In the next few posts I want to discuss a few business terms. I don’t intend this to be definitions as much as I want to explain what they are and what they actually mean to the business person. I want to discuss inventory control, turns, cash flow, return on assets, and other terms to try to show the prospective business person what they mean and how important it is to keep an eye on these key areas.
There is no such thing as a “one most important thing” to do in business. All of the fundamentals are important. For a restaurant, the atmosphere can be great, the servers can be top-notch, the chefs can be the best in the business, and the available cash could be out of this world. But, if the inventory on hand is not fresh or cannot be used to prepare the items on the menu, the restaurant will eventually fail if the problem is not corrected.
What do you think is most important to a business?
Disclaimer
The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.
Please be sure to consult your attorney and/or accountant with any specific questions.
There is no one right answer to any business question that will cover all circumstances.
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