I talk with a lot of restauranteurs about the importance of having financial clarity in their business and leveraging that understanding to guide strategy.
Most people I talk to enthusiastically agree that it is important, but they proceed to explain why they either can’t afford to hire a CFO at their size or that their CFO is too busy with low-level accounting to provide that guidance.
These are both huge problems, especially in this market as it is the number one differentiator I have seen between restaurants that are making it right now and those that aren’t.
Strategic finance is a role, not a person
The best businesses are built on a solid financial foundation that gives leadership accurate and reliable information from which to steer the organization.
While that role is necessary from day one, what it looks like evolves with the business.
A 10 unit restaurant group with a lot of debt is primarily focused on having accurate information organized in a manner that is clear and understandable to stakeholders.
A 20 unit restaurant group needs that same information easily visualized so that the leadership can see the trends and opportunities ahead to inform decision-making.
A 70 unit restaurant group has a strategic finance role that is big enough to be filled by a true CFO. However, the information needs to already be accurate and clear beforehand so that they can be a true CFO instead of acting as a financial janitor for two years to clean things up.
Accurate information isn’t enough. You need clarity.
Regardless of your size, don’t hire a simple bookkeeping vendor – vendors like these are in a race to the bottom as they cut prices (and most of their valuable services) to become the cheapest solution.
You don’t want that. You need financial clarity.
[STOP] If you are feeling overwhelmed with handling financing and accounting for your franchise, you shouldn't be -> Let's Talk
You need a partner that can go beyond simple accounting and provide things like…
– Enhanced cashflow reporting customized for your business
– A partner for stakeholder interfacing
– Insight into key strategic decisions based on high-level financial analysis
Ready to find financial clarity?
I am not going into a sales pitch here because that’s not my intention with this post. If you want to chat about how GSS services are built with this in mind, I recommend you chat with our Vice President of Sales, Nick Stauff.
Relying on high-level financial guidance isn’t something you do when you have become successful, it’s what you do to get there.
Whether you are the owner of a 10 unit group or the CFO of a 70 unit group, you need accurate and clear financial information to make decisions with.
If you are looking for some direction on getting that insight for your restaurant, let’s talk.
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With GSS, we meet our franchisor requirements on time and with accuracy. The local CPA could not handle our volume. We are so happy to have made the change. GSS knows our business and our franchisor requirements.Multi-unit fast sandwich Owner