It's not what you think! Learn the keys to restaurant success—manage cash
Taming the Chaos with Jennifer Russell
I Walked into a Room Full of Strangers—And Walked Out Knowing I Belonged
When I first started my business, I had no idea what networking for business owners even was. I wasn't in sales, I wasn't an entrepreneur yet, and frankly, I had never even heard of networking events. But I figured if I wanted my business to grow, I needed to find people who understood the journey.
So, with sweaty armpits and a whole lot of imposter syndrome, I walked into a women's networking event. And you know what? I left that day realizing something huge—I belonged.
That's the moment I knew: business owners don't have to figure everything out alone. Whether you're running a restaurant, coaching clients, or managing a service-based business, you need the right people, the right systems, and the right mindset to make it work.
"Entrepreneurs aren't just reckless risk-takers. The difference is they recognize opportunities and act before they disappear." — Penny
Jennifer and her husband didn't just wake up one morning and decide to open a small business restaurant. They saw a business opportunity, ran the numbers, and knew it was the right move.
But here's the key—you don't just jump blindly. You look at the business finances, you analyze the risk, and then you take action.
🔹 Action Step: If you've been sitting on a business idea, ask yourself—what's really stopping me? Fear? Finances? Uncertainty? Make a plan, do the math, and take that first step.
"Restaurants run on tight margins. If you're not watching your numbers, you're losing money" — Penny
Passion is important, but passion alone won't pay the bills. If you don't know your financials, you don't know your business.
Jennifer and I dug into restaurant bookkeeping, but this applies to ANY industry. If you're not tracking your Cost of Goods Sold (COGS), labor percentages, and overhead costs, you're flying blind.
For restaurants, labor should sit around 30-35% of revenue, and food costs should be 25-30%. If your restaurant profit margins are outside of those ranges, you need to adjust pricing or cut waste.
🔹 Action Step: Take a hard look at your financial statements today. Are you actually making money, or are you barely scraping by?
"Don't hire out of panic. Hire the right person, even if it takes longer." — Penny
Every single entrepreneur I've worked with has made a hiring mistake (myself included). The biggest mistake? Hiring out of desperation.
Jennifer shared that staffing a restaurant has been one of the hardest parts of running her business.
🔹 Action Step: Look at your team today. Is everyone pulling their weight? If not, it's time to make a change.
"Having a coach isn't just about advice—it's about accountability and knowing your worth." — Penny
I fought hiring a business coach for SO long. But when I finally found the right one? Game changer.
🔹 Action Step: If you're stuck in the same place you were last year, it might be time to invest in a business growth strategy with a coach or mentor.
"If you plan to sell your business one day, you need at least three years of spotless financials." — Penny
So many business owners focus on their day-to-day operations but never think about exit planning. If you ever want to sell your business, you need three things:
✅ Three years of clean financials (NO mixing personal and business expenses) ✅ Profitable margins that prove long-term sustainability ✅ Financial systems in place so the business can run without you
🔹 Action Step: Even if you're not planning to sell now, start running your small business finances as if you will.
Running a business isn't just about passion. It's about financial systems, hiring smart, and planning for the future.
🚀 Need help getting your restaurant bookkeeping or business finances in order? Book a Free Financial Check-In today.
Originally published on 1610bookkeeping.com
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