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
1246: Jordan Ware and Cindi Kozak, Co-Owners of Frankie's [not-audio_url] [/not-audio_url]

Duration: 2:01:57
Jordan Ware and Cindi Kozak are the chef-and-general manager team behind Frankie's in Burlington, Vermont, a 70-seat, seafood-forward, farm-to-table restaurant in the former Penny Cluse Café space that has quickly become…
1245: Eric Scheffer, Founder and CEO of The Scheffer Group [not-audio_url] [/not-audio_url]

Duration: 2:04:29
Eric Scheffer is the Founder and CEO of The Scheffer Group, based in Asheville, North Carolina. Eric comes from a family that worked in the entertainment business in NYC and LA and he too joined them in that business at…
1242: Leonard Botello, Pit Master and Owner at Truth BBQ [not-audio_url] [/not-audio_url]

Duration: 1:31:42
Leonard Botello is the owner and Pit Master of Truth BBQ, which currently has two locations in Houston and Brenham, TX. Leonard grew up in restaurants with his family and went on to study Biology at A&M. He pivoted to BB…
1241: Ope Amosu, Chef/Owner/Blok Captain of ChòpnBlọk [not-audio_url] [/not-audio_url]

Duration: 1:44:42
Ope Amosu is the chef/owner of ChòpnBlọk located in Houston, Texas. Ope began his career working in oil and gas all over the globe. The son of Nigerian parents, Ope found that no matter where he travelled, it was difficu…
1240: Neil Chand, Co-Founder of FoodServiceIQ [not-audio_url] [/not-audio_url]

Duration: 56:42
FoodServiceIQ is based in Austin, Texas and helps specifically independant restaurants reduce food costs by an average of 5-7% on a 100% performance basis. To use their services, please email Eric at eric@restaurantunsto…
1239: Willet Feng and Diane Wu Feng, Co-Owners of burger-chan [not-audio_url] [/not-audio_url]

Duration: 1:59:51
Willet Feng and Diane Wu Feng are the Co-Owners of burger-chan, a "mom and pop burger shop" founded in 2016 and located in Houston, Texas. Chef Ryan Stewart of Silver Linings Hospitality recently partnered with them and…
1238: Charles Clark, Owner of Clark Concepts [not-audio_url] [/not-audio_url]

Duration: 1:30:12
Charles Clark is the owner of Clark Concepts, based in Houston, TX. Charles was on the show for episode 666 back in 2019 and quite a lot has changed since then. In 2019, he had 6 concepts and a partner. He and his partne…