The Cost of a Carrot
Australian restaurateur Neil Perry says (paraphrased):
In all my restaurant kitchens, I write the cost of a carrot on the wall. Not the wholesale cost, but how much value we as a restaurant can extract out of one carrot. Minimizing waste is key in maximizing profit. I want my chefs to think about the cost of a carrot before they throw stuff in the bin - are they throwing away the end of a 30c carrot? Or are they throwing away an ingredient that can go into a soup or sauce that can earn the restaurant another $6?
A friend of mine is currently competing on Australia's "Master Chef" TV show and gets to hear tidbits like this first-hand from successful restaurant entrepreneurs all day. I am very envious.
Best-of-breed restaurateurs have excellent all-round business acumen. They have to. They are usually small enterprises with high running costs and every day is a fight for survival. I've been a fan of reading restauranteur biographies for a while - they are a treasure-trove of practical business tips.
