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.
[STOP] If you are feeling overwhelmed with handling financing and accounting for your franchise, you shouldn't be -> Let's Talk
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.
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
[STOP] If you are feeling overwhelmed with handling financing and accounting for your franchise, you shouldn't be -> Let's Talk
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.
>> You can click here to schedule a time to meet with Nick
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.