When you run a hospitality business, keeping track of your finances is crucial. Figuring out the prime cost for your venue is one of the most important calculations to get right as it directly impacts your profitability – but it is often miscalculated.
In this lesson, chef turned restaurant consultant Ryan Gromfin talks you through the prime cost formula that will help you keep on top of your expenses and profits.
Learn hospitality skills for today’s world, including:
- How to calculate prime cost in your venue
- Common mistakes to avoid when calculating prime cost
If you’re a hospitality business owner, sharpen up your finance skills with help from a pro!
Former chef Ryan Gromfin is a consultant for the restaurant industry. He uses his extensive experience to help owners and managers reduce costs and increase profits.