TheRestaurantExpert.com Tip of The Week: Know Your History to Forecast Your Future

Know Your History to Forecast Your Future 

According to David Scott Peters, TheRestaurantExpert.com, one of the most important things for a restaurant owner to remember is that you must know your establishment's history in order to forecast its future.  "You can't know where you're going unless you know where you've been," says Peters.  Budgeting, scaling up for labor, purchasing and many other restaurant systems rely almost solely on forecasting in order to make a restaurant efficient and profitable. 

However, the only way to forecast sales is by knowing what your business has done in the past.  To forecast your future accurately, you must know your history, even if it is simply a couple months worth of invoicing, payroll reports and sales figures, together with your memory of events. 

This is an important tip given that we are at the beginning of a new year.  Make it your restaurant resolution to put the pieces of your past together to develop a plan for your future.  Even in the wake of the financial difficulties Michigan restaurants are facing, a dining establishment in Michigan can still become successful in the future if the owners take the proper steps to analyze what's gone on in the restaurant's past.

For more advice like this, visit http://therestaurantexpert.com.  If you're a Michigan restaurant looking to increase your visibility on the internet, visit http://www.miflavor.com and click on the "contact us" link or call 248.302.2738 to speak with a Michigan Flavor Account Specialist.

*source:  David Scott Peters, http://www.TheRestaurantExpert.com