Restaurant Shark Tank Project. Restaurant Management

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Sydney Ross
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1 Restaurant Shark Tank Project Restaurant Management

2 Copyright Copyright Texas Education Agency, These Materials are copyrighted and trademarked as the property of the Texas Education Agency (TEA) and may not be reproduced without the express written permission of TEA, except under the following conditions: 1) Texas public school districts, charter schools, and Education Service Centers may reproduce and use copies of the Materials and Related Materials for the districts and schools educational use without obtaining permission from TEA. 2) Residents of the state of Texas may reproduce and use copies of the Materials and Related Materials for individual personal use only, without obtaining written permission of TEA. 3) Any portion reproduced must be reproduced in its entirety and remain unedited, unaltered and unchanged in any way. 4) No monetary charge can be made for the reproduced materials or any document containing them; however, a reasonable charge to cover only the cost of reproduction and distribution may be charged. Private entities or persons located in Texas that are not Texas public school districts, Texas Education Service Centers, or Texas charter schools or any entity, whether public or private, educational or non-educational, located outside the state of Texas MUST obtain written approval from TEA and will be required to enter into a license agreement that may involve the payment of a licensing fee or a royalty. For information contact: Office of Copyrights, Trademarks, License Agreements, and Royalties, Texas Education Agency, 1701 N. Congress Ave., Austin, TX ; phone ; copyrights@tea.state.tx.us.

3 Shark Tank

4 Budgeting and Forecasting

5 Budgets Help businesses monitor spending Key to maximizing profits Lists anticipated sales and projected costs

6 Types of Budgets Annual Estimated spending for one year, often divided by department Long-range Scheduling large expenditures Monthly Used to operate the business daily. Especially important for seasonal businesses

7 Forecasting Future sales Historical data Predict future trends

8 Revenue Also call sales Money from the business from product sales

9 All businesses want to make money! Profits Money left over after all expenses are paid Profit = Revenue Costs Example: Mario s Bistro had a total sales revenue for the month of $125, Total costs for the month were $55, Profit equals $70,000.00

10 Investors

11 Recipe for Restaurant Profits (click on link) (image from video)

12 Let s Review! 1. What is a budget? 2. What are three types of budgets? 3. Which budget estimates spending for a year? 4. What does forecasting do? 5. What is revenue also called? 6. What is the equation for profit? 7. Who are investors? 8. Do you have a concept or product investors may be interested in?

14 References and Resources Images: Microsoft Clip Art images. (Slides 3, 7, 8, 10) Shutterstock images. Photos obtained with subscription. (Slides 1, 4, 5, 9, 12, 14, 15) Textbooks: Leugers, M. (2014). Controlling costs in foodservice. Tinley Park, IL: Goodheart-Willcox. Reynolds, J. S. & Chase, D. M. (2014). Hospitality services. (Tinley Park, IL: Goodheart-Willcox. YouTube : Recipe for Restaurant Profits: Restaurant Success Series from ICE and American Express Cutting corners is easy and fast, but could you end up leaving money on the table? Discover the number one thing you need to know to make money and be successful in the restaurant business. Plus, ICE s experts will teach you why everything from the attire of your staff to the design of your flatware can boost or hinder sales.

Payment Options and Exchange Rates. Travel and Tourism Management

Payment Options and Exchange Rates Travel and Tourism Management Copyright Copyright Texas Education Agency, 2015. These Materials are copyrighted and trademarked as the property of the Texas Education