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
340: Being resilient with Tracy Chang [not-audio_url] [/not-audio_url]

Duration: 1:23:41
Tracy Chang is from Cambridge, MA where she first experienced the restaurant industry while observing her Grandmother, a multi-unit restaurant owner. She would go on to study finance at Boston College. After college and…
339: Watching the money with Chef Edward Mendoza [not-audio_url] [/not-audio_url]

Duration: 1:04:17
Chef Edward Mendoza comes from Augusta, GA and has a bachelor's degree in Business Management from Agusta State and a Culinary Degree he earned in Vail, CO. He would go on to cook all around the country and world and has…
338: Planning for disaster with Lisandra Pagan [not-audio_url] [/not-audio_url]

Duration: 54:28
Lisandra Pagan is the founder of Deliberate Plan Consulting LLC. She helps restaurant owners prepare for business interruptions such as natural events, day to day crisis, or anything that can prevent them from doing thei…
337: Guiding yourself and your team to greatness with Debi Saltzberg [not-audio_url] [/not-audio_url]

Duration: 1:15:48
Originating from Boston MA area, Debi Saltzberg holds a degree in hotel and restaurant management from UMass Amherst and has spent the last 15 years working in the San Diego restaurant industry. Today, she is the founder…
336: The importance of time management with Rafe Gabel [not-audio_url] [/not-audio_url]

Duration: 1:21:12
In this episode we discuss: The power of journaling. The power of positivity. Setting the stage at your restaurant. The history of food. The importance of having goals. the importance of mentors. Living intentionally! Th…
335: Making everyone around you happy with Jehangir Mehta [not-audio_url] [/not-audio_url]

Duration: 1:28:38
Hailing from India, Chef Jehangir Mehta is a graduate of the Culinary Institute of America. After graduating in the mid-90's Chef Mehta got busy working in and opening some of the finest restaurants in New York City. Tod…
334: Giving more to this world than you take with Chuck Samuelson [not-audio_url] [/not-audio_url]

Duration: 1:20:38
In this episode, we discuss: Focusing on and enjoying the work you do, living purpose and intention, surrounding yourself with people who are better than you, the evolution of a good manager, treating others the way you…
333: The importance of asking questions with Nick Kokonas [not-audio_url] [/not-audio_url]

Duration: 1:42:26
In this episode we discuss: Food as a central aspect of life. The science of food. The emotional response to food. The importance of choosing the proper location for your dream restaurant. Why do fancy restaurants have w…
332: The process of finding who and what you are with Chef Gaudet [not-audio_url] [/not-audio_url]

Duration: 1:17:30
Restaurant Unstoppable's first every LIVE episode! In this episode, we discuss what to do after you've accomplished what you set out to do, needing a symbiotic relationship with landlords, how to sell the dream to your i…
331: How to create a "Bullseye Purpose" with Adam Fridman [not-audio_url] [/not-audio_url]

Duration: 1:00:24
In this episode, we discuss why we live in a world dominated by a disengaged workforce, how to find your passion, why branding should be a reflection of culture, why there is a shift in people choosing to work for purpos…