It has been said that there are three kinds of managers: those who know what has happened in the past, those who know what is happening now, and those who know what will happen in the future. Clearly, the manager who possesses all three traits is best prepared to manage effectively and efficiently. This course will give the you the tools required to maintain sales and cost histories (the past), develop systems for monitoring current activities (the present), and learn the techniques required to anticipate what is to come (the future).
This online course will provide you all the cost control–related information and tools you will need to achieve success levels that match your own highest career goals. If you work hard and do your best, you will find you have the ability to master all of the information in this course. When you do, you will have gained an invaluable set of management skills and tools that will enhance your knowledge of the hospitality management industry. These skills and tools will ensure that your hospitality career will consistently be rewarding for you both personally and professionally.
Key concepts covered include:
- Apply the formula used to determine business profits.
- Express business expenses and profits as a percentage of revenue.
- Compare actual operating results with budgeted operating result.
- Understand the income (Profit and Loss) Statement.
- Define the importance of forecasting sales and how it can assist in staffing.
- Develop a procedure to record current sales.
- Compute percentage increases or decreases in sales over time.
- Develop a procedure to predict future sales.
- Use sales histories and standardized recipes to determine the amount of food products to buy in anticipation of forecasted sales.
- Recognize the importance of standardized recipes in controlling food costs.
- Implement an effective product storage system and inventory system for food and beverages.
- Accurately calculate food and beverage costs and their cost percentages.
- Define aspects of labor expenses.
- Identify the factors that affect employee productivity.
- Classify other expenses as being either controllable or non-controllable.
- Categorize other expenses in terms of being fixed, variable, or mixed.
- Determine how to calculate other expenses % and cost per guest.
- Compute other expense costs in terms of cost per guest and as a percentage of sales.