In this episode of the Restaurant Success Podcast, veteran restaurant advisor Matthew Mabel tackles the critical yet often overlooked topic of mastering restaurant financials for entrepreneurship success. Whether you're running a single-unit business or managing a multi-unit restaurant group, understanding your financial statements is essential to sustainable growth and profitability. Matthew explores how proper financial tracking impacts restaurant business performance, reveals four common challenges that even successful restaurant entrepreneurs face with their financials, and demonstrates how addressing these issues can add two percentage points to your bottom line. From improving P&L literacy among your management team to modernizing your accounting cycles and embracing financial transparency, this episode provides actionable strategies that help restaurant owners operate like true modern professional restaurant businesses. Learn how better financial management transforms your restaurant entrepreneurship journey, increases your business valuation, and creates the freedom and flexibility you've earned as a restaurant owner.

Key Topics Covered

• Setting up proper financial tracking systems to measure management development, guest experience, and cost management initiatives
• The importance of P&L literacy for restaurant managers and leadership teams
• Four common financial challenges in restaurant groups: format issues, lack of financial literacy, outdated monthly accounting cycles, and insufficient transparency
• Converting to 13-period accounting cycles (28 days each) for more accurate financial visibility
• Building an open-book company culture and sharing financial information with your team
• How fixing financial systems can add two points to your bottom line and significantly increase business valuation
• Creating a culture of trust that enables transparent financial management

Articles Mentioned

• For Breakthrough Restaurant Performance in 2023, Share Information Your People Crave, https://surrender.biz/for-breakthrough-restaurant-performance-in-2023-share-information-your-people-crave/
• How Creating a Culture of Trust Benefits Top Restaurateurs, https://surrender.biz/how-creating-a-culture-of-trust-benefits-top-restaurateurs/

Resources Mentioned

• Website: www.surrender.biz
• Free initial consultation available

Connect with Matthew Mabel

Matthew works with owners of successful, independent, multi-unit restaurants to improve:

• Profit growth
• Sales optimization
• Guest count increase
• Unit expansion
• Employee engagement
• Brand loyalty

How to Support the Show

• Subscribe to the Restaurant Success Podcast and Newsletter
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• Visit www.surrender.biz for additional resources