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How can you avoid the top bookkeeping mistakes that could be draining your bar's profits? In this week's episode of the Bar Business Podcast, I, Chris Schneider, promise to uncover the five most common pitfalls that bar owners face in their financial management. You'll learn how to sidestep these errors to ensure your bar's financial health and longevity. From the dangers of over-relying on technology to the benefits of manual data entry for smaller establishments, this discussion is packed with insights that will help you better understand your weekly profits and keep your business thriving.

We'll also explore effective financial management strategies that can transform your bar's operations. Discover why a well-structured chart of accounts is crucial for sound decision-making and how shifting from monthly to weekly bookkeeping can make a world of difference. Drawing from my personal experience owning two bars, I'll share how a weekly routine can lead to timely interventions and a more responsive management approach. By staying on top of your financial data, you’ll be equipped to address issues promptly and maintain the agility needed for ongoing success.

We delve into the perilous habit of managing finances directly from a bank account and why this often leads to financial instability. Learn why accurate bookkeeping serves as the ultimate "source of truth" for your financial decisions. Plus, get tips on maximizing menu engineering for profit, from determining food and beverage costs to fine-tuning your menu based on customer preferences and profitability goals. Don't miss out on these invaluable strategies that will help you run a more efficient and profitable bar. Join the Bar Business Nation community for even more insights and support on your journey.

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

How do you turn raw data and KPIs into actionable strategies that lead to success in the bar industry? In this episode of the Bar Business Podcast, we explore this transition from numbers to effective leadership. We discuss how adopting the right mindset, concept, and culture—what we call the MCC framework—can be a game-changer for your bar. By focusing on establishing a solid business foundation, we guide you through the process of transforming theoretical planning into practical execution, ensuring your establishment not only runs efficiently but thrives.

Ever wondered why some bars succeed in turning first-time visitors into loyal patrons? It all boils down to creating a guest-centric culture. We dive into the powerful impact of servant leadership and the importance of a happy, motivated team. By prioritizing team satisfaction, from front-of-house to back-of-house, you can significantly elevate the guest experience. Listen to our detailed breakdown of how internal team management and external guest engagement intersect to build an inviting, enjoyable atmosphere that keeps guests coming back.

Team morale directly affects guest satisfaction—this isn't just management jargon; it's a fact we've experienced firsthand. In this episode, we share personal anecdotes that underline the importance of avoiding detrimental management styles like micromanaging and absenteeism. We also emphasize the value of leading by example and genuinely listening to your team. By fostering a positive, supportive work environment, you can enhance your bar's culture and ultimately improve your bottom line. Join us as we outline these essential strategies to elevate your bar business from good to great.

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

Ever wondered how much your bar is really worth? This week on the Bar Business Podcast, we promise to equip you with the essential knowledge to accurately value your bar. Learn to navigate the complexities of bar valuation with our breakdown of gross revenue, seller's discretionary earnings (SDE), and asset valuation methods. Gain insights into the factors that can significantly influence your bar’s value, including equipment condition, location, and lease terms.

We also dissect the intricacies of the common valuation methods, revealing why the true value of a bar is ultimately determined by what a buyer is willing to pay. Discover how to accurately seller's discretionary earnings by properly calculating the amount of money the owner is taking out of the business. We also discuss the valuation of restaurant equipment.

Finally, we demystify the payment options available to U.S. business owners, breaking down the differences in tax filings and payment methods for sole proprietorships, partnerships, and S-corporations. Learn how S-corp owners can benefit from combining payroll and distributions to maximize tax advantages.

Don't miss these invaluable insights that could give your bar business the competitive edge it needs. Tune in and transform your understanding of bar valuation and business operations!

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

Learn about different types and forms of bar financing with Ross Chanowski, the founder of NuMarket. Ross passionately shares his journey into social entrepreneurship and the profound impact small, community-focused businesses can have on their local areas. His insights reveal how NuMarket is providing a lifeline to bars, restaurants, and coffee shops, enabling them to secure the necessary funding to thrive and become financial pillars in their communities.

Facing funding issues in your small business? You're not alone. We tackle the inherent challenges of securing traditional loans, from high interest rates to overwhelming paperwork, especially in rural areas. Through personal stories and real-life examples, we uncover the emotional and psychological toll financial struggles take on business owners. Ross also sheds light on the importance of understanding regulations and information on different funding sources.

Explore the innovative concept of credits-based crowdfunding, a game-changer for local businesses. Learn how offering credits to supporters can ensure a loyal customer base while boosting financial health. Hear about successful crowdfunding campaigns and the importance of authenticity and community engagement. This episode is packed with practical advice and potential solutions to help small businesses not just survive but flourish through collaboration, proper setup, and mutual value models. Tune in to see how fostering community ties can lead to significant growth and sustainability in the hospitality industry.

Contact Ross:
NuMarket
Ross@NuMarket.co

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

Can the proposed "no tax on tips" policy revolutionize the bar and restaurant industry? This week on the Bar Business Podcast, we dissect the potential ramifications of this policy, supported by both major political parties. We explore how it could reshape labor costs, affect tax liabilities for staff, and what specific taxes—federal income or FICA—would be impacted.

Unravel the complexities of financial management with our deep dive into front and back-of-house costs. Discover why breaking down labor and cost of goods sold (COGS) into detailed categories is crucial for identifying profitable areas within your establishment. We'll introduce you to the concept of Revenue Per Available Seat Hour (RevPASH), a powerful metric adapted from the hotel industry, designed to help you maximize revenue efficiency based on seating capacity and operating hours.

Plus, we share practical tips on using advanced financial metrics for effective forecasting and optimizing space utilization. Learn the importance of detailed financials and how to set up meaningful Key Performance Indicators (KPIs) tailored to your business needs. Stay tuned as we also provide updates on our podcast format and answer a listener's question, offering actionable strategies to help you gain a competitive edge in managing your bar business.

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

Shawn Walchef from Cali BBQ Media shares his journey with us, from taking over a humble breakfast concept in 2008 and turning it into a family-friendly bar to becoming a digital marketing thought leader in the hospitality industry. Shawn unveils the secrets to overcoming public speaking fears and effectively utilizing free digital platforms like YouTube, Instagram, and TikTok to tell compelling stories that resonate with customers. His insights into the importance of continuous improvement in digital marketing and the power of storytelling will leave you inspired and ready to take your bar business to the next level.

Shawn delves into the concept of digital playgrounds, likening social media platforms to playground equipment and addressing the initial awkwardness that many face when creating content. With personal anecdotes of building a media company from scratch, Shawn demonstrates how dedication and persistence can lead to successful outcomes, even with limited resources. You'll discover why consistent content creation is crucial and how quality content can emerge from a blend of quantity, speed, and consistency. This episode is a masterclass in leveraging digital communication for business success while maintaining authenticity and a strong hospitality mindset.

Shawn discusses the human element of online communication and the integration of technology into bar operations. Learn about tools like Marqii and Ovation for managing reviews and feedback, and the benefits of adopting advanced systems like Toast. By sharing personal stories and the evolution of his business, Shawn emphasizes the significance of authenticity in storytelling. Whether you're a bar owner, consultant, or industry supporter, this episode is packed with valuable insights to help you thrive in the digital age.

Contact Shawn:
Cali BBQ Media Instagram
Shawn's LinkedIn
Cali BBQ Media Website

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

Unlock the secrets to creating a standout brand identity for your bar with expert insights from Shelby Hiltunen, owner of Hold My Crown. Shelby joins us to discuss everything from selecting the right fonts and colors to crafting a mood board that captures your bar's unique personality. Whether you manage an upscale cocktail lounge or a cozy dive bar, you'll discover how a cohesive brand kit can attract and retain patrons more effectively than ever before.

Explore the different ways to create your bar's website, and learn why having direct control over your site's content is crucial for making timely updates and customizations. Shelby breaks down the pros and cons of single-page versus multi-page websites and highlights the importance of a seamless user experience across both mobile and desktop versions. Don't miss our discussion on reflecting your bar's vibe online, from landing pages for specials to integrated web menus that enhance the overall customer experience.

Finally, discover practical strategies for leveraging your bartenders' storytelling skills to boost social media engagement. Shelby shares tips on creating consistent and engaging short-form video content and emphasizes the importance of clear calls to action. We also touch on personalized marketing strategies, the value of treating your staff well, and the significance of building a strong community within the bar industry. Join us for actionable insights and take your bar to the next level!

Contact Shelby:
Hold My Crown Website
Instagram
LinkedIn
The Usual Series

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a text

What if you could revolutionize your bar's profitability while creating a supportive, empowered team? This week on the Bar Business Podcast, we welcome Emily LaRuffa, owner of Oracle Hospitality Consulting, who shares her deep-seated knowledge from years in New York City's high-octane hospitality scene.

Imagine slashing costs and optimizing your menu with sustainability in mind. We dive into the nuts and bolts of managing a tiki bar's cocktail offerings, highlighting the importance of ingredient cross-utilization, like using every part of a pineapple. Emily breaks down how daily P-MIX reports can realign your menu with guest preferences and real-time sales, ensuring that your pricing strategies hit the mark. This blend of strategic costing and smart pricing not only boosts efficiency but also enhances guest satisfaction, making this segment a goldmine for bar owners and managers aiming for financial prowess.

Leadership isn't just about giving orders—it's about empowering your team with knowledge and support. Emily and I explore the transformative impact of financial transparency and operational backing on management and employees alike. From the significance of training management in financial literacy to the necessity of advanced scheduling techniques to prevent burnout, we cover it all. This episode is a comprehensive guide to creating a motivated, high-performing team, where clear communication, thoughtful scheduling, and innovative technology ensure a healthy work-life balance. Join us and learn how to turn your bar into a thriving, efficient, and supportive workplace.

Get ahold of Emily:
Website
LinkedIn
Instagram

Welcome to the Bar Business Podcast, where we help bar owners increase profits, attract loyal guests, and simplify operations without burnout so you can finally enjoy life outside the bar. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals.

Thank you to our show sponsor, SpotOn. SpotOn's modern, cloud-based POS system allows bars to increase team productivity and provides the reporting you need to make smart financial decisions.
**We are a SpotOn affiliate and earn commissions from the link above.

Thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software using AI to help you make data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

Learn More:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group