1 . I need an answer which is related to a restaurant, not any other business please...
Fantastic news! We've Found the answer you've been seeking!
Question:
- 1. I need an answer which is related to a restaurant, not any other business please read the question carefully that i specially mentioned that answer should be related to the restaurant
- 2. Controlling Cost and CheckList
Financial discipline is important to keep cash flowing through your business. Keeping a tight lid on your costs can go a long way in helping you establish a secure footing for your start-up business. Our helpful checklist will show you the areas to target when you're trying to understand or reduce business costs.- Identify all your major costs, such as staff, raw materials and other supplies, premises, utilities, travel, transport, capital expenditure, and financing costs.
- Decide which costs to control centrally and which should be the responsibility of individual departments (eg production, sales).
- Involve employees by explaining what you are doing and encouraging cost-saving suggestions - consider offering incentives.
- Establish budgets and monitor actual costs against the budget as part of a systematic cost-control process.
- Review how activities and costs contribute to achieving your business objectives and quality standards.
- Benchmark key activities and costs to identify long-term opportunities for significant cost reductions.
- Consolidate purchasing with a small number of suppliers and negotiate improved terms and discounts; check invoices for overcharging.
- Weigh up how much stock you need to hold. Can suppliers offer 'just-in-time' delivery, helping you reduce warehousing costs? Tying up cash unnecessarily in stock you may not need straight away or which is at risk of degradation is easily avoidable.
- Eliminate unnecessary activities, duplication of effort and avoidable waste; reduce obvious overcapacity.
- Avoid travel costs where possible. Can you hold video or phone conference calls and meetings instead of travelling to clients?
- Control excessive costs - for example, over-specified supplies or excessive spend on business lunches.
- Identify opportunities to improve efficiency; use time-saving tech, streamline processes and consider outsourcing non-core activities.
- Design products and production to use standard components and efficient processes; improve quality control to minimize waste.
- Identify opportunities to re-use or recycle materials and waste. For example, reusing packing, collecting rainwater from the roof to flush toilets, or re-purposing off-cuts to create other products. You may even be able to sell your waste to other companies.
- Improve financial control; refinance expensive overdrafts with loans and minimize working capital.
- Before making any changes, assess any potential downsides, such as damaging morale, reducing quality or creating long-term vulnerability.
- 3. Prepare a checklist of your own business methods for controlling costs, followed by a description of the methods you will use. Your resulting paper should be 4-5 double-spaced pages in length, not including a title page or references..
- 4. Review the rubric for this assignment.
- 5. Submit your assignment through the link below.
- 6. Your instructor will review and grade your idea and return it with comments
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Posted Date: