Word Count: 729
Math is an
essential asset in the business world. Without mathematics businesses
wouldn’t be able to operate effectively. In order to run a restaurant math plays
an important role in a lot of different areas. For instance the items on the menu
may change due to the way it sells. Bookkeeping and math allow you to both
figures out what items are profitable and what items are selling. The business
world revolves around math, from profit and loss statements, to graphs, to
taxes. Everything in business requires mathematics. Owning a restaurant is no
different then any other field of business when it comes to math. The simplest
things in a restaurant could not happen without math such as paying for your
meal. Math is used to add up the total cost of a person’s bill as well as adding
in the sales tax. More advanced math is used in the restaurant business as
well. Using equations to determine what your business can afford to buy as
well as the difference in the cost of the product and the profit it turns over is all
determined by math. Jobs you might not even think require math do, such as
portioning products or prepping food. When you are preparing food you need
to measure amounts of ingredients and measurements are a form of
mathematics. Wheatley-2 Keeping your books up to date requires math as
well. When keeping records of your restaurant’s sales you can keep track of
your busy periods to know when you are required to order more food or
alcohol. Equations are used then to determine what and how much you need
of a product. Using math to determine a product markup is an important
process to a successful business as well. Determining the overall cost of a
dinner special and factoring in each amount of the ingredients used all goes
towards the final cost of a dinner special. The main objective in owning a
restaurant or any business for that matter is to turn profit. Math allows you to
take a look at just how productive your restaurant is and what steps you need
to take in order to keep it successful. Profit and Loss statements are a big part
of owning a restaurant. Profit and Loss statements revolve around math too.
These statements using your bookkeeping records show what times you
turned profit and what times you took a loss. Using this mathematical step an
owner can get ideas about what was working for them and what wasn’t.
Doing your business taxes requires a lot of math. Showing your business
expenses and your sales are required. A lot of restaurant owners hire
bookkeepers and accountants to do the math work for them because it is
such a vital part of the restaurant’s success. Math is used to figure out all your
restaurant’s expenses such as,advertising, cost of goods and employees
wages. A restaurant owner needs to be aware of the exchanges in money
both coming in and going out. Without math it would be impossible to
determine what wages the owner can afford to pay his/her employees. Wages
are Wheatley-3 determined by the bookkeeping and the knowledge of how
much profit is being brought into the business. Restaurant owners often use
graphs for visuals of what is working for their company. Graphs are also used
to look at how your business is doing next to your competition. Math allows
an owner to determine the best time to do markup or markdown prices on
their menu. For restaurant owners the markup period is usually in the
summertime. A lot of marketing research comes into play in determining how
your business should be run. Determining location and types of food is one
aspect of the decision process. Another is taking a look at records of average
wages and spending of the particular area you want to have your restaurant in.
By using math these steps help determine the price range of your menu and
what products you as an owner can afford to use to turn profit. If you are
located in a geographical area that is not known for it’s money then lobster
and caviar are not going to be items on your menu. Algebraic equations,
graphs, accounting, and simple math such as adding subtracting multiplying
and dividing are used everyday when owning a restaurant. Looking over this
paper I hope it shows just how important math is in the restaurant and
business world. Without math business wouldn’t exist, as we know it and it
would be very difficult to run a restaurant. In order to have a successful
business you need to be successful in the math you use and make sure you use
it correctly.
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