Planning for the Future: What’s the Best Way to Forecast?

In this current economic climate, it can be a challenge for restaurant owners to adequately plan for the future while dealing with the day-to-day necessities.

To learn about best financial planning practices, Modern Restaurant Management (MRM) magazine reached out to Ben Johnston, COO of Kapitus, which provides financing for small and medium sized businesses.

With ever rising costs for supplies and staffing, how can a restaurant owner/operator best plan for the future?Restaurant owners should work to forecast their busy and slow seasons and use these projections to determine whether they are likely to need capital as they transition into their busy season.  

This can be especially true going into the holidays. Banks have been reducing exposure to small businesses ever since the pandemic, and now with higher interest rates putting pressure on bank deposits and greater regulatory scrutiny, banks are reducing their loan books even more.  

Fortunately, there are a number of small…