When it comes to running a pub just like any other food and drink related business, managing your finances is crucial given the long list of expenses you have. How do you do this then? Fear not for it’s not rocket science. It’s pretty doable and nothing scientific. Read on to find out how to manage your pub financing like a pro.
- Keep everything recorded and reported.
In order to manage your resources, you will have to make a record of them. Each transaction must be properly analyzed, categorized and reported with their accompanying documentary evidences like receipts, sales invoice, delivery slips, and etcetera. This creates a systematic and accurate record of all transactions which you can use in the decision making stages.
- Have expenses, needs and resources match.
In short, make a budget. Know how much you have, what your needs are and the necessary expenses per period as well as contingent ones. By matching all of these, shortages and wastage are best avoided.
- Instill standard operating procedures.
In a pub, it is important to establish pour levels and serving sizes for all drinks and food. You will need this in the proper costing of your menu and bar items. This should also help avoid inconsistency in your servings. You know how much patrons and customers can be when they realize that you’re services are not consistent in quality and size.
- Check and examine.
In other words, make an audit not only of your records, transactions and financial statements but also of your operations. This should help shed the light on fraudulent activities that could have happened as well as inconsistencies and malpractices among employees. No more “drinks on the house” that have left you wondering how come the eighty shots ordered last night resulted in twenty boxes of empty liquor.
- Evaluate and improve.
Of course, there are always points to improve on at the end of the day. This is the purpose of your examination and evaluation. This should also help not only your staff and personnel but also you as the owner to improve upon your pub and make it bigger and better one day at a time.
Now that we’ve got all that cleared up, it’s time for you to manage your pub loads funding like the pro that you are.