TIDY PROFIT & LOSS

TIDY PROFIT & LOSS

Sat, 04/03/2017 – 23:25

Came across a fascinating article recently on a young Irish Entrepreneur

His career spanned from The Irish Mortgage Corporation to sandwich delivery to owning a cafe to running a restaurant to a Barista School.  Meet James McCormack

What struck us the most is the following excerpt

“… first bit of advice I ever got – you need to know how you’re performing every week.  My father-in-law told me that I needed to do a stock count every week and you need to know if you’re making a profit or a loss.  In my first week in the coffee shop on Leeson Street he told me this, and we counted everything. But that was the last time I did it for a year and a half.  Looking back I didn’t know if I was making a profit or a loss. I knew we were busy and I was able to pay for stuff, but I never knew where I stood really.  Now it’s something I do religiously. Every week I do a stock count and know exactly what my profit and loss is…It means I can analyse my business to a tee and see where you’re losing money, what’s underperforming and what’s going really well. You can have money in the bank but if you’re still making a loss, it will catch up with you…”

It is the ethos we subscribe to at Cater Control and what we help business do, take the stock take and keep tidy profit & loss figures

You can read the full article here