REAL-TIMEÂ FINANCIAL ASSESSMENT
Always be in control when it comes to the financial health of your business.
GOALS & COMPARISONS
Set goals based on any measure, and compare performances to other locations or businesses.
MONITORING & ALERT SYSTEM
24/7 monitoring of your business's Key Drivers with alerts to keep you in the loop when critical changes occur.
It begins with the Base Membership...
MEMBERSHIP HAS ITS REWARDS
REAL WORLD SCENARIOS
Join us as we follow three real world scenarios in real-time. Each scenario document the goals of three driven individuals who seek to achieve their objectives through the interaction of business intelligence. They have entered into a new era of technology that will be the next generation of performance management. It is a technology once reserved for âBig Business,â and is now going mainstream to small businesses by way of QuickFinancials.
Position Â New Owner of Jimmy's Steak House
Restaurant Type Â Full Service, Single Location
Background 1 Frederick recently acquired the restaurant from the retiring owner. He was manager for 15 years. He has never used restaurant financials as a tool for managing the restaurant, and has had minimal interaction with the bookkeeper. Scenario After several months of ownership, Frederick realizes he has taken home less money as an owner than he did as manager. There was a decline in profit from last year. He needs to know how much money he should be earning, and what his return on investment is. Objective Maximize his return on investment by increasing his gross margin. Gross margin should score in the 85 percentiles when compared to comparable restaurants. Solution Conduct an immediate financial assessment comparing previous year to current year starting with QuickFinancials Base Membership. Activate B to B comparisons, Staff Surveys, and Target Zones for goals setting.
Results: First Assessment--April 2017 M/E June Gross Margin (GM) Avg. 22% 2016, Avg. 20% thru April 2017 22% B to B Comparisons Current GM scores in the 70th percentile 75 Performance Gaps (PG) Target 85th percentile -- PG (15) points (10)
Position Â NewÂ General Manager of Hamburger Franchise
Restaurant Type Â Fast Casual, 12 Locations
Background 1 Elizabeth is a new hire brought in for her reputation for running process driven organizations achieving high performance levels. Currently there is minimal visibility into how each location compares to the other. Scenario Elizabeth is tasked with coming up with a ranking system in order to identify the lower 30th percentile of locations. The second phase is to elevate the lower performing group to match 6th ranked location YTD Return on Prime Cost (PC). Objective Stakeholders would like to position the company for future growth by increasing locations, but need to demonstrate better management by increasing overall median performance levels. Solution Conduct an immediate financial assessment comparing previous year to current year with QuickFinancials "Standard Level" membership. Activate multi-level comparisons, Incorporate Performance Zones, and Target Zones for primary objective.
Results: First Assessment--April 2017 M/E June 30th Percentile 3 Locations Identified NA YTD Return on PC 6th ranked restaurant--$1.29 $1.30 Performance Gaps (PG) #1 location, PC $1.10 â PG (.19)
#2 location, PC $1.13 â PG (.16)
#3 location, PC $1.15 â PG (.14)
Name Â Samantha
Position Â Server
Restaurant Type Â Full Service Italian, Single Location
Background 1 Samantha is fresh out of college, and needed to start making money. She decided to apply as a server at a popular Italian restaurant that is family owned. She believes a career in food service is a real possibility. Scenario Samantha soon finds out that although she gets better than average tips, she gets passed over for better shifts and her efforts go unnoticed. She attributes this to family favoritism. Objective Samantha would like to participate in QuickFinancials Server Performance Module. She can document her performance, and compare herself to other servers in and outside the restaurant. She wants to be recognized from her boss, and other restaurant owners for her exceptional performance. Solution Add Samantha to the Food Server Performance Database. Setup her own server performance dashboards, and implement target zones based on her goals, and compare them to performance zones of other servers.
Results: First Assessment--April 2017 M/E June Server Comparison 80th Percentile, Sales PPA -- $19.50
80th Percentile, Tips % PPA â 22%
$1.30 Performance Gaps (PG) Sales PPA -- $17.00â PG ($2.50)
Tips % PPA â 21%â PG (1%)
WHAT MEMBERS ARE SAYING
We ran separate QuickBooks license for each location. Â I never had the ability to compare performances of both locations until now--it has changed how we make our decisions.
Darrel CarpenterÂ - Bourbon Jacks (Chandler/Scottsdale)
My partner and I acquired a chain of four restaurants several years ago. Â I relied on my accountant to provide insight into my financials which was limited. Â Now, through QuickFinancials, I feel I have my own financial analyst and accountant on staff.
Lori RuttenÂ -Â Dos Gringos