Donald Burns offers concise advice for recession-proofing a restaurant: conduct an in-depth analysis of your financial health (income, expenses, profit margins) and, if needed, engage a certified accountant to identify cost-cutting opportunities and strengthen profitability.
The first step towards recession proofing your restaurant is conducting an in depth analysis of your financial health. This means examining your income, expenses and profit margins accurately. If you're not entirely comfortable with your financial savvy, then engage the services of a certified accountant. A seasoned accountant can really unearth cost cutting opportunities and strategies to bolster your profits and forming a solid foundation for your future plans.
If your restaurant only works because you work 80 hours a week, it doesn't work.
