Each industry has a set of financial standards accorded through years of operations and volume of business. Any new business going into an industry needs to understand the most likely outcome(s) from their respective industry. Statistical analysis tells us that it is highly unlikely for the new business owner to outperform the industry as whole. Therefore, if the business entrepreneur understands the financial realities, he can then deal with the setbacks as they occur.
In the hospitality industry, there is one financial tenet that takes precedence over any other business perspective. In this industry, it is about putting the maximum number of dollars (ABSOLUTE DOLLARS) in the register after […]