Food costing and budgeting
Food costing and budgeting
Understanding Food Costing
- Comprehend the importance of food costing in calculating profit margins and ensuring business sustainability.
- Understand how costs are divided into fixed costs, such as rent, and variable costs, including ingredients and labour.
- Learn how to accurately locate and log the cost of each ingredient to determine the cost per dish.
Meal Planning and Budgeting
- Gain a skill in drafting a meal plan based on budget restrictions and nutritional requirements.
- Have the ability to use seasonal produce to optimise cost savings and freshness of ingredients.
- Utilize cost-effectively and sustainability-driven solutions, such as using leftover ingredients or a low-waste approach.
Portion Control
- Learn the significance of portion control in managing food cost and reducing waste.
- Learn how to accurately measure and weigh ingredients to maintain consistent portion sizes among dishes.
- Uncover the learnings of buffet-style service versus individually plated meals, highlighting the pros and cons of each in terms of food cost.
Pricing Menu Items
- Discover how to price menu items taking into consideration the cost of food, desired profit margin and what the market will bear.
- Consider psychological pricing strategies, such as charm pricing (pricing items at £9.99 instead of £10) to influence customer perception.
- Understand how to keep an eye on the competition and adjust pricing accordingly to stay competitive without compromising on quality or profit.
Negotiating with Suppliers
- Acquire a knowledge about how to negotiate with suppliers to obtain the best possible price for ingredients.
- Cultivate relationships with a variety of suppliers, including local farmer’s markets, to diversify sources and possibly save on costs.
- Understand the benefits and potential disadvantages of bulk buying in terms of cost saving and storage requirements.
Evaluating Recipes for Cost Effectiveness
- Analyse recipes in terms of their cost-effectiveness by considering ingredient cost, preparation time, and popularity among customers.
- Know how to tweak recipes to make them more profitable, such as substituting costly ingredients with less expensive and equally tasty ones.
- Recognise the role of ‘loss leaders’, items priced lower to attract customers, as part of a broader pricing and menu strategy.
Waste Management
- Implement steps to reduce food waste such as by using a ‘First In, First Out’ system in the pantry and refrigerator.
- Learn how to repurpose ingredients or leftovers to further maximise cost-effectiveness and minimise waste.
- Understand the role of waste auditing and recognise salvageable losses, scheduling time to regularly assess and adjust practices.