Ways to Save Money

In these hard times, money is hard to come by so you should know how to save it until things get better. Since it is a balancing act that is somewhat challenging, here are a few ways that can teach you how to save money. If you don’t want to lose your home like a lot of Americans have over the past year, you have to kill your debt first. You do that by calculating how much money you spend in a month and then see where the budgets can be made so there is money you can use to pay ...

Five Practical Ways to Save Money for Students

It can be hard to think of ways to save money especially for students since they don’t have their own money yet. This is because at times, for all the expenses while on campus, there is barely left to save. Although it is hard, it doesn’t mean that it is impossible for students to save money while studying. All they need is to develop good time management skills, strict budgeting, and practicality. If you are one of those who are thinking of ways to save money while on campus or even before you enter one, here are some of the ...

Six Simple Ways to Save Money

No matter where you look at it, there will be always ways to save money if the person has the will do so. If you are one of those who are trying to come up with ways to save money in this unstable economy, it is best to start with developing a simple lifestyle. When you are able to do this, the rest will follow. But, if you are one of those who are not sure where to start, here are some eight simple ways to save money. 1. Cut down on grocery or shopping sprees. Although buying groceries is a ...

Save Money Without Feeling Poor

Yes. You are feeling the economic crunch. Times are hard and you are finding it hard to even make both ends meet with the rising costs of basic necessities and the fact that you lost one of the part-time jobs that you are holding. This is the common scenario that people, not only in the US, is feeling. They may not have lost their jobs but they have certainly found it hard to earn extra. Can you blame them then if they look for ways to cut costs and save money? Although it looks like a pretty daunting task, it’s not ...

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Ways To Save Money

Restaurant Food Costing – Save Money and Increase Profits

Every restaurant can benefit from proper food costing. Food costing is one of the most important elements for making your restaurant more profitable. Costing out your food enables you to have complete control over how much you spend on food and allows you to price your dishes for maximum profit, as well as good value to your customer.

Typically, food costs should account for around 1/3 of a restaurant's expenses. The food cost along with labor and overhead costs should account for more than 2/3 of the total expenses. Above that is the profit the restaurant will generate. Since food costs are one of the highest expenses for a restaurant, food costing is viewed as one of the best ways to increase profitability for a restaurant who needs to generate more profits to stay in business.

There are a number of ways you can analyze and optimize your food costs. First, you can do this manually, by thoroughly analyzing your food costs during a set period of time, usually a period of several weeks or a month. Your statistics should then be analyzed against restaurant industry average food costs to try and pinpoint areas of expense where your restaurant can improve. Remember that all beverages should also be included in your food cost analysis. From there, you should have a detailed report of all food purchases that were made in your restaurant during the reporting period. You can then compare this to your food inventory costs for the same period. You'll be able to calculate your total food cost and be able to make adjustments for inventory and food costs. For an even more accurate analysis, try to conduct your reporting period over a longer period of time. This will allow you to further reduce costs and maximize inventory and overall profits.

Another way to calculate and optimize food costs is to use software. There are food costing systems, as well as full scale restaurant inventory and management software packages that include extensive food costing analysis and reporting. The reporting and calculation is automatically done for you as inventory and sales are calculated. Cost Genie is one of the leading software packages for this task and it's available at CostGenie.com.

Once you have analyzed your food costs and inventory, whether manually or via a software package like Cost Genie, you can make adjustments to your business, including standardizing your recipes, evaluating your purchases, minimizing spoilage and taking steps to streamline your entire inventory and sales process.

The bottom line is that proper and detailed food costing for your restaurant means increased profits and restaurant success.

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