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Frequently
Asked Questions
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How do I use the Cost-Watch report to
improve my business?
Cost-Watch members monthly reports are useful in many ways! Knowing how your
costs compare to similar restaurants in your region can show you areas you need
to improve on to stay competitive. Seeing if monthly product, labor and utility
costs are moving in the same direction and rate as the market can help you spot
operational problems and theft quickly. You can also use your report as a
motivator for your staff by posting your scores and ratings. You will now have a
simple way to share important numbers with your staff without letting them know
too much!
My food cost runs high in my profitable restaurant because of our great
prices so how will Cost-Watch help us?
The most valuable information on your monthly report is the amount and direction
of the change in costs, showing if cost changes are due to your operation or are
caused by market fluctuations. We realize that your raw percentages will be
different depending on your menu and pricing, that is why we focus on the amount
and direction of the change each month.
How do I know my credit card Information is safe?
Cost-Watch uses Pay Pal services to process your transaction. They are the
largest on the web and have the best and latest technology to protect and ensure
your information and funds. We never even see your credit card information it is
all handled by Pay Pal.
Will Cost-Watch sell my data or web information?
Never! We realize that we are handling sensitive private information and we will
keep it secret and secure. We are restaurant people providing a service to our
peers.
Will others see my restaurants information on their reports?
No! Each monthly report is custom prepared and only your secure report will show
your data. The only thing others will see is the regional averages of similar
restaurants.
What if my data is not in by the 20th of the month; will I still get a
report? YES! If you give us your data late, we will still provide you with a
report showing how your monthly cost percentages Compare to the competition, but
your data will not be part of the average in that month if it is late.
I don't like to tell anyone my sales dollars, or spending amounts!
With Cost -Watch you don't have to share the dollar amounts of your sales or
spending! You only provide us with the percentages from your monthly financial
statement, So you don't have to share your sensitive information in order to get
this powerful report.
We have a local association; can we get a Discount if we all join together?
Yes, if you have multiple units, a group or association give us a call and we
will be glad to work out a discount based on the number of members in your
group!
Why must you charge for this service?
Of course to make a profit, but there are several reasons we decided to charge a
small membership fee. Most food service web sites that are free make their money
by selling advertising and your private information to vendors. We want to
help your restaurant, not your suppliers. In fact our free links to wholesale
pricing will let you Know what your providers are paying so you can negotiate
better purchase prices. We do not clutter the site with advertising we focus on
Controlling and monitoring costs. When you compare our membership fee
of about $12.50 per month to other restaurant information services that charge
$20 -$150 a month you can see we are reasonable, and none of them offer a report
like ours. Most only give you price links and trend reports like those in our
free area.
This sounds complicated?
It is actually very simple, all you do is go to the web site and type in a few
key percentages from your monthly P&L and a few days later you view your
report!
Why don't you compare, all of the different categories on my operations
P&L?
We have tried to focus in on the items in your restaurant that you have some
control over and are most crucial to your success. Most P&L s give you an
overload of information and cover things like rent, taxes, maintenance,
insurance, fees, etc.... You have little operational control over these things.
We take that long confusing P&L statement and turn it into a useful
management tool by focusing in on the areas that are controllable and important
to your success.
I have a POS system and an accountant, why do I need Cost-Watch?
We do not try to replace your accountant or POS system, we enhance them by
taking some of their basic information and giving you back a simple focused
report. They can only tell you how you stack up against yourself, Cost-Watch can
show how you compare to the market and the competition, and at a very reasonable
cost compared to these others.
If you have other questions, please email us at info@cost-watch.com
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