The other day I met with Mike Christensen, President and CEO of Synergy Management (https://www.synergy-management.net). His firm specializes in expense reduction for restaurants. He shared a few recent engagements they had been working on and the savings they were able to find for their clients. The numbers were impressive – $10,000 – $50,000/year. His firm dives deep into the credit card processing fees, vendor contracts, etc. to find restaurant overspending. I asked him how he makes money at this and he told me that his fees are based on a percentage of what they save the restaurant – the more he saves, the more he makes (and the more the restaurant wins.) In order to protect his clients from poor service, he has pre-negotiated rates with trusted vendors so that he never has to sacrifice quality for a better price.
If it’s been a while since you have had the time to comb back through all your cash out flow, then it is probably time to do so. If you don’t have the time, then I would point you to a firm like Mike’s. These guys are pros and they are your friends. Restaurant365 and it’s powerful ad-hoc reporting tool make it easy to mine your restaurant data for expense trends and buying anomalies.
Morgan D. Harris | Co-founder | Restaurant365