Crunching the Numbers: A Foodpreneur’s Guide to Mastering Food Accounting
This workshop is designed for foodpreneur’s looking to gain clarity and confidence in managing the financial side of their food businesses.
Whether you’re running a catering service, food truck, bakery, or restaurant, understanding food cost management, profit margins, and key financial principles is essential for long-term success. We’ll discuss other issues that impact every food business – wastage, stock management, cash management, pricing methodology , the importance of financial reporting and dealing with department of health.
Key Takeaways:
Basic Financial Terminology & Concepts: Understand the key terms every foodpreneur should know, such as gross profit margin, cost of goods sold (COGS), operating expenses, and net profit.
-
Effective Food Costing: Learn how to calculate and track food costs, portion sizes, and recipe pricing to ensure you’re pricing your menu appropriately for profitability.
-
Profitability Analysis: Learn how to analyze your financials to identify areas where you can increase profits, reduce expenses, or optimize menu offerings.
-
Cash Flow Management: Understand how to manage cash flow, predict your financial needs, and avoid common pitfalls that can lead to business failure.
-
Budgeting and Forecasting: Get a step-by-step guide to creating budgets and financial forecasts to plan for future growth and tackle unforeseen expenses.
-
Actionable Financial Tips for Growth: Take away practical strategies for increasing profitability, reducing overhead, and scaling your food business while maintaining financial health.
By the end of the workshop, you’ll have the tools and knowledge to manage your food business finances like a pro!
