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Restaurant bill sample for Finance

hello aces welcome back to module four lesson number seven creating your financial plan in this lesson we're going to be talking about how to create your financial plan so then that way you can start a profitable restaurant you've done all the hard work already now it is time to put everything together and start creating scenarios now why is that super important it is because so then that way we can prepare for the worst but be ready for the best as well so let's get right into it these are the items that we already done in the previous lessons if you haven't already done so make sure you go through each and every single one of the lessons and to get all these numbers because now it is time for us to put everything together we've got the revenue range we've got the total investment the seating available to fix and variable cost breakeven point average order value you put everything already you've done the hard work now it is time to put them together and create a high average and low scenario for your restaurant plan usually i'd like to budget 25 variants for each of these scenarios and i'll show you exactly how to do that ben's burger in action we have done everything already that's the hard work we've calculated that on average ben's 700 square feet location would bring him 24 000 500 revenue per month that's on average we take that we times that by 25 more okay so that's the reason why we use 1.25 times the average number that we projected that gives us 30 000 and 625 revenue per month and that's on the high side so for us to actually calculate the low side then we take 0.75 times that by the average in order to for us to come up with 18 375. so for example if you want to adjust the variance right whether it is 15 then this would be 1.15 and this would be 0.85 so basically whatever percentage that you want to have as variance then you just need to put it as a multiple to calculate your low scenario and your high scenario but nonetheless these are the three scenarios on the high side you make around thirty thousand dollars on the average side you make around twenty five and on the low side you make around eighteen thousand dollars per month now use the high projection number which is thirty thousand dollars to prepare your equipment and also your kitchen needs so then that way it prevents your operations from collapsing from overloading that's a prime example of what a mistake that we've done with our ice cream shop because we never accounted for us making a really big amount of money and that we have a lot of traffic and that's the reason why we bought the cheapest ice cream machine out there and thus in turn because we had lineups out the doors for months to come we had to upgrade our ice cream machine and in turn we spent more than thirty thousand dollars to upgrade to a new machine to take out our counters and to put in the new machine and that was a costly mistakes on our end because we never accounted for this scenario so i don't want that to happen for you make sure you use a high projection number to calculate your equipment okay use the low projection number let's say if you're only making eighteen thousand dollars per month instead of thirty thousand dollars then use this number to prepare a cash flow for that what you need in your bank because this allows you to have enough runway to weather the winter times for us we never really accounted for that and that's the reason why we came into a cash flow problem as well but luckily we were we were busy in the summertime and we had enough cash to sustain the winter time as well but nonetheless it is just a luck thing that we we happen to fall into you need to make sure that you have the preparation and half the cash flow in the bank because if you don't have the cash flow in the bank it will easily push you into bankruptcy before you even are able to see the next season to actually have have a chance of success again that's the reason why you need to make sure you prepare enough cash flow to put to put in your bank in order for you to run your business and also have the equipment for high production and that way you can be ready to build a profitable restaurant now it is your turn to calculate your high projection numbers and your low projection numbers so then that way once again you're prepared for the worst and ready for the best okay use the worksheet below to calculate that and adjust the percentage based upon your preference now it is your turn to go and do that in this lesson you've just learned how to create your financial plan using um the worksheet below now go out there and start creating that plan in the next module we're going to be learning how to create a great culture that attracts the best talent who cares for your business i'll see you guys in the next module