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Moving on up

post #1 of 6
Thread Starter 

Hello fellow culinary adventurers- I am an exec at a corporate office and I am looking to move up to be the GM someday but need a little help with the financial side of the biz.

 

I have worked in almost exclusively corporate operations and haven't had any real training on reading P&L's or budgeting outside of school. I simply get a nod of approval when I ask how my food cost came back at the end of the month. That statistic is really the only thing my GM thinks is important to me. He's a nice guy, and far-and-away the most appreciative and gracious manager I have ever had, but he is a bit of a micromanager. He is planning on retiring in a few years and told me he would like me to take over. He also told me he would let me take a peek at the books from time to time. But I want to be ready when my time comes.

 

So, my question is: Are there any resources I can utilize to practice or review financial statements, fiscal budgets or P&L's either online or elsewhere? Any advice would be fantastic.

 

Cheers!

 

Also- I love how the moderators don't want us to use kitchen lingo. Does that mean cuss words or commonly used kitchen terms? haha

post #2 of 6
Quote:
Originally Posted by youngjefeindfw View Post
Also- I love how the moderators don't want us to use kitchen lingo. Does that mean cuss words or commonly used kitchen terms? haha

My general rule of thumb regarding my own language is that if I wouldn't say it in the dining room in front of guests, then I don't say it here.¸.·´¯`·.¸¸><((((º> ¸.·´¯`·.¸¸><((((º>¸.·´¯`·.¸¸><((((º>¸.·´¯`·.¸¸><((((º>
><((((º> ¸.·´¯`·.¸¸><((((º>¸.·´¯`·.¸¸><((((º>¸.·´¯`·.¸¸><((((º>

Wisdom comes with age, but sometimes age comes alone.
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Wisdom comes with age, but sometimes age comes alone.
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post #3 of 6

@youngjefeindfw ,

  If you have time. Why don't you just try to  take some online courses at Brookhaven or another CC. Start with accounting, bookkeeping, Quickbooks or Peachtree. I did all my brushing up there. Heck, if you don't already speak Spanish, now would be a good time to learn. That can't hurt as a GM. I mean books, P&L's and financials are pretty straight forward unless you're fudging.

FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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post #4 of 6

Here is a link to a publication by the National Restaurant Association that you might find to be helpful

The Uniform System of Accounts for Restaurants

http://imis.restaurant.org/store/detail.aspx?id=USAR12

Wisdom comes with age, but sometimes age comes alone.
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Wisdom comes with age, but sometimes age comes alone.
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post #5 of 6

@cheflayne,

             I agree that there is a wealth of information from the NRA. I am actually quite familiar with most of there publications. I help one of my friends with his outlets. Most of the information is geared towards restaurants.( which is great because, for years, there was not much out there to reference) or compare. But I also think a basic knowledge of business is like having the Mother Sauces down pat before you use them in recipes.

FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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FOR YEARS I LIVED TO WORK! NOW I WORK TO LIVE!
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post #6 of 6

@youngjefeindfw Here are my two cents.

 

Since you told us you are an exec at corporate, I am assuming you have a fair bit of power. How about asking for some cross-training in the finance department? I think that some theory plus field experience works wonders when you are trying to learn something new.

Since the current GM wants you to take over how about going over different departments doing some training in each to make the transition that much smoother? You would be doing exactly what you want, plus checking out  how all the staff that will be under you works in their own department. That would be the ideal case, if you could do it.

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