“If someone asked you about your cost of goods sold (COGS), prime costs, overhead rate, or sales per square foot, could you tell them your current numbers? What about your food costs? Not just your overall monthly costs, but which is your lowest cost item, or which item nets the highest profit dollars?”

“According to recent studies done by Professor Dr. HG Parsa, 59 percent of hospitality businesses fail in the first three years, and 26 percent fail in the first year alone. One of the largest contributing factors is a lack of both accounting skills and a basic understanding of important restaurant matrixes for costing.”

See more here.

“The number of small business that aren’t able to find enough workers has matched the highest level ever recorded.

“Labor markets are very tight, for both skilled and unskilled workers,” wrote William Dunkelberg and Holly Wade, chief economist and director of research at NFIB, respectively. “More firms are looking for workers than workers looking for a job. And the hiring strength is in industries that pay well: construction, manufacturing, and financial services.”

According to July’s Job Opening and Labor Turnover Survey (JOLTS) published Tuesday, there were 6.6 million open positions in May, more than the 6.1 million unemployed persons in during the month, according to the Bureau of Labor Statistics.”

Read more in CNBC article.