4/7/2024 0 Comments Marked up![]() Once you know your COGS, you can make sure your prices are higher than your costs. Organize your stockroom, distribute inventory worksheets, and schedule a weekly inventory count and COGS analysis time. The only way to ensure it happens regularly is to set up a system. ![]() Knowing your COGS will keep you on top of financials and potential problems, and it wil keep your staff mindful of waste. = $4,500 worth of inventory sold in the week – $2,500 left in your kitchen on Sunday night + $3,000 in additions to inventory made on Wednesday ![]() That’s where the Cost of Goods Sold (aka “cost of goods used” or “cost of usage”) comes in. It will be very hard to figure out how much profit you’re making from your food sales if you don’t know how much the food you’re selling first cost you. The following steps are the foundation of the cost-based strategy most restaurants and food service businesses use to price their items and remain profitable. ![]() Thankfully, when it comes to selling food, a few simple calculations can clear much of the fog. Service and product business owners, managers expanding their business and entrepreneurs writing business plans all struggle with pricing. How do you decide what price to offer your first coffee or sandwich at? You want to open a café or you’re considering offering food in your store for the first time. ![]()
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