Business and financial plans are not something that a great number of independent restaurant operators spend time or money on prior to opening their restaurants. We believe that financial plans must be completed before buying property or leasing a space for a new restaurant. Why? Because when you “run the numbers” some locations are not feasible financially. Not enough seats, high development cost and not enough capital are just some of the reasons restaurants fail after opening.
Using a financial modeling tool and doing due diligence before moving forward with a location helps insure the future success of the restaurant. Financial modeling is just one piece of the puzzle in developing a restaurant, but it’s a critical one you can’t do without.
Here is information directly from the INTERACT BUSINESS MODELS website on the INTERACT Restaurant Model tool:
The INTERACT Restaurant Model© is a financial operating tool developed expressly for restaurants.
In addition to all the capabilities of theINTERACT Model© it manages functions unique to Fine Dining, Casual Dining, Fast Casual and QSR units. It seamlessly integrates multiple units and a mix of restaurant concepts.
You can use your own chart of accounts or the uniform system of accounts for restaurants.
Its reports are designed for tracking sales, cost of sales and expenses in formats necessary for maximizing restaurant profitability.
For more information on the Restaurant Model click on the link below.
For more information on how Goliath Consulting Group can guide you through the successful opening of your next restaurant.
Email us at: firstname.lastname@example.org or call 404-585-2095 for an appointment.