Author: David J Hoare MSA
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How to Purchase Equipment for a Restaurant – Research Phase
This is really an extension of planning. If done properly, this will take a few weeks of work for a new restaurant. The key is to go through your list and look at the different models for the needed equipment that are out there.
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The Different Types of Bank Loans
There are many different types of bank loans, each having their own respective purpose. All bank loans are categorized into two distinct groupings.
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How to Purchase Equipment for a Restaurant – Planning Phase
Equipment costs for a restaurant can easily consume the gross profit of your business. The key is to keep the costs low in order to spread the costs appropriately over time. Purchasing equipment for a restaurant requires planning, researching and using finesse to acquire equipment at the lowest cost possible.
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How are Cost of Goods Sold in Retail Determined?
Each industry is different in determining costs of goods sold or cost of services rendered. Retail uses two distinct methods to calculate costs of goods sold. The first is called ‘Specific Identification’ whereby each item sold is specifically identified to its recorded cost. The second method is referred to as ‘Inventory Adjustment’ format. In this method,…
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Operating Control Reports in Business
A part of any information feedback loop is the operating control reports in business.
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The Value of a Handshake and a Smile
The number one tool for marketing is the handshake and a smile. It costs zero to extend the hand and use a few facial muscles. But the value it generates is priceless. Pretty much all business relationships begin this way. The handshake and smile is the most effective marketing tool available at all levels of business.
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What is a K-1?
A K-1 is a reporting tool to the Internal Revenue Service. It is used by Partnerships, S-Corporations and Trusts to report the taxpayer’s share of income, deductions, and credits. A K-1 is similar to Form W-2 or 1099 in that the information provided informs the taxpayer of what has been reported to the Internal Revenue…
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Operate Within Your Range of Production
One of the basic business concepts is range of production. It means maximizing the capacity (range) of the assets in your operation. When the business operation goes beyond the maximum production range, costs associated with the marginal production generally exceed the revenue generated with the marginal increase. To maximize profit in any business, operate within your range of…
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How to Calculate the Best Markup for a Construction Project
Every construction project has costs beyond the direct costs and the contractor wants to earn a profit. To cover these costs he must have an appropriate markup. The contractor must give consideration to many variables and circumstances to calculate the best markup for a construction project. To determine the best markup percentage on costs, the contractor…
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What is Accrual Accounting?
Accrual accounting is the preferred method of accounting for all business operations. Any publicly traded company must comply with the principles of accrual accounting. Small business operations can choose between cash and accrual accounting for their records. Although cash accounting is the easiest to work with as a small business operation, accrual accounting will provide a more…