Financial transparency: Share the books, align your operation, generate buy-in, reap the rewards

All of us in the restaurant industry were humbled over the course of the pandemic.

Now that we’re on the other side, it’s important to stay humble – particularly when you’re looking to navigate this tough labor market.

Financial transparency invites humility, encourages accountability

Financial transparency is a great way to inject a little humility and humbleness into your business. It’s a relatively simple investment, assuming you know your food costs and other numbers: plate costs, prime costs, margins, COGS, and much much more.

And in return, the practice can foster accountability, generate buy-in from staff at all levels, and bring newfound operational alignment across your business.

It can also help you attract and retain top talent.

Find and keep staff with financial transparency and operational alignment

While food service workers want fair, livable wages, they also want to work for restaurants that care about and invest in their staff. Financial transparency can level the playing field so that everyone from dishwashers and bussers to GMs and head chefs knows the business performance.

Why not bring your staff into the fold on how the business is performing?

You hired them because you believe in their current capabilities and potential for growth. Help them help you by taking the time to show your staff the numbers that contribute to business growth and even individual compensation.

They’ll come away with better business acumen, awareness of the analytics requires to interpret business metrics, and an understanding of real-world actions they can control that impact revenue.

Unlock the benefits of financial transparency

Our new eBook takes a deep dive into financial transparency and what you need to do to make it successful.

You can expect to learn:

  • How to achieve the operational alignment required to get accurate KPIs
  • How to analyze the KPIs to measure profitability across recipes, dishes, days of the week, and more
  • How to successfully convey these metrics to your staff along with other transparencies to generate greater buy-in

Download your copy of the eBook here!