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Lecture Food and beverage cost control (5th Edition): Chapter 1 - Dopson, Hayes, Miller 

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Chapter 1 - Managing revenue and expense. This chapter presents the following content: Professional foodservice manager, profit: the reward for service, four major foodservice expense categories, percentages, percentages in foodservice, profit formula, understanding the income (profit and loss) statement, common percentages used in a P&L statement, understanding the budget, technology tools.

Chapter 1 Managing Revenue  and Expense © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Main Ideas           Professional Foodservice Manager Profit:  The Reward for Service Four Major Foodservice Expense Categories Percentages Percentages in Foodservice Profit Formula Understanding the Income (Profit and Loss) Statement Common Percentages Used in a P&L Statement Understanding the Budget Technology Tools © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Professional Foodservice Manager  Management handles functions of product  sales to product delivery  Management of foodservice is more difficult  than for manufacturing or retailing  management counterparts  The food service operator must serve as a  food factory supervisor, and a cost control  manager © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Figure 1.1 Management Task Checklist Task Secure raw materials Manufacture product Distribute to end- user Market to end- user Reconcile problems with end-user   © 2011John Wiley & Sons Foodservice Manager Yes Yes Yes Yes Yes Manufacturing Manager Yes Yes No No No Retail Manager No No Yes Yes Yes Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Profit:  The Reward for Service  If management focuses on controlling costs  more than on servicing guests, problems will  certainly surface  Do not get yourself in the mind­set of reducing  costs to the point where it is thought that “low”  costs are good and “high” costs are bad © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Profit:  The Reward for Service  Efforts to reduce costs that result in unsafe  conditions for guests or employees are never  wise  The question is whether costs are too high or too  low, given management’s view of the value © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Figure 1.2 Foodservice Business Flowchart   Cash reserves Profits Purchases Supplies Raw materials and labor Produces   Accounts receivable or cash Generates Finished products    © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Profit:  The Reward for Service Revenue ­ Expenses = Profit  Revenue is the amount of dollars you take in  Expenses are the costs of the items required to operate  the business  Profit is the amount of dollars that remain after all  expenses have been paid © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Profit:  The Reward for Service Revenue ­ Expenses = Profit  The following terms will be used interchangeably:  revenue and sales; expenses and costs  All foodservice operations, including non­profit  institutions, need revenue in excess of expenses if  they are to thrive  Profit is the result of solid planning, sound  management, and careful decision­making.  © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Profit:  The Reward for Service Revenue – Desired Profit = Ideal Expense  Desired profit is defined as  Profit that the owner wants to achieve on that predicted  quantity of revenue  Ideal Expense is defined as  Management’s view of the correct or appropriate amount of  expense necessary to generate a given quantity of revenue © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Figure 1.6 Pat's Steakhouse Revenue Expenses Food and Beverage Cost Labor Cost Other Expense Total Expense $400,000 $150,000 175,000 25,000 $350,000 Profit Figure 1.7 Pat's Steakhouse P&L Revenue Food and Beverage Cost Labor Cost Other Expense Total Expense Profit   © 2011John Wiley & Sons $ 50,000 $400,000 $150,000 175,000 25,000 100% 37.50% 43.75% 6.25% $350,000 $50,000 87.50% 12.50% Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Figure 1.8 Pat’s Steakhouse Costs and Profit as a Percentage of Revenues Profit 12.50% Other  Expense 6.25% Food and  Beverage  Cost 37.50% Labor Cost 43.75% © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Common Percentages Used  in a P&L Statement Food and Beverage Cost        Revenue                          =  Food and Beverage Cost % Labor Cost        Revenue                          =  Labor Cost % Other Expense       Revenue                          =  Other Expense % Total Expense       Revenue                          =  Total Expense % Profit       Revenue                          =  Profit % © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Understanding the Budget  Budget  An estimate of projected revenue, expense, and profit  The budget is known as the plan  All effective managers, whether in the commercial          (for profit) or non­profit sector, use budgets © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Understanding the Budget  Performance to budget is the percentage of the  budget actually used Figure 1.9 Weekday Monday Tuesday Wednesday Thursday Friday Saturday Sunday Total   © 2011John Wiley & Sons Candy Purchases Budgeted Amount $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $7.00 % of Total 14.28% 14.28% 14.28% 14.28% 14.28% 14.28% 14.28% 100.00% Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Understanding the Budget  The 28­day­period approach to budgeting  13 equal periods of 28 days each Figure 1.10 Common Foodservice Budget Periods Budget Period One week Two-week period One month 28 days 30 days 31 days Six months One year Portion One day One day One week One week One day One day One day One month One day One week One month % of Total 1/7 or 14.3% 1/14 or 7.1% 1/2 or 50.0% 1/4 or 25.0% 1/28 or 3.6% 1/30 or 3.3% 1/31 or 3.2% 1/6 or 16.7% 1/365 or 0.3% 1/52 or 1.9% 1/12 or 8.3%   © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Understanding the Budget  Percentages are used to compare actual expense with  the budgeted amount, using the formula: Actual Budget © 2011John Wiley & Sons =   % of Budget Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller   Figure 1.11 Camp Eureka One-Week Budget Item Meals served Revenue Food Expense Labor Expense Other Expense Profit Budget 3,780 $6,993 $2,600 $2,800 $ 700 $ 893 Actual 3,700 $6,993 $2,400 $2,900 $ 965 $ 728   © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Figure 1.12 Camp Eureka Performance to Budget Summary Item Meals Served Revenue Food Expense Labor Expense Other Expense Total Expenses Profit © 2011John Wiley & Sons Budget 3,780 $ 6,993 $ 2,600 $ 2,800 $ 700 $ 6,100 $ 893 Actual 3,700 $ 6,993 $ 2,400 $ 2,900 $ 965 $ 6,265 $ 728 % of Budget 97.9% 100.0% 92.3% 103.6% 137.9% 102.7% 81.5% Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Understanding the Budget  “In­line” with the budget vs. “significant” variation to  the budget  A significant variation is any variation in expected  costs that management feels is an area of concern © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Understanding the Budget  If significant variations with planned results occur,                                                         management must:  Identify the problem Determine the cause Take corrective action © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Technology Tools  Most hospitality managers would agree that an  accurate and timely income statement (P&L  Statement) is an invaluable aid to their management  efforts  There are a variety of software programs on the  market that can be used to develop this statement © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Technology Tools  Variations include programs that can compare actual  results to budgeted figures or forecasts, to prior­ month performance, or to prior­year performance  P&L’s can be produced for any time period,  including months, quarters, or years  Most income statement programs will have a  budgeting feature and the ability to maintain  historical sales and cost records © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Technology Tools  Not all information should be accessible to all parties,  and security of cost and customer information can be  just as critical as accuracy  To effectively manage an operation, a manager will  need to communicate with employees, guests, and  vendors. Thus, the software you will need includes  office products for word processing, spreadsheet  building, faxes, and e­mail © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller Summary           Professional Foodservice Manager Profit:  The Reward for Service Four Major Foodservice Expense Categories Percentages Percentages in Foodservice  Profit Formula Understanding the Income (Profit and Loss) Statement Common Percentages Used in a P&L Statement Understanding the Budget Technology Tools © 2011John Wiley & Sons Food and Beverage Cost Control, 5th  Edition Dopson, Hayes, & Miller ... Total 1/ 7 or 14 .3% 1/ 14 or 7 .1% 1/ 2 or 50.0% 1/ 4 or 25.0% 1/ 28 or 3.6% 1/ 30 or 3.3% 1/ 31 or 3.2% 1/ 6 or 16 .7% 1/ 365 or 0.3% 1/ 52 or 1. 9% 1/ 12 or 8.3%   © 2 011 John Wiley & Sons Food? ?and? ?Beverage? ?Cost? ?Control,  5th ... Figure 1. 4 Forms of Expressing Percent Form 1% Percent 10 % Common Fraction Decimal 1% 1/ 100 0. 01 10% 10 /10 0 0 .10 © 2 011 John Wiley & Sons 10 0% 10 0% 10 0 /10 0 1. 00 Food? ?and? ?Beverage? ?Cost? ?Control,  5th ... $1. 00 $1. 00 $7.00 % of Total 14 .28% 14 .28% 14 .28% 14 .28% 14 .28% 14 .28% 14 .28% 10 0.00% Food? ?and? ?Beverage? ?Cost? ?Control,  5th  Edition Dopson, Hayes,? ?& Miller Understanding the Budget  The 28­day­period approach to budgeting

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