Don’t Just Make Great Food – Make Good Money
Every business owner goes into business to make money. No money, no business. But knowing that on a basic level, and actually understanding your financials are two entirely different things. We know our clients want to succeed. Don’t just make great food, make good money while you’re at it!
I have a restaurateur client. He is an absolutely brilliant chef with a creative streak a mile wide. His hard work and talent have yielded a niche in a crowded industry and his restaurant is thriving. He uses a very popular financial software that rhymes with “Good Looks”. Like most Chefs turned restaurateurs, he has not carved out the 4 years to attain a Bachelor’s degree in Accounting or Finance, so this appears to be the perfect solution.
Not all money managing software options are created equal.
Most small business owners use “Good Looks” with reason. It is great software with fantastic features… that many small business owners either don’t know about or don’t know how to maximize. So how do you bridge the gap between Accounting Expert and Chef, all while running your operation, working the line, touching tables, creating orders, drafting next season’s menu, keeping an eye on latest trends, etc. It’s no small wonder he was worried about his books as he was preparing for a PPP loan during the time of CoVid-19! He got into the business of making food with the hope he’d also make good money.
Hiring a CFO or Finance Manager doesn’t have to be expensive.
Chef is a very savvy business owner. He recognizes that his business can’t afford a CFO or even a Finance Manager at this point. (It is for this very reason we offer a la carte options at our website). He also knows that he is most needed in the kitchen, using the skills that bring people in the door every day. In his words, “As a busy owner/chef/father of 3 kids, (it) is overwhelming wearing many hats so I try to concentrate on what I do best and most importantly, take advantage of any time to enjoy what you work so hard for.” In this case, knowing his financials is recognizing his strengths while using resources in need areas, like applying for and maintaining loan parameters.
From financial education comes better business decisions that impact your bottom line.
In the long term, as time permits, we have a game plan. It does involve financial education, but of a more practical, hands-on type. Once the PPP loan is forgiven, and the business has adjusted to post-coronavirus expectations, we will begin using our allocated time together each week to focus on training in addition to regular financial management. The future will show us, but I have confidence that Executive Chef and Accountant can exist within the same person with proper guidance, training, and a little bit of ongoing support. Remember, don’t just make great food, make good money sharing it with those who appreciate your talent.