578: David Scott Peters on Effective Budgeting

578: David Scott Peters on Effective Budgeting

Author: Inspiring interviews with todays most successful restaurateurs 2-days a wee January 7, 2019 Duration: 59:50

David Scott Peters is the founder of TheRestaurantExpert.com, a company specializing in coaching and training independent restaurant owners.

He is the developer of SMART Systems Pro, an online restaurant management software designed specifically for independent restaurant operators.

David is a regular speaker at food industry events all over the country, is a regular guest contributor to restaurant industry publications, and enjoys teaching restaurant owners how to live their passions while also operating a profitable business. 

This is David's 3rd time on the show! I HIGHLY suggest you check out his first 2 interviews:

Today we're here to discuss budgeting. Specifically, we'll cover:

  • Why a budget is so important,
  • Why Most Restaurant Owners Don't have a budget,
  • The benefits of having a budget, and
  • How to build a budget the right way
  • Also we'll discuss the first steps you can take to getting a budget

Show notes…

Favorite success quote or mantra:

"Trust the process."

In this episode with David Scott Peters, we discuss:

  1. Why a budget is so important to controlling costs. 
    • Responsibility to be profitable.
    • Roadmap to profits.
    • Goal setting and tracking.
  2. Why Most Restaurant Owners Don't have a budget. 
    • Follow their gut.
    • Think they know their number in the head.
    • Don't want to give up control. 
    • Don't want to share their numbers.
  3. Benefits to having a budget.
    • Reactive VS Proactive.
    • Recover From Unexpected road blocks.
    • Management bonuses.
    • Labor Controls.
  4. How to build a budget the right way.
    • Right tool- Budget Creator Pro.
    • Prime cost, the prime cost formula.
      •  Materials and labor involved in it is production, excluding fixed costs. Rent? 
    • Where to get the numbers.
    • What to do if you don't have the numbers.
    • Budget Webinar

Resources Mentioned

    • Smart Systems Pro 
      • CALL 1-877-457-6278 EX 106 MENTION "RESTAURANT UNSTOPPABLE" AND GET Smart Budget Pro FREE!

Today's sponsor:

Gusto offers modern, easy payroll, benefits, and HR to small businesses across the country — they were even named best online payroll by PCMag. And as a listener, you'll get three months free when you run your first payroll. Sign up and give it a try at Gusto.com/unstoppable

BentoBox helps restaurants grow their business through a connected suite of tools, offering them an integrated website to connect with their guests and drive revenue online. Restaurant owners and operators are able to easily update menus, promote specials, take catering and event inquiries, sell merchandise, gift cards and more.

Revel integrates front of house and back of house operations into a single dashboard. Designed to increase security, stability, ease of use, and speed of service, Revel's streamlined ecosystem provides businesses with the right tools to grow. Learn more at revelsystems.com/unstoppable.

 

Contact info:

1-877-457-6278 EX 106 Mention "RESTAURANT UNSTOPPABLE" get Smart Budget Pro software free, and be sure to learn more about Smart Systems Pro

The Restaurant Expert Youtube Channel

Thanks for listening!

Thanks so much for joining today! Have some feedback you'd like to share? Leave a note in the comment section below!

If you enjoyed this episode, please share it using the social media buttons you see at the top of the post.

Also, please leave an honest review for the Restaurant Unstoppable Podcast on iTunes! Ratings and reviews are extremely helpful and greatly appreciated! They do matter in the rankings of the show, and I read each and every one of them.

And finally, don't forget to subscribe to the show on iTunes to get automatic updates.

Huge thanks to David Scott Peters for joining me for another awesome episode. Until next time!

Restaurant Unstoppable is a free podcast. One of the ways I'm able to make it free is by earning a commission when sharing certain products with you. I've made it a core value to only share tools, resources, and services my guest mentors have recommend, first. If you're finding value in my podcast, please use my links!

Eric Cacciatore sits down with the people who actually run the show in the world of food service. Restaurant Unstoppable with Eric Cacciatore is built on conversations with established restaurateurs and seasoned professionals who have navigated the intense realities of the industry. Twice a week, these interviews dig past the surface, focusing on the tangible details of leadership, team management, and effective marketing that separate a thriving venue from a struggling one. You’ll hear firsthand accounts of what worked, what didn’t, and the often-overlooked decisions that shape a restaurant's path. This podcast serves as a direct line to collective experience, whether you're dreaming of your first opening or steering a multi-location group. The dialogue is practical, centered on the daily grind and long-term strategy needed to build something lasting. For anyone invested in the business of hospitality, these regular episodes compile a vital resource, turning shared insights into actionable knowledge for your own journey.
Author: Language: English Episodes: 1000

Restaurant Unstoppable with Eric Cacciatore
Podcast Episodes
1038: Robert Chen Founder and CEO at EatMise [not-audio_url] [/not-audio_url]

Duration: 1:23:01
Robert Chen is the Founder and CEO of eatmise, currently operating out of and within NYC. Robert graduated from Columbia with a 4.0 and entered the world of Professional Investment. During the 2020 COVID-19 pandemic, he…
1037: Anthony Tartaglia Co-Founder and CEO of Costa Verde Hospitality [not-audio_url] [/not-audio_url]

Duration: 1:36:02
Anthony Tartaglia is the Co-Founder and CEO of Costa Verde Hospitality. Anthony got his start in the industry at age 13 and basically never left. Hen worked in restaurant and bar management, as well as being a bartender…
1036: Adam Guild CEO at Owner.com [not-audio_url] [/not-audio_url]

Duration: 1:47:45
Adam Guild is the cofounder and CEO of Owner.com. Owner.com is a software-as-a-service company that provides restaurants with everything they need to succeed online, and drive traffic into their stores. The company curre…
1035: Jamie Greer Interim CEO Sticky's The Finger Joint [not-audio_url] [/not-audio_url]

Duration: 1:42:51
Jamie Greer is the Interim CEO at Sticky's The Finger Joint in NYC. Jamie Greer got her start in the culinary world in high school, where she attended a vocational school for culinary arts and restaurant management. She…
1034: Nick Kenner Founder and CEO of Just Salad [not-audio_url] [/not-audio_url]

Duration: 1:53:10
Just Salad was co-founded by Nick Kenner and Rob Crespi. They established the company in 2006 with the goal of providing healthy and environmentally friendly fast-food options. Just Salad recently opened their newest loc…
1033: Steven Salm Founder & CEO of PLANTA [not-audio_url] [/not-audio_url]

Duration: 2:14:13
Steven Salm is the Founder and CEO of PLANTA. Steven Salm started in the restaurant industry at the age of 18 and he fully embraced the ideas of making people happy and providing off of that. He opened his first restaura…
1032: Al Lucas and Ed Doherty on The Impact of Predictive Index [not-audio_url] [/not-audio_url]

Duration: 1:33:34
Al Lucas is a Partner at Defined Hospitality in Philadelphia, PA. Al began his career at Chart House where he began as a dishwasher, leaving the company 21 years later as the Vice President of the East Coast. He then mov…
1031: Chutatip "Nok" Suntaranon Chef/Owner of Kalaya [not-audio_url] [/not-audio_url]

Duration: 1:42:07
Chef Nok is the chef/owner at Kalaya in Philadephia, PA. Chef Nok got her start in the industry as a flight attendant, first in Kuwait and then in Bangkok, where she excelled from 1994 to 2009. There she learned her love…
1030: David Kaplan Founder and Co-Owner of Death & Co and Gin & Luck [not-audio_url] [/not-audio_url]

Duration: 1:20:27
David Kaplan is the Founder and Co-Owner of both Gin & Luck and Death & Co. Dave fell in love with cocktails at a relatively young age. After school he headed to Las Vegas and worked in a 4,000 person night club and left…
1029: Bo Davis Cofounder and CEO of MarginEdge [not-audio_url] [/not-audio_url]

Duration: 2:04:59
Bo Davis is the Co-Founder and CEO of MarginEdge. Bo Davis studied philosophy as na undergrad and left school to develop Prometheus, an educational software company. He sold the company, joined the Peace Corps., and rece…