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Can a bar with great food and service still fail? Absolutely, and today's episode of the Bar Business Podcast reveals why. Join me, your host Chris Schneider, as I share a personal tale about my parents' fine dining restaurant in Indianapolis. Despite the glowing reviews and stellar reputation, their venture ultimately failed, underscoring the critical importance of keeping an eye on where your money is going.

This week, we shine a spotlight on why cash flow is the lifeblood of any bar or restaurant. Trendy spots might attract buzz, but without steady cash flow, they can quickly fade away. We break down how to regularly review cash flow statements, differentiate between P&L and cash flow, and the impact of loan repayments, amortization, and depreciation. The episode also highlights the perils of over-leveraging and taking on high-cost loans, which can put even the most lucrative businesses at risk. Understanding these elements is crucial for sustaining your business and ensuring its long-term success.

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Welcome to the Bar Business Podcast, the ultimate resource for bar owners looking to elevate their businesses to the next level. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals. Tune in to learn everything from how to craft the perfect cocktail menu to how to manage your staff effectively. Our mission is to help you thrive in the competitive bar industry and achieve your business goals.

Special thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software by using AI to help you make smart data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

For more information on how to spend less time working in your bar and more time working on your bar:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a Text Message.

Discover the untold challenges and triumphs within the bar industry as we chat with Tim Etherington-Judge, the innovative mind behind Healthy Hospo and Avallen spirits. From Cornwall to his global stints in New Zealand, India, and Africa, Tim's journey is nothing short of inspiring. Our conversation sheds light on his unwavering commitment to mental health, employee wellness, and sustainability, touching on the often-overlooked hurdles that hospitality workers face daily. Tim's insights are essential for anyone invested in fostering a healthier, more sustainable work environment.

We delve into the darker side of the hospitality industry, critiquing the toxic culture perpetuated by figures like Gordon Ramsay and reflecting on Anthony Bourdain’s regrets. The episode highlights the severe health risks tied to night shift work, classified by the World Health Organization as a carcinogen. Together, we discuss practical strategies to mitigate these risks and improve overall bar management. Tim shares the tangible benefits of investing in staff well-being, illustrating how happy employees lead to higher retention rates and customer satisfaction.

Our discussion also ventures into the realm of sustainability in the spirits industry. Avallen's dedication to producing environmentally conscious Calvados sets a benchmark for others to follow. We explore the ecological impact of single-use materials and the importance of transparent sustainability practices. With innovative packaging solutions and a strong stance against corporate greenwashing, Tim exemplifies how businesses can protect the environment while thriving. Join us as we uncover actionable insights and foster a community dedicated to a positive future in hospitality.

Contact Tim:
Healthy Hospo
Avallen Calvados
Tim's Instagram
Tim's LinkedIn

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Welcome to the Bar Business Podcast, the ultimate resource for bar owners looking to elevate their businesses to the next level. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals. Tune in to learn everything from how to craft the perfect cocktail menu to how to manage your staff effectively. Our mission is to help you thrive in the competitive bar industry and achieve your business goals.

Special thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software by using AI to help you make smart data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

For more information on how to spend less time working in your bar and more time working on your bar:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group

Send us a Text Message.

What if the failure rate statistics you've been hearing about the bar industry are all wrong? Join me, Chris Schneider, on this week's Bar Business Podcast as we dispel some of the most pervasive myths that have been haunting bar owners for years. We start by dissecting the oft-quoted but unsubstantiated claim that 80% of bars fail within five years. Leveraging studies from Ohio State University and data from Starfish, we debunk these misleading figures and encourage bar owners to focus on improving their own performance metrics rather than being swayed by inaccurate industry standards.

We also explore fascinating data from the Bureau of Labor Statistics, showing even lower failure rates for businesses opened in 2022, and how establishments that opened just before the COVID-19 pandemic have shown remarkable resilience in the face of adversity.

Finally, let's talk profitability. Contrary to the belief that bars operate on razor-thin margins of less than 5%, data from Starfish reveals that bars in major cities can see average net profits of 10.4%, with non-major cities reaching as high as 21.4%. We delve into the importance of managing prime costs effectively and provide actionable strategies to boost your P&L numbers. From understanding occupancy costs to adapting to consumer behavior trends, this episode is packed with insights to help you steer your bar toward greater profitability. Tune in for data-driven advice and practical tips tailored to your unique business model.

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Welcome to the Bar Business Podcast, the ultimate resource for bar owners looking to elevate their businesses to the next level. Our podcast is packed with valuable insights, expert advice, and inspiring stories from successful bar owners and industry professionals. Tune in to learn everything from how to craft the perfect cocktail menu to how to manage your staff effectively. Our mission is to help you thrive in the competitive bar industry and achieve your business goals.

Special thank you to our benchmarking data partner Starfish. Starfish works with your bookkeeping software by using AI to help you make smart data-driven decisions and maximize your profits while giving you benchmarking data to understand how you compare to the industry at large.

For more information on how to spend less time working in your bar and more time working on your bar:
The Bar Business Podcast Website
Schedule a Strategy Session
Chris' Book 'How to Make Top-Shelf Profits in the Bar Business'
Bar Business Nation Facebook Group