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
1018: Ryan Thorman CEO and Co-Founder of Bango Bowls [not-audio_url] [/not-audio_url]

Duration: 1:54:05
Ryan Thorman is the Co-Founder and CEO of Bango Bowls. After getting his business degree and working in some impressive companies, such as LinkedIn, Ryan opened Bango Bowls with childhood friend (and past RU guest) James…
1017: James Bonanno CEO of Upstream Hospitality Group [not-audio_url] [/not-audio_url]

Duration: 1:58:09
James Bonanno is the CEO of Upstream Hospitality Group. James began his hospitality career as a bartender in college. He worked and saved money through his 20s and, in 2011, opened his first bar, The Taproom. He and his…
1016: Nick Mathews CEO and Founder of Mainvest [not-audio_url] [/not-audio_url]

Duration: 1:10:34
Nick Matthews is the CEO and Founder of Mainvest. Nick began his career as a ground level Uber employee in 2011. He spent 6.5 years there working in the ares of marketing and community management. In 2019, he left to sta…
1015: Matt Poepsel Author and Vice President at The Predictive Index [not-audio_url] [/not-audio_url]

Duration: 1:53:46
Matt Poepsel spent time in the Marine Corps. before heading off to college and studying psychology and business. He eventually realized his passion is to "guide other leaders as they climb." Today, Matt is there Vice Pre…
1014: James and Johanna Windon Founders of Buena Papa Fry Bar [not-audio_url] [/not-audio_url]

Duration: 1:57:52
Husband-and-wife team, James and Johanna Windon, founded Buena Papa (Spanish translation, Good Potato) in 2021 in Raleigh, N.C., after the COVID-19 pandemic forced them to temporarily shut down their cleaning business. I…
1013: Jon Seelbinder Founder of Local Icon Hospitality [not-audio_url] [/not-audio_url]

Duration: 2:10:18
Jon Seelbinder is from the mountains of North Carolina. While growing up, he learned to cook and be a great host and leader through his grandmother. After leaving the Airfare academy, Jon began working in bars. He worked…
1012: Gary Crunkleton Owner of The Crunkleton [not-audio_url] [/not-audio_url]

Duration: 2:02:02
Gary Crunkleton is the Owner of The Crunkleton, specializing in antique drinks. Gary has been a "barman" since 1992. He is a veteran of the navy and a veteran bar tender. He opened his first location in 2008 with "The Cr…
1011: Kevin Barrett and Drew Schenk Co-Owners of Dram and Draught [not-audio_url] [/not-audio_url]

Duration: 1:58:34
Kevin Barrett and Drew Schenk are the co-owners of Dram and Draught based in and around Raleigh, North Carolina. Drew truly began his restaurant career with Applebees in 1990. he then opened his first restaurant, Remingt…
1010: Wil Brawley Podcast Host, Author, and Co-Owner of Schedulefly [not-audio_url] [/not-audio_url]

Duration: 56:14
Wil Brawley is the Co-Founder and Co-Owner of Schedulefly, a scheduling software for restaurants. He is also the author of Restaurant Owners Uncorked and Restaurant Owners Uncorked Part II. He is also the host of the Res…
1009: Dave Nitzel and Dave Domzalski Authors of Hospitality DNA [not-audio_url] [/not-audio_url]

Duration: 1:52:31
Dave Nitzel is the co-author of Hospitality DNA: Career Journeys with Unprecedented Insights from Industry Award Winners and The Bar Shift: 41 Short Management Lessons You Don't Have to Learn the Hard Way! He left execut…