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Math is an essential asset in the business world. Without mathematics businesses wouldn? t be able to operate effectively. In order to run a restaurant math plays an important role in a lot of different areas. For instance the items on the menu may change due to the way it sells. Bookkeeping and math allow you to both figures out what items are profitable and what items are selling.
The business world revolves around math, from profit and loss statements, to graphs, to taxes. Everything in business requires mathematics. Owning a restaurant is no different then any other field of business when it comes to math. The simplest things in a restaurant could not happen without math such as paying for your meal. Math is used to add up the total cost of a person? s bill as well as adding in the sales tax.
More advanced math is used in the restaurant business as well. Using equations to determine what your business can afford to buy as well as the difference in the cost of the product and the profit it turns over is all determined by math. Jobs you might not even think require math do, such as portioning products or prepping food. When you are preparing food you need to measure amounts of ingredients and measurements are a form of mathematics.
Wheatley- 2 Keeping your books up to date requires math as well. When keeping records of your restaurant? s sales you can keep track of your busy periods to know when you are required to order more food or alcohol. Equations are used then to determine what and how much you need of a product. Using math to determine a product markup is an important process to a successful business as well. Determining the overall cost of a dinner special and factoring in each amount of the ingredients used all goes towards the final cost of a dinner special.
The main objective in owning a restaurant or any business for that matter is to turn profit. Math allows you to take a look at just how productive your restaurant is and what steps you need to take in order to keep it successful. Profit and Loss statements are a big part of owning a restaurant. Profit and Loss statements revolve around math too. These statements using your bookkeeping records show what times you turned profit and what times you took a loss. Using this mathematical step an owner can get ideas about what was working for them and what wasn?
t. Doing your business taxes requires a lot of math. Showing your business expenses and your sales are required. A lot of restaurant owners hire bookkeepers and accountants to do the math work for them because it is such a vital part of the restaurant? s success. Math is used to figure out all your restaurant?
s expenses such as, advertising, cost of goods and employees wages. A restaurant owner needs to be aware of the exchanges in money both coming in and going out. Without math it would be impossible to determine what wages the owner can afford to pay his / her employees. Wages are Wheatley- 3 determined by the bookkeeping and the knowledge of how much profit is being brought into the business. Restaurant owners often use graphs for visuals of what is working for their company. Graphs are also used to look at how your business is doing next to your competition.
Math allows an owner to determine the best time to do markup or markdown prices on their menu. For restaurant owners the markup period is usually in the summertime. A lot of marketing research comes into play in determining how your business should be run. Determining location and types of food is one aspect of the decision process. Another is taking a look at records of average wages and spending of the particular area you want to have your restaurant in.
By using math these steps help determine the price range of your menu and what products you as an owner can afford to use to turn profit. If you are located in a geographical area that is not known for it? s money then lobster and caviar are not going to be items on your menu. Algebraic equations, graphs, accounting, and simple math such as adding subtracting multiplying and dividing are used everyday when owning a restaurant. Looking over this paper I hope it shows just how important math is in the restaurant and business world.
Without math business wouldn? t exist, as we know it and it would be very difficult to run a restaurant. In order to have a successful business you need to be successful in the math you use and make sure you use it correctly.
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