly basis.
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Cheers, until next time,