“Running a business by a P&L is like driving a car looking through the rear view mirror.” – Unknown
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Your P&L sheet is a great tool. It gives you one place to see what all your efforts have garnered you in the last month. But remember, it’s only a snapshot of the things that have already happened in your business.
Most business owners look at this and say, OK – this is what we did wrong last month, let’s fix that up this month. But, by the time you get around to reviewing that sheet, you might already be 5, 10 or even 15 days into the month and it doesn’t give you enough time to course-correct and make effective changes.
If you want to make great strides in your business, you can’t be reacting to things in the past. You have to know exactly what’s happening in your business today so you can pivot and make changes day-to-day. Instead of looking in that rear view mirror, you need better leading indicators to run your restaurant.
Action Item:
Set up a budget at the beginning of every month and track actual VS budget every single day to ensure you’re staying in line. If you need help setting this up, please take a look at our new software BACON.
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