Four Key Threats to Your Survival and Bottom Line

There is some good news and bad news. The good news is the Bar, Restaurant and Nightclub industry is part of an economic juggernaut racking in billions and billions of dollars annually. Those that know what they are doing can become extremely wealthy and... well for those who don't failure can be quite painful.

There are things you must do as an owner to at least survive. You must mitigate risks and maximize your contribution margin.

What risks?

• Data breaches and credit card fraud will eat into your profits
• Sales Tax Audits - you must be accurate and keep the proper records or this could ruin you
• Discounting - Believe it or not you probably discount every drink around 10% and don't even know it. When you include sales tax and your credit card fees you probably only earn 90 cents on the dollar

How do you maximize revenue? You need a hyper focus on growing your guest check average.

• Manage your guest counts
• Manage your sales process
• Engineer your menu for profits

To manage these topics you have to know where you are (use your POS to find out) and where you are going.

Check out the videos here for more info