What is the food cost formula and how can you use it to calculate your restaurants food cost percentage? I will explain everything you need to know about food costing in this video.
@khushalkhattak40402 жыл бұрын
very well explained.
@toddleech10558 ай бұрын
best, and simplest explanation ....thanks for this one.
@wiskai6 ай бұрын
You are welcome! Glad it was helpful.
@user-we9li2uj6m Жыл бұрын
Thank you! this really clarified a lot for me!
@wiskai Жыл бұрын
Glad it was helpful!
@user-fw8le3hg6v6 ай бұрын
❤❤❤❤❤ thank you brother! Your presentation very simple and to the point! Great job
@wiskai6 ай бұрын
Glad it was helpful!
@wascalywabbit4 ай бұрын
I like the by the dish way, I. think the other way might be a little too complicated for me at this time, but I'm doing a food trailer, so my operating costs should be a lot less so should I go with a lower profit margin to get more business or a higher profit margin and see where it goes
@wiskai3 ай бұрын
Hi there, it's a great question. The perfect balance is having enough profit margin to grow your business while also making the price attractive for consumers so you can actually sell that item. Nobody wants an item that's profitable on paper but not being sold in real life. The general rule of thumb is ~30% cost of goods sold (COGS). This means that if you sell a dish for $10, the food costs would sum up to $3. Obviously, the higher the profit margin, the better from a pure profitability perspective, but there are two things to consider. 1. If you lower your COGS too much, how does that affect the quality? Being the cheapest isn't always the best. 2. If you increase your selling price too high, are you selling enough quantity? In other words, you can have a 90% profit margin, but what if that means you are selling 5 dishes per day. Versus, let's say, a 70% profit margin, but you are selling 100 dishes per day. All this to say, if I were you, I would look at the cost of creating the dish and divide by 0.30 (i.e., 30%) to get a starting point. For example, if the dish costs you $3, you would do $3/0.30, which would give you $10. Then I would think about a marketing approach. Is $10 competitive where you are for that dish? Is it too low? Is it way too high? Lastly, remember that pricing is not a one-time decision. It's a dynamic process that requires testing and adjustment. This way, you can stay responsive to market changes and ensure your pricing strategy is always on point.
@user-ic2og7bj7b Жыл бұрын
Thank you
@user-nn8to8dt2oАй бұрын
❤😂
@SreeProshntoBiswas5 ай бұрын
I've got ideas and strategies that could take your business to the next level.
@sanjaysoni269110 ай бұрын
Sir. Plz speak in hindi. Or translate in hindi i am indian . I can't understand in English!