On this episode of "Rock My Restaurant", Rockers Bill and Eric introduce us to the TotalView Best Practices Audit™. What does that mean? Why should you use it? The TotalView Audit looks at different aspects of a business to see if operations meet a minimum level of operating standards.
What are these standards? Let's look at, for example, the Uniform System of Accounts for Restaurants (USAR). Bill says “One thing we both implore [you use], and many other consultants or leaders in the industry know about it; it’s the USAR.” This document, which was republished a few years ago, is the standard for financial reporting within the industry. But there is more to a businesses success than just financial management.
As a FCSI Consultant, Eric notes that he is required to take a certain number of Continuing Education Units per year to stay on the top of his game. Having a strong base of knowledge is important in designing and improving operations in businesses you work with.
Restaurants are mini-manufacturing facilities. They take raw products and ingredients and transform them into delicious meals for customers. There are a myriad of products and pieces of equipment that go into creating the end product. And of course, we also need to be aware of the intangibles, like budget management, brand management, staff training, and more.
The rockers also talk about the increased complexities that come with expansion. Adding executive teams and administration teams, franchisees, etc. make businesses more difficult to manage. This is why documents like the TotalView “Best Practices” Audit is so important. What used to be “To Do” lists on yellow notepads have grown to cover anything you could possibly imagine.
To get started on reviewing your business, the Rockers say start with reviewing the Business Ownership Structure to identify the type of organization you’re working with. You’ll also want to identify the format of Profit-Loss you are using (earlier we recommended the USAR).
Stay tuned for the next episode of Rock My Restaurant when Bill and Eric take us through the TotalView Audit.