In the face of escalating economic pressures, effective finance skills are vital for the sustainability of restaurant and catering operations. Recognising this, the team at the finance4hospitality academy powered by arena4finance, is offering a specialised online course, “Cost Control for Food & Beverage Managers,” scheduled for two half days on the mornings of the 16th and 17th September. Led by industry expert and the finance4hospitality academy founder, Debra Adams, this event is designed to equip restaurant supervisors, managers, chefs, and food & beverage controllers with the finance skills to navigate the current challenges facing the sector.
The course provides a comprehensive overview of critical areas for managing gross profit including effective purchasing techniques and stock control, menu planning and upselling, food waste reduction as well as payroll cost management, and an improved understanding of the profit and loss statement. Participants will engage in interactive sessions featuring polls, quizzes, case studies, and discussions, fostering practical application of the concepts to improve financial skills.
This course is particularly timely given the current economic landscape for hospitality businesses. Annual cost increases came into effect in April, with payroll costs particularly impacted due to the increase in the minimum wage and the increase in National Insurance Contributions (NIC). This coupled with a reduction in business rate relief and the ongoing levels of food inflation is creating unprecedented pressures on the profitability of food and beverage operations which traditionally have operated with tight margins. UK Hospitality estimates that hospitality businesses will now face an additional £1.9 billion in wage costs, £1 billion of employer National Insurance Contributions (NICs) and £500m in business rates, as a result of relief being lowered from 75% to 40%.
Typically most restaurants will be aiming to sell their menu items with a 70 – 75% gross profit margin after food cost but the majority of this profit will then be used to cover payroll and related costs and other operating expenses such as rates and utilities leaving very small margins of net profit for further investment in the business. Capital expenditure to invest in the fixtures and fittings of the business, to maintain the customer experience, is funded from annual profits and if these are minimal or barely exist then it becomes impossible to invest for the future, undermining the long term health of the business.
Course Details
Dates: September 16th and 17th
Format: Online sessions from 9:00 AM to 12:30 PM (BST)
Cost: £210.00 per person (inclusive of VAT)
Tutor: Debra Adams, founder of the finance4hospitality academy powered by arena4finance, successful author, lecturer and management accountant, with over 30 years of experience in hospitality finance training
Extras: Certificate of Attendance upon completion.
By participating in this course, food and beverage professionals can acquire the finance skills necessary to navigate these financial challenges effectively. For more information or to register, visit Cost Control For Food And Beverage Managers
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