What Is a Restaurant Budget Template?
A restaurant budget template is a document that breaks down the budget of a restaurant for a certain month. This type of document covers the operating costs of a restaurant and a particular amount allocated for each part of the establishment.
How to Create a Restaurant Budget Template
Budgeting is important in an establishment like restaurants, where daily operations costs a lot, such as electricity, ingredients, and water consumption. The restaurant may deal with unexpected circumstances if the owners won't budget its money well.
Read our tips below if you want to know how to create a restaurant budget template.
1. Recognize the Need
Determine the areas of the restaurant that need money. With the amount of money that your restaurant earns in a month or a year, there's always a way for each area to operate well. Make a list of the allocated amount for your budget before putting it on a template. You can take a look at your income statement to effectively budget money for the restaurant's operations.
2. Create Layout
The next thing you need to do is create a layout for the budget template. Insert rows and columns on a blank document. The number of rows and columns depends on your list in the budget. You can use an Excel spreadsheet to make your layout as well. You also need to determine if your budget is weekly, monthly, or annual.
3. Put Content
Fill the rows and columns with the budget that you listed down. Tally the amount for each area of the restaurant. Make sure that the budget document aligns with the total amount of money that you have in your hands right now.
4. Add Details
Put your company logo on top of your budget template. Add the address and contact details as well. After that, check your document to see if you missed any detail.
How important is the budget for a restaurant?
The budget for a restaurant is important for the following reasons:
1. The budget sets your financial goals.
2. Budgets allow you to see how your restaurant is doing in terms of sales.
3. A budget determines what you need to maintain or change.
4. The budget has the power to affect key areas of a restaurant, such as the employees and payroll.
5. A budget prevents overspending of financial resources.
What are the factors that need to be considered in restaurant budgeting?
According to Touch Bistro, these are some of the factors that need to be considered when making budget for a restaurant:
1. Sales revenue from the past two years
2. Payroll costs over last year
3. Occupancy costs over last year
4. Food and beverage costs
5. Alcohol costs
6. Controllable costs
Do income statements help in making the budget?
Yes, income statements help in making the budget. Restaurant owners will learn how much they need to spend with the income their restaurant is generating.
What are controllable costs?
Controllable costs include labor, marketing, and food cost.
How many restaurants are there in the USA?
The USA has 125,444 restaurants as of 2020, according to Finances Online.