Episode 13 - Forecast Before You Flatline
Summary
In this episode, Shaun discusses the importance of financial awareness in the hospitality industry, emphasising the need for regular cash flow forecasting and the use of financial management tools.
He highlights the habits successful operators build around finance and encourages teams to develop a deeper understanding of their financial metrics.
Takeaways
- The smartest operators forecast every month, sometimes weekly.
- Most venues go broke due to cash flow issues, not unprofitability.
- Tracking weekly revenue targets is crucial for financial health.
- Building financial habits can help maintain cash positivity.
- Regular financial reviews with the team are essential.
- Understanding key financial metrics fosters team accountability.
- Forecasting helps in planning for potential dips in revenue.
- Micro habits in finance can lead to significant improvements.
- Financial awareness should be a team-wide effort.
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Links to brands we talked about in this show:
Restoke: Link
Loaded: Link
CTB AND CO: Link
Tanda: Link
Deputy: Link
Employment Hero: Link
Xero: Link
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