The papers are reporting a bumper month for London restaurant openings in September. It appears that, despite the effects of the recession, more people than ever before are eating out and the restaurant industry is clearly feeling confident.
However not all new restaurant start-ups are backed by the likes of Gordon Ramsey and Angela Hartnett. For those without a celebrity chef to fill their bookings-diary what can they do to give themselves the best chance of success?
Well in our opinion working with an accountant and business advisor with a lot of experience with restaurant clients would be a good start!
Obviously we offer the usual compliance services but did you know there are also other ways in which we can assist?
- Forecasts/budgets – if you have a plan to work to you have a much greater chance of achieving what you set out to do. Budgets allow you to quickly identify if you are overspending and cash-flow forecasts can help to highlight difficult periods when you might need an overdraft facility.
- Data analysis – it’s amazing how much data can be collected via POS systems. We can transform meaningless numbers into really useful information which can help you to make informed decisions and maximise the profitability of your business.
- Management accounts – margins are absolutely key to restaurant businesses and therefore the production of good quality, timely management accounts is a must.
- Key performance indicators (KPI’s) – these are the essential figures and statistics which show how a business is performing in critical areas. As well as being a guide as to whether your business is moving in the right direction they can also be used as a tool for team motivation.
Many new restaurant owners make the mistake of thinking that they will deal with these things themselves in order to save money. In reality these things get put on the back-burner as there just isn’t time to do all of this AND run the restaurant. So leave these things to the experts and let Westbury help your business to be a success.
Nicola Pearson – Partner
Westbury Accountants and Business Advisors is an accountancy practice based in London. Westbury have been providing Accounting and Tax solutions to small and medium sized businesses since 1936. Talk to the team at Westbury on 0207 253 7272 or visit http://www.westbury.co.uk.