Webinar/Podcast
Prime Cost: How to Control the Most Important Number on Your P&L
Prime cost is one of the most important numbers for any restaurant to track and control. Restaurants that do are generally 20% - 50% more profitable than those that don't.
Prime cost is made up of the largest and most volatile costs you've got, cost of sales and payroll. Combined, these costs typically consume between 60% - 65% of every sales dollar.
We've observed that when restaurants start to track and analyze their prime cost every week, their prime cost goes down 2% - 5% of sales. For most restaurants this represents a significant increase in their bottom line profitability.
This webcast is conducted by RestaurantOwner.com's Jim Laube. Jim has been a strong advocate of prime cost tracking for over 20 years and has worked with hundreds of restaurants in implementing prime cost reporting is a variety of operating settings.
Watch this fast-paced and informative webcast to learn how to implement a weekly prime cost system and begin to see significant cost savings and better financial results.
What You Will Learn:
- Operational skills versus business skills and why you need both
- How measuring and analyzing your key numbers can improve your results exponentially
- Industry standards and rules of thumb on prime cost in QSR and full service restaurants
- A streamlined way to calculate your prime cost every week
- 3 ways to analyze your numbers that will dramatically open your eyes to how your restaurant in really performing
- Answers to your questions
About the Presenter:
Jim Laube
Jim is the founder and CEO of RestaurantOwner.com. He has a diverse 30-year career in the restaurant industry that includes various staff positions, manager, controller, CPA and advisor to hundreds of independents throughout the U.S. and Canada. Jim is a popular restaurant industry speaker and seminar leader whose clients include the National Restaurant Association, Pizza Expo, SYSCO, Food Services of America, Gordon Foodservice, the New York Restaurant Association, Walt Disney and Papa John's.
This video is for members only, below is a short preview clip. To login and watch the full video Click Here.
Related Resources:
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Success Story
Focus on Prime Cost and Engaging the Entire Staff in the Process Provides Ownership with Ideas for Solutions
When Ponti's Restaurant & Bar owners, Matt and Jessica Borza, saw their profitability suffer in spite strong sales growth they implemented Prime Cost tracking and educated their entire staff on industry benchmarks. This enabled corrective action and also increased understanding of the business.
