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
1197: Samir Watter, COO of Layne's Chicken Fingers [not-audio_url] [/not-audio_url]

Duration: 1:19:25
Samir Watter is the COO at Layne's Chicken Fingers based in Dallas, TX. Samir joined Layne's in 2021 when there were only 7 total locations. Before that, he held impressive roles and big franchise companies like Denny's,…
1196: Thom Crosby, CEO of Pal's Sudden Service [not-audio_url] [/not-audio_url]

Duration: 1:45:06
Thom Crosby is the CEO of Pal's Sudden Service, HQ'd in Kingstwon, TN. Pal's Sudden Service was first opened in 1956 in Kingstown, TN. Thom came on board in 1981 to help them grow. Thom's experience prior to Pal's was in…
1195: Zane and Brandon Hunt, Co-Founders of VIA 313 [not-audio_url] [/not-audio_url]

Duration: 1:42:30
Zane and Brandon Hunt are the co-founders of VIA 313. VIA 313 is a Detroit-style pizza chain. This is The Hunt Bros. third time on the show. They first joined us for episode 560 in 2018 and again in 2021 for episode 826.…
1194: The Game of Restaurant Growth with Matthew Mabel [not-audio_url] [/not-audio_url]

Duration: 1:37:26
Matthew Mabel is a consultant, advisor, coach and President of Surrender, Inc. Surrender is a hospitality and management-consulting firm based in Dallas, TX. Matthew was last on the show for episode 518! For this in-pers…
1193: Garrett Reed, CEO of Layne's Chicken Fingers [not-audio_url] [/not-audio_url]

Duration: 2:16:05
Garrett Reed is the CEO of Layne's Chicken Fingers. Garrett got his start in the real estate business right out of college as a site selector for Radio Shack in he 90s. By the early 2000s he had moved on to Starbucks whe…
1192: How to Secure Funding with Michael Praver [not-audio_url] [/not-audio_url]

Duration: 1:22:43
Michael Praver is the founder of fundingfundingfunding.com Michael's company specializes in helping businesses secure capital without the stress of traditional lending. Their mission is to help businesses secure fast, re…
1191: Rachel Cope, Founder and CEO of 84 Hospitality [not-audio_url] [/not-audio_url]

Duration: 1:54:18
Rachel Cope is the Founder and CEO of 84 Hospitality based in Oklahoma City, OK. 84 Hospitality consists of 4 concepts in 10+ locations in and around OKC. The brand started with Empire Pizza and the newest restaurant is…
1190: Workers' Compensation Deep Dive with David DeLorenzo [not-audio_url] [/not-audio_url]

Duration: 1:26:47
David DeLorenzo is the CEO and Owner of Bar and Restaurant Insurance. David DeLorenzo specializes in bar and restaurant insurance, but he is also a speaker, author, coach, as well as host of a mastermind and more than on…